Kategorie: Bitcoin News

• Bitcoin products saw $25 million in outflows last week, according to asset manager CoinShares.
• There was $3.7 million in short Bitcoin as investor sentiment flipped negative on recent regulatory concerns.
• But crypto prices still recorded huge moves, with BTC hitting a six-month high above $25,000.

Bitcoin price hit its highest price level in six months last week, with the flagship cryptocurrency testing bears’ resolve above the $25,300 zone.

However, digital asset management firm CoinShares says despite reaching a new year-to-date high, the flagship cryptocurrency still bore the brunt of the negative sentiment that pierced the market as US regulators upped their crackdown on multiple industry sectors.

Digital assets see $32 million in outflows

As CoinShares Head of Research James Butterfill points out in a weekly funds flow report released on Monday, Bitcoin recorded the largest share of outflows seen in the digital assets investment products last week.

Per the researcher, total crypto funds outflows totaled $32 million this past week, the largest single week outflows since December last year. But almost $25 million of the outflows were in Bitcoin products, with negative sentiment seeing short Bitcoin investment products account for $3.7 million in inflows.

Infact, as US Securities and Exchange Commission (SEC) increased its crackdown on stablecoins and staking services among other sectors of the crypto industry, crypto outflows hit $62 million. The market did record significant outflows as Bitcoin led the market in holding prices above key levels.

According to Butterfill, the mid-week flip in sentiment (with Bitcoin price soaring more than 10%) helped digital assets products register $30 million in inflows. This in turn helped push the total assets under management in exchange-traded products (ETPs) to its highest level since last August. Butterfill noted:

“The negative sentiment amongst ETP investors was not expressed in the broader market with Bitcoin prices rising by 10% over the week, this price appreciation pushed total assets under management (AuM) to US$30bn, their highest level since August 2022. We believe this is due to ETP investors being less optimistic on recent regulatory pressures in the US relative to the broader market.”

Crypto assets saw mixed flows

While Bitcoin recorded over 78% of the outflows, Ethereum products saw $7.2 million in outflows last week. Other top altcoins with large withdrawals included Cosmos ($1.6 million), Polygon ($0.8 million), and Avalanche ($0.5 million).

Yet, investment products for Aave, Binance, Fantom, XRP, and Decentraland saw inflows of between $0.36 million and $0.26 million, CoinShares highlighted in its report.

Elsewhere, while crypto assets experienced a second consecutive week of outflows, blockchain equities had a more positive outlook from investors, with $9.6 million in inflows last week. Blockchain equities have now had six consecutive weeks of inflows.

The post Bitcoin saw 78% of outflows as $32 million exited crypto asset investments appeared first on CoinJournal.

With 2023 only just getting underway, this year is already looking much more positive than the rough 2022 experienced by practically all crypto projects. With hopes that the space has now reached the bottom of its bear market, investors are turning their attention to identifying which projects have the potential to deliver incredible profits in 2023 and beyond.

Figuring out which project offers the highest bang for your buck is easier said than done, though. As such, here are the top 10 coins supporting the most highly regarded projects investors agree could offer massive gains in 2023:

1. Metacade (MCADE)
2. Chainlink (LINK)
3. Avalanche (AVAX)
4. Hedera (HBAR)
5. Bitcoin (BTC)
6. LTO Network (LTO)
7. Ripple (XRP)
8. Monero (XMR)
9. Shiba Inu (SHIB)
10. Polygon (MATIC)

1. Metacade (MCADE)

Metacade is already taking the investment world by storm with a presale that is amazing onlookers, having raised a phenomenal $7m in only 13 weeks since it launched. Fundraising continues at pace, with the presale now in stage 4 and an increasing number of investors scrambling to get on board while they can. This alone could place it comfortably at the top of the list of top 10 coins, but it is the features of the platform which really stand out.

The main driver pushing up presale figures is Metacade’s comprehensive plans provided in the platform’s whitepaper. It outlines an innovative blueprint for reaching the project’s goals, objectives, and roadmap. Metacade is en route to revolutionize the video game business, in part, by constructing the largest play-to-earn (P2E) arcade on the planet.

The P2E arcade looks certain to attract a huge number of the millions of global gamers out there, due to the extensive rewards mechanisms implemented across the ecosystem. Gamers of all stripes will reap rewards, earned across both casual gaming and more competitive community play. By taking this approach, Metacade establishes a broad appeal that can provide the project with a potentially huge total addressable market (TAM).

Rewards will also be implemented for user actions that benefit the broader Metacade ecosystem. Users who contribute in ways like writing game reviews or engaging with the community will be eligible for rewards. This incentivizes all users to constantly improve the platform. It creates a significant driver for user retention and growth that many other projects out there cannot compete with.

The project uses a utility token known as MCADE to power the ecosystem, and MCADE plays a key role in how the platform operates. As well as being used to distribute rewards, MCADE more broadly represents the currency of the platform, meaning that for all exchanges of value across the entire ecosystem — such as for tournament entry fees or for buying merchandise — MCADE is crucial. 

The token design also features staking options for holders, which allows investors who are holding for the likely price appreciation of the MCADE token to benefit from a passive income by putting their tokens to work while they wait.

One feature that is often referenced is the Metagrants program, providing significant value at all levels of user engagement. It achieves this simply, by allowing game developers and teams to pitch game ideas to the Metacade community. MCADE holders can then vote on the projects which are most deserving of funding from the Metacade treasury. This level of involvement will help improve user retention by giving them a meaningful role in the future of the gaming library.

>>> You can participate in the Metacade presale here <<<

2. Chainlink (LINK)

Chainlink is a project that is taking on the so-called ‘oracle problem,’ which deals with the challenge faced by Web3 in being able to access accurate and secure data from off-chain in a trustless way. 

The Chainlink decentralized oracle network (DON) is a complex system of nodes that supply information to the network and stake their LINK tokens to do so. Any node trying to game the system is penalized via a system known as slashing, where providing incorrect data is punished with the loss of LINK tokens by the node.

Chainlink boasts more partnerships than any other Web3 project, and the price feeds it provides on the up-to-date prices of trading pairs is a critical part of the way that the most mature end of DeFi (such as Aave) operates. If DeFi continues to grow and Chainlink remains central to it, then we could well see the price of the LINK token increase dramatically over the course of 2023, making it a solid contender for the list of top 10 coins.

3. Avalanche (AVAX)

Avalanche is a layer-1 project competing with the likes of Ethereum and Solana for market share in the public permissionless space. The project uses three separate blockchains known as the C-Chain, P-Chain and X-Chain to enable the creation of sub-networks called subnets. 

These subnets allow an amount of flexibility in the features of the Avalanche network, meaning that the parameters can be tailored to the specific use case at hand. This has led to calls from the passionate Avalanche community that the scalability of the Avalanche network is unbeatable, which makes investing in the native token, AVAX, a promising opportunity.

The Avalanche network hasn’t seen much growth following the surge in the 2021 bull run, however, with a large and passionate community behind it, 2023 could be the year that the project secures more market share and those who have invested in the AVAX token reap the rewards.

4. Hedera (HBAR)

The Hedera network isn’t actually a blockchain at all; the project uses a technology known as directed acyclic graphs (DAG) to enable the Hedera network to provide fast and secure transactions at scale.

The project also takes decentralization seriously but has adopted to take a different approach than most projects by appointing a council of corporate and educational institutions under time-limited terms to hold a seat on the Hedera council. 

There are rumors abound that the Hedera network may well see some large use cases go live in 2023, which could see the utility token HBAR benefit in the form of price rises. With some positive movement already seen, it could be the start of a significant stint of price appreciation for the HBAR token.

5. Bitcoin (BTC)

Bitcoin may be seen by many as the most conservative investment in the crypto space, but there’s no doubt that it remains the flagship project of Web3. With more and more regulation likely to arrive in 2023, the project stands to benefit from the absence of a centralized party running it, alongside the fame that the project holds.

If regulation continues to err on the side of defining Bitcoin as a commodity, it could well open the floodgates for institutional investors to flood funds into the market over 2023 and beyond, meaning that the price of BTC could well increase far above what we’ve already seen so far when TradFi starts to drive green candles instead of just the movement of the occasional crypto whale.

6. LTO Network (LTO)

LOT Network is a Netherlands-based project that focuses primarily on use cases where a hybrid solution is needed. These are usually use cases that require private data storage but public verification, and so LTO Network hopes to secure a big chunk of the enterprise market in this way.

The project already boasts some impressive partners, having worked with both the United Nations and IBM on different use cases. The project has also explored developing a Digital Identity (DID) product, which could open the door to more use cases in the future.

As the LTO token is used for all transactions on the project, we’re likely to see the price of LTO increase in line with the usage of the network, and so should more projects with high transaction volume appear in 2023, LTO holders might be in for a pleasant surprise.

7. Ripple (XRP)

Ripple has been locked in its legal battles with the SEC for years now, and for the dedicated community of supporters behind it, there is the belief that 2023 will be the year that the lawsuit is over.

Most analysts believe that it’s likely that Ripple will win the lawsuit with the SEC, which could mean that many established use cases gain the green light to formally acquire the XRP token for use in the primary Ripple use case — cross-border payments.

Should that happen, then we’re sure to see the price of XRP climbing to the highs it has not seen for years, if not even higher.

8. Monero (XMR)

Monero is a privacy-focused project that is looking to build an anonymous digital cash that allows for untraceable transactions across the globe, for everyday transactions all the way through to those of a crypto whale.

Monero faces an uncertain future in light of the increasing focus on regulation that governments have going into 2023. However, XMR holders are confident that the technical complexity of the project means that it cannot be stopped, and so should regulators reach some sort of cease-fire with the project, it could benefit the price of XMR.

9. Shiba Inu (SHIB)

Shiba Inu is a project that has built and maintained a passionate community of followers known as the Shib Army. The project may have started out as a meme coin following in the footsteps of the Dogecoin (DOGE) project, but the team has used the popularity of the project to pivot to a more utility-based DeFi offering.

The advantage that Shiba Inu has over Dogecoin is that the DeFi utility allows the project to continue to evolve over time, and this could help build and maintain excitement about the project as time progresses.

10. Polygon (MATIC)

Polygon is a layer-2 project for Ethereum, and the project aims to enable platforms on the Ethereum network to access its benefits in a more scalable way. 

Polygon’s network has its own validators, but crucially also has the MATIC bridge — a bridge to the Ethereum network. This means that other projects built on Polygon are able to store data back on the Ethereum network periodically while benefitting from cheaper and faster transactions on Polygon in the meantime.

Polygon has already managed to secure a number of big enterprise projects, such as Starbucks and Nike, so it would not be a surprise to see the price of MATIC post big gains throughout 2023.

What project is the best choice for investors?

Metacade looks like an excellent choice from the top 10 coins for investors looking for major gains. By providing investors with incredible potential found in the platform’s features and implementation, not to mention significant discounts available in the presale, there’s no question that the largest potential upside is to be found in investing in MCADE.

As MCADE is so closely tied to the usage of the platform, 2023 is likely to see huge increases in token price. As the platform goes live and gamers flood the platform, those that take advantage of the presale for the limited time it remains open are certain to have an amazing journey ahead of them.

You can participate in the Metacade presale here.

The post Top 10 Coins To Buy For Massive Gains in 2023 appeared first on CoinJournal.

Key Takeaways

• Inflation in Argentina is now near 100%, as savings in the peso are getting crushed
• Bitcoin, despite collapsing in the last year, is up in peso terms
• Weak currencies are often cited as benefits of Bitcoin, but in the case of Argentina, it would be worse, writes our Analyst Dan Ashmore 
• Stablecoins present a better case, he argues, with US dollar up 87% against the peso since 2022

It’s a well-trodden argument, the one that states Bitcoin is purpose-built for the developing world. A more accessible financial system; a medium through which citizens can circumvent failing currencies. 

In theory, it makes sense, and it’s something that I have written about extensively in the past. As risky and experimental as Bitcoin is, one could state a case that this enigmatic digital currency could  – one day in the future – offer such financially oppressed peoples a way to protect their wealth. 

But that day is not now. In fact, Bitcoin is entirely useless for such a purpose. That is despite the below chart showing that Bitcoin has appreciated in value over the last year against the Argentinian peso. 

This has seen some Bitcoin advocates – and to be clear, I am a Bitcoin investor – declare that this is a poignant display of Bitcoin’s power. But it is important to be wary of what we are benchmarking to here. The Argentinian peso is quite literally one of the world’s worst-performing currencies in recent years – plotting its value against the US dollar shows how far it has fallen.

Bitcoin is no better than the peso

This analysis of the Argentinan peso really has nothing to do with Bitcoin. It simply highlights how torrid a store of wealth the peso has been, and how devastating its devaluation has been for its citizens. 

But imagine holding one’s wealth in Bitcoin? What if you were looking to send your child to college in January of this year. Tuition is, let’s say $10,000. Imagine if you had stored $10,000 in Bitcoin back in November 2021 (when it was trading at $68,000).  If tuition was due on January 1st of this year, your $10,000 would have fallen to $2,400. Need I say more?

Instead of benchmarking Bitcoin to one of the worst stores-of-value around, it should be compared to, well, an actual store of value. If Bitcoin is to replace money, it’s not really a win if it’s better than one of the worst forms of money around. It’s the ultimate straw man argument. 

We should be charting Bitcoin compared to an established currency. In the below graph, I have plotted the weekly percentage moves of the euro to Bitcoin (comparing both to US dollar). It’s like comparing night and day.

Stablecoins suit Argentina better than Bitcoin

The Argentinan example does present as a more intriguing example when considering a different type of crypto – stablecoins. Theoretically, this opens up dollar access to those who would otherwise be shut out (via capital controls, banking barriers or other). And at the same time, the asset being purchased – the dollar – is a store of wealth worthy of firing college savings into. 

Could the day come when this may change? Sure, who knows what happens in fifty years. But I’m talking right here, right now. And Argentininans going from the peso to Bitcoin would be like jumping out of one fire and into the next. For the everyday Argentine citizen fearing for their own wealth, is there any argument at all that advocates for Bitcoin over stablecoins?

So, arguing for stablecoins is one thing. And yeah, I can see it – citizens of high-inflation regimes are getting crushed as their currencies devalue into oblivion. 

But Bitcoin? How can you look at these currencies and then decide Bitcoin is the solution? I’m as intrigued by Bitcoin as anyone, and I do believe that the store-of-value narrative is the one that the magical orange coin should pursue in the long-term. And hey, maybe we re-look at this peso vs USD vs Bitcoin debate in 25 years time and there is a different conclusion. 

But right now, in the year 2023? Bitcoin is not Argentina’s answer. Far from it.

The post Bitcoin is up in Argentinian Pesos over the last year, but natives should still avoid it appeared first on CoinJournal.