Monat: Januar 2024

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Meme Moguls price outlook as Cardano and XRP eye bull market lift

  • Ripple (XRP) price is above $0.57 while Cardano (ADA) is at $0.55.
  • Both altcoins could eye the $1 price level in 2024 as the market intensifies its bullish outlook.
  • Meme Moguls is a new project in presale, currently priced at $0.0027 as interest pushes total raised amount to over $1.4 million.

Cardano (ADA) and XRP (XRP) are two of the top 10 coins by market cap that could rip higher amid the current bull market expectations. The crypto market is also keen on Meme Moguls (MGLS), a new token in presale that has attracted over $1.4 million.   

Which altcoin hits the psychological $1 first – ADA or XRP? Could MGLS outperform post-launch?

XRP price prediction: Can bulls break $1 barrier in 2024?

Ripple scored a major win against the US Securities and Exchange Commission (SEC) in 2023, with XRP declared not a security. While XRP price surged amid the resulting exuberance, the rally faded just above the $0.94 mark in July.

Another upside move collapsed above $0.74 in November. XRP price however remains well above the lows of $0.30 reached in January 2023. 

Although CoinGecko data shows the altcoin’s value has declined 8% over the past 30 days, its gains over the past year currently stand at 66%.

XRP price chart. Source: TradingView 

Ripple’s established presence in the global payments market means further traction for XRP. Also notable is the imminent end to its legal battles with the SEC. Regulatory clarity combined with a confluence of positive market catalysts, including spot ETFs momentum, could be big for crypto, not just XRP.

In this case, a break above $0.74 brings the $1 mark into view and could see XRP target $1.5. The all-time high for XRP/USD is $.40 reached in 2018.

Cardano (ADA) price prediction: $0.70 is a key hurdle

The price of Cardano (ADA) is currently poised above $0.55 as buyers look to recover from this week’s dip in crypto prices amid the spot Bitcoin ETF speculation.  

For Cardano bulls, price needs to hold above $0.55 for upside continuation. If that happens, a break to $0.70 could bring $1 into play. According to crypto analyst Captain Faibik, a bullish pennant suggests a potential 30-40% surge in ADA price.

But with the altcoin having struggled for upside momentum since the breakdown from $0.70 in May 2022, the likelihood of a breakout could rely more on this broader market sentiment. 

Bitcoin’s flip from lows of $41,450 on Wednesday to above $44,000 at the time of writing could help altcoins higher.

Meme Moguls (MGLS): A new 100x token?

Meme Moguls is a project that seeks to bring the benefits of stake-and-earn to the fast-growing meme ecosystem. 

With meme-inspired digital tokens such as Dogecoin, Shiba Inu and Pepe hitting new highs recently, the market can benefit more by tapping into this potential via Meme Moguls.

Powered by the governance token MGLS, Meme Moguls offers a platform from which users can unlock rewards while showcasing their trading prowess. Becoming a mogul on Meme Moguls will see users earn MGLS on top of other perks such as NFTs.

Meme Moguls price outlook

While XRP and Cardano are poised for a potential breakout to the psychological $1 mark, Meme Moguls is a new crypto token likely to outperform in coming months.  

Currently in stage 4 of the ICO, the price of MGLS has increased from $0.0019 to $0.0027. Post presale price movement could see MGLS explode in the second half of 2024, particularly with a successful project launch amid a bull run.

As the meme coin market grows, Meme Moguls’ innovative approach to the sector could see the project dominate a market expected to hit $6.1 billion by 2025.  

Interest in the Meme Moguls presale is high, with more than $1.4 million raised within a few weeks of its launch.

The post Meme Moguls price outlook as Cardano and XRP eye bull market lift appeared first on CoinJournal.

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Celsius set to unlock $470M Ethereum for creditor repayments

  • Celsius, in bankruptcy since 2022, begins unstaking 206,300 ETH ($468.5M) for creditor distributions.
  • Market speculates on a potential ETH “dump,” while some see Celsius’s move as relieving pressure on Ethereum.
  • Earlier focused on Bitcoin mining post-bankruptcy, Celsius faces scrutiny for abrupt strategic shift.

Embattled crypto lending platform Celsius is making waves as it unveils plans to recall and rebalance its crypto assets, particularly Ethereum (ETH), in preparation for timely creditor distributions.

With the platform in bankruptcy court since July 2022, customers eagerly await the return of their funds. This development sheds light on Celsius’s strategic moves and their impact on the crypto market.

Celsius initiates asset shift for timely distributions

Celsius has officially commenced the process of recalling and rebalancing its crypto assets, marking a crucial step in the platform’s journey since filing for Chapter 11 in 2022. The primary focus lies on unlocking Ethereum (ETH) holdings, currently staked for valuable rewards income.

As part of its recovery plan, Celsius is set to unstake a substantial 206,300 ETH, valued at an impressive $468.5 million in today’s market. The objective is to offset restructuring costs and facilitate the much-awaited distributions to creditors. This move aligns with the company’s commitment to providing transparency amid its restructuring process.

Market speculations surrounding Celsius’s ETH unlock

With nearly one-third of the pending ETH withdrawal queue belonging to Celsius, amounting to a staggering 206,300 ETH, market speculations arise. Some express concerns about a potential “dump” of Ethereum on the market, fearing adverse effects on its value. However, contrasting opinions highlight the positive long-term impact, anticipating relief for Ethereum as Celsius navigates its restructuring journey.

This strategic shift also follows Celsius’s earlier announcement of a scaled-back post-bankruptcy strategy, focusing on Bitcoin mining. However, the abrupt change in direction drew displeasure from the presiding judge overseeing the company’s bankruptcy proceedings.

In conclusion, Celsius’s move to unstake a substantial amount of Ethereum signifies a pivotal moment in its efforts to navigate the challenges posed by the crypto contagions of 2022. As the crypto lending platform takes concrete steps toward creditor repayments, the industry watches closely to understand the implications of this significant shift in assets. The liberated Ethereum holds the key to unlocking value for creditors, marking a potential turning point for Celsius in its post-bankruptcy strategy.

The post Celsius set to unlock $470M Ethereum for creditor repayments appeared first on CoinJournal.

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Starknet delegates vote to move v0.13.0 from testnet to mainnet

  • Starknet’s governance committee has announced a vote on the migration of its v.0.13.0 from testnet to mainnet.
  • The Starknet Alpha v0.13.0 was deployed on Goerli and Sepolia testnets in December.

The Starknet Governance Committee announced on January 4, 2023 that a governance vote on the migration of Starknet v0.13.0 from testnet to mainnet was now live.

Apha v0.13.0 migration from testnet to mainnet

According to the platform, the protocol upgrade for v0.13.0 was open to all delegates, who will vote on the proposal for five days between Thursday, January 4 and Monday, January 8, 2023. The third vote is open to anyone with the native STRK token and to delegates.

While the vote is open to those with STRK tokens or are delegates, Starknet says all community members are welcome to contribute via discussion and feedback. The vote will be taken via a snapshot and passed or rejected on a simple majority, the Governance Committee noted in Thursday’s announcement.

Starknet Alpha v0.13.0 is expected to focus on two aspects of the protocol. Primarily, the upgrade is meant to add the new transaction version v3, with features such as support for STRK as the blockchain platform’s gas token. V3 will also look to bring reduced transaction fees on mainnet.

The v0.13.0 was deployed on the Goerli and Sepolia testnets on December 12 and 13, 2023 respectively. 

Community excitement for Starknet has skyrocketed since the project confirmed an airdrop for STRK would be undertaken in early 2024. The project announced a rewards program of 50 million STRK for ecosystem contributors in October. In December, it said it would allocate 10% of network fees to developers.

The post Starknet delegates vote to move v0.13.0 from testnet to mainnet appeared first on CoinJournal.

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Celestia, Aptos, Stacks bounce as dip offers buy opportunity

  • Celestia (TIA) price rose 22%, Aptos (APT) and Stacks (STX) saw 14% and 11% in upside swings respectively.
  • Altcoins are flipping higher as Bitcoin looks to bounce amid spot Bitcoin ETF related news and speculation.

With Bitcoin price looking for swift recovery from the flash crash that decimated markets on Wednesday, several altcoins appear poised to take a greater lead. Celestia (TIA), Aptos (APT) and Stacks (STX) are all up double digits in the past 24 hours.

TIA, APT and STX among top gainers today

Celestia’s price was up 22%, Aptos 14% and Stacks 11% at the time of writing on Thursday morning. The altcoins were seeing double-digit gains as the anticipated approval of the first spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) continued to drive the overall market sentiment.

Analysts have over the past several weeks predicted that a positive outcome from the SEC regarding spot Bitcoin ETFs could catalyse a notable upside in the crypto market. On January 4, the market was looking to bounce off speculation that the regulator was likely to reject proposals before it.

Fox Business reporter Eleanor Terret noted on Wednesday that the SEC had met with various stock exchanges as it looks to finalise comments on form 19b-4s that spot ETF issuers have submitted. 

Elsewhere, speculation is that the regulator could give a nod to applicants including BlackRock, Fidelity, Ark Invest/21 Shares and Grayscale as soon as Friday, January 5. As CoinJournal highlighted earlier today, investment banking giant Goldman Sachs is said to be in talks with BlackRock to become an authorised participant.

Bitcoin price has gained nearly 2% in the past 24 hours to trade above $43,400.

The post Celestia, Aptos, Stacks bounce as dip offers buy opportunity appeared first on CoinJournal.

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Huobi Korea ceases virtual asset trading, cites industry concerns

  • Huobi Korea implements upgrades and restrains some services for improved exchange.
  • Huobi Korea to terminate local virtual asset services on Jan 29 due to industry concerns.
  • Recent changes in ownership and proof of reserves showcase resilience and commitment.

In a strategic move, Huobi Korea has announced the termination of its local virtual asset trading services. As per the official notice on its website, the termination is scheduled for January 29, underscoring concerns about the current industry environment.

This decision is attributed to the evolving industry landscape and is part of the exchange’s broader initiatives for brand renewal and system upgrades.

Huobi Korea’s termination

This bold move aligns with the exchange’s proactive measures to adapt to changing market dynamics. Huobi Korea has not only restricted some services but is also undergoing brand renewal and system upgrades, signalling its commitment to offering enhanced virtual asset exchange services.

The company, expressing gratitude to its loyal customers, emphasized its regret for discontinuing services to those who have been patrons for an extended period. However, amidst this transition, Huobi Korea reassures its users that it will continue to support the withdrawal of assets without any disruption. Customers are encouraged to withdraw their holdings in both Korean Won (KRW) and virtual assets.

This termination announcement comes on the heels of significant changes within Huobi Korea. In the preceding year, the exchange had already taken steps to operate independently from its parent company, Huobi Global. Chairman Cho Kook-bong acquired majority shares, marking a distinct shift in ownership.

Huobi Korea’s decision to terminate virtual asset trading services also follows the publication of a “proof of reserves,” showcasing a robust reserve ratio of 101%. This move, perhaps prompted by industry concerns surrounding crypto firms’ solvency, occurred shortly after the collapse of the FTX crypto exchange.

Looking forward, Huobi Korea plans to re-enter the market through new blockchain business models and services. The exchange’s resilience and adaptability in response to industry challenges demonstrate a strategic approach to sustaining its position in the ever-evolving cryptocurrency landscape.

The post Huobi Korea ceases virtual asset trading, cites industry concerns appeared first on CoinJournal.