Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Crypto price prediction: MATIC, FLOKI and DIONE

  • Polygon (MATIC) price has a robust support base at around $0.918.
  • FLOKI price could rise further as the memecoin begins trading on Binance.US.
  • Dione (DIONE) price hit a new all-time high on 24 April 2023 and could make new upward moves amid price discovery.

Bitcoin (BTC) price began Monday with bulls battling to hold onto recent gains above the $27k level, with analysts predicting the benchmark cryptocurrency risks a retest of support at $26,500.  With the gains made following the rally to $31k over the past few days quickly evaporating, traders could look for potential trades in the altcoin market.

But what is likely to happen if markets continue to dump? Here is a crypto price prediction outlook for Polygon (MATIC) Floki (FLOKI) and Dione (DIONE).

MATIC price prediction: Polygon major support at $0.91

The price of Polygon (MATIC) dipped below $1 on Monday as selling pressure for the 10th ranked crypto by market cap saw 140 million MATIC transferred to crypto exchange Binance. Whale Alert highligted one such transaction.

MATIC price also fell as total liquidations for crypto rose 107% to over $89 million in 24 hours, with about $744,000 of this for Polygon.

While MATIC/USD has moved back to near $1 at the time of writing, on-chain data suggests robust support lies around $0.918. A dip to these levels is possible, although a sentiment flip at this major demand reload zone will aid MATIC’s new bullish momentum.

Market data and intelligence platform IntoTheBlock shared the details below about Polygon’s on-chain activity.

“MATIC is back under $1. Let’s take a look at the on-chain activity: 32.56k addresses purchased MATIC at an average price of $0.918. This suggests that if prices return to those levels, investor interest may pick up once again.”

FLOKI price prediction: Floki rips as Binance.US lists FLOKI

FLOKI (FLOKI) price was up more than 33% at the time of writing, trading around $0.000038 as intraday trading volume jumped over 500% to $56 million.

Amid the sharp rise in FLOKI price and market activity has been a major Floki news development. On Monday, crypto exchange Binance.US opened deposits for FLOKI ahead of trading on Tuesday. The reaction to the news was FLOKI price jumping towards highs seen on 17 April 2023.

FLOKI deposits are now open on the Binance.US exchange, with trading in the FLOKI/USD and FLOKI/USDT pairs set to begin on 25 April 2023 at 12:00 pm UTC.

As for FLOKI price prediction, the $0.000040 area remains a major resistance zone. Breaking past this could see buyers target February highs. The road to the long term target of $0.1 remains tough given price is 88% off the all-time high of $0.00033 reached on 4 November, 2021.

Dione price prediction: DIONE hits new all-time high

Dione is a L1 blockchain in development and designed to enable renewable energy trade. The coin is developed by top crypto minds and is tapping into Starlink technology to help increase decentralistion of blockchain nodes.

Dione (DIONE) is trading around $0.0045 as of 12.50 pm ET on Monday 24 April 2023, the price being about 4% up in the last 24 hours. DIONE/USD is up nearly 300% in the past month and 78% in the past seven days.

However, DIONE has retreated roughly 14% from its all-time high above $0.0052 hit earlier today.

Dione has recorded a daily trading volume of over $1 million in the past 24 hours, with a rise in market activity represented by the 289% increase in daily volume. DIONE price is likely to continue in price discovery mode, with possible moves to $0.01 in coming weeks. 

On the flipside, profit taking deals can see sellers push DIONE/USD back to February lows.

The post Crypto price prediction: MATIC, FLOKI and DIONE appeared first on CoinJournal.

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Zimbabwe to issue gold-backed digital currency to save local currency

  • The Zimbabwe dollar has been depreciating against the US dollar.
  • The country has been struggling with inflation for more than a decade now.
  • The Reserve Bank of Zimbabwe (RBZ) has announced plans to launch a gold-backed digital currency.

While countries work on central bank digital currencies (CBDCs) and others like El Salvador embrace Bitcoin as their legal tender, Zimbabwe has announced a plan to launch a gold-backed digital currency.

The Reserve Bank of Zimbabwe (RBZ) towards the end of last week announced that it was working on a gold-backed digital currency that will become legal tender in the country. The move is part of the Zimbabwean government’s strategy to keep the local currency from depreciating further against the US dollar.

Hedging against currency instability

According to reports from local media, the gold-backed digital currency will allow the Zimbamweans to trade tiny sums of Zimbabwean dollars for the digital gold token. This will allow Zimbabweans to hedge against their local currency instability.

According to the governor of the Reserve Bank, John Mangudya, the objective of the digital currency is to “leave no one and no place behind.” The governor however added that they expect the “parallel market currency rate to stabilize once tobacco growers receive their payments in USD in the coming weeks.”

Mangudya claims that the current Zimbabwean dollar exchange rate volatility is a result of expectations of increased foreign currency supply in the market because of the tobacco season. Currently, the Zimbabwean dollar is trading at 1,001 ZWL per $1 and is routinely traded at 1,750 ZWL per $1 on the streets of the national capital, Harare.

The post Zimbabwe to issue gold-backed digital currency to save local currency appeared first on CoinJournal.

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DAI whales have added 6.4% of stablecoin’s supply since mid-March

  • DAI stablecoin holders are adding to positions as crypto prices range.
  • Addresses with 100k-10 million DAI added 6.4% of supply in the past six weeks. 
  • The overall holdings for this cohort had dropped significantly as Bitcoin and Ethereum prices pumped in mid-March, Santiment data shows.

On-chain data shows large investors, the sharks and whale addresses with $100,000 to $10,000,000 worth of DAI have recently added to their positions. Addresses with 100,000-1 million DAI hold over 13% of supply while those with 1 million- 10 million DAI currently hold over 25% of supply.

Whales buy DAI stablecoin as markets range

As the crypto markets see fresh volatility, market data provider Santiment has highlighted that after the rotation that followed Bitcoin and Ethereum prices pumping in mid-March, sharks and whales have added 6.4% of DAI.

“Even with crypto markets rollercoastering in April, top stablecoins like $DAI are being accumulated by sharks & whales. Since $DAI was exchanged for pumping $BTC & $ETH in mid-March, $100k-$10m DAI addresses have added 6.4% of the supply back since,” Santiment noted.

As of 23 April 2023, addresses with $100k- $1 million in DAI held 13.43% of the stablecoin’s supply, while addresses with $1 million-$10 million of DAI held about 25.53% of current supply. These cohorts have increased their buying power since their holdings bottomed out around mid-March, on-chain data showed.

The chart below that Santiment shared on Twitter indicates the above scenario.

Dai stablecoin whale and sharks holdings. Chart courtesy of Santiment on Twitter 

What is Dai (DAI)?

DAI is the native stablecoin for major lending protocol Maker, whose governance token MKR currently trades around $688. Dai is the first decentralised, crypto-collateralised stablecoin, with its value pegged 1:1 to the US Dollar.

One of the benefits of Dai is with its use in mitigating price volatility in a crypto market where digital asset prices can swing wildly at any given time.  The token is also highly composable with dApps, including DeFi industry’s leading projects Uniswap and Compound.

What does whales’ buying of DAI mean for crypto prices?

Typically, large whale transactions involving stablecoins has preceded major accumulation of crypto tokens such as Bitcoin and Ethereum. This is so because buying of stablecoins such as DAI, Tether and USD Coin have usually indicated whales positioning of money in readiness for buying.

BTC and ETH prices have recently retreated from highs above $31k and $2.1k respectively as those who bought at the top seemingly sell.

The post DAI whales have added 6.4% of stablecoin’s supply since mid-March appeared first on CoinJournal.

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KuCoin’s Twitter account briefly compromised, $22,000 stolen from users

  • KuCoin says compromise of Twitter account lasted about 45 minutes, with users clicking on malicious links losing over $22,000.
  • On-chain data shows largest loss was $7,750 in ETH.
  • KuCoin has announced it will reimburse those who fell victim to the scam.

KCS, the native token of crypto exchange KuCoin, traded lower today as the exchange reported its official Twitter account was compromised for about 45 minutes. 

In the latest KuCoin news, the exchange says the compromise only affected users on Twitter who interacted with fraudulent tweets and that no exchange assets were stolen. While users have been asked not to click on suspicious links, KuCoin has promised to reimburse all those affected as a result of the incident.

KuCoin Twitter account compromised, $22,000 stolen from users

KuCoin announced that its Twitter handle had been briefly compromised early Monday. The 45-minute breach of the exchange’s social media account saw a number of users lose their assets.

According to on-chain data reports, a total of 22 transactions resulted from the fraudulent details shared via the account during the period it was compromised. Approximately 22,638 USDT was stolen from unsuspecting users.

“The @kucoincom handle was compromised for about 45 mins from 00:00 Apr 24 (UTC+2). A fake activity was posted and unfortunately led to asset losses for several users. KuCoin will fully reimburse all verified asset losses caused by the social media breach and the fake activity,” the exchange tweeted after it seized back control of the account.

According to crypto market intelligence platform Arkham, the largest single loss was $7,750 worth of ETH.

Kucoin has assured its users that only the Twitter account was hacked and that customers’ assets on the crypto exchange are secure.

“We acted immediately to retrieve control of the account from official Twitter support after the incident occurred. We want to reassure you that your assets on KuCoin are secure,” the platform noted.

KuCoin price outlook

KCS price reached intraday lows of $7.99 early Monday, with the token’s value down roughly 2% over the past 24 hours.  The declines are coming as the broader crypto market nursed fresh weakness with Bitcoin price trending towards $27,200.

Crypto analyst Michael van de Poppe says Bitcoin could see bullish divergences below $27k, writing on Twitter:

“Bitcoin clearly rejects the level here, while funding starts to become negative. Meaning that we’ll be having a bounce play soon, but from where? I’m expecting a creation of bullish divergences in the $26,500-27,000 area (Monday dump day) and then recovery to $29,200.”

This outlook means altcoins could bleed again and KuCoin could face more downside pressure in coming days. If buyers give up the key horizontal support zone formed near current prices, expect a retest of the $7.00 demand zone.

The post KuCoin’s Twitter account briefly compromised, $22,000 stolen from users appeared first on CoinJournal.

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WOO Network price sees double digit decline as Bitcoin touches $27,400 level

  • WOO Network saw increased sell-off after rejecting at $0.35.
  • Crypto analyst says WOO could decline to $0.20.
  • The losses for WOO came as Bitcoin price retreated to around $27,400 on Sunday.

WOO Network price fell double digits on Sunday as the crypto market continued to see weakness among the bulls following key downward moves for Bitcoin, Ethereum and other major cryptocurrencies.

At the time of writing, WOO was trading around $0.24, more than 10% down in the past 24 hours and nearly 26% down in the past 7 days. Bitcoin on the other hand, broke below major support at $27,800 to hover near $27,400.

What is WOO?

WOO is the native token of WOO Network, a blockchain-based decentralised finance (DeFi) and centralised finance (CeFi) platform. Users on the trading platform can trade BTC, ETH and other coins and benefit from one of the best liquidity and low cost trade executions.

Users have access to zero fee trades on the CEX platform dubbed WOO X, while the DEX platform WOOFi offers cross-chain swaps and single-sided yields. Both platforms are powered by WOO.

The WOO token, which has a circulating supply of 1.7 billion WOO and trades on the world’s leading crypto exchange Binance, had seen a massive uptick in daily volume as sell-off mounted. Data from CoinGecko showed a total of over $55 million as of 4pm ET on Sunday, more than $19 million of which was in the WOO/USDT pair on Binance.

WOO price: analyst predicts decline to $0.20

The price of WOO Network moved from highs of $0.28 earlier in the day, and crypto trader and analyst TraderSZ has shared the technical set up for the cryptocurrency.

According to the trader, WOO did a trendline deviation on the weekly chart. With invalidation clearly above the trendline, the price prediction is that bears might extend their push to last week’s low. 

The area the analyst highlights around $0.20 marked the zone from which WOO recently bounced to highs near $0.35. The rejection from the psychological level and potential weakness at $0.20 could see WOO price decline to the $0.14 level.

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