Kategorie: Crypto Markets

• Bitcoin fell below $21,000 or -9% to touch lows of $20,427 on Coinbase, while Ethereum price retreated to $1,590.
• Stocks also plunged on the hotter-than-expected CPI data, with S&P 500 down more than 3%.

Crypto witnessed another sharp sell-off Tuesday as risk-on assets reacted negatively to fresh US inflation data, which came in hotter-than-expected.

In cryptocurrencies, Bitcoin (BTC) fell nearly 10% to break below $21,000 as losses in the altcoin market included Ethereum (ETH) dipping under $1,600. The losses across cryptocurrencies had the sector nursing over 5% in total market cap declines, which together pushed the metric to $1.05 trillion.

Bitcoin traded to lows of $20,427 per unit on major crypto exchange Coinbase as shown in the above chart.

Stocks also fall sharply

The picture was not that different on Wall Street, with traditional financial markets experiencing a similar downside move. The S&P 500 fell more than 3% and the Nasdaq shed 4% as stocks crashed on the hot inflation readings. 

The Dow Jones Industrial Average was down more than 900 points, or 3% lower at around 14:25 pm ET.

On Tuesday, the US Bureau of Labor Statistics released the latest Consumer Price Index (CPI) readings for August, with data showing prices increased by 8.3% year-over-year last month. Prices rose 0.1% over the month to come in hotter than the expected 8.1%YoY and a 0.1% decline over the month.

The markets’ reaction to the data comes as the US Federal Reserve is expected to raise interest rates by another 75 basis points next week. Commenting on the print, CNBC’s Steve Liesman said the 75 bps is now “written in red.”

„The Fed just erased the 75 basis point hike that was written in pencil and wrote it in red ink,“ says @SteveLiesman on the latest CPI data. „This moves them to 75 for sure at this point because they didn’t get the help they were looking for.“ pic.twitter.com/zcHJ0LpOR8

— Squawk Box (@SquawkCNBC) September 13, 2022

Going back to the crypto market, a key event to watch this week is the highly anticipated Ethereum Merge, which analysts say could come with increased volatility not just for ETH but for most other crypto assets.

The post Bitcoin, Ether prices fall sharply after hot US inflation data appeared first on CoinJournal.

ApeCoin (APE) has been on a slow but sure bullish trend in the past seven days and it appears set to pump more in the coming days and weeks ahead of Horizen Labs’ ApeCoin staking launch.

The price of APE has increased by 19.2% over the past seven days according to Coingecko. At press time, the coin was trading at $5.67 and has moved up 4.92% over the past 24 hours.

Besides, the much-awaited ApeCoin staking launch, Horizen Labs also indicated that it would hold a Twitter space on the subject on September 22, something that is also expected to foster further price growth.

When will the ApeCoin staking go live?

It remains unclear exactly when the ApeCoin staking will be launched and some APE holders have started expressing their dissatisfaction and disappointment on social media for its delayed launch.

However, the general sentiment on APE is very bullish, pointing to a possibility of the staking going live very soon. Investors are already rushing to buy the coin.

Horizen Labs, which is the firm that is developing the staking system for ApeCoin (APE) recently released a “sneak peek” video of what the staking will look like. The firm describes itself as a leader in Web3 tool and it has already set up a website called ApeStake.io where it says users will stake their APE coins.

Ape Staking Update: You asked. We answered. Here’s a sneak peek at the UI. pic.twitter.com/TDrTyIFbfb

— Horizen Labs (@HorizenLabs) September 3, 2022

What is ApeCoin?

ApeCoin is a decentralized project built by Yuga Labs’ Bored Ape Yacht Club (BAYC) project. The project uses a native token called ApeCoin (APE) that was created to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation and the ApeCoin decentralized autonomous organization (ApeCoin DAO).

The ApeCoin DAO is a community-driven initiative that allows APE holders to vote on ideas, projects and other proposals within the APE ecosystem. The ApeCoin (APE) token on the other hand is an ERC20 token and it acts as a governance token within the ApeCoin DAO.

The APE token reached an all-time high of $25 in May this year and although its price has significantly dropped, it still remains among the top 40 coins by market cap despite its general lack of utility compared to other cryptocurrencies.

What the ApeCoin Staking will entail

According to details released by the ApeCoin DAO, the ApeCoin staking will in summary be open to all Bored Ape (BAYC) and Mutant Ape (MAYC) holders that stake their NFTs plus APE coin.

But for holders to generate more revenue, they have to hold a particular set of APE, which is 10,094 for BAYC holders and 2,042 for MAYC holders.

The post Horizen Labs’ ApeCoin staking hype sets $APE on a bullish trajectory appeared first on CoinJournal.

• State Street is the fund administrator of the Cosmos Purpose Bitcoin Access ETF launched in May.
• The bank’s crypto unit has continued to see client interest even amid the crypto downturn.

Institutional investors are not sweating on continuing crypto winter, says global banking giant State Street.

Even as the crypto industry navigates the unforgiving downturn that characterised the 2022 market, the US lender says investors are largely undeterred – indeed pointing to unrelenting interest in cryptocurrency and the underlying blockchain technology.

Institutional clients continue to eye crypto as an asset class

According to Irfan Ahmad, State Street Digital’s crypto lead for Asia Pacific, summer’s events have done very little to investor appetite for digital assets. While the period was generally quiet as the analyst notes, the massive volatility that swung bitcoin to under $20k hasn’t really swiped sentiment.

Ahmad told the Sydney Morning Herald that State Street’s crypto unit continued to see institutional clients make moves, with the June-July madness dotted with increasing bets on crypto. He says undeterred clients kept “placing strategic bets on the asset class itself.”

In his view, there is one “takeaway” from all these moves: “I think there is a belief that the asset class is here to stay,” he noted. Given this scenario, State Street Digital as an asset servicer believes it’s the right thing to offer customers the services that align with their investment ambitions.

Among the moves is on product launches or partnerships that support certain blockchain projects, he noted, adding that State Street is looking to add to its crypto products in the region. Already, the banking giant is linked to the first ever physically backed Bitcoin exchange traded fund (ETF) in Australia.

This is because the bank is the fund administrator of the Cosmos Purpose Bitcoin Access ETF, a product that launched in May 2022 on Cboe Australia.

MicroStrategy to buy more Bitcoin

On Friday last week, it was revealed that MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), was looking to sell its stock and use the funds to buy the cryptocurrency.  

Indeed, the software intelligence company filed with the US Securities and Exchange Commission (SEC) for a possible sale of $500 million worth of its Class A shares.

MicroStrategy’s move is somehow indicative of the sentiment across institutional buyers, most of whom hold a long term bullish view of crypto and blockchain.

The post State Street: Investors are unfazed by the crypto winter appeared first on CoinJournal.

Loom Network (LOOM) has surprised the cryptocurrency market with its massive bullish surge over the past two days. The token has dropped a zero in a span of two days.

On September 11, the LOOM was trading at around $0.04 and today it is trading at $0.1117.

To help traders who want to take advantage of the Loom Network price surge, Coinjournal has prepared this brief guide on where to buy the LOOM coin.

To find out more, please continue reading.

Best places to buy Loom Network coin

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 LOOM with Binance today

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy LOOM with Coinbase today Disclaimer

What is Loom Network?

Loom Network was founded in 20127 and it is a service built on the Ethereum blockchain. It runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network.

The main objective of Loom Network is to provide developers with access to smart contracts that have much more computing power and can maintain the same power at lower costs for tasks like onboarding new users. It also provides services for applications that do not need the full security of blockchain.

Loom Network provides developers with the opportunity of interacting with APIs developed by third parties and these APIs are not on-chain. It also allows smart contract developers to create applications without the need to switch to another programming language.

Loom Network has a native token referred to as Loom Network (LOOM) that is used to pay for services on the Network. LOOM token is an ERC-20 standard token.

Should I buy LOOM today?

If you want to invest in a cryptocurrency that had made triple-digit gains in the last two days, then LOOM could be a good choice.

However, it is important to take note of the fact that the cryptocurrency market is very volatile. Additionally, there is no concrete reason behind the current Loom Network price surge making it difficult to predict how long the rally will last.

Loom Network price prediction

At the current rate, analysts expect the LOOM token to get above $0.2 by the end of the week.

However, the token must first undo the current pullback that has seen its price drop from a daily high of $0.1384 to its current price of $0.1155.

$LOOM social media trends

#LOOM $LOOM #LoomNetwork’s

🏹1D Logarithmic Chart has MET and BROKEN the TARGET at $0.1114 and is currently holding just below!

With prices above, the Loom target will be at $0.1898 and they may push an additional +60% to reach it! https://t.co/rkxyJagCLj pic.twitter.com/YkXe3tOR1q

— JAVON⚡️MARKS (@javonnnm) September 11, 2022

 

The post Here’s where to buy Loom Network (LOOM) token after price rises 181% in two days appeared first on CoinJournal.

Terra LUNA has today surged by over 210%. At press time, LUNA was trading at $6.01 and up 211.40% in the last 24 hours. The sudden surge has stunned the crypto community, especially going by the current crypto market conditions.

The sudden price pump that has unfolded in the past few hours has seen LUNA jump to position 56 among the largest cryptocurrencies by market cap. It was previously ranked at position 205.

Today’s price surge sets Terra LUNA right behind its sister asset, Terra Classic (LUNC), which has risen by 360.0% over the past 30 days.

Prior to today’s price surge, the price of LUNA had consolidated at the $1.9 level for months.

Terra Classic (LUNC)

Terra Classic has displayed a magnificent rally in the past two weeks although the rally currently appears to have hit some handles since it has begun shedding some of the gains it had made.

At press time, LUNC was trading at $0.0004519 down 11.59% in the past 24 hours. It had hit a high of $0.0005843 some days past.

While LUNC’s rally is backed by an array of proposals by its community with the most recent being the 1.2% tax burn, there is no concrete reason behind today’s LUNA rally which doesn’t seem to be stopping any time soon.

The post Terra (LUNA) pumps 210%: following in the footsteps of its sister asset LUNC appeared first on CoinJournal.