Kategorie: Crypto Analysis

• Binance has been on a slow decline since touching $315

• The cryptocurrency has lacked positive catalysts to take the price higher

• BNB faces a decline to the $266 support zone 

Binance (BNB/USD) continues to consolidate but is on a short-term descent after tapping a minor resistance. As of press time, BNB was trading at $289 and looking increasingly bearish. Investors now stare at a possible price bottom at $266.

The decline in BNB comes amid limited fundamentals to support the cryptocurrency. Across the general sector, the market is mixed, with most cryptocurrencies consolidating. That underlines that BNB’s price action mirrors that of the sector, with investors still reeling from the FTX impacts. While Binance’s reassurances of stability have at least supported BNB, the recent slow gains mean investors are cautious.

The trading comes even as a bitter exchange ensues between Binance CEO Changpeng ‘CZ’ Zhao and former FTX head Sam Bankman-Fried. The exchange on Twitter related to an exit by Binance on investment in FTX back in 2021. Bankman-Fried accused CZ of demanding an extra $75 million kickback. Instead, CZ called SBF a “fraudster,” looking for someone to blame for the FTX implosion. Of course, the exchange harms an already depleted market confidence as investors are unsure which exchange is next. 

BNB trends lower, with weakening momentum

BNB/USD Chart by TradingView

Technically, BNB is slightly bearish. The RSI is at the midpoint meaning that bulls are muscling equally with the bears. However, the MACD indicator shows that momentum has weakened. Similarly, the MACD and signal line lies in the neutral zone. 

Will BNB stay bearish?

With the limited fundamentals to support BNB price and the non-ensuing confidence crisis, the token may fall further. The price action supports a decline to the next support at $266. 

Buyers are, however, relentless, as shown by the reading on the RSI and MACD. For BNB to maintain the uptrend, the price must recover above $315. However, as it looks, we may have to shelve the ambitions until a further date.

Where to buy BNB 

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 BNB with eToro today Disclaimer

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 BNB with Binance today

The post BNB to $266? Will a bitter exchange between Binance CEO and SBF hurt token further? appeared first on CoinJournal.

Key Takeaways

• Coinbase has encouraged customers to dump Tether for USD Coin by waiving fees
• Binance had delisted USDC pairs last September to push its own stablecoin, BUSD
• The war between the centralised stablecoins deepens
• DAI holds the torch for decentralisation but faces uphill battle for relevancy as model seems unscalable

The stablecoin war is heating up.

Coinbase, who co-founded the USDC stablecoin, are the latest to go on the offensive. It posted a blog post encouraging its users to swap their USDT over to USDC.

“The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

I have wondered for a while why Coinbase has not gone on the offensive more and used its exchange to push holders into USDC. Of course, the cynic will say that this decision by Coinbase is to jack up the USDC holdings to reap extra revenue, as these have become a massive earner for the company given the interest rate on T-bills is now 4%.

That makes sense, and that is exactly what it is. But even still, such is the constant anxiety around Tether, it may also be a good thing for the ecosystem at large. The best scenario – as far-fetched as it may seem – is for Tether’s market cap to benevolently trickle down to zero.

Whether Tether is good for it or not, the constant conversation on the topic is negative for the entire industry.

Binance kicked the stablecoin war up a notch

Of the five big stablecoins, there has been some serious movement this year.

Obviously, TerraUSD is the big one, its shocking crash rocking the market. Since then, the decentralised torch has been passed to DAI. But that is beset by its own problems, coming under criticism for being centralised in nature, given its large holdings of USDC.

This led to it voting to move into T-bills, while the latest plan is for it to “free float”, as there is no other alternative if they want to pursue decentralisation. I’ve been vocal in the past of my thoughts on DAI, and they haven’t changed: I believe it has no future, as the model simply is not scalable.

Oh, and a stablecoin that free floats is also not a stablecoin, by the way.

Regarding the centralised stables, it was Binance that kicked up this stablecoin war a notch when it announced in September that it was delisting USDC pairs and auto-converting customer holdings into BUSD.

If we plot the market share of the stables since August, we can see that USDT and USDC have pared back significantly, while BUSD has come up.

What happens next?

The above chart shows quite how dominant the top three providers are, with DAI now having a market cap of $5.2 billion, a mere drop in the ocean.

While this presents as a concerning amount of centralisation, the reality is that nobody has cracked the code on how to create a decentralised stablecoin. So like it or loathe it, it’s centralisation going forward.

The question now is who wins out between the titans up top. This move by Coinbase is a notable one, as Binance had been making serious gains in the wake of their auto-convert announcement. But Binance still list USDT, as the most controversial stablecoin remains the most entrenched, absolutely vital to the entire ecosystem and the biggest liquidity pair by far.

I don’t believe that is a good thing, so in the eyes of the market, it’s nice seeing USDC make a move here.

The market share will be interesting to track again in a few months time. Hey, maybe we will all be using CBDCs before long, anyway.

The post Coinbase tell customers to dump Tether, stablecoin war heats up appeared first on CoinJournal.

• Cryptocurrencies were still in a somber mood this week.

• FTX Token rose by more than 30% despite SBF legal woes.

• Fetch.ai token surged after a staking announcement by Binance US.

Cryptocurrency prices remained in a tight range this week as investors focused on macro issues in the United States. Data published last week revealed that the American economy added 284k jobs in November while the unemployment rate remained at 3.7%. Therefore, investors believe that the Fed will leave rates at an elevated level for longer than expected. Here are the top crypto predictions for this weekend.

FTX Token (FTT)

FTX Token token price soared by more than 31% in the past 24 hours, according to data compiled by Binance. It still remains near its all-time low as Sam Bankman remains in legal limbo. As we wrote here, American authorities are investigating him on a myriad of crimes.

In recent interviews, Bankman has hinted that FTX and Alameda Research did indeed comingle customer funds, which is a crime. Therefore, there is a likelihood that he, and other FTX and Alameda officials will be locked up for a while. 

The hourly chart shows that the FTT price went parabolic on Friday. As it rose, it managed to rise above the important resistance at $1.538. It also moved above the 25-day moving average. Still, I believe that this rally is a dead cat bounce, which will see it retreat in the coming days.

FTT/USDT chart by TradingView

How to buy FTX 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 FTT with Binance today

Bitfinex

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

Buy FTT with Bitfinex today

Fetch.ai (FET)

Fetch.ai price was among the best-performing tokens this week. It rose to a high of $0.1290 after Binance US enabled staking. Historically, cryptocurrencies tend to rally after being offered by a major exchange like Binance or Coinbase.

On the hourly chart, we see that the FET price went parabolic this week. Recently, however, it has scaled back and dropped by double-digits from its highest point. It has moved above the moving averages. 

Therefore, Fetch.ai price will likely resume the bearish trend as the staking mometum wanes. If this happens, it will likely drop below the important support at $0.100.

FET/USD chart by TradingView

How to buy Fetch.ai

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 FET with eToro today Disclaimer

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 FET with Binance today

Cortex (CTCX)

Cortex describes itself as the first decentralized world computer capable of running AI and AI-powered apps on the blockchain. It is a layer-2 network with zero-knowledge features. The CTXC price soared by more than 100% on Friday as the Cortex Army pumped the coin.

On the hourly chart, we see that the CTXC price has been in a bullish trend. It has moved above all moving averages, VWAP, and the ascending trendline shown in black. There is a likelihood that the highly illiquid coin will pull back on profit-taking during the weekend. If this happens, it will drop and retest the support at $0.15.

CTXC/USD by TradingView

How to buy Cortex

The post Crypto price predictions: FTX Token, Fetch.ai, Cortex (CTXC) appeared first on CoinJournal.

Crypto markets were shaken to the core by the recent news that the world’s second-largest crypto exchange FTX was to file for bankruptcy in US courts. An $8 billion black hole was discovered in FTX’s balance sheet after dozens of customers withdrew their funds, and a potential takeover from arch-rival Binance fell through, leaving founder and CEO Sam Bankman-Fried no option but to apply for bankruptcy.

Despite this latest blow to hit the markets, Metacade looks set to hold its value and skyrocket during its presale.

What is Metacade?

Metacade is the first community-led gaming arcade to appear on Web 3.0. It’s a place where gaming enthusiasts can gather and hang out while playing the latest play-to-earn (P2E) titles. It plans to become the leading GameFi platform in the metaverse, offering something for investors, gamers and developers alike.

The entire ecosystem is underpinned by the MCADE coin, which can be spent, staked, and earned within the platform. As well as the P2E side of the gaming experience, users can contribute to the community in several other ways, earning rewards as they go. These include:

• Knowledge sharing in the social space
• Backtesting games
• Providing feedback to developers
• Writing game reviews
• Regular prize draws

The overarching aim of Metacade is to produce a fully autonomous and community-owned space in which the members have complete control over platform decisions while offering one of the most in-depth range of titles in the Web 3.0 GameFi space that will keep users coming back again and again.

Why is Metacade different?

Several aspects of Metacade’s roadmap, which can be viewed on its white paper, set it apart from its GameFi competitors. The most obvious is the vast catalogue of titles that will continually evolve as developers create new titles. Unlike other gaming platforms, Metacade isn’t reliant on one or a limited number of titles to maintain members’ interests.

Metacade has not accepted funding from venture capitalists in an attempt to bring on board only those with a genuine interest in gaming. Further, the MCADE presale is open to all, so when MCADE enters the market, its community members stand to benefit the most from an upturn in value.

This not only puts the power of gaming back in the hands of those who care most about video games, but the unique and self-sufficient economy will also see MCADE tokens given back to its users through in-game rewards, competitions, prize draws, staking, and community engagement. Additional revenue will be drawn into the game through advertising, a pay-to-play arcade, and job listings. 

This community approach is at the centre of every part of Metacade’s roadmap. It’s a hub where developers can turn their ideas into reality and gain community-approved funding through Metagrants, voted for by members and distributed by the platform. In addition, those looking to build a career in the GameFi space can apply for a range of vacancies with some of the biggest Web 3.0 industry.

Why MCADE is Set to Skyrocket

Although the crash of FTX has created significant unease among investors and markets, particularly given the levels of liquidity and market cap value lost, those cryptocurrencies yet to be listed on an exchange have been insulated from the worst of the crash’s impact.

This, along with the platform’s clear potential for longevity is a rarity in the metaverse world in that it is a platform where users can accomplish many of the things they would like to do in Web 3.0. 

In addition, once the presale is complete, the market cap will likely be around $28 million. This makes it far smaller than competitors, such as The Sandbox and Decentraland, which achieved peaks of more than $5 billion. This illustrates how much potential the MCADE token has to grow. 

Buy MCADE in Presale

Early investors in MCADE will end the presale, having made a return on their money if they choose to sell. During the presale’s opening round with investors able to get 125 MCADE for $1. Its nine rounds sees the value increase to a final value of 50 MCADE for each $1 invested. This already makes it an appealing prospect.

However, the rich potential of the platform and the exceptionality tightly knit thoughout its route to market gives Metacade a feeling of being undervalued – even when taking into account the market instability caused by FTX’s crash. All of this means that Metacade could well be the bargain investment of the year.

You can participate in the Metacade presale here.

The post FTX to File for Bankruptcy as Metacade (MCADE) is Set to Skyrocket in Presale appeared first on CoinJournal.

• Starbucks Odyssey Beta launches on Polygon.

• MATIC is up by 4% today and could rally higher soon.

• The broader crypto market could end the week in a positive tone after underperforming for most of the week. 

Starbucks Odyssey Beta launches on Polygon

The Polygon team announced a few hours ago that Starbucks Odyssey Beta is now live on its network. Polygon explained that the Starbucks Odyssey is an extension of the Starbucks Rewards loyalty program that unlocks access to exciting new benefits and experiences for members. 

This latest cryptocurrency news has seen MATIC performing well over the past few hours. MATIC, the native token of the Polygon ecosystem, is up by more than 4% in the last 24 hours as the broader market recovers.

At press time, the price of Polygon stands at $0.9259, up by more than 4% today. The total cryptocurrency market cap stands above $855 billion, up by nearly 2% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, is up by more than 2% in the last 24 hours and is now trading above $17k for the first time this week.

Key levels to watch

The MATIC/USD 4-hour chart has turned bullish as MATIC has been performing well over the past 24 hours. The technical indicators show that MATIC is coming out of its recent bearish run and could surge higher soon.

The MACD line has crossed into the positive zone, indicating that the bears are currently not in control of the MATIC market. The 14-day RSI of 54 shows that MATIC could be heading to the overbought region if the bullish trend continues.

With the bulls now in charge, MATIC could surge past the $0.9577 resistance level before the end of the day. With the Starbucks news, MATIC could have an extra incentive to move towards the $1 psychological level for the first time this month.

Where to buy Polygon 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 MATIC 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 MATIC with OKX today Disclaimer

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