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Robinhood lists Chainlink: LINK price surges 5%

While the majority of the tokens continued to bow to the ongoing crypto market bloodbath, Chainlink (LINK) has today received a boost after Robinhood listed it on its trading platform. 

At the time of writing, LINK was trading at $6.62, up 2.65% after retracing from a daily high of $7.11, its trading volume has also spiked by 43.61% to sit at $619.4 million.

But why has the price of LINK surged as the other tokens continued with the dip? Let’s look into the reason behind the rally.

Robinhood lists Chainlink

LINK, the native token of Chainlink, registered significant gains after Robinhood, a prominent crypto exchange in the US and the U, announced on Twitter that it has listed Chainlink on its trading platform.

The announcement came after Robinhood recently added support for popular tokens like Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).

Chainlink integrations

Chainlink had earlier announced that PancakeSwap was integrating Chainlink keepers on the BNB chain. The integration was aimed at helping the users to automate their CAKE/USD prediction market securely.

Last week there were 15 integrations for five different Chainlink services across five different blockchains including chains like BNB, Moonbeam, Ethereum, Polygon, and Avalanche. These integrations were aimed at enabling Web3 developers to develop hybrid smart contracts using the chains tools.

The post Robinhood lists Chainlink: LINK price surges 5% appeared first on CoinJournal.

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DOGE runs out of steam, traders turn to larger market cap coins

According to a report released by global crypto exchange Currency.com yesterday, DOGE/USD trading volumes and the number of traders trading the pair have considerably reduced in June.

According to the report, DOGE trading volume reduced by 51% while the number of traders trading the DOGE/USD dropped by 57%. This is contrary to the month of May when DOGE was one of the top traded cryptocurrencies after Bitcoin, Ethereum, and Litecoin.

Dogecoin has been performing well especially due to the recent interactions with SpaceX and Tesla CEO, Elon Musk, who recently said that he will continue supporting the meme-coin despite a $258 billion lawsuit against him and his company. But in the month of June, the meme-coin seems to have run out of steam with traders turning to cryptocurrencies with larger market caps to avert risk as the market continues to be increasingly volatile.

Commenting on the report, the Currency.com LLC, US CEO, Steve Gregory said:

“This may suggest that traders are seeing a bottom for DOGE and favoring the safety of larger market cap coins like Bitcoin (BTC) and Ethereum (ETH). As we approach the end of June, $2.5B in open interest of BTC options expired last week bringing volatility across the asset class. All eyes will be on the next meeting of the Federal Reserve and with current indications pointing to a possible increase in the interest rate, it’s likely that risk assets like cryptocurrency could continue to slide. Typically, crypto is the first to sell-off, followed by the wider global equities markets.”

BTC, ETH, and LTC are the top traded coins

According to the report, BTC/USD, ETH/USD, and LTC/USD retained the top three spots respectively as the most traded cryptocurrencies on Currency.com.

It was also noted that more traders are selling bitcoin; something that could mean die-hard ‘Hodlers’ has grown weary.

However, traders seem to be more satisfied with Ethereum despite the current market volatility and Gregory had this to say about the coin:

“With the Ethereum ‘merge’ just a few months away and a major daily supply drop in ETH issuance, we see these as possible catalysts that pull the asset class out of its downward trend.”

The post DOGE runs out of steam, traders turn to larger market cap coins appeared first on CoinJournal.