Kategorie: Crypto Analysis

• FTX Token still has a market value of over $450 million.

• Tribe and FEI ceased operations a few months ago.

• Celsius Network is still going through bankruptcy.

Cryptocurrency prices remain under intense pressure this month as the FTX implosion continued. Bitcoin remained at $17,800 while the total market cap of all digital coins remains at about $850 billion. With cryptocurrencies being too cheap, it is possible to be attracted to buy the dip. Here are some of the most useless cryptos to avoid at all cost.

Tribe | $TRIBE

First on this list is Tribe, a token that has a market cap of more than $105 million, according to data by CoinMarketCap. Tribe is a useless crypto to invest because Tribe DAO and Fei Protocol ceased development a few months ago. They recommended that holders in Tribe DAO-related contracts should withdraw them after the Rari hack that we wrote on here.

FEI, the network’s stablecoin is still trading and has maintained its peg at $1. It has a market cap of over $400 million. Therefore, with Tribe DAO not being under development, it is not recommended to invest in it since it lacks any utility.

How to buy Tribe

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 TRIBE 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 TRIBE with KuCoin today

FTX Token | $FTT

FTX Token is another useless crypto to invest in. As you are aware, FTX was the official token for the FTX ecosystem. Unlike other exchange tokens like BNB and CRO, it did not have any utility other than offering staking rewards to holders.

Now, FTX has collapsed and its founder is facing decades in prison. Activity within FTX has died as the company navigates bankruptcy proceedings. Still, despite all this, FTT is still valued at over $450 million. 

There are other reasons why FTT is not a good investment. First, unlike Voyager Digital, it is unlikely that the company will be acquired out of bankruptcy. Second, it serves no utility right now. Finally, it is a hyperinflationary token since 100% of FTT have been unblocked. Therefore, it is relatively difficult to recommend to buy FTX.

Celsius | $CEL

Celsius is another useless crypto to avoid. According to CoinMarketCap, it has a market value of over $140 million despite the collapse of Celsius. It remains about 213% above the lowest level this year. 

Celsius, like FTX Token, was used to provide incentives for borrowers and lenders in its ecosystem. Holders also received discounts in its platform. 

Celsius is currently going through bankruptcy in the US. Just last week, the judge overseeing the case ordered the company to pay $44 million to customers. In the end, it is unclear whether Celsius will be acquired from bankruptcy. As such, CEL is still a useless, low-volume token to invest in.

How to buy CEL

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 CEL with OKX today Disclaimer

Bitfinex

Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.

Buy CEL with Bitfinex today

The post Top useless cryptocurrencies to avoid at all cost appeared first on CoinJournal.

• Crypto exchange Coinbase now supports the native trading of USDC on Avalanche.

• AVAX is the best performer amongst the top 20 cryptocurrencies by market cap today.

• The broader market has recovered after a poor start to the week.

Coinbase supports USDC trading on Avalanche

Coinbase, one of the leading crypto exchanges in the world, announced on Monday, that it had launched the ability to trade native USDC (USDC) on Avalanche. This means that the USDC stablecoin on Coinbase will now be available on Avalanche.

We’ve launched the ability to trade native USDC (USDC) on Avalanche. One of the most trusted and reputable digital dollars is now more flexible than ever. Keep an eye out for additional multi-chain availability. Note: deposits of USDC.e are not supported at this time. pic.twitter.com/W0vSGMRNac

— Coinbase Assets (@CoinbaseAssets) December 12, 2022

This latest cryptocurrency news has seen AVAX, the native token of the Avalanche network, become the best performer amongst the top 20 cryptocurrencies by market cap. At press time, the price of Avalanche stands at $13.81, up by more than 8% in the last 24 hours.

The broader crypto market has also recovered from the slump suffered yesterday. The total crypto market cap now stands at $872 billion, up by more than 3.5% in the past 24 hours.

Bitcoin and Ether have been performing well, and are up by 5% and 6%, respectively, so far today.

Key levels to watch

The AVAX/USD 4-hour chart is turning bullish as Avalanche has been performing well in the last couple of hours. The technical indicators show that it could soon turn bullish as the market recovery continues.

The MACD line is closing in on the positive territory, indicating that the bulls are taking charge of the AVAX market. The 14-day RSI of 67 also shows that AVAX could soon enter the overbought region if the rally continues. AVAX could move past the first major resistance level at $15.22 over the next few hours.

In the event of an extended rally, AVAX could make a move toward the $17.43 resistance level for the first time in a month. However, it would need the help of the broader crypto market to make an attempt for the $20 psychological level in the near term. 

Where to buy Avalanche now

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 AVAX 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 AVAX with OKX today Disclaimer

The post Coinbase launches USDC trading on Avalanche – AVAX is up by 8% today appeared first on CoinJournal.

Key Takeaways

• Sam Bankman-Fried has been arrested in the Bahamas and faces extradition to US
• Alameda CEO Caroline Ellison was reportedly spotted in New York
• Former CEO Sam Trabucco resigned in August and has largely avoided the same levels of scrutiny as the other two

 

Oh, Sam.

Disgraced FTX founder Sam Bankman-Fried was arrested Monday by the Bahamas Police Force, after the US filed criminal charges against him. The Bahamas have stated that it expects US also to request extradition imminently.

“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act,” the statement, attributed to Attorney General Ryan Pinder, said.

Charges against Bankman-Fried reportedly include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. The charges could land Bankman-Fried decades in jail. Whoops.

What happens next?

That’s a funky selection of charges, revealing Bankman-Fried really did do it all.

He was meant to testify before the House Financial Services Committee at 10AM EST today on hearing about the FTX crash. That is no longer the case, instead, Bankman-Fried will appear in Magistrate Court in Nassau, Bahamas.

Once Bankman-Fried gets back on American soil, a trial won’t happen anytime soon. This is a crime of historic scale across myriad jurisdictions, and the case will take a lot of time.

The SEC also made separate charges that Bankman-Freid defrauded investors.

We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” said SEC Chair Gary Gensler. “The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws.”

What happens Caroline Ellison?

The elephant in the room is what happens to Alameda CEO Caroline Ellison. Alameda is the trading firm also founded by Bankman-Fried, and where customer funds on FTX were sent to in order to shore up large trading losses.

Ellison was thought to have been in Hong Kong at the time of the arrest, but she may have been spotted at a café in Manhattan, meaning she is already on US soil.

PLEASE CONFIRM: A user claims that they spotted Caroline Ellison at Ground Support Coffee on West Broad in SoHo Manhattan at 8:15 AM. This would mean she is not in Hong Kong and is in NY not in custody. pic.twitter.com/QUduYO9GfZ

— Autism Capital 🧩 (@AutismCapital) December 4, 2022

This sparked speculation that a plea deal may have been reached, although that is all speculation. 

Bankman-Fried has repeatedly denied that he had full oversight over all operations, contesting that he “wasn’t running Alameda” and “he didn’t know the size of their position”. 

This suggests that Bankman-Fried is throwing Ellison, his former girlfriend, under the bus. Ellison has not tweeted since November 9^th, with radio silence since the bankruptcy.

She had previously tweeted on November 6^th to Binance CEO Zhao, attempting to buy the collapsing FTT tokens – the low liquidity native token of the FTX exchange that was artificially propping up the whole ecosystem – from Zhao at $22 per share (Zhao himself is also facing criminal charges relating to a separate case).

Time will tell what happens to Ellison, but it seems almost impossible to believe that both Bankman-Fried and Ellison were not aware of what was happening at both their companies, given the size of the damage – $8 billion. That and the fact that that, you know, they were both CEOs of the respective entities.

What about Sam Trabucco?

Then there is the case of Sam Trabucco.

Trabucco is the former co-CEO of Alameda, alongside Ellison. His timing was, how should I say this, interesting. He announced his retirement less than three months before the house of cards collapsed, when Ellison became the sole CEO.

In an infamous tweet thread, he cited increasing work hours and a change of priorities for stepping down.

“I’ve reached a point in my life where I want other things. What other things? I’m not really sure, exactly. Lately I’ve been really happy, spending a lot of time travelling, visiting friends and family, working on ‘myself’ and whatnot. Also I bought a boat, that’s been cool”.

I’m not sure why Trabucco is not facing scrutiny. The LUNA death spiral of May is supposedly what triggered a lot of the losses for Alameda that led to the commingling of funds from FTX. It was three months after this collapse, in August, that Trabucco resigned. As CEO, he must have known what was going on, yet is largely escaping scrutiny.

He also has gone silent since the bankruptcy, his final tweet from November 8^th wishing that the “road ahead is brighter”.

Much love to everyone — I’m sure the past few days have been dark for many and I hope the road ahead is brighter.

— Sam Trabucco (@AlamedaTrabucco) November 8, 2022

He was also revealed to have purchased two properties worth $8.7 million in all cash last year. This is in addition to the yacht purchase mentioned above, which he reportedly hired a freelancer on Fiverr to design the logo for (he named it “Soak my Deck” apparently).  

So let us not forget that he is a key figure in all this.

Final thoughts

There will likely be more twists in the tale, but now that one of the three top execs are arrested, I am curious to see what will happen the other two.

Bankman-Fried’s trial likely won’t start for quite a while, and the whole thing won’t be resolved for years. As for the other two, all bets are off, but I would be surprised if they don’t receive a knock on their doors anytime soon.

What a complete mess, and a sad story for the entire industry.

The post Bankman-Fried arrested, what happens now? And where are Caroline Ellison and Sam Trabucco? appeared first on CoinJournal.

Metacade is a brand-new metaverse platform that connects play-to-earn enthusiasts with exciting opportunities in the world of Web3 and GameFi. With its native MCADE token just starting its presale event, many investors are expecting big gains.

The project itself is well-positioned for success in Web3 and has plans for a big expansion. Metacade spans several key areas of technological advancement while offering a range of benefits to community members. In sum, Metacade has a broad value proposition that can serve countless people and avid traders are claiming the MCADE token could potentially triple in value over the coming weeks. But just how much can Metacade grow? It’s time to take a look!

GameFi: Pushing the Boundaries of Gaming

The term GameFi is a combination of “gaming” and “finance”, a new realm unlocked by blockchain technology. Moreover, the combination of playing and earning is made possible by sustainable liquidity generation within in-game economies. This is something that legacy games simply can’t even begin to match.

GameFi is a rapidly growing sector of blockchain technology. Integrated marketplaces form the foundation of a fully-functioning in-game economy where users can buy and sell digital assets to access gameplay features and customisable items. It’s also a space where players can earn while they play.

These days, we’re seeing an increasing number of innovative developers switch to building their games on-chain. Looking ahead, it’s only expected that the GameFi industry will grow even more. At the moment, gaming is a multi-billion-dollar industry with over 3 billion individuals around the world describing themselves as a gamer. Now, they can all access titles that provide rewards in the form of digital currency.

Being built on the blockchain, the process of buying and selling is a natural liquidity generator for GameFi platforms. This liquidity can be used to pay players for the time they spend in-game. Whether token rewards are gained through improving their skills, progressing through levels, or beating opponents, the play-to-earn aspect is an extremely attractive proposition to gamers from all over the world.

The Value of Virtual Reality

Right now, the metaverse is a hotbed of technological development. There are a range of virtual worlds being built with some being designed for leisure and others for work. Predominantly, these are being created to house massive open-world gaming titles that fully immerse players in sensational digital environments.

Blockchain gaming and the metaverse go hand-in-hand. Self-owned digital assets provide a greater level of user control and the metaverse itself provides users with a never-before-possible level of immersion. These characteristics combine to create almost life-like landscapes where players can explore, adventure, and – thanks to blockchain technology – earn.

One project that looks set to dominate this future domain is Metacade. The Metacade platform is building a sprawling metaverse that offers a range of arcade-style play-to-earn games alongside some unique benefits. The project is inherently community-driven, aiming to provide a host of useful services that can help to expand the world of GameFi and Web3.

What exactly is Metacade (MCADE)?

Metacade is a Web3 platform that’s positioned to be the one-stop space for P2E and Web3 gaming. Think of it as a sort of online arcade for crypto enthusiasts. Of course, instead of having just one game title, Metacade is going to host a whole range of games. And more excitingly, some of those games will be planned and developed by Metacade users.

In addition to offering a range of play-to-earn titles within Metacade, the project offers some unique earning opportunities to users. Metacade aims to encourage the continued growth of the GameFi sector by incentivising a community-centric approach to tackling the latest play-to-earn games.

Simply put, users can share their knowledge of their favourite games, such as tips on how to improve performance or how to maximise earning potential. Then, Metacade will reward users for sharing and engaging with the community. 

Special roles in GameFi

The Metacade community also gains access to some unique job opportunities. Some of the best up-and-coming GameFi games will advertise testing roles within the Metacade metaverse, looking for GameFi enthusiasts and Web3 natives to look for bugs and provide feedback.

This will be an amazing opportunity to access the hottest games before they officially go live. The Metacade community can play these titles and earn MCADE tokens as a reward for the service they provide to the game development teams.

Boosting innovation

Metacade has also incorporated a feature that will allow the best innovators in GameFi to launch their creations into the world of Web3. Funding is an integral aspect of the development process. For games to reach their full potential, and fully deliver on the baseline ideas that gamers want to see, then early-stage funding is crucial.

The Metagrants program has been designed to help game developers in this process. Community members will decide which game proposals they’d most like to see developed and can vote for one winner to receive the grant as part of the program. In this way, the Metacade community will directly influence the future of the GameFi industry as they get to form early relationships with innovative developers and lend a helping hand during the development process.

Why does Metacade (MCADE) have such high potential in particular?

At the moment, the MCADE token is underpriced – significantly underpriced. The token has just started its presale, so early investors have a prime opportunity to make some major gains as the ground-breaking metaverse world continually grows.

The project has taken a strong position at the intersection of technology sectors that are constantly expanding. Between 2016 and 2021, the total number of crypto holders grew from less than 5 million to almost 300 million. That’s a 59X increase in just 5 years.

During that time, the industry has seen major technological improvements in some key areas. dApp ecosystems such as Ethereum and Solana have improved transaction speeds, which massively favours the future of Web3. Metacade looks to serve Web3 users in a number of key ways, connecting the community and providing crypto rewards in the process.

MCADE Price Prediction

With so many amazing features on offer, the Metacade project looks set to be a major player in the metaverse. Whether being discussed in terms of innovative decentralised applications (dApps), pushing forward technological development through the metaverse, or in terms of providing exclusive earning opportunities to gamers with a selection of arcade-style games, the Metacade project is truly expansive.

Since the MCADE token is only just starting its presale, crypto investors everywhere are keen to get involved. Expert traders are expecting between 100% and 200% gains with some saying it could go even higher than that. One thing is for certain, the MCADE token is currently underpriced and it’s being released for just $0.008 per token during the presale. With all the value being offered, it may rival the biggest GameFi platforms the world over in the coming years.

You can participate in the MCADE presale here.

The post Metacade Could Triple Its Price in Presale, Experts Predict appeared first on CoinJournal.

Cryptocurrencies have had a long crypto winter in 2022 as concerns about the industry continue. In total, crypto prices have plunged by more than 60% in 2022, shedding over $2 trillion worth of value. Bitcoin has slipped to $17,000 while the FTX Token has become worthless. Here are some of the best cryptos to buy this winter.

GMX

GMX is one of the fastest-growing players in decentralised finance (DeFi). It is a platform that makes it possible for people to trade cryptocurrencies and perpetual contracts in a decentralised manner. 

Many traders prefer GMX because of its significant speed and lower costs since it is built on top of Arbitrum and Avalanche. Therefore, as concerns about centralised exchanges grow, there is hope that most investors will start to embrace DEXs. If this happens, GMX will likely be one of the top platforms to watch.

GMX has seen the total volume locked (TVL) jump to an all-time high of almost $1 billion. At the same time, GMX price has soared to the highest level in months. Therefore, there is a likelihood that the token will continue rising as a rotation to DEXes continue. 

How to buy GMX

dYdX

dYdX is another leading DEX that provides a simple-to-use platform where users can buy and sell cryptocurrencies. It handles hundreds of millions of dollars on a daily basis, making it one of the biggest exchanges in the world. Like GMX, the total value locked (TVL) in dYdX has risen to more than $440 million.

There are two main reasons why the dYdX is a good crypto to buy in Winter. First, the network is building its dYdX chain on Cosmos. The token could rise on hopes of more activity in the protocol. Second, dYdX price will likely rise as activity in the network increases.

How to buy dYdX

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 DYDX with eToro 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 DYDX with KuCoin today

Ethereum

Ethereum is another top crypto to buy in Winter. A closer look at ETH price chart shows that the coin has managed to stay afloat above $1,000 during the ongoing crypto winter. This is a bullish factor. At the same time, the network will launch its next upgrade in Q1’23. This upgrade will unlock the funds that have been staked in the network.

Further, Ethereum remains the biggest player in all industries, including DeFi and Non-Fungible Token (NFT). Therefore, there is a likelihood that the coin will bounce back in the coming months.

How to buy Ethereum

How to buy GMX

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 ETH 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 ETH with OKX today Disclaimer

The post Best cryptos to buy this winter appeared first on CoinJournal.