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Mask Network price defies gravity. Is it safe to buy?

Mask Network price defied gravity on Thursday even as other cryptocurrencies recoiled. The token was trading at $3, which was about 35% above the lowest level this week. This rebound has brought its total market cap to more than $86 million.

What is Mask Network?

Data has become an important part of the internet today. It has become one of the biggest resources in the world that powers companies like TikTok and Google.

Mask Network is a blockchain platform that seeks to change how people handle their data. It is an encryption platform that works through its browser applications.

Users just need to download and install the app and then run it. For example, with the Mask Network installed, one can easily send encrypted Twitter messages. Other things that can one can do are to save files, verify NFT avatars, and shop privately.

MASK crypto price recovered as investors reacted to its exposure to Alameda and FTX crisis. In a statement, the developers accepted that Alameda Research had invested in the company. The firm invested $50,000 in its Series A round. As such, Alameda holds less than 500 million worth of the MASK token. 

In addition, the developers said that FTX was not a market maker for the coin. It made the announcement in a bid to assure investors that it had no significant exposure to the failed company.

In the past few days, many coins that Alameda held have all crashed hard as investors expect that the company will liquidate them. They include coins like Near Protocol, Solana, and FTX Token. Therefore, this clarification is likely the main reason why Mask is doing well.

Mask Network price forecast

The four-hour chart shows that the MASK price has been in a strong bearish trend during the ongoing crash of FTX and its ecosystem. It is now trading at $3, which is above this week’s low of $2.20. The current price is important since it was its highest point on October 30th.

Mask Network has also fallen below the 25-day and 50-day moving averages while the Stochastic Oscillator has moved close to the neutral point. Therefore, there is a likelihood that the coin will resume the bearish trend amid the rising contagion risk. If this happens, the next key support level to watch will be at $2.15.

How to buy Mask Network

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MASK with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy MASK with KuCoin today

The post Mask Network price defies gravity. Is it safe to buy? appeared first on CoinJournal.

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FTX insolvent – what next for crypto?

I published an analysis three weeks ago outlining that I feared Bitcoin was one bad news event from a plunge down towards $15,000.

And hell, did we get that event.

Now I didn’t quite predict this. My piece made no reference to anything to do with FTX. Not only that, but I have waxed lyrical in the past about Bankman-Fried’s acumen. I misread his character massively, and I was very wrong.

In an examination of FTX’s solvency published on Monday morning, I still believed it was highly unlikely that FTX were insolvent. 

I have also gone on record many a time repeating the same old adage: playing with Bitcoin in the short-term is akin to spinning a roulette wheel.

But as we hung around $20,000, and headed into a winter awash with ominous variables like an energy crisis, high inflation, a nasty geopolitical climate and political upheaval in the US, UK and in many nations across Europe, risk was extremely high.

And then an extraneous variable – FTX imploding. And in the words of the wonderful Black Eyed Peas, “it’s going down now and not a tad bit later”.

Is it time to buy the dip?

I don’t like this question for two reasons.

The first is that, being a random boy on the Internet, how am I meant to know? Like I said a few sentences ago, betting short-term on Bitcoin is like spinning a roulette wheel. My opinion on whether I fancy red or black would be just as valid as to what I think about Bitcoin’s short-term action will be.

The second reason is that this question is almost a muscle-memory reaction to crypto prices falling. Born out of the culture in the space, I suppose. Central to it is people pointing to past cycles and referencing how Bitcoin has always returned. But they fail to realise something.

Bitcoin was launched in January 2009, into one of the longest and most explosive bull runs in history. As of this year, that is no longer the case. The free money has been turned off – then Federal Reserve raising interest rates at historically fast rates, with inflation at levels not seen since the 70’s.

This is the first time that Bitcoin has ever experienced a wider economy bear market. And for that reason, all bets are off. And it is now trading at levels lower than it was five years ago in December 2017.  

There is no such thing as buying dips and laughing your way to the bank. A glance at the above chart will show quite how many dips there have been this year. This thing is hard. Trading is hard. Crypto is a volatile game. For every screenshot of 100X gains you see on Twitter, there are 100 more people who lost it all. 

Don’t take eyes off wider economy

FTX imploding is wild. And it’s incredibly bearish for the crypto economy at large. Expect some contagion to ripple out of this, as we don’t know yet who was exposed to who – but FTX, as such a large player in the industry, will no doubt drag a few bodies down with them.

But don’t take your eyes off the bigger trend. Crypto is following the stock market. Blue chip assets like Bitcoin and Ethereum are the tail on the dog, with the dog being the stock market. And that stock market is oscillating back and forth over inflation readings and the Federal Reserve’s approach to interest rates.

I wrote last month about how this correlation between stocks and Bitcoin is as high as it has ever been. It picked up markedly in April 2022, right as we transitioned to this high-interest rate environment.

In the short-term, this FTX episode needs to play out. Contagion will ripple, news will break, surprises will come out. And then after that, it’s back to watching the stock market. If it wasn’t clear already – the crypto markets are merciless. Don’t forget that, and stay safe.

The post FTX insolvent – what next for crypto? appeared first on CoinJournal.

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Top 3 centralized exchange tokens to avoid after FTX crash

The collapse of FTX has been the most important cryptocurrency news this week. Its challenges came a few months after other centralized exchanges (CEX) like Voyager Digital, Celsius, and BlockFi. Therefore, there are concerns about the safety of centralized exchanges and their tokens. Here are some of the top CEX tokens to avoid.

Kucoin Token (KCS)

KuCoin is one of the biggest crypto exchanges in the world. In May, the company raised $150 million at a valuation of over $10 billion from the likes of Jump Crypto, Circle Ventures, and IDG Capital. It has over 27 million customers. In addition to its exchange, the company is exploring becoming a major player in other industries like the metaverse and gaming.

In a statement this week, KuCoin’s CEO reiterated that the exchange was completely safe and that it was in a position to handle any outflows. He talked about a major hack that happened in the exchange in 2021, which it managed to cover internally. 

He also added that the company will release its Merkle tree proof-of-reserves in one month’s time. KuCoin Token price has crashed by more than 6% in the past 24 hours and over 19.54% in the past 7 days.

How to buy KuCoin Token

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy KCS with Skilling today

OKX (OKB)

OKX is a Seychelles-headquartered company that serves more than 20 million users in over 100 countries. It provides services like spot, margin, futures, options, perpetual swaps, DeFi, and OTC trading among others. 

OKB is the ecosystem’s native token. Like FTX’s FTT, the coin’s holders get trading fee discount that saves them up to 40% discounts. It is also used for passive income. Also, users can use it in places like Coinrule, Cobo, and Bitpie. OKB has a total supply limit of 300 million coins and burns many of them every three months. 

How to buy OKB

Huobi Token (HT)

Huobi Global is one of the biggest Chinese exchanges in the world. The company was started by Leon Li, a leading entrepreneur in the country. Huobi experienced substantial growth a few years ago. This happened as cryptocurrencies became more popular in China. 

Recently, however, the company experienced slow growth after China banned digital coins. It also experienced substantial competition from the likes of Binance and Coinbase. Last month, Leon exited his stake and sold it to About Capital, a firm associated with Justin Sun. While Huobi is doing well now, there are concerns about most offshore exchanges.

How to buy Huobi Token

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy HT with Skilling today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy HT with KuCoin today

The post Top 3 centralized exchange tokens to avoid after FTX crash appeared first on CoinJournal.

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Crypto.com pauses withdrawals of USDC and USDT withdrawals on the Solana network

Crypto.com has notified its users that all deposits and withdrawals for Tether’s USDT and Circle’s USDC have been suspended on the Solana network.

Leading crypto exchange Crypto.com notified its customers via email a few hours ago that it had paused deposits and withdrawals for USDT and USDC stablecoins on the Solana network.

Crypto.com told its users that the pause is immediate. Hence, its users can no longer deposit and withdraw USDT and USDC stablecoins on the Solana network.

However, Crypto.com didn’t provide any explanation regarding why it is suspending those transfers. The move shouldn’t cause a problem for users as the USDC and USDT stablecoins exist on a wide range of other blockchains, including Ethereum, Polygon, BNBChain, and Tron. Crypto.com wrote;

“Following recent industry events, please be informed that we have suspended deposits and withdrawals of USDC and USDT on the Solana blockchain in the Crypto.com App and Exchange. This is effective immediately. However, you may withdraw USDC and USDT at any time using other supported networks, including Cronos and Ethereum. Please note that retrieval fees for depositing USDC and USDT on the Solana network in the Crypto.com App and Exchange will be waived for two weeks, starting from today.”

Crypto.com is adding to the market chaos caused by FTX’s ongoing struggles. Crypto exchange FTX had to pause withdrawals on its platform as it struggled to complete liquidity orders.

Binance initially agreed to acquire FTX and take on its numerous liabilities but revealed a few hours ago that it would no longer go through with the deal. According to Binance, FTX’s situation is beyond where Binance can help at the moment.

Crypto.com is one of the companies affected by FTX’s recent struggle. However, Crypto.com’s CEO Kris Marszalek said the firm’s direct exposure to the FTX meltdown is immaterial since it has less than $10 million of its own capital deposit on the FTX platform for customers’ trade execution.

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5 FTX alternatives you can invest with amid the current FTX crisis

The once cryptocurrency exchange giant FTX is facing an uncertain future following the current liquidity crunch and financial instability. The situation escalated after Binance backed out of a nonbinding agreement to buy out FTX.

According to sources familiar with the developments, Binance pulls out of its intent to take over FTX after going through its financial books.

The ongoing FTX crisis has pushed thousands of customers to withdraw their funds from the exchange in a bid to avoid having funds locked in the exchange in the event that it collapses completely. But where do you go after leaving FTX?

Best FTX alternatives

Here are the top 5 FTX alternatives that investors can invest with. In case you are looking for a particular crypto exchange that is not included in the list below, you can check out our full suite of broker reviews here.

1. Binance

Binance had a strategic investment in FTX in 2019. In the past few days, it has been embroidered in the FTX crisis and at some point offered to takeover FTX although it has since backed out of the deal. Binance itself operates the largest cryptocurrency exchange by trading volume making it one of the top choices for investors.

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 2. Coinbase

Coinbase offers a cryptocurrency trading and investing platform enabling users to buy, sell, and exchange over 170 cryptocurrencies Including Bitcoin, Ethereum, and Dogecoin. It is the largest US-based crypto exchange and it also became the first publicly traded crypto exchange last year after direct listing on the Nasdaq exchange. It can be a good choice for active traders interested in trading and storing multiple cryptocurrencies.

Click here to get started now

 3. Gemini

Gemini is a regulated cryptocurrency exchange based in New York and available in all states in the US. With industry-leading security features, its own hot wallet, a beginner-friendly platform, robust educational resources, and a comprehensive support centre, Gemini can be a good choice for both beginners and experienced traders.

Click here to sign up

4. Kraken

Kraken is a United States–based cryptocurrency exchange and bank, founded in 2011. In September 2020, Kraken was granted a special purpose depository institution (SPDI) charter in Wyoming, becoming the first crypto exchange to hold such a charter in the United States. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at $10.8 billion USD by mid-summer 2022. The exchange is quite established making it a good choice for investors.

Click here to learn more

 5. KuCoin

KuCoin is a secure cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin, Ethereum, and 700+ altcoins. It is a Seychelles-based crypto exchange launched in 2017. Founded as “the people’s exchange,” KuCoin’s rich set of features and low fees make it a compelling choice for advanced crypto investors, particularly outside the US.

Click here to sign up

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