Monat: August 2023

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Akash Network price outlook: can bulls push for $1?

  • Akash Network price was up 12% in the past 24 hours.
  • The AKT/USD pair reached highs near $0.70, and needs to flip the hurdle into support to strengthen upside momentum.
  • Hype around AI and cloud computing could add to the bullish outlook.

Akash Network, a decentralized marketplace for cloud computing, has seen the price of its native token AKT jump by more than 12% in the past 24 hours.

While the resistance level at $0.70 remains key for bears, bulls’ sharp bounce over the past day has AKT trading in a positive trend. With altcoins also mirroring Bitcoin’s trajectory, the latest upsurge could be the base for a fresh attempt at recapturing the coveted $1.00 level.

Akash Network price prediction

Selling pressure saw AKT lose the important $1.00 level in May 2022, with lows of $0.22 reached in May this year. Since then, bulls have hit the $0.75 zone twice in the past two months. However, rejection at the level meant a retest of support at $0.50 in mid-July.

Prices have however remained above an ascending trendline support, suggesting bulls are still determined to reclaim the upper hand. If price breaks above $0.75, it could go on to retest the supply wall expected at $1.00.

Part of the Akash Network’s bullish momentum is likely to come from the launch of its Akash GPU mainnet. After successfully navigating the testnet in May, with multiple AI models tested on the NVIDIA A100, Akash moved a step closer to offering the first open-source marketplace for HD GPUs. 

Excitement for what could be AI Supercloud, fueled by massive predictions for the artificial intelligence industry, will likely cascade into the AKASH market.

Akash Network price chart. Source: TradingView

The daily RSI indicates that momentum remains with the bulls, a scenario likely to be helped by a strengthening of the MACD indicator. 

Also key is the continued support of the 50-day exponential moving average, currently providing a base at $0.57.

The post Akash Network price outlook: can bulls push for $1? appeared first on CoinJournal.

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Coinbase to buy back up to $150M of its $1B bonds

  • Coinbase’s partial bonds buyback targets up to $150 million of the $1 billion bonds.
  • City Global Managers will be the offer’s dealer manager.

Coinbase said on Monday that it is commencing a partial repurchase of its $1 billion bonds.

Per the company, whose Q2, 2023 financial report came in stronger than forecast, the plan is to buy back up to $150 million of the 3.265% bonds. The bonds are set to mature in 2031.

Offer expires on September 1

A press release from Coinbase indicated that investors who tender their Notes for the purchase program before August 18 will be eligible for an early buy offer that includes a $30 premium. This group of holders will receive $645 per $1,000 of the bond’s principal amount, translating to 64.5 cents on each dollar.

Meanwhile, participants who validly offer to sell their bonds after August 18 but before the offer’s expiry date of September 1 will get $615 per $1000 of the bond’s principal value. In any case, both sets of participants will see a premium return on unaffected, preannouncement bond price of 60 cents per dollars’ worth.

Coinbase reported $708 million in revenue for the second quarter, beating analyst estimates of $628 million by more than 13%. Adjusted earnings per share loss came in at $0.42, compared to forecasts of $0.76.

Citigroup Global Markets will be the buyback program’s Dealer Manager.

The post Coinbase to buy back up to $150M of its $1B bonds appeared first on CoinJournal.

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Why is Hedera (HBAR) trending?

  • The Hedera (HBAR) token price has increased by 16% over the past week.
  • Hedera (HBAR) recently announced a strategic partnership with FreshSupplyCoAu to integrate with the Continuity API.
  • The integration allows Hedera users to access Mastercard Payment Gateway Services (MPGS).

The Hedera (HBAR) has been trending within the crypto circles for its consistent price rally since mid-July.

The HBAR token price has reclaimed its July Highs after a short pullback between July 20 and July 25.

Here’s why the HBAR price is rising

The current Hedera (HBAR) price surge is largely pegged on the recent strategic partnership between Hedera and FreshSupplyCoAu to integrate with the Continuity API and enable seamless connections to banks and the Mastercard Network.

According to a tweet from the HBAR Foundation, FreshSupplyCoAu, a pioneer in the field of digital innovation, will see significant improvements by seamlessly integrating Hedera into its Continuity API. By integrating with the Mastercard Network, this dynamic fusion extends the reach of the Hedera network by connecting it to the traditional banking system.

Users can now access Mastercard Payment Gateway Services (MPGS) and other upcoming Hedera Foundation projects, including their cutting-edge Web3 and digital asset solutions, thanks to the integration. The move represents a strategic step towards enhancing the usability and interoperability of Hedera rather than merely a development in technology.

The initiative from FreshSupplyCoAu is ready to create new opportunities for efficiency, accessibility, and value for both individual users and businesses.

The FreshSupplyCoAu integration is just the tip of the iceberg. The vision of the Hedera Hashgraph blockchain includes more collaborations and innovations to continually bridge the gap between decentralized finance and traditional finance. The blockchain was recently tapped by Kia and Hyundai automakers for an AI-powered CO2 emission monitoring system

The post Why is Hedera (HBAR) trending? appeared first on CoinJournal.

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Litecoin price forecast: Brace for more weakness

  • Litecoin price has slumped in the past few weeks as it ignored key events.

  • It went through its third halving that reduced its block rewards last week.

Litecoin price has underperformed the market as the hype surrounding the halving event waned. LTC price dropped to a low of $80, the lowest level since June 21st. It has dropped by more than 28% from the highest point this year. 

Litecoin’s price action is a reflection of the overall performance of the crypto industry. Bitcoin, its biggest peer, has remained at the $29,000 level in the past few weeks. Similarly, the total market cap of all cryptocurrencies has remained at $1.12 trillion.

Litecoin price has ignored several important events in the ecosystem. Last week, it went through halving, a process that reduces the block rewards to miners in its ecosystem. Historically, Litecoin and other cryptocurrencies tend to show some volatility before and after a halving event.

Further, it reacted mildly to last week’s credit rating downgrade of America’s debt by Fitch, one of the big three credit rating agencies. In an ideal situation, the credit rating downgrade should have been a good for Bitcoin and other cryptocurrencies because they are designed to be anti-US dollar.

Meanwhile, on-chain metrics shows that the number of Litecoin transactions has been a bit muted in the past few months. On a positive side, the hash rate has remained at an all-time high of 800 TH/s. 

Hash rate is an important metric that looks at the computational power of a network. In most cases, a strong hash rate means that the network is healthier.

Litecoin price prediction

The future price action of Litecoin price will depend on the performance of Bitcoin since the two have a close correlation. On the daily chart, the LTC price has dropped below the important resistance level at $105.75, the highest point in February. 

Most importantly, Litecoin has formed what looks like a head and shoulders pattern, which is usually a bearish sign. It has also dropped below the 50-day and 200-day moving averages. The two averages are about to make a bearish crossover, which is known as a death cross.

The coin has also formed a bearish flag pattern. Therefore, the outlook for Litecoin price is bearish, with the next level to watch being at $71.20.

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The post Litecoin price forecast: Brace for more weakness appeared first on CoinJournal.

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Concerning revelation: PayPal’s stablecoin can wipe out account balances

  • PayPal launched its stablecoin on the Ethereum blockchain.
  • Huobi has already announced it will launch the new stablecoin.
  • The PYUSD has an “assetProtection” role that can wipe your balance in two transactions (first `freeze`, then `wipeFrozenAddress`).

The recently launched Paypal stablecoin, the Paypal USD (PYUSD), has been reviewed by Pashov, an expert in smart contracts security reviews. The PYUSD was announced on August 7 and a brief review has shown some unsettling revelations as posted by Pashov on X platform on the same day that the stablecoin was launched.

According to Pashov, selected development team members at PayPal will be able to execute delicate code functionalities like freezing accounts and cleaning frozen account balances using the “assetProtection” role.

USDT and USDC have similar attack vectors

While a majority of crypto enthusiasts expected PayPal’s stablecoin to stand out, Pashov’s revelation revealed that the new Paypal USD stablecoin is no different to USDT and USDC in terms of security.

The PayPal USD (PYUSD), the Tether (USDT), and the USD Coin ( USDC), all have “assetProtection” role, which in smart contract security is referred to as a ‘centralization attack vector.’”

The feature makes PayPal stablecoin a centralized stablecoin just like a majority of other popular stablecoins.

The post Concerning revelation: PayPal’s stablecoin can wipe out account balances appeared first on CoinJournal.