Monat: Oktober 2023

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New token quietly gaining traction, while Dogecoin and Cardano stagnate

Popular cryptocurrencies, Dogecoin (DOGE) and Cardano (ADA) are getting stiff competition from a new token called Everlodge (ELDG).

Everlodge (ELDG) is currently conducting a presale that is offering participants a chance to win a luxury holiday to the Maldives.

Robinhood Wallet accepts Dogecoin (DOGE)

Robinhood has added support for Dogecoin (DOGE) to its self-custody crypto wallet. Thus, Dogecoin holders can now store, send, and receive their DOGE directly from their Robinhood Wallet.

The addition of Dogecoin (DOGE) to Robinhood Wallet is a significant milestone for the memecoin. It makes Dogecoin more accessible to a wider audience and opens up new possibilities for DOGE holders. For example, Dogecoin holders can now use their DOGE to buy goods and services from merchants who accept Robinhood Wallet.

The current price of Dogecoin is $0.061 per DOGE. Dogecoin (DOGE) is 91.75% below its all-time high of $0.74. The price of Dogecoin (DOGE) has fallen by 1.41% in the past 7 days but has increased by 0.43% in the last 24 hours.

Cardano (ADA) price struggles, but interest remains high

Cardano (ADA) has been struggling in recent months. The price of Cardano has fallen by over 90% from its all-time high and is currently trading at around $0.24 per ADA.

Despite the price struggles, the Cardano (ADA) community is growing. The number of unique wallet addresses has increased by 6% since April 1, and there are over 30,000 new delegators on the Cardano (ADA) network. Thus, there is still a lot of interest in Cardano (ADA), even though the price does not reflect it.

There are a few reasons why Cardano’s (ADA) price has been struggling. Firstly, the overall crypto market is bearish. Secondly, there haven’t been any major developments on the Cardano network lately. Finally, Cardano (ADA) is facing competition from other blockchain platforms.

Everlodge (ELDG) presale

Ever wanted to own a piece of luxury property, but didn’t have the money? If so, then you need to check out Everlodge. It is a new platform that is revolutionizing the real estate market by making it possible for anyone to own a piece of luxury property, even if they don’t have a lot of money. The average price of fractional ownership is between $50,000 and $200,000. But Everlodge will let you own a part of a luxury property for just $100.

The platform will use blockchain to split real estate properties into smaller parts that can be owned by many people. The platform will provide liquidity for fractionalized NFTs, making it easy to buy and sell them. It will also offer a launchpad for real estate developers, providing them with a way to raise money for their projects.

Additionally, the ELDG tokens will be used to access a variety of benefits. The platform will offer discounts on property purchases, staking rewards, and early access to new projects.

Everlodge is still in its early stages but has the potential to change the way people invest in real estate. The platform has already sold over 3,649,713 tokens in its third presale. The current presale price is $0.019 and is expected to reach $0.020 soon.

To learn more about the Everlodge (ELDG) Presale, visit their official Website or join their Telegram. 

The post New token quietly gaining traction, while Dogecoin and Cardano stagnate appeared first on CoinJournal.

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ETH/USD analysis: Bears appear in control

  • Despite dropping $4000 from highs, ETH/USD price action remains bearish 
  • Head and shoulders pattern indicates more downside
  • A bearish flag pattern supports short-sellers

Traders are often impatient for a market to move. Long periods of price consolidation lead to overtrading or giving up on an idea simply because the market did not move. 

This is particularly true in the crypto market. Known for its high volatility, it brought fortunes to many traders as quick moves resulted in quick profits. 

For instance, ETH/USD rose from $1000 in 2021 to $5000 in 2022. The ones that bought and held onto their traders for a year saw their accounts increasing exponentially. 

But trading is a story of both winning and losing. Not everyone wins. In fact, most retail traders lose money trading. It is easy to say that you might have bought ETH/USD at $1000 and close it at $5000. How about buying at $5000 on fears of missing out on an even bigger move, only to see the market crashing back to $1000. 

Sure enough, plenty of traders have bought into the dip. And, even though ETH/USD dropped $4000 from its highs, the bias remains bearish. 

Ethereum chart by TradingView

ETH/USD bigger picture is a reason for bulls to worry

On its trip to $5000, ETH/USD formed a head and shoulders pattern. Once the price broke below the neckline, it found no support until it reached $1000. 

The level marked the bottom of the year for the stock market and the highest point for the US dollar. Since then, stocks bounced sharply, and the cryptocurrency market followed. 

But despite the rally at the start of 2023, the bigger picture remains bearish for ETH/USD. A bearish flag pattern should be a good enough reason for bulls to worry, as it is usually followed by more downside. 

Bears would want to see the price dropping to $1000 once more. It would mean that the bearish flag pattern ended and that the next target is the head and shoulders’ measured move. 

On the other hand, bulls may want the price to simply stay in the flag and test the upper edge of it. This is the only way to invalidate a bearish flag pattern. 

The post ETH/USD analysis: Bears appear in control appeared first on CoinJournal.

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JPEX crypto exchange faces controversy over asset conversion

  • JPEX’s attempt to transition into a DAO has sparked controversy and frustration among some users.
  • The users who claim their assets were converted without their consent.
  • The exchange is also facing scrutiny from authorities in Hong Kong.

In a surprising move, the JPEX cryptocurrency exchange has initiated a contentious DAO Shareholder Dividend Scheme, leaving some users in distress as their assets reportedly get converted without their consent.

JPEX recently announced its intention to transform into a decentralized autonomous organization (DAO) and offered users the opportunity to convert their frozen assets into DAO Stakeholder dividends at a 1:1 ratio. Additionally, the exchange introduced a repurchase option, allowing users to recover 30% of the conversion price after one year and 100% after two years.

Disquiet among customers

JPEX’s scheme was seemingly devised to tackle JPEX’s ongoing liquidity challenges, providing an incentive for users to lock up their assets on the platform.

However, the transition has not gone smoothly for all users. Some claim their assets were converted to JPEX Coin (JPC), a low-liquidity token with limited utility, without their consent or prior knowledge.

One user, who spoke to the South China Morning Post, lamented the disappearance of their Tether (USDT) and other cryptocurrencies, which were mysteriously transformed into JPC. This user plus other users now find themselves unable to withdraw or trade their assets, leading to frustration and concerns about their investments turning into “waste paper.”

Remarkably, some users asserted that they were coerced into accepting the scheme, as there was no option to vote against it on JPEX’s mobile application.

Ongoing troubles for JPEX

These developments come amidst a backdrop of ongoing troubles for JPEX. Hong Kong authorities have arrested multiple individuals associated with the exchange, accusing it of operating an unauthorized crypto platform.

The Securities and Futures Commission of Hong Kong also alleges that JPEX defrauded over 2,300 people for $178 million (1.4 billion Hong Kong dollars).

To address illicit activities within the crypto space, Hong Kong authorities have established a crypto-focused task force in collaboration with the police and securities regulator.

As JPEX grapples with these legal challenges and users’ discontent regarding asset conversion, the exchange’s future remains uncertain.

The post JPEX crypto exchange faces controversy over asset conversion appeared first on CoinJournal.

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Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

  • Mizuho analyst forecasts up to $652 million in revenue for Coinbase in Q3.
  • Dan Dolev continues to see sharp downside in the crypto stock to $27.
  • Coinbase shares are already down roughly 35% versus their YTD high.

Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday. Its shares are down 1.0% at writing.

Dan Dolev shares his view on Coinbase

Dan Dolev now expects the crypto exchange to report revenue about 7.0% below his previous forecast for the third quarter. On Wednesday, he said in a research note to clients:

We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue.

Note that Bitcoin trading volatility tanked to the level last seen over four years ago in August.

The Mizuho analyst is, therefore, convinced that the Nasdaq-listed firm will come in about 10% shy of consensus estimate for revenue in its Q3. Coinbase shares are currently down 35% versus their year-to-date high.

Coinbase shares have downside to $27

Dan Dolev now forecasts Coinbase to report revenue in the range of $609 million to $652 million in its third financial quarter.

That’s driven from a sharp decline in the platform’s average daily trading volume that stood at about $1.0 billion in the second quarter but had crashed to $665 million in September.

The Mizuho analyst, therefore, maintained his “underweight” rating on Coinbase shares this morning. His $27 price target suggests a more than 60% downside from here.

His bearish call on the stock arrives shortly after the crypto exchange said it had secured AML or Anti-Money Laundering registration with the Bank of Spain (find out more). Coinbase is the globally the largest holder of Bitcoin as per Arkham.

The post Dan Dolev sees Coinbase missing Q3 revenue estimates by 10% appeared first on CoinJournal.