Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Robinhood lists Chainlink: LINK price surges 5%

While the majority of the tokens continued to bow to the ongoing crypto market bloodbath, Chainlink (LINK) has today received a boost after Robinhood listed it on its trading platform. 

At the time of writing, LINK was trading at $6.62, up 2.65% after retracing from a daily high of $7.11, its trading volume has also spiked by 43.61% to sit at $619.4 million.

But why has the price of LINK surged as the other tokens continued with the dip? Let’s look into the reason behind the rally.

Robinhood lists Chainlink

LINK, the native token of Chainlink, registered significant gains after Robinhood, a prominent crypto exchange in the US and the U, announced on Twitter that it has listed Chainlink on its trading platform.

The announcement came after Robinhood recently added support for popular tokens like Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).

Chainlink integrations

Chainlink had earlier announced that PancakeSwap was integrating Chainlink keepers on the BNB chain. The integration was aimed at helping the users to automate their CAKE/USD prediction market securely.

Last week there were 15 integrations for five different Chainlink services across five different blockchains including chains like BNB, Moonbeam, Ethereum, Polygon, and Avalanche. These integrations were aimed at enabling Web3 developers to develop hybrid smart contracts using the chains tools.

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DOGE runs out of steam, traders turn to larger market cap coins

According to a report released by global crypto exchange Currency.com yesterday, DOGE/USD trading volumes and the number of traders trading the pair have considerably reduced in June.

According to the report, DOGE trading volume reduced by 51% while the number of traders trading the DOGE/USD dropped by 57%. This is contrary to the month of May when DOGE was one of the top traded cryptocurrencies after Bitcoin, Ethereum, and Litecoin.

Dogecoin has been performing well especially due to the recent interactions with SpaceX and Tesla CEO, Elon Musk, who recently said that he will continue supporting the meme-coin despite a $258 billion lawsuit against him and his company. But in the month of June, the meme-coin seems to have run out of steam with traders turning to cryptocurrencies with larger market caps to avert risk as the market continues to be increasingly volatile.

Commenting on the report, the Currency.com LLC, US CEO, Steve Gregory said:

“This may suggest that traders are seeing a bottom for DOGE and favoring the safety of larger market cap coins like Bitcoin (BTC) and Ethereum (ETH). As we approach the end of June, $2.5B in open interest of BTC options expired last week bringing volatility across the asset class. All eyes will be on the next meeting of the Federal Reserve and with current indications pointing to a possible increase in the interest rate, it’s likely that risk assets like cryptocurrency could continue to slide. Typically, crypto is the first to sell-off, followed by the wider global equities markets.”

BTC, ETH, and LTC are the top traded coins

According to the report, BTC/USD, ETH/USD, and LTC/USD retained the top three spots respectively as the most traded cryptocurrencies on Currency.com.

It was also noted that more traders are selling bitcoin; something that could mean die-hard ‘Hodlers’ has grown weary.

However, traders seem to be more satisfied with Ethereum despite the current market volatility and Gregory had this to say about the coin:

“With the Ethereum ‘merge’ just a few months away and a major daily supply drop in ETH issuance, we see these as possible catalysts that pull the asset class out of its downward trend.”

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Highlights June 28: Chiliz rallies on Ronaldo partnership with Binance

The crypto market was in the red this morning, with the majority of top 10 cryptos registering losses. 

Top cryptos

The flagship crypto had lost approx. 2% at the time of writing, trading above $20,000. Ethereum was also down around 2%, Cardano was around 3% lower, and XRP registered losses of around 4%.

Solana is currently down around 6%. The blockchain had a harrowing escape with one of its protocols, Solend, almost facing liquidation. It was saved in the nick of time – by none other than Binance. Dogecoin is down 7%, reversing recent gains. 

Cryptos outside the top 10 are deeply immersed in the all-pervasive bearish trend. The biggest loss was for Polygon and Uniswap, each down 9%. 

Top movers

Outside the top 20, the tendency was also bearish, with most coins losing 3-5% of their value. Notable standouts include XDC Network and Zilliqa, which lost 10% resp. 6%. Stacks saw an end to its bull run and has shed 18% of its value so far today. 

On what seems to be a bad day for privacy tokens, Zcash lost 7%, and Monero lost 6%.

Of the bigger coins by market cap just outside the top 20, Cosmos is down 7%, and NEAR Protocol’s token NEAR has lost 8%.   

The winners

The day wasn’t without its winners. ApeCoin is up 7% on validation from rap royalty, and Tezos gained 9% on news of positive NFT developments. USDD, Tron’s stablecoin, is stabilizing, although it’s still a cause for concern to investors. 

Chiliz is up 9% so far today and is nearing a weekly breakout, according to specialists. Cristiano Ronaldo’s partnership with Binance for NFTs seems to be having a positive impact on Chiliz, too, as many football teams have partnered with Socios.  

TerraClassicUSD, Terra’s renamed stablecoin, added 86% to its value today, bringing its weekly gains to an impressive 472%. 

The post Highlights June 28: Chiliz rallies on Ronaldo partnership with Binance appeared first on CoinJournal.

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Analyst: ‘main market-native risk to crypto is contagion’

While Bitcoin (BTC) remains perched above $20,000 amid the crypto winter, digital asset market analyst Marcus Sotiriou says the main risk for the market is the contagion linked to the crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network.

For 3AC, today’s notice of default from Voyager Digital all but confirms the demise of the hedge fund, whose problems go back to the collapse of cryptocurrency Terra Luna in May.

Multiple companies exposed to 3AC

Crypto brokerage Voyager’s exposure to 3AC is via a loan of over $675 million – in $350 million of USDC and 15,250 BTC. Three Arrows is unable to repay the loan and hence Voyager’s attempt to explore legal means of getting the funds repaid.

And it’s not just Voyager, the rot affects multiple crypto firms that have had exposure to the crypto hedge fund, whose not-so-good investment practices could see it sink with others. Sotiriou says the contagion could be deeper. This is what the crypto market currently faces.

“As every major lender has been severely impacted by the demise of Three Arrows Capital, including BlockFi, Celsius, Voyager and Genesis, it is clear that the main market-native risk to crypto is contagion,” he said in emailed comments.

Together, these firms could see billions of dollars worth of investments go up in flames.

Notably, though, FTX founder and CEO, billionaire Sam Bankman-Fried is emerging as a ‘lender of last resort’ with his multiple bailout credit facilities. SBF noted last week that the key reason to help some of these firms is to “prevent contagion.” But he notes some may have to be left to die.

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Bitcoin, Ethereum price levels to watch

The crypto market is coming off one of its worst months as June draws towards a close, with the crypto market capitalization once again moving closer to the $1 trillion mark thanks to fresh resilience among buyers.

Bitcoin and Ether, the top two cryptocurrencies by market cap, currently trade around $20,850 and $1,190 respectively. The leading crypto assets have an intraday high of $21,469 and $1,245 and both have managed to stay above the key support levels established over the week.

But where do the two cryptocurrencies go from here? What levels should investors watch on the downside?

Analyst says the 200-week moving average is key

According to Bloomberg analyst Joanna Ossinger, the key price levels are at the 200-week moving average. For Bitcoin, that is currently around the $22,000 level, while for Ether, it’s near the $1,100 mark.

However, the “round levels of $20,000 for Bitcoin and $1,000 for Ether are still a big deal,” she said during Monday’s Bloomberg Markets and Finance show. 

These levels provide the critical support zones for BTC and ETH respectively in case of fresh selling. If BTC/USD and ETH/USD hold above these zones, then buyers could be looking at new momentum above their 200-week moving averages.

On the downside, crypto analyst Rekt Capital says BTC could drop to prices near $16,000.

For Ether, il Capo says a drop to $700-$800 is possible.

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