Kategorie: Crypto Markets

• Bitcoin is above $42k as bullish sentiment around spot Bitcoin ETFs increases. 
• Will the outlook for BTC and top altcoins be replicated by privacy coins Monero and Zcash? 
• Could Memeinator outperform the two coins?

Monero (XMR) and Zcash (ZEC) have lagged other top altcoins over the past several months, with XMR and ZEC up just 3% and 2% respectively over the last 30 days. The tokens were also trading lower on December 29 after a major exchange announced it will delist spot pairs for these privacy coins.

Despite this, could the overall bullish sentiment across crypto ahead of a spot Bitcoin ETF approval by the SEC lift Monero and Zcash? Is the impending nod also a bullish catalyst for Memeinator (MMTR)? Here’s an outlook for each.

Crypto outlook as market awaits spot Bitcoin ETF approval

While the SEC has approved multiple futures and spot Bitcoin ETFs are already listed in other markets, its still a waiting game in the United States.

Sentiment and anticipation are however at a new peak heading into 2024. This is because the US securities regulator has held several meetings with applicants, including BlackRock, ARK 21Shares and Grayscale over the spot ETF filings.

The anticipation is that the first batch of spot Bitcoin ETF approvals will come before January 10, 2024 – the deadline for the final decision on the ARK 21Shares proposal. With just days to the expected approval and further catalysts for crypto aligning, Bitcoin (BTC) price is finely poised above $42k.

Analysts say the potential nod for the US market’s first spot Bitcoin ETF could be the trigger for massive demand pressure for BTC. Prices across the sector could benefit from the overall sentiment to trade higher.

Monero (XMR) price prediction

Monero and Zcash are the two top privacy-focused cryptocurrencies in the market. On Friday, crypto exchange OKX announced it will be delisting spot trading pairs for XMR and ZEC among other privacy coins.

In the market, Monero (XMR) has seen an uptrend of sorts since September. However, its performance over the past month has largely been ranged as bulls fail to break above year-to-date highs of $186. Currently at $172, XMR might have to reclaim the YTD high area as support to build momentum for a run above $200.  

Zcash (ZEC) price prediction

Zcash (ZEC) recently saw its creator and founder of the Electric Coin Co. Zooko Wilcox step down as the company’s CEO. Like Monero, it also will be delisted from OKX in January 2024.

The price of ZEC has declined by about 9% in the past 24 hours. According to data from CoinGecko, Zcash price is down 22% over the past year. Currently at just under $30, ZEC/USD is 99% off its all-time high above $3,191 reached in October 2016.

The short-term outlook for Zcash is thus likely to continue on a bearish trajectory – most likely amid further scrutiny from regulators. However, should the ZEC price cross above $45, bullish momentum could see it target the $100 area. The next major targets would be $200 and the last bull market’s peak above $320.  

Memeinator (MMTR): A new token aimed at meme dominance

Memeinator (MMTR) is a new meme token looking to break into the top meme coin world by capturing a $1 billion market cap. The Memeinator’s goal is to overtake the weak and worthless meme tokens by offering its community real utility.

According to the AI-powered project’s whitepaper, the genuine utility will be via an innovative game, staking and unique NFTs. Integration with top dApps and offering access to DeFi opportunities also looks to be a recipe that could see Memeinator challenge top tokens like Shiba Inu, Bonk and Dogecoin.

The project is currently in presale and attracting huge attention, with over $2.5 million raised so far. At the current presale price of $0.0166, investors who enter before the next stage (11) will see this value jump by 65% when the token lists after stage 20 with MMTR priced at $0.0292.

MMTR price might rally hard from then, particularly with the broader bull market likely in full swing later in the year.

The post Monero, Zcash, Memeinator price prediction ahead of Bitcoin ETF approval appeared first on CoinJournal.

• FTX Exchange bankruptcy and customer claims turmoil.
• FTT’s price rollercoaster: bullish momentum, bearish setbacks, technical signals.
• Pullix emerges as a DeFi alternative: PLX token’s Trade-to-Earn model.

A recent court filing has revealed that FTX is seeking approval to repay customer claims in US dollars, sparking debates among creditors. Meanwhile, FTT’s unpredictable journey adds intrigue to the bankrupt crypto exchange.

Amid this chaos, a hybrid cryptocurrency exchange Pullix is attracting crypto enthusiasts with its ongoing PLX token presale.

FTX Token’s rollercoaster ride

The FTX Token (FTT) has embarked on a rollercoaster ride in recent months, characterized by volatility and uncertainty. After a brief consolidation phase, the token showcased resilience by breaking out of its range, resulting in a notable 60% surge. However, the bullish momentum faced a setback as the price encountered resistance at $6 and succumbed to a bearish influence.

Technical indicators, such as the Moving Average Convergence Divergence (MACD), depict ongoing price action, signalling a potential continuation of market fluctuations. The looming possibility of a Death Cross, as indicated by the Cross EMA 50/200 Day, and the resistance of FTX’s proposed repayment plan adds an element of caution for investors navigating the FTT landscape.

FTX bankruptcy drama unfolds: customer claims

Amid the FTT’s price turmoil, the FTX exchange is grappling with bankruptcy proceedings, prompting scrutiny from creditors. A recent court filing reveals FTX’s controversial proposal to appraise customer claims in US dollars, based on cryptocurrency prices as of the bankruptcy date, November 11, 2022. However, creditors argue that the proposed values significantly undervalue their digital assets, igniting a legal battle over the valuation of crypto claims.

The FTX 2.0 Coalition, representing a group of creditors, urges affected customers to contest the undervalued compensation plan. The court’s decision, anticipated by the January 11 deadline for filing objections, will significantly impact the course of FTX’s legal proceedings and set precedents for crypto-related bankruptcy cases.

FTX Token (FTT) price prediction

As FTX token holders navigate the uncertainties, analysts provide a glimpse into potential price scenarios for FTT as 2023 comes to an end. The technical analysis suggests that if bulls manage to push the price above the resistance level of $4.0396, FTT could target upper resistance levels at $4.5550 and $5. Conversely, a bearish scenario could see the price testing support levels at $3.4550 and $2.8934 if bears dominate the market.

The intricate dance between bulls and bears, coupled with the dynamics of technical indicators, sets the stage for a critical period in FTT’s price trajectory. Traders and investors keenly await developments that will shape the token’s future in the crypto market.

Pullix emerges as a decentralized trading alternative

Amidst the chaos surrounding FTX, Pullix emerges as a potential game-changer in the decentralized trading space. The platform’s unique approach aims to bridge the gap between centralized and decentralized exchanges, tackling liquidity issues that have hindered DeFi’s growth. Offering institutional, liquid, and slippage-free trading, Pullix distinguishes itself with a commitment to user security and a hybrid DeFi model.

The PLX token, Pullix’s native cryptocurrency, introduces a “Trade-to-Earn” concept, allowing users to earn instant rewards for trading and providing liquidity. Unlike traditional exchanges, PLX token holders benefit from a revenue-sharing mechanism, earning a fixed passive income by contributing to automated market makers. With an innovative approach to liquidity provision and a community-driven ethos, Pullix presents itself as a compelling alternative in the ever-evolving crypto landscape.

Conclusion

In the unfolding narrative of FTX’s financial woes, FTT’s price dynamics, and Pullix’s emergence, the crypto community is presented with a variety of investment opportunities. They can choose to follow FTT price prediction or dive into the new PLX token currently in the presale stage.

However, whichever opportunity they decide to grab, they must remain vigilant, navigating the intricate crypto landscape where volatility and innovation go hand in hand.

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• Dolomite says vARB is a “vote-enabled ARB” token that will allow holders to participate in Arbitrum’s governance through voting.
• While it cannot be lent or borrowed, vARB means users can use their ARB collateral to vote.

DeFi protocol Dolomite has launched vARB, a “vote-enabled ARB” token that allows holders participate in governance voting on the Arbitrum network.

vARB is not a new token, and is non-transferable and non-tradable. Unlike ARB, users won’t be able to lend or borrow this token, the protocol said in a press release shared with CoinJournal.

However, vARB will allow holders to tap into ARB tokens deposited as collateral to access governance and voting rights on Arbitrum.

Amplify ARB voting power

According to Dolomite, vARB will be held in “isolation mode” on the protocol, with users able to use them for voting on Arbitrum. That’s not possible with the ARB locked in liquidity pools and used for lending and borrowing. As it stands, ARB locked in DeFi protocols such as Aave or Compound cannot be used in governance votes.

vARB makes this possible as users can use the same ARB for voting and for lending and borrowing by easily converting their ARB to vARB. The token however does have another advantage – holders can use it to amplify their votes’ weight.

To achieve this, users deposit vARB as collateral, getting to borrow more ARB. They can then swap the additional ARB for vARB, with this possible up to five times. As stated in the announcement, holders face no risk of liquidation from price movements given the value of vARB remains the same as that of ARB.

Arbitrum continues to grow as one of Ethereum’s most dominant Layer-2 networks. The network launched its ARB token in March and has over $2.4 billion in Total Value Locked (TVL) as of December 28, 2023. 

The price of ARB was $1.52, up by more than 32% in the past week as analysts predict a potential surge to $2.

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• The US Bankruptcy Court for the Southern District of New York approved Celsius Network’s restructuring plans for bitcoin mining on Wednesday.
• Celsius filed for Chapter 11 bankruptcy protection in July 2022.

A US bankruptcy court has approved Celsius Network’s bitcoin mining shift as part of the ongoing Chapter 11 bankruptcy proceedings the collapsed crypto lender filed in July 2022.

The approval order was given by Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York on December 27, Reuters reported.

Per the ruling, Celsius can go ahead with the restructuring plans that aims at focusing the company’s operations on Bitcoin mining. 

The judge’s order overruled objections to the restructuring plans, paving the way for the move as the crypto firm looks to navigate away from the impactful bankruptcy proceedings. As reported,   US Bitcoin Corp announced in August that it had entered into agreed to host 8,500 miners for Celsius Network.. 

Celsius customers allowed withdrawals

With yesterday’s court approval, a total of $225 million in crypto earmarked for a business operations rejected by the SEC, is now available for distribution to Celsius customers. Shares in the new mining company will also be available to customers.

Celsius began allowing withdrawals for some customers in late November. The plan allows eligible participants in the crypto lender’s custody program to withdraw 72.5% of their crypto holdings, with a deadline set for February 28, 2024.

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• Cathie Wood’s investment firm Ark Invest has sold all of the Grayscale Bitcoin Trust (GBTC) shares it held. 
• The firm bought 4.32 million of the ProShares Bitcoin Strategy ETF (BITO).
• Meanwhile, the presale of new meme-based assets platform Meme Moguls has continued to attract investors.

Ahead of what could be a spectacular start to the year for crypto, Cathie Wood’s firm Ark Invest is making moves in the market with relation to its crypto related holdings.

Elsewhere, investors lifted by the recent developments in the sector are taking notice of potentially profitable positions. Among projects making waves in Meme Moguls, a token in presale that’s likely to dominate the forecast $6.1 billion meme market industry.

Cathie Wood’s Ark sells GBTC, buys BITO

One of the news headlines today is the move by asset management firm Ark Invest. 

According to details reported by Reuters, the Cathie Wood firm offloaded all of its Grayscale Bitcoin Trust (GBTC) shares. The firm then scooped about 4.32 million shares of the ProShares Bitcoin Strategy ETF (BITO). Ark has also sold shares of Coinbase (COIN).

The move comes as the crypto market anticipates the approval of the first spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).

Ark Invest and 21Shares are also among the list of top asset managers and companies with Bitcoin ETF proposals before the SEC. 

The deadline for the SEC’s decision on Ark Invest’s proposal is January 10, and analysts are confident the regulator will give a nod to a number of the applications. It includes filings by BlackRock, Grayscale and Fidelity.

Anticipation is high across the crypto market and investors keen to seize on the opportunities likely to present during a bull rally are looking at various altcoins. One of these is likely to be Meme Moguls, as suggested by the rising interest in its presale.

Meme Moguls: Innovative meme-based assets trading and game platform

As investors make moves across the space, positioning ahead of a potentially defining bull market, a new narrative is picking momentum. Trading can be fun and fantasy meme trading brings that to the trader out to connect, learn, and earn as they buy, trade and sell meme assets.

This new project is Meme Moguls, which is outlining an innovative meme-based assets trading exchange and gaming platform.

Today, meme coins are an increasingly traded segment of the crypto market, with projects like Dogecoin and Shiba Inu inspiring traders. There’s also serious money to be made in this market.

Meme Moguls wants to bring these assets to the community within a play-to-earn ecosystem laced with numerous earning opportunities. Access to a new gaming experience could see holders of the native MGLS token put their skills to test, competing against moguls as they build their own standing.

According to the project’s whitepaper, apart from stake to earn, other ways the community can add to their wealth via MGLS will be through access to unique NFTs and moguls leaderboard rewards.

Meme Moguls presale races to stage 3

Investors are taking note that this community-driven project has 60% of the total supply of 3 billion MGLS reserved for early birds. A hint of how interest is surging ahead of its anticipated launch in early 2024 is the fast pace of the presale.

In just a few weeks, the Meme Moguls token sale has raced through two stages already. MGLS price has shot from the initial $0.0019 to $0.0025 in stage 3, and the presale page shows only a few tokens remain before the next price increase.

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