Kategorie: Crypto Analysis

• Bitcoin and other altcoins continued falling on Wednesday.

• The US dollar index continued rallying as crude oil price jumped.

• There are signs that the Fed will continue hiking rates.

Bitcoin Cash, Stacks, Neo, Solana, and Stellar lumens price drifted downwards as a sense of fear engulfed the financial market. Most of these coins dropped by more than 3% on Wednesday as demand remained significantly low.

The main catalyst for the sell-off was the recent trends in the energy market. Brent, the international benchmark, surged to over $90 per barrel. It has soared by over 25% from the lowest level in June and some analysts see it rising to $100 in the coming weeks.

The rising oil prices mean that the Federal Reserve could maintain its hawkish tone in the coming months. Economists have a mixed feeling about what to expect. Some of them expect the bank to hike rates by another 0.25% this month and push them to 5.75%.

Other analysts believe that the Fed will leave rates intact as officials wait for more details about inflation. This view was supported by Christopher Waller, one of the most hawkish Federal Reserve officials.

The rising expectation of another Fed hike has pushed many investors to the safety of the US dollar. Data shows that the dollar index has surged to more than $104, the highest level in more than five months.

As I wrote in this article on Tuesday, cryptocurrencies tend to have an inverse relationship with the US dollar. In most periods, coins like Bitcoin and Ethereum tend to retreat when the DXY index is soaring.

Solana and Stellar prices retreated even after a dose of good news from Visa, the biggest fintech company in the world. In a statement on Tuesday, the company said that it would expand its USDC expansion to Solana’s ecosystem. Solana is known for its fast speeds and low transaction costs.

Visa hopes to use this technology in its business of processing billions of dollars every day. This news impacted Stellar because USDC is built using its technology.

The outlook of Bitcoin and other altcoins is relatively bearish for now since there is no major catalyst in the near term. A likely catalyst will be the eventual acceptance of a Bitcoin ETF by the SEC. This is highly likely now that GreyScale won a major lawsuit last week.

How to buy Bitcoin Cash

The post Bitcoin Cash, Stacks, Neo, Solana, Stellar prices retreat as the DXY jumps appeared first on CoinJournal.

• US deficits keep rising despite the economy growing
• US Treasury returns dropped for the past three years in a row
• A weakening dollar might cause cryptocurrencies’ next step higher

In previous articles published here, I’ve argued that the next move in the cryptocurrency market will likely be driven by the US dollar rather than crypto-related news. Given the current interest rate levels, the surging deficit makes raising money difficult for the US government.

Hence, one way to make it easier is to lower the rates.

The Federal Reserve will never tell market participants that rates cannot move much higher. The moment it does that, inflation expectations are not anchored anymore.

However, one might take time to understand what the bond market tells. For the first time in the history of the United States, US Treasury returns dropped three years in a row.

A vicious circle could spark the US dollar’s weakness

The price of a bond is inversely related to its yield. Lower bond prices mean higher yields and one way for bond prices to bounce back is for yields (i.e., interest rates) to decline.

But the deficit poses a huge problem. Deficit spending is one of the reasons why bonds underperform.

Because deficits surged even as the economy grew, more bonds are issued to pay for it. However, issuing more bonds means issuing more debt, but interest rates are not low anymore as they were in the past years.

Therefore, interest rate expenses would increase, offsetting the revenue collected from selling the bonds.

One way to solve this problem is to let the dollar slip. The starting point might be a signal that the Fed has already reached the terminal rate.

If the dollar starts weakening, its decline should be generalized and also have ramifications for the cryptocurrency market. Therefore, if Bitcoin is about to make a move higher, one should keep an eye on the US deficit and the dollar.

The post Falling US Treasury returns might help the cryptocurrency market appeared first on CoinJournal.

• The US dollar index jumped to the highest level in five months.

• The rally happened as the US economic growth continued.

• Cryptocurrencies like Litecoin have an inverse relationship with the USD.

Litecoin price remained under intense pressure on Tuesday as the US dollar index (DXY) surged to the highest level in over five months. LTC retreated to a low of $62 and is hovering near the lowest level since December last year.

US dollar index surges

Litecoin and other cryptocurrency prices have come under scrutiny after last week’s events. On Wednesday, the Securities and Exchange Commission (SEC) suffered a major blow when Greyscale won a major case in the US.

The victory means that the SEC will likely approve the launch of spot Bitcoin ETFs. While coins like BTC and LTC jumped after the news, their rallies fizzled after the SEC decided to delay a decision on funds by companies like Blackrock and Invesco.

Litecoin investors are watching these events closely because of the close correlation that exists between BTC and LTC. For one, Litecoin was created from a Bitcoin folk.

Therefore, if Bitcoin succeeds in having a spot ETF, there is a high possibility that a Litecoin will also have its ETF shortly afterward.

The other big event moving Litecoin is the strong performance of the US dollar. The dollar index jumped to $104.5, which was the highest level in more than 5 months. It has soared by more than 5.25% from the lowest level this year.

The index has risen because of the strength of the American economy. Recent data shows that countries like China and Germany are struggling. At the same time, the Fed has hiked rates to the highest level in more than two decades.

As I wrote here, the resurgent US dollar has pushed yields on basic things like money market funds and CDs to over 5%. Therefore, investors are moving from crypto assets like Litecoin to those assets.

Litecoin price forecast

The daily chart shows that the LTC price has been in a downward trend in the past few weeks. This sell-off accelerated after the LTC halving momentum waned. It has moved below all moving averages and is now forming a bearish pennant pattern. All these patterns are usually bearish.

Therefore, Litecoin price will likely have a bearish breakout as sellers target the next support level at $55.

How to buy Litecoin

The post Litecoin price outlook darkens as US dollar index (DXY) soars appeared first on CoinJournal.

An initial coin offering (ICO) is a way for projects to generate funds to help get themselves up and running. These are regularly used in the crypto world, allowing companies to help generate publicity, which in turn attracts further investment and new users to their platforms. ICOs are usually released with a white paper outlining the platform’s future, and early investors can often look forward to realizing profits on their initial investment as the project progresses.

These are the best ICOs to add to your crypto portfolio in 2023:

1. Shiba Memu (SHMU)
2. Chancer (CHANCER)
3. AltSignals (ASI)
4. Metacade (MCADE)
5. VisaMetaFi (VISA)
6. Heroes of Mavia (MAVIA
7. Wombat Exchange (WOM)
8. CryptoCitizen (CCASH)
9. ByePix (EPIX)
10. WeSendIt (WSI)
11. Kryptview (KVT)

1. Shiba Memu (SHMU) — Barking up the Right Tree as a Top ICO

Shiba Memu (SHMU) is an altcoin that has garnered attention as one of the Best ICOs to Invest in for 2023, as acclaimed by the Reddit community. This altcoin draws inspiration from the beloved Japanese Shiba Inu dog, setting itself apart from the meme coin trend by embracing a sincere commitment to excellence. In contrast to relying solely on a trendy image, Shiba Memu differentiates itself by leveraging AI-driven marketing strategies to firmly establish its position as a leader in the crypto realm.

Shiba Memu showcases a remarkable ability to monitor online discussions and gauge sentiments. Whenever negativity arises, the coin’s AI intervenes to transform pessimistic perceptions into positive ones. This astute marketing approach ensures that Shiba Memu maintains its prominent stance in the market – just one of the reasons why Reddit users are brimming with excitement for this top ICO investment.

Why buy SHMU?

The meme coin sector has undergone rapid expansion, amassing a total valuation of $20 billion within a mere three years. This growth underscores the genuine demand for such tokens. However, Shiba Memu stands out by offering intrinsic utility that assures its lasting viability. This intelligent canine-inspired coin harmonizes visual appeal with substance, promising favorable returns for discerning investors who recognize its authentic potential as a steadfast companion in the dynamic cryptocurrency market in 2023.

>>> You can find more information, including how to buy SHMU here <<<

2. Chancer (CHANCER) – Favorable odds for this ICO in 2023

Presenting Chancer, recognized as one of the Best ICOs to Invest in for 2023, as 

highlighted by the Reddit community who are buzzing with excitement. This altcoin is positioned to revolutionize the betting industry by introducing the world’s first decentralized predictive markets app.

Breaking away from the conventional betting model, where bettors are constrained by unfavorable odds set by betting houses or bookmakers, Chancer sets itself apart by empowering users to craft their own betting slips and define their desired odds. This approach not only ensures fairness but also enhances the likelihood of winning. Embracing a democratic betting environment, Chancer offers a realm of possibilities, facilitating bets on a diverse array of subjects – from friendly wagers among friends to high-profile bets on global events like the Superbowl, Eurovision, and even the US presidential election. This expansion widens the horizons for betting enthusiasts.

Within the Chancer platform, the CHANCER token assumes a central role as the exclusive currency for all bets. This token can be staked to ensure liquidity, granting users the flexibility to commit to odds or exit if uncertainty about winning arises.

Harnessing Google’s WebRTC technology, Chancer enhances user experience by providing live streaming capabilities, enabling users to witness unfolding events in real time. Furthermore, the platform fosters global communication, connecting individuals from around the world. 

Why buy CHANCER?

Against the backdrop of the industry’s substantial value, projected to reach an impressive $150 billion by 2030 from its current valuation of $60 billion, Chancer’s unique proposition positions it to capture a significant portion of the market. This renders it an appealing investment opportunity for both cryptocurrency enthusiasts and those intrigued by the world of betting.

Seize the moment to secure your position in a coin that is poised to generate substantial returns – one of the top ICO’s that is capturing the attention of investors seeking innovative avenues within the realms of both crypto and betting for 2023.

>>> You can find more information, including how to buy CHANCER here <<<

3. AltSignals (ASI) — Signals Pointing to a Bright 2023 as a Top ICO

Introducing AltSignals, hailed as one of the Best ICOs to Invest in for 2023, as highlighted by the Reddit community. It stands as a beacon of success in the world of trading signals. With a track record of guiding over 50,000 users towards profitable ventures through its precise and timely signals, AltSignals boasts an exceptional 4.9/5 star rating on Trustpilot. It has solidified its reputation as one of the most distinguished trading signals providers, celebrated for consistently delivering impressive results.

Unyielding in its pursuit of excellence, AltSignals refuses to rest on its laurels and aspires to reach even greater heights. With an unwavering commitment to improvement, AltSignals aims to elevate its success rate from 64% to an extraordinary 80% or beyond. Leveraging the power of advanced technology, AltSignals is diligently developing ActualizeAI, an AI-powered stack destined to comb through the vast expanse of the internet 24/7, uncovering the finest signals and deals for its esteemed users.

To realize this ambitious endeavor, AltSignals has introduced its very own cryptocurrency coin, ASI, which unlocks a world of opportunities.

Why buy ASI?

Embarking on this journey offers an array of compelling advantages. Holders of 50,000 or more ASI tokens gain access to the enigmatic AltAlgo, a source of valuable insights. The forthcoming ActualizeAI promises lifetime access, ensuring users are consistently presented with opportunities. Additionally, becoming a member of the exclusive AI Members Club opens doors to a realm of unique possibilities. Token staking offers the potential to earn more ASI, and exclusive entry to private presales adds an element of excitement for potential rewards.

With an impressive success rate in trading signals and the promising ActualizeAI on the horizon, AltSignals solidifies its position as a reliable player in the crypto landscape as one of the best ICO’s to invest in for 2023.

>>> You can find more information, including how to buy ASI here <<<

4. Metacade – A Revolutionary Gaming Platform for the Metaverse

Metacade is a new blockchain-based platform that has already gained huge popularity during its presale stage. This community gaming hub is aiming to become a virtual gaming hub that recreates the excitement and community of real-world video arcades, all from the comfort of gamers’ homes. The platform will offer a vast array of play-to-earn (P2E) games to attract both casual and hardcore gamers alike, with a compelling play-to-earn mechanic at its core.

P2E looks to be just one of many earning opportunities Metacade’s community will have to create income for themselves. Players can also earn through sharing gaming alpha, writing reviews and staking the MCADE token. Other ground-breaking features include the Metacade Create2Earn scheme, which features the Metagrants initiative where developers can access crypto-funding to support the creation of new games. In addition, a jobs board aims to match the best Web3 creative talent with exciting career opportunities within the industry.

Why buy MCADE?

Metacade’s native token, MCADE, recently launched in presale and sold out its beta phase in just over three weeks, with $1 million raised. With nine presale rounds that will see the value of MCADE rise from its beta price of $0.008 to $0.02 by the conclusion of the presale, expectations are that the price of MCADE could surge once it hits decentralized exchanges.

This scope for profit during the current bear market and the long-term growth potential of Metacade’s ground-breaking GameFi platform makes Metacade one of the best ICOs for investors looking to expand their crypto portfolio.

>>> You can find more information, including how to buy MCADE here <<<

5. VisaMetaFi (VISA) – Outstanding new simple to use crypto payment system

VisaMetaFi’s platform features a new decentralized crypto payment system that can be used across different online merchants and blockchain platforms. It incorporates Web3, DeFi, DAO, metaverse, and MetaFi payment capabilities, making it one of the best ICOs to invest in.

The platform allows users to transfer stablecoins anywhere in the world without transaction fees, as well as eradicate the need for users to swap digital coins or convert crypto to fiat to make transfers. Big names making use of VisaMetaFi include the holiday booking website Booking.com.

Why buy VISA?

VisaMetaFi has successfully undergone the opening phases of the project, reaching tens of thousands of global users, including the release of a native VISA coin.

With its simple and accessible framework for enabling online and crypto payments worldwide, VISA looks set to capture the attention of investors in the long term. Consequently, VISA is among the best ICOs to invest in for 2023.

6. Heroes of Mavia (MAVIA) – Attractive P2E battle-builder game

Heroes of Mavia is one of the best blockchain-based gaming ICOs currently available thanks to its exciting base-building and player2player battle features. Gamers create their own armies to capture enemy bases within the Heroes of Mavia ecosystem earning Ruby tokens as they progress.

These tokens can be used to upgrade their bases, equip their armies, and fortify defences. The game has several attractive features, including an NFT marketplace, live battle streaming and a partnership manager for users to collaborate through military-style alliances while earning passive income.

Why buy MAVIA?

The native MAVIA token has already attracted a vast and loyal following on social media from investors wanting to get on board this new and exciting P2E gaming platform ahead of the NFT launch due in Q1 of 2023 and free2play launch in Q2.

With backing from crypto big guns Binance Labs, crypto.com, and Genblock Capital, MAVIA is an excellent crypto portfolio investment in 2023.

7. WombatExchange (WOM) – Exciting stableswap currency exchange

Defined by its white paper as a “multi-chain stableswap” hosted on the Binance Chain, WombatExchange is a new crypto exchange that allows market players to swap stablecoins while generating a yield through coin staking and benefiting from minimal levels of slippage.

The user-friendly interface makes WombatExchange an excellent entry point for traders new to crypto exchanges. In addition, the available liquidity pool means that users aren’t required to hold multiple stable currencies.

Why buy WOM?

WombatExchange’s native currency coin, WOM, is an enticing ICO that will give holders access to voting rights on the platform’s governance proposals and stablecoin liquidity. The exchange has already captured the imagination and investment of several large companies, including Hailstone Ventures and Shima Capital.

Meanwhile, Wombat Exchange’s Twitter account is approaching 70,000 followers and growing fast, making it one of the best ICOs for investors looking for new possibilities in the world of crypto exchanges.

8. CryptoCitizen (CCASH) – Addictive MMORPG metaverse gaming platform

CryptoCitizen is another metaverse gaming offering that offers free-to-play and P2E capabilities in a world with a supporting storyline. The platform has a vast potential audience as a massively multiplayer online role-playing game (MMORPG) with a diverse range of gaming opportunities, including shoot-‘em-up, racing, and classic 1v1 fighting elements.

Users can earn the native CCASH token through success in challenges and improving their ‘Citizen Ranking,’ which in turn also opens opportunities to access exclusive NFTs.

Why buy CCASH?

CryptoCitizen has already caused a storm within the gaming world, with more than 200,000 pre-registering for its Alpha Test phase. It was presented at Gamescom 2022 to huge acclaim and has already fully allocated three presale allocations of CCASH through Polkastarter, Firestarter, and Seedify.

With a maximum supply of 1 billion CCASH tokens and only 1.2% being released when CCASH is listed on exchanges, the furore already whipped up and the scarcity of tokens on open exchanges makes CCASH one of the best ICOs for early investors to purchase.

9. ByePix (EPIX) – Social2Earn platform looking to challenge Facebook

ByePix is a Web3-based platform that combines multiple exciting elements in one easy-to-use hub. Attractions include DeFi apps, NFTs, P2E titles, and a fully-functioning ecosystem that caters to players’ every need. For example, gamers can receive tokenized rewards for completing tasks in ‘Gem Hunters’, one of the platform’s first P2E titles.

Additional features of the platform include virtual plots of land which can be bought using the EPIX coin, cultivated and developed, before being sold for a neat profit. Other earning potential comes from completing social tasks through the platform’s Social2Earn initiative and investing in EPIX to produce returns.

Why buy EPIX?

ByePix has generated a massive buzz with significant investment from prominent venture capital firms. Their ultimate goal is to challenge social media giants like Facebook and Instagram. While that might appear a tall order, there is an opportunity for ByePix to improve the social media landscape in the longer term by compensating users for their content.

This innovative approach makes EPIX one of the best ICOs worth considering for investors looking for an exciting and potentially game-changing crypto opportunity.

10. WeSendIt (WSI) – Exciting new decentralized storage and file-sharing platform

A new crypto service that provides decentralized cloud storage and file-sharing options, WeSendit has recently announced its new WeSendIt 3.0 release, allowing users to earn tokenized rewards every time they send data.

This BEP-20 token can then be exchanged for advertising, scalable data storage, and subscription discounts, with further rewards available through customer referrals to the platform.

Why buy WSI?

Designed as a low-cost alternative to the centralized file-sharing and data storage options offered by tech giants such as Amazon, Google, and Microsoft, WeSendIt’s move into the crypto world is backed by more than a decade’s experience in the sector. Over this time, they’ve gained more than three million customers across 150 countries making WSI among the best ICOs to purchase in 2023.

WSI tokens have already successfully undergone private sale in September 2022. With the demand for decentralized data storage facilities only going to increase over the coming years, WSI is an ICO worth investing in to receive potentially rich profits.

11. Kryptview (KVT) – Interactive Research2Earn platform to help inform crypto investors

Kryptview’s new interactive ‘Research-to-Earn’ platform is dedicated to producing and sharing research on cryptocurrencies, tokens, and platforms. Users are encouraged to interact with the community by earning rewards for evaluating, analyzing, and reviewing crypto projects.

In addition, users can offer ‘research bounties’ to assets as an enticement for other platform members to research said asset, provide information and thus potential value. The native KVT coin is used to distribute rewards and underpins the entire ecosystem.

Why buy KVT?

Aiming to become the first platform of its kind to break through into the crypto mainstream, several big crypto backers, including The Blox and Matters, have lent their backing to the project.

With demand expected to be high when KVT hits the exchanges, getting in early will help investors exploit potential long-term gains. This makes it one of the best ICOs currently available, with potential rewards available in the future with its innovative and potentially market-leading offering.

In Summary

ICOs are an excellent way for investors to make early and significant profits, provided they can back the correct projects before they hit the open market. With many presales offering similar staged increases in value over their presales, understanding where value can be found is vital.

The post Best ICOs to Invest in for 2023 According to Reddit appeared first on CoinJournal.

• Bitcoin and EUR/USD have a direct correlation
• If EUR/USD makes a new high for the year, Bitcoin should follow
• Elliott Waves points to a move back above 1.10 for EUR/USD

It has been a struggling summer for Bitcoin investors as the US dollar strengthened. After trading above $30k in mid-April, Bitcoin failed at the highs just as the dollar’s strength started.

The easiest way to interpret Bitcoin’s price action is to look at the EUR/USD. When Bitcoin traded above $30k in mid-April, EUR/USD reached above 1.10 after an impressive rally from below 0.96.

Then, the EUR/USD corrected to the 1.06 area, and Bitcoin followed the same path as it dropped to $25k. Next, EUR/USD made a new high and traded above 1.12, a move that Bitcoin quickly copied as it made another high for the year.

It is, therefore, safe to assume that for Bitcoin to reverse the recent bearish trend, we should see the EUR/USD bounce from the current levels and trade above 1.12 again. More precisely, the dollar’s strength should end for Bitcoin to reverse course.

EURUSD chart by TradingView

Elliott Waves suggests EUR/USD should trade above 1.10 again

Looking at the EUR/USD rally from the 2022 lows through the lens of the Elliott Waves theory, it becomes evident that the market completed a five-wave structure when it reached 1.12.

Everything fits – the extension, the channeling, and even the retracement from the highs, completed in the right time needed to validate the pattern.

It means that EUR/USD weakness seen during the summer months is part of a corrective phase. Once ended, the correction should be completely retraced.

Therefore, all eyes are on the 1.10 pivotal level. By regaining the level, EUR/USD should also put a bid under Bitcoin, should the correlation mentioned earlier remain valid.

The post Is it the right time for Bitcoin to jump above $30k again? appeared first on CoinJournal.