Kategorie: Crypto Markets

Key takeaways

• The cryptocurrency market has stalled its movement over the past few days as investors consider their positions.

• Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion.

• With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade. 

The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone. 

Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach. This has led to a poor performance from the crypto market this week. 

As the prices of most cryptocurrencies declined this week, could this be a perfect opportunity to purchase more coins and tokens like Metacade? 

The debt ceiling and how it could affect the cryptocurrency market

Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt.

According to the official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion. The debt limit is the highest amount the United States government can borrow to service the economy.

Due to the ongoing talks, the cryptocurrency market has underperformed this week. Bitcoin, the world’s largest cryptocurrency by market cap, continues to trade below $27k. At press time, the price of Bitcoin stands at $26,884, down by 1% so far today.

The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over the last 24 hours.

What are experts saying about the debt ceiling? 

Some market experts believe that the US will not default on its loan but will likely print more dollars. This will effectively weaken the dollar and strengthen assets such as cryptocurrencies and commodities.

Jesse Meyers, the chief operating officer of investment firm Onramp, believes that the US government will print more money, resulting in a 2020-like rally by Bitcoin and other cryptocurrencies. He stated that;

“When the debt ceiling is lifted, and credit-contraction leads to an economic crisis. They will have to print money on a massive scale. Bitcoin was the winner during the last round of stimulus.“

Market analysts are predicting that Bitcoin and other major assets could experience a boost if the US government prints more dollars to service its debts, as there would be liquidity available for investors to purchase BTC and other cryptocurrencies. 

How does this affect projects like Metacade? 

Bitcoin’s rally is usually duplicated by other cryptocurrencies. Metacade could be one of the projects that could be a big winner if the market experiences another bull cycle soon.

At press time, the price of Metacade stands at $0.02002, down by 10% over the last 24 hours. The token is down by 56% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

What makes MCADE one of the tokens investors could consider is the potential of the Metacade project. 

Metacade is a web3 project that is powered by the Ethereum blockchain. The development team is working to improve the existing play-to-earn (P2E) ecosystem, allowing users to enjoy new web3 experiences. 

With Metacade, players will be able to play, connect, build, and earn seamlessly. In addition to that, Metacade will transition into a decentralised autonomous organisation (DAO) by 2024, giving token holders control over the ecosystem. With such plans in motion, MCADE could be one of the biggest winners in the upcoming Bull Cycle. 

Is Metacade a good investment now?

Down by more than 50% from its all-time high, MCADE could be trading at a discount at the moment. Investors looking to take advantage of the project’s potential could purchase MCADE tokens now. 

After raising $16 million during the presale event, the Metacade team is working hard to list the token on several cryptocurrency exchanges and roll out its GameFi platform. 

These events could ultimately lead to a surge in the value of Metacade over the next few months and possibly years. 

The post Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now? appeared first on CoinJournal.

• Coinbase has rolled out a new subscription service called Coinbase One.
• The service will give members access to $0 trading fees among other benefits.
• The Coinbase One is expected to roll out across 35 countries in the near future.

After staying in Beta since 2021, Coinbase has officially opened its zero-fee subscription service called Coinbase One. The service has also been expanded outside the US into countries like the United Kingdom, Germany, and Ireland.

Through Coinbase One, customers will have the option of paying $29.99 per month to enjoy zero trading fees and higher staking rewards. Customers can pay for the subscription using their linked bank account (ACH) or linked debit card.

Zero trading fees on Coinbase

According to the statement issued by Coinbase, the Coinbase One service allows customers to access $0 trading fees, dedicated 24/7 phone support, $1M Account Protection, and pre-filled Form 8949 in Coinbase Taxes.

The statement by Coinbase in part reads:

“Eligible users may sign up for Coinbase One which is an automatically renewing subscription requiring recurring payments. A Coinbase One subscription grants you the benefits of: (a) a waiver of Coinbase fees for buying, selling, and converting digital currencies on the Coinbase platform (which does not include Coinbase Pro’s order matching platform), provided that a spread in the price is still included in all buys, sells, and conversion of digital currencies on the Coinbase trading platform (learn more about fees here); (b) a dedicated customer support line available twenty-four (24) hours a day, seven (7) days a week, three-hundred and sixty-five (365) days a year; and (c) Coinbase Account Protection. Coinbase may modify or suspend this program at any time upon notice.”

However, the fee-free trading volume limit as found in customers’ account settings will apply. When customers trade over their set trading volume limit, they will be responsible for paying regular trading fees.

Widening international reach

Coinbase aims to expand the Coinbase One service in 35 countries in the future as Coinbase tries to widen its international reach.

The move also comes just a month after Coinbase unveiled a global crypto exchange following the tightening regulatory environment.

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The Hedera Governing Council has today announced that COFRA Holding has joined the Governing Council.

As a member of the Hedera Governing Council, COFRA will work to create innovative, blockchain-based solutions on Hedera, primarily focusing on areas like supply chain transparency and tokenization. COFRA Holding is a family enterprise with interests in sectors including real estate investment, sustainable food, clean energy, fashion retail, private equity and asset management.

In a statement commenting about COFRA’s entry into the governing council, the Co-Chair of Hedera’s Membership Committee, Simon Olson, said:

“You won’t solve the world’s most intractable problems by working in isolation. It’s a coordination problem. In order to overcome problems like climate change and effectuate change on a global scale, you need to work with a wide cross-section of stakeholders. COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.”

The rise of the Hedera Network

Hedera is a leading, open-source, leaderless proof-of-stake network and it has processed more than 8 billion transactions so far.

The network has one of the highest real-world transactions per second (TPS) of any blockchain, which is the main driving factor behind the high number of transactions on the network.

A recent study by the University College London found that Hedera’s hashgraph proof of stake consensus algorithm is the most energy efficient, which makes it an ideal partner for climate-conscious businesses like COFRA.

Hedera price reaction

Although the Hedera (HBAR) price reacted mildly to the news, it could be the beginning of a reversal from the HBAR bear market that most technical indicators have been predicting.

HBAR jumped by about 2% following the news to hit a seven days high of $0.05351.

The post Hedera price jumps as COFRA Holding joins Hedera Governing Council appeared first on CoinJournal.

• Ripple has today announced it has acquired Metaco.
• Ripple (XRP) price jumped by 5.50% after the news.
• At press time, XRP was trading at $0.469.

Ripple has today announced its acquisition of Metaco, a Swiss-based provider of digital asset custody and tokenization technology. The move affirms Ripple’s determination to take on the crypto custody market.

Both Metaco and Ripple share “strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions.”

The growing institutional crypto custody market

With this acquisition, Ripple will expand its enterprise offerings providing customers with the technology to custody, issue, and settle any type of tokenized asset. On the other hand, Metaco will accelerate its growth trajectory since it now has access to Ripple’s established customer base, capital, and resources to continue delivering on its commitment to banking and institutional clients.

In a statement commenting on the new acquisition, the CEO of Ripple, Brad Garlinghouse, said:

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”

Ripple is set to use the acquisition to leverage from the growing institutional crypto custody market which is projected to hit a 10 trillion market cap by 2030. Recent research conducted by Ripple showed that a majority of financial institutions and enterprises around the world have plans to use crypto custody solutions in their business within the next three years.

XRP price reaction

The price of XRP has been on a bullish trajectory in the past two days after a US district ruled against the SEC’s motion to seal Hinman’s speech-related documents. The Metaco acquisition news has added impetus to an already existing bullish trend.

The XRP/USD price has gained 10.62% over the past seven days.

The post Ripple acquires Swiss-based crypto custody provider Metaco appeared first on CoinJournal.

• Binance Australia has halted all Australian Dollar deposits.
• Users can still buy and sell cryptocurrencies using credit or debit cards.
• Binance Australia is working towards finding an alternative payments provider.

Binance Australia has with immediate effect halted all Australian Dollar deposits for its users, according to a statement the company tweeted on Thursday.

The crypto exchange announced it would not facilitate AUD bank transfers via PayID, citing the decision of a third-party payment provider as the reason for the action.

“We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed,” the crypto exchange’s notice to users read.

A follow-up tweet from the exchange said that users will continue to access AUD withdrawals, with any changes set to be communicated in due time.

We have confirmed with our local payment partner that our users can continue to withdraw AUD and we will update with any further changes on timing as we know more. Users are still able to buy and sell via debit and credit card. https://t.co/ReS6V7FbZu

— Binance Australia (@Binance_AUS) May 18, 2023

Users can still buy and sell via debit/credit card

While the AUD bank transfers are suspended for now, Binance says its users can still buy and sell cryptocurrencies using credit or debit card. The platform’s P2P marketplace also continues to operate normally, the notice added.

In the initial statement, Binance Australia said it was working towards finding an alternative payments provider. Binance also assures users that funds are SAFU.

Binance Australia’s banking problems come at a time the broader crypto industry is seeing a growing impact from challenges related to fiat on-ramps. 

The recent collapse of crypto friendly bank Silvergate Bank and the exit of the Cosmopolitan Commercial Bank from the space is expected to exacerbate the situation even more amid strict crypto banking regulation.

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