Why BTC rose to $17K. Here is the potential price action next

  • Bitcoin rose on Thursday after Powell’s statement indicated slower rate hikes.

  • BTC price has recovered above the 20-day MA.

  • The long-term momentum is bearish for BTC unless bulls win back the $19,000 level.

Bitcoin (BTC/USD) saw increased buyer interest on Thursday, rising to over $17,100. The price increase reflected renewed optimism in all markets after a soft statement by the US Fed.

A Wednesday statement by Fed Chair Jerome Powell showed that the central bank might slow rate hikes. According to Powell, smaller rate increases could be pursued starting in December. The suggestion raised hopes of slower economic tightening, which has been hitting markets. However, Powell still warned that monetary policy could remain restrictive until real progress to contain inflation is made.

Powell’s statement may boost prices of cryptocurrencies for some time, led by Bitcoin after the FTX-inspired selloff. Nonetheless, DFD Partners President Bilal Little shared insights from the gains. Little says that any time markets undergo periods of distress, they tend to oversell. As markets regain clarity again, the prices look up again. However, the DFD Chief warned that the rally would be hard to sustain.

According to Little, Bitcoin would likely touch the $12,000 to $13,000 level. He warns of other contagion impacts of the FTX collapse amid liquidity risks grappling crypto firms. As such, Little says many crypto firms may be unable to meet liquidity demands or counter the risk concerns.

BTC is recovering above the 20-day moving average

BTC/USD Chart by TradingView

Technically, BTC bulls are pushing the cryptocurrency above the 20-day moving average ($16,586). The cryptocurrency is breaking above a consolidation zone at $16,000. 

The RSI is slightly below the midpoint, indicating that demand is catching up with the supply. Still, BTC sellers have the upper hand.

Should you buy BTC?

Despite the latest gains, BTC remains largely bearish. The price recovery above the 20-day MA may offer optimism that BTC price may rise in the short term. However, bears may try to exert their influence at the 50-day MA. The $19,000 resistance may also counter the upside.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Why BTC rose to $17K. Here is the potential price action next appeared first on CoinJournal.

Ethereum vs. Ethereum Classic? Metacade (MCADE) Seems to Be the Better Crypto Investment

Ethereum and Ethereum Classic are two of the most well-known projects in the crypto space. But if you’re asking, “should I invest in Ethereum or Ethereum Classic?” then you might want to reconsider entirely. There’s a new project called Metacade that’s aiming to dominate one of the fastest-growing industries on the planet, and it’s looking very likely to be a much better crypto investment choice than ETH or ETC. 

This article is going to look at  why you might want to hold off on Ethereum and Ethereum Classic and why you should start thinking about investing in Metacade while it’s still in presale.

Ethereum (ETH) Falls After the Merge, Faces Stiff Competition

Despite Ethereum’s status as the second most valuable crypto token on the market, its latest price action has left investors disappointed after a recent downtrend. Following Ethereum’s run up to $2030 in mid-August, ETH has tumbled to settle around the $1300 mark. 

This was partly due to a case of “buy the rumour, sell the news” after the Ethereum merge took place on September 15th, which saw ETH fall over -26% in the following week. Less savvy investors assumed that transaction speeds and fees would suddenly improve overnight, but this hasn’t been the case, as warned by Ethereum’s developers. 

While the benefits of the Ethereum merge remaining to be seen by the average user and projects like Polygon and Solana already offering much lower fees and faster speeds, it’s looking increasingly likely that Ethereum will continue to bleed out to test the $1100 area.

ETH Classic (ETC) Lags Behind Its More Successful Sibling

Ethereum Classic is the original version of Ethereum, created after a section of the community elected not to change the core Ethereum code. One of the key differences between the two is that Ethereum Classic still uses the proof-of-work consensus mechanism, whereas Ethereum now uses proof-of-stake following the merge. 

Like Ethereum, Ethereum Classic can handle smart contracts, allowing it to run dApps. But while Ethereum boasts over 4,000 dApps, according to State of the dApps, Ethereum Classic is the foundation for just 45 dApps, as stated on the Ethereum Classic website.

Some don’t look at Ethereum Classic as a smart contract platform, but as a store of value, given its fixed supply. But when Bitcoin serves precisely the same purpose, it’s hard to find what value Ethereum Classic actually offers investors.

What is Metacade (MCADE)?

Metacade is a platform that’s aiming to be a one-stop solution for everything GameFi. It’s a place for gamers to connect, play the latest Play2Earn games, and boost their income doing what they love in a lively community setting.

To understand why Metacade could soon be your next best crypto investment, it’s important to  understand why you should consider investing in GameFi in the first place. 

GameFi gives players the chance to earn while they’re playing in a way that traditional gaming never could. 

The traditional gaming industry has shown it’s far more interested in shareholder profit than the gamers that actually play its games, leading to many titles now featuring tedious elements of Pay2Win and microtransactions that seem to take value from players without giving a whole lot back. 

For this reason, GameFi is expected to expand at 10x the rate of traditional gaming by 2025, according to Crypto.com. With Metacade positioning itself as the central hub for GameFi, its user base, and therefore the MCADE token, is likely to grow at an incredible rate as more players flock to join the gaming revolution. 

Why is Metacade (MCADE) a Better Crypto Investment?

Part of what makes Metacade so special is its community-centric vision. Metacade’s plan is to build a platform where you’ll find reviews, leaderboards, and writeups that enable anyone, regardless of background, to get started in Play2Earn gaming. Metacade will also be host to the hottest GameFi alpha that will break down exactly how you can maximise your income while playing Play2Earn games.

Those posting these reviews and best practices will be  rewarded with the MCADE token for their role in helping others get ahead. In fact, Metacade offers multiple ways to earn on its platform. There are regular prize draws and tournaments, as well as beta-testing opportunities to earn while using Metacade’s native testing environment. 

In 2024, Metacade will launch its job board, where you’ll be able to find work ranging from casual gigs to internships and salaried positions with companies leading the way in Web3 innovation. If you’re looking to start a lifelong career in GameFi, then Metacade could be your answer.

One of the most exciting features Metacade is adding is Metagrants. Metagrants are a way for gamers to take back some of the power from billion-dollar game studios by allowing them to directly fund the next Play2Earn titles they want to play. 

Game developers propose the games they would like to create to the Metacade community who vote on which games they would like to see built. These competitions will feature dozens of potential games – but with only one winner who will recieve the funding to support developing their game Down the line, Metacade plans to offer these community-backed titles in its virtual arcade for anyone to play.

Investing in Ethereum (ETH) or Ethereum Classic (ETC) vs. Metacade (MCADE)

With Ethereum facing stiff competition and a lack of demand for ETH after the merge, it’s unlikely to be the best crypto investment right now. Regarding Ethereum Classic, it’s hard to see a real use case outside of a purely speculative asset. Both tokens have their own merits, but their futures seem uncertain at this point.

Compare that to Metacade, a newly-launched project primed to be a leader in an industry that’ll grow rapidly over the next few years.  Its community-first approach to gaming and mulititude of earning opportunities  are likely to attract thousands, if not hundreds of thousands of users who are sick of the current state of the gaming industry. If Metacade can pull its vision off, it could soon become one of the best-performing tokens of 2023.

And there isn’t a better time to buy than right now. As Metacade is still only presale phase 1, you can pick up 125 MCADE tokens for $1. In the final stage of the presale, phase 8, you’ll only be able to buy 50 MCADE tokens for $1. If you’re looking to get in on the growth of the GameFi industry and Metacade as a leader in this industry, then there’s no time like the present.  

You can participate in the Metacade pre-sale here.

The post Ethereum vs. Ethereum Classic? Metacade (MCADE) Seems to Be the Better Crypto Investment appeared first on CoinJournal.

SubQuery announces support for the Flare Network

  • SubQuery has integrated with the Flare Network after receiving a grant from the Flare Ecosystem Support Programme.

  • Flare Network developers will benefit from the full SubQuery experience, including the open-source SDK and more.

  • Flare Network is accommodated by SubQuery’s managed service. 

SubQuery integrates with the Flare Network

SubQuery, announced on Thursday, December 1st, that it had extended its data indexing support to Flare Network, the blockchain that aims to connect everything.

In a press release shared with Coinjournal, SubQuery said the collaboration was possible thanks to the grant it received from the Flare Ecosystem Support Programme.

Flare is a blockchain that allows dApps to serve multiple chains through a single deployment. The blockchain supports EVM-based smart contracts and has data and interoperability infrastructure built natively into the blockchain, providing dApps with highly decentralised price feeds and secure state acquisition from other blockchains. 

While commenting on this latest cryptocurrency news, Hugo Philion, Flare Co-founder & CEO, said;

“We admire SubQuery’s decentralized data indexing solutions and are excited for them to launch on Flare mainnet. This will complete another important piece of Flare’s developer engagement strategy.”

SubQuery, meanwhile, provides decentralised data indexing infrastructure to developers building applications on multiple layer-1 blockchains, including the Cosmos ecosystem, Polkadot, Algorand and Avalanche.

Flare Network developers will benefit from SubQuery’s features

The platform allows developers to organise, store, and query on-chain data for their protocols and applications. SubQuery added that it eliminates the need for custom data processing servers, helping developers focus on product development and user experience.

Marta Adamczyk, Technology Evangelist at SubQuery, also commented that 

“We’re proud to be supporting teams building on Flare Network with our fast, flexible and universal indexing solution. We are excited to deliver another integration that enables Flare developers to index their data faster and easier, and build complex dApps with the help of SubQuery.”

According to SubQuery, Flare Network developers would benefit from its full experience. Developers would have access to SubQuery’s open-source SDK, tools, documentation, developer support, and other features.

Furthermore, Flare Network is accommodated by SubQuery’s managed service, which provides enterprise-level infrastructure hosting and handles over 400 million requests daily. 

Flare is a blockchain built to connect everything. It presents developers with a simple and coherent stack for decentralised interoperability, allowing developers to serve multiple communities and ecosystems simultaneously through a single deployment.

Meanwhile, SubQuery is a blockchain developer toolkit facilitating the construction of Web3 applications of the future. A SubQuery project is a complete API to organise and query data from Layer-1 chains. 

The post SubQuery announces support for the Flare Network appeared first on CoinJournal.