Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Bank of America: 90% of survey respondents plan to purchase crypto in next 6 months

Despite the bear market sentiment, most crypto holders have plans to purchase “some amount of crypto” before the end of the year.

A new survey by the Bank of America shows interest in cryptocurrencies remains high among Americans, with over 90% of respondents saying they planned to buy crypto over the next six months.

According to Jason Kupferberg, an analyst at Bank of America, the survey was conducted on 1 June, coming in the aftermath of the Terra Luna collapse. The sample size was 1,000 US adults.

In an interview with CNBC’s ‘TechCheck’, Kupferberg added that the percentage of respondents looking to buy crypto was similar to the number that said they bought during the first six months of 2022.

Bitcoin adoption and payments

On the use of Bitcoin and other cryptocurrencies, the bank says adoption is not very much pronounced.

However, with increased movement towards crypto-linked payment like Coinbase’ Visa card, the connection to merchants and users is much seamless and helpful towards new momentum in the sector.

Bank of America also says the crypto market is likely not seeing a major shift in global adoption to too many cryptocurrencies and crypto exchanges. Likening it to the dotcom era, Kupferberg says some of the projects are most likely going to fade away, before those that survive see greater adoption.

BTC and stocks price correlation

The BofA analyst also noted that Bitcoin continues to correlate highly with stocks, especially high growth tech stocks. This lockstep trading has a BTC price tank alongside downturns in the market, trending in a bear market as major stocks sold-off.

On Monday, Bitcoin price fell nearly 18% as negative headlines around Celsius Network compounded the downside pressure. BTC/USD fell to a 24-hour low of $22,725. 

The post Bank of America: 90% of survey respondents plan to purchase crypto in next 6 months appeared first on CoinJournal.

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Analyst: Cryptocurrency crash not solely due to Celsius Network pausing withdrawals

The cryptocurrency market has lost more than $200 billion over the past few days, and many attribute the crash to Celsius’s withdrawal changes.

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The cryptocurrency market experienced another crash over the weekend. The total cryptocurrency market cap dropped from the $1.2 trillion level it stood at a few days ago to currently stand at $945 billion.

Bitcoin, the world’s leading cryptocurrency, has lost more than 17% of its value over the past 24 hours and currently trades around $23k per coin. 

Some market experts attribute the latest crash to Celsius Network pausing its withdrawals. 

Celsius Network is one of the biggest lenders in the cryptocurrency space. The company controls more than $12 billion in assets under management.

The company told its users that;

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts. “Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets, and we are working diligently to meet our obligations.”

However, Marcus Sotiriou, Analyst at the UK-based digital asset broker GlobalBlock told Coinjournal that the market crash was not solely due to the Celsius Network pausing withdrawals. He said;

“Despite the fear, uncertainty, and doubt the Celsius debacle has caused, the sell-off started at the beginning of the weekend on Friday, after the U.S. inflation data was released. CPI was reportedly 8.6% year over year in May, which is a 0.3% increase compared to April, showing that inflation is ramping up rather than slowing down. I think this is a bigger contributor to the decline we have seen, as it results in a more hawkish Federal Reserve – they are now forced to remove more liquidity from the market in order to bring down inflation. When liquidity is removed, risk-on assets are hit the hardest, which includes crypto.”

Despite the ongoing bearish sentiment, Sotiriou said investors should remember that this period of persistent inflation should pass, and the crypto industry will become more efficient as unsecure and incompetent firms are weeded out bit by bit.

The post Analyst: Cryptocurrency crash not solely due to Celsius Network pausing withdrawals appeared first on CoinJournal.

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Bitcoin news: Binance temporarily halts BTC withdrawals

According to a tweet posted by Binance CEO, Changpeng Zhao, the crypto exchange has temporarily suspended Bitcoin (BTC) withdrawal as a result of the current market turmoil.

However, the CEO has assured their customers that their funds are safe noting that the withdrawal suspension is connected to a backlog triggered by a stuck on-chain transaction. 

In an official announcement, it was confirmed that the Binance team is currently working on the problem. Zhao noted the team will have fixed the issue within thirty minutes. 

Major crypto exchanges were affected too

When there is severe market volatility, major crypto exchanges also experience performance issues. At the time of writing, the largest crypto by market cap, Bitcoin, the price has dropped to as low as $23,591.83 down 13.67% in the last 24 hours extending its bearish streak.

Since January 2021, this is the first time the total crypto market cap has dropped below the $1 billion level. According to the data from CoinGlas, a crypto analyst firm, there is about $316 million worth of cryptos in liquidation.

Additionally, the crypto market has also been hit by the Celsius mess and the deteriorating macro conditions. Earlier today, one of the largest crypto lenders, Celsius, had paused all the withdrawal transactions. Following the Celsius announcement, its native token (CEL) lost half of its value causing fears among the crypto enthusiasts and investors.

However, Binance recorded over $28.7 billion worth of traders in the last 24 hours overshadowing its closest competitors, Coinbase and FTX.

The post Bitcoin news: Binance temporarily halts BTC withdrawals appeared first on CoinJournal.

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Tron DAO Reserve deploys more assets as USDD depegs and TRX falls 18%

The general crypto Monday has started the week with a plunge, but for TRON, things have somehow started to get worse after the Tron DAO Reserve was forced to deploy resources after its stablecoin de-pegged.

The USDD stablecoin started the week by temporarily depeging to as low as $0.97; something that caused a corresponding reaction affecting TRX price which had dropped by 18.68% to $0.06291 at the time of writing.

At the time of writing, the price of the USDD stablecoin had not yet regained its Dollar parity and was trading at $0.9892.

Justin Sun is ready to fight for the stability of USDD

The head of Tron Foundation, Justin Sun, has stated that he is ready to deploy as much as $2 billion to keep the USDD pegged to the dollar.

So far, the TRON DAO has deployed 700 million USDC coins to try and keep the USDD pegged to the dollar.

The current situation with the USDD stablecoin seems to be following a similar trajectory to Terra’s TerraUSD (UST) stablecoin.

When the UST first de-pegged, Do Kown announced that they would be deploying more capital to try and keep the UST pegged to the US Dollar. 

Avoiding Terra’s path

Justin Sun had earlier on said that the USDD would be overcollateralized at 130% to avoid going down the same path that the TerraUSD used.

Sun has gone ahead to also say that TRON DAO will deploy $2 billion to fight back the negative funding on Binance. He also warned of an impending short squeeze on TRX tokens over the next few days or weeks.

The post Tron DAO Reserve deploys more assets as USDD depegs and TRX falls 18% appeared first on CoinJournal.

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Highlights June 13: Dreadful day for crypto, Convex Finance drops 50% in a week

Cryptocurrencies have been hit very hard by US inflation data, the war in Ukraine and the ensuing supply crisis, and other adverse events. 

However, June 13 has been beyond painful. To paraphrase CZ: 

Remember how you felt during the ATHs? This is what the other half of the time feels like. Your actions now (not investment advice) define your experience at the next ATHs.  

Top cryptos

Bitcoin was trading below $25,000 at the time of writing, down more than 10% in the last 24 hours. Ethereum dropped by more than 12%. Solana is the biggest loser in the top 10, having shed almost 17% of its value. 

It was much the same for cryptos outside the top 10, the biggest loser being Avalanche with -17%. 

Top movers

Outside the top 20, the tendency was similar, with most coins suffering double digit losses.

Notable standouts include Maker and THORChain with 17%, Fantom with 22%, Curve DAO Token with 20%, and Kava with 18%. Nexo lost a quarter of its value today.  

The biggest losers over the past 7 days are Convex Finance, which shed half of its value, and ApeCoin, down 43%.  

No coins are in the green today. As for the past 7 days, the only coin with gains is UNUS SED LEO at #15. It has added 4% to its value since last Monday.  

Trending

The biggest winner today is United Bitcoin (UBTC), which can be generated through mining. United Bitcoin is up 466% over the last 24 hours. 

The post Highlights June 13: Dreadful day for crypto, Convex Finance drops 50% in a week appeared first on CoinJournal.