Kategorie: Crypto Analysis

Daily headlines and news about crypto analysis.

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Polygon price prediction: Will Matic recover above $1 after recent partnerships?

Key takeaways

  • MATIC is up by only 3% over the past seven days despite Polygon announcing a series of interesting partnerships. 

  • Antimetal launched its AI-powered cloud cost optimization platform on Polygon.

  • MATIC could be eyeing the $1 mark, but the fundamentals of the broader crypto market could play a huge role.

MATIC continues to trade below $1

MATIC, the native coin of the Polygon ecosystem, is trading below the $1 mark. The coin has less than 1% of its value over the past 24 hours. At press time, the price of Polygon stands at $0.8748 per coin.

The performance comes despite Polygon announcing several key partnerships this week. 

Earlier this week, AntiMetal launched its AI-powered cloud cost optimization platform on the Polygon blockchain. 

The partnership was followed by Horizon integrating Sequence’s wallet and developer stack on Polygon providing enterprises and app developers the ability to customize and extend blockspace.

In the same vein, Sandeep Nailwal, the CEO of Polygon, also launched a web3 fellowship program.

Will MATIC move past the $1 soon?

MATIC has been underperforming over the past few days due to the fundamentals of the broader cryptocurrency market. 

The coin could rally past the $1 mark soon if the fundamentals of the broader cryptocurrency market improve. Bitcoin continues to trade below $27k and could likely drop lower if the bulls fail to defend the $26,400 support level.

MATIC/USD Chart By TradingView

 

The technical indicators on the 4-hour chart show that MATIC is outperforming the broader cryptocurrency market. The MACD line remains above the neutral zone, indicating that the bulls still continue to control the market.

The 14-day relative strength index of 52 shows that MATIC could be entering the oversold region if the market sentiment persists. 

Where to buy MATIC 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

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MATIC with Bitstamp today

The post Polygon price prediction: Will Matic recover above $1 after recent partnerships? appeared first on CoinJournal.

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BTBT stock price outlook as Bit Digital expands in Iceland

  • Bit Digital share price has been in a strong bullish trend this year.

  • It has soared by more than 375% from the lowest level in December.

Bit Digital stock price jumped on Thursday as cryptocurrency prices drifted upwards. BTBT stock has jumped by more than 375% from the lowest level in December, making it one of the best-performing companies in the industry. 

Bit Digital new machines 

Bit Digital is a relatively small Bitcoin mining company with a market cap of over $195 million. It competes with the likes of Marathon Digital and Riot Blockchain among others. The firm also provides Ethereum staking solutions. 

BTBT shares have done well this year, helped by the strong performance of Bitcoin and other cryptocurrencies. In most periods, mining companies have a close correlation with the price of Bitcoin. 

The most recent Bit Digital news is that the company is considering expanding its mining operations in Iceland. The CEO told Wall Street Journal that the firm had acquired another 5,000 machine to diversify its mining operations. 

Like other companies in the cryptocurrency industry, Bit Digital is concerned about the lack of regulatory clarity in the United States. With no explicit regulations, the Securities and Exchange Commission (SEC) and the CFTC have decided to govern by lawsuits. 

At the same time, the Biden administration is considering raising taxes for companies in the industry. A paper by the Treasury Department recommended raising taxes by letting mining companies pay 30% of their total power consumption. 

After launching the new mining machines in Iceland, Bit Digital will generate most of its revenue in the country and in Canada.

The BTBT stock price is also rising because of the performance of Bitcoin prices. BTC jumped to a high of $27,205, higher than this week’s low of $25,500.

Bit Digital stock price forecast 

Turning to the daily chart, we see that the BTBT share price has been in a strong bullish trend in the past few months. It has managed to move above the key resistance level at $2.11, the highest point on July 21st last year. 

Bit Digital has also moved above all moving averages while the Klinger Oscillator has drifted upwards. The momentum oscillator has continued rising. Therefore, the stock will likely continue rising as buyers target the next key resistance point at $3. A drop below the key support level at $2.11 will invalidate the bullish level

The post BTBT stock price outlook as Bit Digital expands in Iceland appeared first on CoinJournal.

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EU’s move to approve MiCA crypto rules could potentially help projects like Metacade

  • EU regulators have approved MiCA regulations

  • MiCA could pave the way for innovative crypto projects to prosper

  • MCADE price has retreated, although it could rise 10 times

Europe’s first comprehensive rules for crypto regulation are fast becoming law. Regulators in the region approved the Markets in Crypto-Assets (MiCA) rules on May 16 in what is seen as the first step towards getting crypto into a legal framework. Analysts think MiCA is a good development for crypto and will usher in a new era of quality investments. That comes even as Metacade grows popular among investors. With upcoming regulatory changes, the potential for innovative projects with solid use cases like Metacade to flourish is so high.

The MiCA regulations and what it means for crypto

MiCA rules are expected to be implemented beginning in 2024. It will compel firms that trade, issue, and hold cryptocurrencies, stablecoins, and tokenized assets within the EU to have a licence. According to Sweden’s finance minister Elisabeth Svantesson, MICA will protect the EU citizens who have invested in digital assets. That comes amid recent market events and the susceptibility of crypto to abuse.

Of essence is also the desire of the European authorities to foster innovation and make the crypto-sector attractive. In other words, MiCA doesn’t intend to stifle crypto but promote it. That defeats fears over the potential for regulators to stifle or ban crypto. 

What is Metacade, and why has it been a sensation?

Metacade is a Web 3.0 community hub for gamers. The platform is built on the Ethereum network. Web 3.0 gaming and blockchain enthusiasts can interact, connect, and share exciting experiences and earn through GameFI initiatives. With a fun and exciting virtual hangout for gamers, Metacade also seeks to become the ultimate gateway to the Metaverse world.

Metacade became a sensation when it launched, with its presale selling out quickly, thanks to a strong community of Web 3.0 gamers and investors. In particular, investors are attracted to the gamefi economics of the platform, which seeks to make Metacade a self-sustaining arcade. Investors can speculate on the native token MCADE or stake it for passive income. By owning MCADE, investors have exclusive access to the Metacade platform, including participating in various earnings opportunities.

Some of the features that have made Metacade popular include its Play2Earn, Create2Earn, and Work2Earn opportunities. It means investors can compete in games, contribute to the community hub, and take gig jobs to boost their income base.

To make Metacade self-sustainable, the network has revenue streams from advertising on the platform, job listing, launchpad, and game testing. In the future, Metacade aims to be community-led, with plans to adopt a DAO structure by the second quarter of 2023.

The future of Metacade and how it could benefit from positive regulation

Investors would be excited that Metacade is launching when there are increased calls for regulating the crypto sector. Innovative projects of the kind of Metacade have been longing for this. 

As regulations set in, investors would feel safe investing in novel projects with the potential for long-term success. That’s because regulation would clear the uncertainty that has beset crypto projects. It would set a trend where only projects that make a positive contribution to its investors survive. 

With Metacade regarded as one of the most sustainable Web 3.0 and blockchain projects, investors could reap big in a regulated environment. Coupled with a strong and projected growth of Web 3.0 games, Metacade success could be huge as crypto gathers momentum.

Is it the right idea to invest in Metacade now?

After a successful presale, Metacade is at the stage of listing on exchanges. It has so far been listed on Uniswap, BitMart, and MEXC Global. The listing was met with glamour, with the price more than doubling in value afterwards.

MCADE has now slowed down and traded at $0.022 at press time. Although this price is still higher than its final presale value of $0.020, it is attractive for early investors. As more listings follow, the price of MCADE could explode, with analysts earmarking a 10x increase by the end of 2023.

The post EU’s move to approve MiCA crypto rules could potentially help projects like Metacade appeared first on CoinJournal.

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Can MiCA rules help the struggling cryptocurrency industry?

  • MiCA rules to govern the European crypto industry starting with July 2024
  • The market may move ahead of the deadline
  • Europe becomes a leader in cryptocurrency market regulation

The cryptocurrency market had a strong comeback in 2023. After a year when it appeared that the bad news couldn’t stop (i.e., FTX saga, Luna bankruptcy, etc.), some light at the end of the tunnel gives hope to crypto fans.

So far, the leading cryptocurrencies have rallied in 2023. Bitcoin, for instance, rallied from $16k to $30k without any meaningful correction. But one may argue that the rally happened on the back of a weak dollar.

Now that the dollar gets stronger against its peers, as seen in the EUR/USD, and AUD/USD exchange rates, Bitcoin keeps holding close to the recent resistance area. So the question is – what will be needed for the crypto rally to continue?

First, Bitcoin needs to hold inside the bullish channel. Or, if it drops below the lower edge, it needs to hold the series of higher highs and higher lows intact.

Second, Bitcoin and the overall cryptocurrency industry need some positive news to boost sentiment. One such piece of news came out of Europe, as crypto rules get final approval and will start taking effect in July 2024.

Bitcoin chart by TradingView

MiCA rules to regulate the European crypto space

MiCA, or Markets in Crypto Assets, got final approval this week. The European Council adopted the set of rules to govern the European cryptocurrency industry starting in July 2024.

Sure enough, some may argue that the starting date is too far away, but the markets usually move way in anticipation of events. In any case, by approving MiCA, Europe takes the lead in regulating the cryptocurrency industry.

All in all, it is a piece of good news for an industry shattered by scandals. Should the US dollar weakness return, then the leading cryptocurrencies may have more room to rally on top of the 2023 gains.

The post Can MiCA rules help the struggling cryptocurrency industry? appeared first on CoinJournal.

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Celsius withdrawing nearly $800 million of Ether from Lido


Key Takeaways

  • Bankrupt lender Celsius is trying to withdraw $779 million worth of ETH from Lido
  • The ETH represents 7% of the total amount staked with Lido
  • Celsius has $4.7 billion of debts with creditors, and sent the market into a tailspin last year after it got caught up in the Terra contagion
  • Celsius also staked $75 million of ETH with staking provider Figment last week

Celsius is the temperature unit of choice for all bar three countries: Liberia, Burma and the United States. Celsius is also the name of a popular energy drink beginning to make rounds on social media. But utter the word “Celsius” around a cryptocurrency investor, and they will think of neither of these things. Rather, they’ll likely shudder and picture nothing but lost cash.

Celsius, of course, is the crypto lender which suspended withdrawals on June 12th, 2022. Getting caught up in the contagion that followed the spectacular death spiral of the Terra ecosystem a few weeks prior, it did not have the necessary funds on deck to honour the flood of withdrawal requests. 

It was forced to declare bankruptcy, a gruesome $4.7 billion owed to creditors. 

Now, it is trying to withdraw 428,000 ETH from Lido, equivalent to $779 million at current market prices. Transaction data on the blockchain can be seen here (withdrawn in increments of 1,000). 

Lido is a liquid staking platform, where ETH stakers have been able to lock up their ETH in return for stETH tokens, receiving a yield in the process. Until the Shanghai upgrade (also known as Shapella) went live in April, the any ETH staked, regardless of platform, was locked and could not be withdrawn. This changed once the upgrade went live, and last week, Lido opened up withdrawals.

Looking at the total amount of ETH staked on the network, it sits at 21.8 million, equivalent to 18.15 of the total circulating supply. 

Celsius’ requested withdrawal of 428,000 ETH constitutes 0.36% of the entire ETH supply (it also represents 2% of the total staked ETH). 

Looking at the amount of ETH staked with Lido specifically, Celsius’ withdrawal of 428,000 ETH represents nearly 7% of all the ETH staked with Lido. Lido has a 28% market share with regard to Ethereum staking. 

The ETH withdrawals will all be processed, but such is the size of the outflux that it may take time, especially if others move to withdraw from Lido. In this event, validators could exit which would slow down the process. 

What is more interesting is the reasons behind this Celsius withdrawal. The locked ETH was cited as one of the reasons that Celsius was unable to honour withdrawal requests last summer, although with $4.7 billion in debts, it is hardly the only one. And to be clear, this was very much an insolvency crisis rather than a liquidity crisis. 

The funds may be getting moved to prepare for a (partial) repayment of creditors in future. The bankruptcy process is notoriously slow, however, with Mt Gox users still awaiting compensation, despite the exchange succumbing in 2014. 

The intriguing aspect to this is the inherent volatility of the underlying assets. When Celsius suspended withdrawals, ETH sat close to where it is now, around $1,800, but the road in between has been far from smooth. It nearly halved in the ten-day period following the news last June, dropping to $990. During the pandemic bull run, it came close to breaching $5,000.

This means creditors awaiting payment are subject to the wild volatility – against their own will. This could also be a reason that Celsius is withdrawing the underlying ETH. 

On the flipside, according to data released by blockchain analytics firm Arkham Intelligence, Celsius staked $75 million worth of ETH last week with the staking provider Figment. This is surprising for multiple reasons. Most notably, Celsius operates its own staking pool with nearly $300 million in assets under management, so it is curious why it decided not to funnel the ETH into its own pool. 

Perhaps this suggests that the ETH withdrawn from Lido will be sent there, but that pure speculation. Either way, the entire process is confusing, although that has been the case with many of Celsius’ actions in the past. 

One thing crypto investors may fear is the ETH being monetised quickly. Were Celsius to flood the market with the $779 million of ETH it is withdrawing from Lido, this would have a tangible effect on prices, especially as liquidity continues to thin in crypto markets. 

The post Celsius withdrawing nearly $800 million of Ether from Lido appeared first on CoinJournal.