Kategorie: Crypto Analysis

• Ethereum Classic is up 18% in the week

• The network has witnessed an increased hash rate

• Ethereum Classic still faces bear pressure at $19

Ethereum Classic (ETC/USD) has been of bull interest in the last two days. Despite losing by an intraday 1% on Friday, it was still up 18% in the week. A majority of these gains happened on January 04, 2023. The gains pushed the cryptocurrency above a crucial descending trendline that has contained ETC for a while. But how far can ETC gains continue?

Ethereum Classic was tipped for success when Ethereum shifted to the Proof of Stake protocol. Ethereum Classic is itself a Proof of Work protocol. Thus, Ethereum’s shift, also known as the Merge, was expected to push PoW miners to Ethereum Classic. Although initially boosting the price, ETC later crashed as the speculations waned.

The latest ETC gains reignite hopes of miner activity on Ethereum Classic. While the hash rate went downward in December 2022, it started to gain momentum toward the new year. The hash rate improved from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30, according to CoinWarz data. That could indicate increased miner activity and ETC transactions which boosted prices after the new year. But buyers may need to exercise caution at the current price level.

Bullish ETC still facing bearish pressure despite breakout

ETC/USD Chart by TradingView

A technical outlook shows momentum has increased strongly for ETC. The MACD indicator is attempting to break above the neutral zone. However, bears are trying to force a correction after ETC reached resistance at $19.

What to do with ETC?

Despite breaking above the descending trendline, ETC is facing a correction. The price is yet to trade above the previous high.

A break above the $19 resistance is the needed validation to consider further upsides. Investors should only buy ETC if it recovers above $19 with a confirmed bullish momentum. At the current price, ETC still faces a slump back to the $14 bottom price. 

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today Disclaimer

The post Ethereum Classic breaks above descending trendline but exercise caution appeared first on CoinJournal.

• XRP has stalled for the last 3 weeks

• The price has been tied to the crypto sentiment and case with SEC

• Garlinghouse expects a “breakthrough” in crypto regulation in 2023

Ripple (XRP/USD) trades around $0.33, a level it started for 2023. The cryptocurrency has held the price zone for the past three weeks. Bulls recovered quickly as the price slid to $0.30 on January 2. But still, the upside remains limited. What holds for XRP this year?

Well, much is expected for cryptocurrencies this year after a disastrous 2022. A possible improvement in the macro situation will definitely boost the price, although this looks unlikely in the first quarter. For XRP, Ripple’s case with the US SEC will be an additional factor. While there have been glimpses of Ripple’s success, the crypto community still remains unsettled over the outcome. For Ripple CEO Brad Garlinghouse, 2023 carries some optimism. But as he advises, it needs caution. 

Garlinghouse is not new to throwing punches at the US regulator since the case against Ripple started. Taking to Twitter to share views about crypto in 2023, Garlinghouse believes it is time for regulatory clarity on crypto in the US. Without referring to the pending case with the SEC, the Ripple CEO says it is time to define “security” in the digital asset sector. He still believes the US stands a chance if regulations come fast, and 2023 could be the year of a “breakthrough.” 

But as the XRP classification case drags on, there is no notable price change as the outlook reflects caution. Still, the latest price action may excite buyers.

XRP stalls above the $0.31 support

XRP/USD Chart by TradingView

A technical outlook shows bulls have successfully defended $0.31 support. An interesting highlight was when a strong bullish pin bar formed as the price slid below the support. The formation of the pin bar underlined that buyers quickly arrested the price drop and stabilised it. However, momentum is weak, with the MACD remaining bearish.

What next for XRP?

XRP price may struggle further, but buyers will be observant if prices approach $0.31. The level is a clear buying zone to watch. 

Where to buy XRP

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XRP with OKX today Disclaimer

The post XRP price stalls as Ripple CEO remains “cautiously” optimistic about 2023 appeared first on CoinJournal.

• Cryptocurrencies remained on edge in the first week of 2023.

• The hawkish Fed minutes led to more concerns about the industry. 

• Tron, VIDT, and Huobi Token will likely dive during the weekend.

Cryptocurrency prices remained on edge in the first week of the year. Bitcoin remained in a consolidation phase below $17,000. Ethereum remained stuck at $1,200 while the total market cap of all cryptocurrencies remained below $900 billion. Here is the crypto price predictions for some of the top trending coins like Tron, Huobi Token, and VIDT.

Tron 

Tron is a second-generation blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of transactions on a daily basis. The network is also associated with other blockchain projects like Sun, JustLend, and JustStables. Also, it has an association with Huobi, BitTorrent Chain, and USDD.

TRX price crashed hard as concerns of its exposure to Huobi continued. There are concerns that Huobi could go out of business. As a result, Tron dropped to the lowest level since November 23. It has moved below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) drifted downwards. Therefore, the outlook of TRX during the weekend is bearish, with the next key support level to watch being at  $0.04.

TRX chart by TradingView

How to buy Tron

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy TRX with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy TRX with OKX today Disclaimer

Huobi Token

Huobi Token (HT) came under pressure after the company announced a new round of layoffs. As we wrote in this article, there are concerns about the company’s liquidity. After the collapse of FTX, there are questions about crypto exchanges and their respective tokens. Huobi has not published its reserve data and its results. 

As a result, it has seen outflows in the past few days. Data compiled by DeFi Llama showed that users have withdrawn over $114 million in the past month and $90 million in the past 24 hours. Therefore, the Hubi Token price will likely continue falling during the weekend. 

HT chart by TradingView

How to buy Huobi Token

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 HT with Skilling today Disclaimer

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy HT with KuCoin today

VIDT Datalink

VIDT Datalink is a blockchain project in the data storage industry. It was started by a group of artists in 2019 and then it transitioned into a decentralized autonomous organization (DAO). It is mostly used in data storage of NFTs and other valuable items.

VIDT price crashed to an all-time low in 2022 as concerns about its role in the blockchain industry emerged. It also dropped as demand for NFTs declined. This week, however, VIDT price rose to a high of $0.030, the highest point since December 19. 

On the hourly chart, it has moved above its moving averages while the MACD moved above the neutral point. With volume being low, I suspect that the VIDT price will plunge during the weekend.

VIDT chart by TradingView

How to buy VIDT Token

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy VIDT with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy VIDT with KuCoin today

The post Crypto price predictions: Tron (TRX), Huobi Token (HT), VIDT appeared first on CoinJournal.

Key Takeaways

• Crypto exchange Huobi is reportedly laying off 20% of its workforce and has requested employees take their salaries in stablecoins
• Internal communication has reportedly been suspended in order to quell discontent
• Customers are pulling their funds from the exchange, while volume is down 23%
• Its native token has fallen 10%. Reports had previously singled out Huobi as the exchange which relies the most on its native token to denominate its reserves
• While there is no concrete evidence of anything untoward happening with customer reserves, investors would be wise to withdraw the funds until the dust settles, given what else has transpired in the crypto industry over the last year

 

It’s groundhog day in crypto. Yet another centralised crypto exchange is coming another fire, this time Huobi. 

What is happening Huobi?

Chinese crypto entrepreneur Justin Sun, who is the founder of cryptocurrency Tron and also sits on Huobi’s board, announced that the exchange was to lay off about 20% of its workforce. 

Further reports claimed that in addition to a dramatic reduction of the workforce, employees were required to take their salaries in stablecoins, while internal communication channels were shut in order to quell discontent. 

While the story is still emerging, this is obviously…not good. Many ominous screenshots of employees trying to get into systems and communicate with one another were being shared all over Twitter. Reports emerged, understandably, that employees were enraged that should they refuse to accept their salaries in stablecoins, they would be dismissed. 

Justin Sun’s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7

— Wu Blockchain (@WuBlockchain) January 4, 2023

Funds leave Huobi swiftly

The market waited no time in reacting. While there is no confirmed evidence of anything wrong with Huobi’s reserves or solvency, it has been a rough year for crypto investors and the demise of FTX and Sam Bankman-Fried is all-too-raw for so many. 

As a result, funds were pulled swiftly from Huobi. The below chart from DefiLlama shows the USD outflows picking up. Since December 15^th, when it received $87.9 million in USD inflows, there has been over $200 million of outflows. $75.1 million of these outflows has been I the last 24 hours. 

 During the last 24 hours, volume on the exchange is also down 23% to $295 million from $510 million. 

Huobi’s exchange token is also feeling the pain. Crypto investors will be particularly sensitive to these native tokens, given FTT’s role in the FTX collapse and the fact that it has become increasingly obvious that so many simply serve minimal purpose. 

The Huobi token has halved since late October. It is down over 10% in the last 24 hours or so since the story of Huobi layoffs emerged. 

Is Huobi safe to hold assets on?

While drama about layoffs, employee discontent and falls in volume is concerning, this should not have any effect on the safety of Huobi. At least, in theory it shouldn’t. But this is crypto, and if this year has taught us anything, it is that things are often not as they appear.

As I have written about repeatedly, transparency is abhorrent when it comes to these centralised crypto players. There is simply no way to know for sure what is going on behind the scenes at any of them.

The presence of an exchange token also muddies the water. Is this token being accepted as collateral for liabilities? Again, there is no evidence to suggest it is, but there is also no evidence to suggest it isn’t.

Looking at data from blockchain analytics platform Nansen, Huobi’s native token makes up 32% of its total allocation, while Justin Sun’s TRX token comprises an additional 17%. A report from CryptoQuant also shows that of all the exchanges, Huobi relies the most on its own token to denominate its reserves.

Again, while there is no evidence to suggest anything untoward is happening here, the influence of a native token definitely muddies the water.

Customers making right call in withdrawing funds

With the doubt on the platform and the recent chaos in the crypto industry last year, it makes perfect sense that customers are pulling their funds. Similar to how such a large chunk of funds were pulled from exchanges in the wake of the FTX collapse, this is simply sound risk management.

If Huobi is perfectly safe and all returns to normal – and again, there is nothing concrete to suggest it won’t – then customers can simply deposit their funds back onto the platform. But this is an unregulated, opaque entity that is impossible to make any sort of financial assessment on. That means it is a risk, and with all the madness of the last 24 hours, it would be a questionable move from a risk management perspective to not at least temporarily pull funds and wait until the dust settles.

The post Is Huobi safe? Why customers should be withdrawing funds appeared first on CoinJournal.