Autor: dot-traders

Veröffentlicht am

Bitcoin attempts recovery after rate hike scare. Should you buy it?

  • Bitcoin recovered 1.58% on Thursday after the rate-hike drop

  • Bitcoin remains vulnerable as long as macro-issues do not abate

  • $19,250 is a level to watch on Bitcoin as it recovers

Bitcoin BTC/USD is one of the highly watched cryptocurrencies during interest rate decisions. That’s because the cryptocurrency has exhibited correlations with equities. Thus, when interest decisions come up, equities and Bitcoin become focal points. 

On Wednesday, the Federal Reserve announced a 75-basis point interest rate hike. The market had anticipated a similar hike in magnitude. Bitcoin fell below $19,000 immediately after the rate decision but recovered quickly. As of press time, the cryptocurrency was trading at $19,166 after adding more than 1.50% in 24 hours. The swift recovery indicates that markets had priced for a 75 basis point hike. Does that suggest Bitcoin will continue rising?

Looking ahead, the US central bank will hike rates further to end the year at around 4.4%. Fed Chair Jerome Powell did not rule out the possibility of a recession. The gloomy macro-outlook makes risky assets, including Bitcoin, unattractive. 

Bitcoin is recovering but faces resistance at $19,250

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy BTC with eToro today

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 BTC with Skilling today

Source – TradingView

Applying the MACD indicator, Bitcoin’s momentum weakened after the Fed rate hike. The MACD line entered deeper into the bear zone as the price lost an important $19,250 support. At the current level, BTC trades at or slightly below the support, having hit the lowest since June. The level is also below its average for the past 50 days.

From the technical outlook, BTC has to successfully reclaim the $19,250 level to consider a potential upside. The cryptocurrency is not a recommended buy at the moment, especially in the short term.

Summary

Bitcoin could slip further if it fails to reclaim the $19,250 level. The macro factors and technical outlook sound bearish despite the latest recoveries. A recovery above the $19,250 invalidates a bearish view.

The post Bitcoin attempts recovery after rate hike scare. Should you buy it? appeared first on CoinJournal.

Veröffentlicht am

What is pushing Ripple (XRP) price up?

The price of Ripple’s XRP token is up 26.9% in the past week and 6.9% in the past 24 hours, outperforming most of the top cryptocurrencies like Ethereum and Bitcoin which are struggling to make considerable gains.

At press time Ripple’s XRP was trading at $0.4326.

Factors contributing to XRP’s recent price rise

There are two main factors believed to be behind the recent XRP price surge and they are increased trader optimism and high whale movement.

Trader optimism on XRP has increased considerably despite the ongoing Ripple lawsuit against the US SEC. majority of traders believe that XRP has the most bullish set-up in the crypto market with a potential for a further breakout.

One of the things that have increased traders’ optimism about XRP is the recent visit of Caroline D. Pham, an American attorney who serves as a commissioner of the Commodity Futures Trading Commission (CFTC) to Ripple Labs. The visit raised speculations that the XRP would be classified as a commodity rather than security as the SEC has been insinuating.

There has also been significant whale movement over the past few days with the two most recent whale movements being a transfer of 30 million XRP tokens and another 261 million XRP tokens between wallets.

The post What is pushing Ripple (XRP) price up? appeared first on CoinJournal.

Veröffentlicht am

What crypto to buy now: 4 of the best coins to buy

Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.

Bitcoin

Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.

Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021. 

Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors. 

Dogecoin

Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins. 

Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.

How to buy Dogecoin

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy DOGE with eToro today

Solana

Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave. 

Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.

Sweat Economy

The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.

SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.

How to buy Sweat Economy

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Register with eToro instantly

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.

Register with Skilling instantly

The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.