Monat: Juli 2023

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Ethereum price prediction: Fed and options expiry in focus

  • Ethereum price drifted downwards as demand for the coin waned.

  • Focus shifts to the upcoming Fed interest rate decision.

  • Ethereum will have options expiry on Friday.

Ethereum price retreated to the lowest level since July 7th as demand for cryptocurrencies cooled. The coin slipped to $1,847, which was lower than this month’s high of $2,025. It remains ~15% below the year-to-date high, meaning it has moved into a correction.

Fed and options expiry

There will be two important catalysts for Ethereum price this week. First, the coin will react to the latest interest rate decision by the Federal Reserve. The committee will start its two-day meeting on Tuesday and then deliver its decision on Wednesday. 

The meeting comes at an important time for the American economy. All signs show that the economic growth is slowing. Data published on Monday revealed that the manufacturing PMI number rose to 49 while the services PMI fell to 52.4. While the manufacturing PMI rose, it remains below 50, signaling that the sector is contracting.

Meanwhile, the most recent data revealed that the country’s inflation dropped to 3.0% in June this year. It has dropped from a pandemic high of 9.1% and the downward trend continues. Therefore, there is a likelihood that prices will drop to the Fed’s target of 2.0% even without further rate hikes. 

Economists expect the Fed will raise interest rates by 0.25% in this meeting and then point to a long pause. Further interest rate hikes will likely lead to a strong deterioration of the American economy, commonly known as a hard landing.

The other important catalyst for Ethereum price will be the upcoming options expiry. Data compiled by Coinglass shows that there are now over 2,206,619 ETH calls and 755,222 puts in the options market. Historically, Ethereum tends to show some volatility ahead of options expiry.

Ethereum price prediction

The daily chart shows that ETH price has come under pressure in the past few days. It has moved below the important resistance level at $2,025, the highest point on July 14th. This resistance was also the upper side of the ascending channel shown in black. 

Ethereum also moved slightly below the 25-day and 50-day moving averages. Therefore, the coin will likely continue falling as sellers target the next support level at $1,800. A move above the resistance point at $1,900 will invalidate the bearish view.

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Crypto projects raised over $200M last week, with Chancer’s presale closing in on $1M

Key takeaways

  • Cryptocurrency projects raised $201 million from VC firms last week.

  • Chancer’s presale is currently ongoing, and the project is close to hitting the $1 million mark. 

The cryptocurrency market is starting the week in a bearish manner. Bitcoin is down by more than 2% today and could experience further decline in the next few hours. At press time, the price of Bitcoin stands at $29,148 per coin.

However, Chancer’s presale continues to soar higher, with the team now close to hitting the $1 million mark.

Crypto projects raised $201M in a week

Bitcoin and other cryptocurrencies have been experiencing ranging markets since the start of the month. However, despite the market’s poor performance in July, cryptocurrency projects continue to set new records.

A report by CoinDesk revealed that cryptocurrency projects raised $201.4 million last week. The biggest earners in the market were projects that create developer tools for zero-knowledge proofs.

VC firms continue to invest in cryptocurrency projects despite the bear market, indicating that there is a strong belief about the future of the industry.

Chancer is gaining traction despite not going via the VC funding path at the moment. The team’s presale event is set to hit the $1 million mark, with more than 11 million tokens sold so far. 

What does this mean for Chancer?

Cryptocurrency projects raising huge amounts of money from VC firms is a clear indication that investors are willing to enter the market and invest in the right project.

Strong projects with excellent use cases will gain the attention of investors, both retail and institutional. 

Chancer is one of the exciting and new projects currently in the cryptocurrency space. Chancer is one of the projects that is gathering momentum amongst retail investors. 

The team is developing a unique Web3 peer-to-peer (P2P) custom betting platform that would make it possible for users to live-stream betting events. 

What Chancer seeks to achieve is to decentralise the betting industry. The platform is adopting a decentralised method of betting and online gambling. 

An excellent feature of Chancer is that, unlike traditional betting platforms, it doesn’t restrict its users’ betting opportunities. This means that Chancer users can bet on a wide range of events, beyond traditional sports and casino bets. 

The Chancer presale is in its first phase, and the team has raised $954,038.02 of the $1,000,000 required. In the first presale, CHANCER is selling for $0.01 USDT but will be increased to $0.011 in the second stage. 

The developers will use the funds raised from the various funding rounds to build a P2P betting platform. 

In their whitepaper, the Chancer team said they would grant users access to numerous features, including, betting markets in real-time and based on user interests, social media connections, and expertise. 

In addition to that, Chancer is looking to eliminate the problems associated with using bookmakers when betting by allowing users to set up their custom P2P betting markets. 

Perhaps the most important feature of Chancer is that it would allow users to bet on various activities. The bet can be on important sporting or political events or trivial ones like the first to complete a task amongst friends. 

CHANCER to go for $0.011 in the second presale stage

Chancer’s first presale stage will be completed soon, and the team will move to the second phase. In the first phase, the CHANCER token is currently going for $0.01 USDT. 

However, the team will increase the token price to $0.011 in the second presale round. The Chancer team will use the funds to develop its suite of products. There would be 12 presale events, with an accumulated target of $15 million. 

CHANCER will have numerous utilities within the Chancer ecosystem. CHANCER token holders will have the option of creating and investing in markets created by others. 

Furthermore, the token will allow holders to create, participate in, and profit from their very own predictive markets. 

At the moment, investors can purchase CHANCER tokens using numerous wallets, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

As more investors enter the cryptocurrency market, the focus is on excellent projects still in their early stages. Chancer could become a big project in the cryptocurrency space due to its unique nature. 

By decentralising the betting ecosystem, Chancer could gain massive adoption within the Web3 space and beyond over the next few months and years. 

A surge in adoption of the Chancer platform could also lead to a rally by its native CHANCER token. Furthermore, if the broader cryptocurrency market embarks on a Bull Run, CHANCER could become one of the biggest winners. 

The post Crypto projects raised over $200M last week, with Chancer’s presale closing in on $1M appeared first on CoinJournal.

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Vladimir Putin signs Russia’s digital ruble bill into law

  • The digital ruble bill was passed by the lower and upper parliaments before the president signed it into law.
  • Russia is following in the footsteps of its neighbour, China, which is way ahead with its digital Yuan project.
  • The use of the digital ruble will be a voluntary choice for Russian citizens.

According to an official government document, President Vladimir Putin signed the bill establishing the digital ruble into law on July 24, advancing Russia’s central bank digital currency (CBDC) project

After the president’s signature, the digital ruble law is now officially set to go into effect on August 1, 2023, with all but one rule prepared for enforcement.

Russia’s State Duma — the country’s lower parliament house — passed the digital bill, which was originally registered in December 2022, in the third final reading on July 11. The bill was then passed by the Federation Council, or Senate, on July 19.

Russia’s first CBDC pilot schedule

The first CBDC pilot with actual consumers will officially be launched in August by the Russian central bank thanks to the new legislation. Previously, the government had planned to launch trials with 13 local banks, including powerhouses like Sberbank, in April.

The central bank of Russia will be in charge of overseeing all stored assets and will serve as the primary operator of the digital ruble infrastructure, per the recently signed law.

The digital ruble is not intended for investment; rather, it is intended to be used as a means of payment and money transfer. The digital ruble is intended to function as the third form of currency alongside cash and non-cash rubles.

On July 24, Elvira Nabiullina, the governor of the Bank of Russia, reportedly said that the use of the CBDC will not be mandated for Russian citizens and that it will be their choice whether to do so. She said:

“No one is going to force anyone into the digital ruble… But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”

According to the deputy governor of the Bank of Russia, Olga Skorobogatova, the government doesn’t anticipate mass adoption of the CBDC before 2025 or even 2027.

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Bitcoin touches $29k as liquidations hit $150 million

  • Bitcoin price fell to lows of $29,000 across major exchanges as liquidations rose 203% in 24 hours.
  • Total rekt positions was more than $150 million, with $124 million being longs.
  • The volatility saw over 50,000 traders liquidated in the past 24 hours.

Bitcoin extended its decline beneath $30,000 on Monday as the total crypto market value dipped by 2% to just over $1.2 trillion.

As BTC price touched $29,000 across major exchanges – it fell to $28,978 on Bitstamp and $28,973 on Coinbase – data showed total crypto liquidations in the past 24 hours surpassed $150 million.

Bitcoin price fell to lows of $28,973 on Coinbase on Monday. Source: TradingView 

Longs rekt as 24-hour liquidations hit $150 million

According to data from Coinglass, the 24-hour liquidation was double the figure recorded a day earlier. Indeed, total positions rekt in the period rose 203%, with longs accounting for the largest share at over $124 million. 

Shorts accounted for about $26 million to suggest that most of the 50,364 traders who were liquidated as of writing were longs.

BTC had the single largest liquidation order at $2.57 million on the OKX crypto exchange.

Just like Bitcoin, many altcoins extended recent declines as the market weakness ahead of the next FOMC meeting intensified. Ethereum fell to lows of $1,830 and XRP dipped to $0.69 as its market cap declined to allow BNB retake the fourth spot among large caps.

But as top altcoins stumbled on Monday, Dogecoin rose by more than 6% amid ELon Musk’s latest changes to the Twitter platform. Data shows $1.19 million in short liquidations hit DOGE traders.

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