Kategorie: Crypto Markets

• Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase.
• BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
• A spike in volume on South Korea exchange Upbit helped push CBH price higher on Friday.

Bitcoin Cash rallied to its highest price in 14 months on Friday morning, trading at highs of $326 on US-based crypto exchange Coinbase.

Why is BCH price rallying today?

Bitcoin Cash had stagnated below $165 since dipping below the level in June last year. However, with Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH roared to a one-year high.

The bulls have been relentless since, with price crossing the psychological $300 mark today with more than 30% gains in 24 hours. The cryptocurrency has rallied nearly 200% over the past two weeks, and is now in the green by 110% over the past year.

It is notable that the price of BCH had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies including Fidelity and Charles Schwab, listed Bitcoin Cash. EDX only lists three other coins – BTC, ETH and LTC.

Enthusiasm across the BCH community from this listing has added to the upside momentum. On Friday, the positive outlook on the cryptocurrency’s potential saw volume spike on a leading South Korea-based crypto platform.

As crypto markets bid to hold onto the positive sentiment, Bitcoin Cash appears to be getting some extra leg from South Korea. Over the past 24 hours, the BCH/KRW pair on crypto exchange Upbit rose to $557 million, more than thrice the volume of BTC/KRW and nearly 6x greater than BCH/USD.

Data from CoinGecko shows daily trading volume across all exchanges has increased 165% in the past 24 hours to over $2.4 billion. As IntoTheBlock points out, BCH volume rose to above $750 million on Thursday, a one-year high.

1/2 Bitcoin Cash (BCH) soars 70% in a week, riding high on its recent inclusion on #EDX, the Citadel Securities-Backed Crypto Exchange. Yesterday saw the highest volume of BCH transacted in a year, exceeding a staggering $750M.🔗 https://t.co/1qZbEChogW #BitcoinCash pic.twitter.com/OEOYG61sQR

— IntoTheBlock (@intotheblock) June 29, 2023

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• CHANCER presale has hit $421k days after launch to demonstrate the huge demand among investors.
• The predictive markets platform is expected to go live later this year, with experts noting its potential to change the global betting industry.
• For investors, buying $CHANCER at the current price of $0.01 offers could be a great opportunity.

With the broader crypto market looking for a foothold amid predictions of a bullish flip, Chancer’s presale has notched past the $420k mark to highlight the overall market sentiment.

More aptly, the blockchain-based predictive markets platform has seen over 42.1 million of its $CHANCER tokens sold out just days into its recently launched presale event. Could Chancer offer that new opportunity that investors are hunting for ahead of the next bull cycle?  

Early birds can find out more here.

Bear markets are for building – and investing

Bitcoin price staying above the $30k level and looking likely to target the next resistance at $34k is a great encouragement for bulls. The same can be said of Ethereum, which has moved closer to regaining the $2k level in recent weeks amid the spot ETF-driven bullish momentum.

However, the broader acknowledgement is that the market hasn’t completely turned the corner from the 2022 bear cycle. Yet this in itself is an opportunity for projects and to a larger extent investors, with bear markets seen as the time to build, or BUIDL as compared to the common HODL.

Projects that build during market downturns often have the ample time to focus on product development, taking into account roadmap goals to deliver. And for investors, the bear market often accords the opportunity to buy low and position oneself for potential windfall when the bulls come charging.

Could Chancer be one of the projects? Highly likely as the team leverages the pre-bull market phase to bring to market a potentially industry-disruptive platform.

What is Chancer?

Chancer is a blockchain-based predictive markets platform that aims to become the global destination for decentralised betting.

Leveraging the blockchain technology and a crypto token will bring the benefits of a truly decentralised market, with holders of the native $CHANCER participating in future developments via a governance structure.

As for how Chancer works, the key is in its removal of the power of the bookmaker. Instead of the centralised control that sees bookmakers decide which markets and odds to offer to bettors, Chancer takes that power and hands it to $CHANCER holders.

On Chancer you don’t suffer the restrictions of traditional betting platforms – its “your game, your rules, your odds.” 

In short, participants create their own prediction events, set the odds and rules. As a peer-to-peer (P2P) betting platform, you can invite family and friends. What’s more there is a feature that allows users to broadcast their markets to more participants across the world, increasing the predictions and prizes.

Why would investing in Chancer today be worth it?

The global betting industry is a massive market, with estimates for the next five years projecting a 10% compound annual growth rate. The adoption of blockchain technology across the sector is rising, with Chancer offering the most revolutionary platform.

While it would be unreasonable to predict $CHANCER to the moon now, the anticipation building around the project is massive. And with the token price currently only $0.01, buying now might be the best opportunity to maximise on the potential gains if fresh market demand catapults it to $1 or higher in 2024.

As noted, the wider sentiment is that a bull market is slowly gathering pace. If Chancer rolls into the market via the scheduled exchange listings after the presale, and the platform launch happens as expected, then a pop to new highs in 2025 would be highly likely.

If you bought $CHANCER today, 100% gains would be locked in when the token jumps to $0.021 at the end of the presale later in the quarter.

Can you earn passive income with Chancer?

An opportunity to earn passive income on the investment is one of the key features investors will fancy $CHANCER for.  Other than the anticipated gains on the value of the token as future demand pushes prices higher, holders can also earn passively through staking.

One can run validator nodes to support the network transaction processing and security and earn a reward from it. Node operators will earn 50% of the reward while those staking with the particular node will get the other 50%. Other than staking $CHANCER, users can earn from the Share2Earn program.

 You can learn more about Chancer on their website.

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Key takeaways

• Slovakian lawmakers have voted in favour of reducing cryptocurrency income tax in the country.

• The move could see more cryptocurrency investors in the country and could benefit the broader crypto market.

Slovakian lawmakers voted in favour of a law designed to cut taxes on the sale of cryptocurrencies. The new income tax bill in the country seeks to reduce the tax burden in connection with the sale of virtual currencies, thereby simplifying their use in everyday life. 

If the new bill is passed, the taxation on cryptocurrency income would be reduced to 7%. How does the new bill affect the broader cryptocurrency market, and could more countries implement similar cuts? 

What does this mean for Bitcoin and AltSignals?

The cryptocurrency market has performed excellently since the start of the year, with Bitcoin and other leading cryptocurrencies up by more than 40% during that period.

Bitcoin recently touched the $31k level before retracing, with the price of Bitcoin now at $30,617. 

If the new bill is passed in Slovakia, it could boost cryptocurrency adoption in the country as more investors could enter the market.

Subsequently, similar bills could also be introduced by other European countries, depending on the level of success. 

Bitcoin could rally in the near to medium term, and that could also positively affect the prices of numerous cryptocurrencies. AltSignals could be one of the cryptocurrencies that could benefit from the crypto market experiencing a rally in the coming weeks and months. 

As a trading-focused project, AltSignals could benefit from an influx of funds into the cryptocurrency market. With more people entering the cryptocurrency market, AltSignals could experience a surge in adoption, and this could see its native token, ASI, rally higher. 

With the presale stage set to end soon, this could be an excellent time to invest in AltSignals. It is a niche-focused cryptocurrency project that could gain massive adoption by crypto and forex traders. 

What is AltSignals?

AltSignals is a trading platform that provides trading signals for stocks, forex, indices, cryptocurrencies, and CFDs. 

The project is still in its presale stage and looks likely to finish raising its funds soon. At the moment, the development team has raised 96% of the funds required to develop its products and service. With a target of $1,080,000, AltSignals has raised $1,038,697.905 so far. 

ASI, the native token of the AltSignals ecosystem, is currently sold for 0.015 USDT. However, past events indicate that ASI could rally higher once the team launches its products and the token lists on crypto exchanges. 

According to their whitepaper, the AltSignals team will use the generated funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. 

AltSignals explained that ActualizeAI would be a fully automated solution and would work 24/7, making it easier for users to trade cryptocurrencies. 

Visit the official AltSignals website to learn more about their presale.

Should you invest in AltSignals now?

Bitcoin has stayed above the $30k level for the past few days. With the market sentiment currently on the positive side and the move by Slovakia to reduce crypto income tax, this could be an excellent time to invest in cryptocurrencies. 

Asides from Bitcoin, some altcoins could benefit from the crypto market’s ongoing positive performance. AltSignals could be one of the biggest winners once the project launches and its ASI token becomes available on cryptocurrency exchanges. 

If the development team delivers on its promise of a platform dedicated to traders, AltSignals could see an influx of traders on its platform, and that could positively impact ASI’s price in the medium and long term. 

Furthermore, the launch of ActualizeAI could also positively contribute to the adoption rate of AltSignals over the coming months and years.

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• Compound (COMP) was up 8% in the past 24 hours and 51% this past week.
• The gains for COMP token have come amid this week’s spike in whale activity.
• Also helping bulls looks to be a market reaction to Coinbase’s response to SEC allegations that the exchange lists securities.

Increased whale activity has seen the price of COMP, the native token of DeFi protocol Compound, soar to levels last witnessed in early March.

According to blockchain sleuth Loookonchain, Compound’s price upside coincides with increased activity by large holders. One of these wallets deposited $3.5 million of stablecoin Tether (USDT) on Binance earlier this week, and acquired 50,000 COMP. 

The whale added another 120,000 COMP tokens to their holdings on Thursday.

The price of $COMP is up nearly 50% in the past week and a whale/institution may have bought $COMP!

Wallet“0x0D5″ deposited 3M $USDT to #Binance on June 26 and withdrew 50K $COMP ($2.26M) 16 hrs ago.https://t.co/gMLDUwJVst pic.twitter.com/IXyocTJKVh

— Lookonchain (@lookonchain) June 29, 2023

Daily trading volume for Compound was $89 million at the time of writing, down 12% in the past 24 hours. However, it remains significantly higher compared to the volume seen over the month. 

For instance, historical data shows 24-hour volume ranged between $9.4 million and $13 million from June 17 to June 25, before spiking to $154 million on June 26.

COMP price also spikes amid Coinbase response to SEC

COMP had spiked to $47.98 on Coinbase as of 6:45 am ET on Thursday, with CoinGecko data showing the token’s value was +8% in the past 24 hours and over 51% higher in the past seven days. 

However, the latest upside comes as Coinbase filed a response to the SEC’s lawsuit.

On June 29, Coinbase filed a notice of intent seeking to dismiss the SEC’s case against it. According to the exchange, the regulator overstepped its jurisdiction and that the assets currently trading the US-based platform’s secondary market “are not within the SEC’s authority.”

Coinbase maintains the listed assets are not “securities” as SEC alleges. Paul Grewal, Chief Legal Officer at Coinbase says the exchange is open to engaging regulators, but SEC’s claims “go beyond existing law and should be dismissed.”

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• Avalanche active addresses have increased 2x compared to yearly average.
• Data shows monthly active addresses recently hit 1.21 million.
• However, AVAX price has traded lower this week amid Bitcoin’s struggle to hold above $30k. 

Avalanche, a layer 1 blockchain developed by Ava Labs, has seen a steady increase in active addresses over the past month.

On-chain data shows daily active users on the blockchain network surged twofold in June, well above the average recorded over the past year.

According to crypto market intelligence provider Messari, most of the engagement in this period has been around decentralised exchanges, including retail-focused DEX Trader Joe and Web3 protocol Galxe.

.@avax witnessed a surge in daily active users, doubling compared to the average over the past year.

Engagement revolves around DEXs like @traderjoe_xyz and applications like @Galxe.

Avalanche aims to revitalize its network and foster a stronger #DeFi ecosystem. pic.twitter.com/Q3yLcZV2D1

— Messari (@MessariCrypto) June 29, 2023

Data from Avalanche explorer Avascan shows the network recently hit 1.21 million monthly active addresses.

But can AVAX price benefit from the network activity as the platform looks to reclaim its market share via a boost to its DeFi ecosystem?  

AVAX price outlook

Avalanche’s TVL has fallen from $13.93 billion in December 2021 to currently sit around $1.4 billion. 

Meanwhile, AVAX has traded lower over the past week since bulls hit resistance near the $13.70 level on Sunday. The crypto token is down 3% in the past 24 hours and 5% in seven days as buyers attempt to keep the bears off near $12.50.

As can be seen in the price chart below, AVAX is battling for upside momentum at the same time as Bitcoin (BTC) bulls look to stem bearish advances near the critical $30k level. A new spike for BTC could inject some buoyancy in altcoins and see AVAX/USD reclaim the $14 area.

That could push Avalanche prices to the peak seen in April when bulls broke above $20, with such a move representing a 100% flip from June lows of $10.

The MACD is also indicating weakness on the side of buyers. A flip to the upside in the indicators will highlight potential gains while the opposite will threaten a return to key support range around $11.20 – $9.50. 

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