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Is SushiSwap a good buy after a 13% jump on GoldenTree investment?

  • SushiSwap rose by 13% on Thursday 

  • GoldenTree revealed a $5.3 million holding 

  • SUSHI has hit the descending trendline, and the focus will be on the price action

Sushiswap SUSHI/USD rose more than 13% on Thursday, capping a substantial 18% gain in the past week. The gains on Wednesday reflected surging trading volumes up more than 130% as of press time. Positive news was behind the surge.

On October 5, global asset manager Golden Tree revealed a stake of $5.3 million in SushiSwap. The asset management firm controls about $50 million in assets. That indicated a potential big money flow in SUSHI and a validation of the DEX. In its press release, Golden Tree indicated it had been “following SushiSwap for a while.”

Potentially, the news of investment by GoldenTree hints at what is likely to come. The asset manager recently unveiled a digital asset-focused division. The company hinted at more involvement “in all things Sushi.” GoldenTree also plans to help the DEX improve its tokenomics. 

The GoldenTree news reawakens SUSHI from its slumber. The token trades at merely $1.2, having topped $23 in 2021 at the height of the crypto boom. 

SUSHI meets the descending trendline after the price pump

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Source – TradingView

Technically, SUSHI’s bullish momentum is confirmed by a MACD crossover. The token had already been gathering momentum above $1. With the level being tested severally this year, it suggests $1 is the potential bottom for SUSHI. 

The latest jump has pushed SUSHI to the descending trendline. A break above could attract more buyers, although it remains to be seen how bulls overcome the macro woes. Alternatively, SUSHI could correct at the descending trendline.

Concluding thoughts

SUSHI remains susceptible to correction after hitting a descending trendline. A breakout is also possible, although a weak crypto sentiment could curtail further upside. For now, let price action play out but remember, SUSHI could have found a bottom at $1.

The post Is SushiSwap a good buy after a 13% jump on GoldenTree investment? appeared first on CoinJournal.

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EU tightens sanctions against Russia with cross-border crypto ban

EU regulators have announced new cross-border crypto sanctions against Russia, banning crypto wallet accounts and custody services.

The European Commission has announced a new wave of sanctions against Russia – the eighth package since Russia’s invasion of Ukraine – and included another ban on cryptocurrency related cross-border transactions.

The latest round of sanctions, according to a press release the EU published today, is a response to the recent Russia-led “sham” referenda and continued escalation of the war via nuclear threats.

EU’s new crypto sanctions against Russia

The Commission, in its move to tighten further its sanctions against Russia’s financial and IT consultancy among other services, also introduced a fresh ban on EU-Russia (cross-border) crypto transactions.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” read part of the press statement.

Previously, the prohibitions were of amounts exceeding €10,000.

The EU’s sanctions on crypto related transactions across all sectors of cross-border business comes a few weeks after Russia started allowing transaction settlements in crypto.  

In August, as CoinJournal reported, Russian Prime Minister Mikhail Mishustin had touted cryptocurrencies as an alternative for cross-border settlements. The option to use crypto was thus very much among Russia’s cards.

But as per the European Commission, the crypto ban and other measures like new import bans will further dent the Kremlin’s financial muscle.

“This package introduces new EU import bans worth €7 billion to curb Russia’s revenues, as well as export restrictions, which will further deprive the Kremlin’s military and industrial complex of key components and technologies and Russia’s economy of European services and expertise,” the Commission noted in the release.

The post EU tightens sanctions against Russia with cross-border crypto ban appeared first on CoinJournal.