Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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BTC close to $42K as bulls take on bears despite ‘macroeconomic uncertainty’

The notable thing about Bitcoin’s gains today is that they come despite the continuing uncertainty around the Russia-Ukraine conflict.

Bitcoin (BTC) rose to highs of $41,680 on Monday amid renewed buying pressure across the crypto markets.

The upside move is replicated in altcoins, with Ethereum (ETH) up 7% and trading above $2,800 while Solana (SOL) and Terra (LUNA) are both more than 14% in the green.

The total crypto market valuation is up 7.4% to $1.93 trillion, with Bitcoin’s market cap up to $793 billion.

Russia-Ukraine crisis shines the spotlight on BTC

Currently, BTC is briefly uncorrelated to Wall Street and trades more like gold than as a risk-on asset as seen over the past several months. 

The macroeconomic factors that have hindered BTC remain, with uncertainty surrounding the war in Ukraine and the Fed’s rate hike plans likely to continue dictating investor sentiment short to medium-term.

However, Natalie Brunell, the host of Coin Stories Bitcoin Podcast, says the Ukraine conflict has highlighted what Bitcoin is about for the global community. According to her:

“The global monetary system is fracturing and #Bitcoin has surfaced as a pristine savings and freedom technology that is borderless, permissionless, censorship-resistant and unconfiscatable. The Russia-Ukraine Crisis puts a spotlight on this,” she told Fox Business.

Bitcoin price outlook

Brunell’s comments come as bitcoin donations to Ukraine continue to soar and ruble-denominated crypto trading volumes surge amidst the Russian currency’s weakness.

On whether BTC can sustain the current upside or hold onto gains, Dylan LeClair, a senior analyst at a digital asset investing fund at UXTO Management thinks it’s a likely scenario.

Per the analyst, BTC’s latest uptick is hinged on a growing number of ‘diamond hands’. He points to data that shows more than 80% of Bitcoin’s circulating supply has moved year-to-date.

 “Only 15.5% of the #bitcoin circulating supply has moved in 2022 despite rising levels of macroeconomic uncertainty. HODLers are completely unfazed.  Quite astonishing when you think about it,” LeClair tweeted on Monday.

$42,000 and $46,000 are key barriers

Crypto trader and investor Scott Melker wants to see BTC break above $42 and sustain momentum above it to have the chance of fresh legs for further gains.

And according to pseudonymous analyst Altcoin Sherpa, if BTC rallies to the mid-February peak of $46k, investors might want to look at a potential “market structure shift.”

Unlike last week, when Bitcoin (BTC) fell alongside stocks, this week’s upside is happening as the S&P 500 and broader equity move towards another negative close.

Bitcoin is nearly 10% up at $4,665, while the S&P 500 edged to -0.3% close for February.

The post BTC close to $42K as bulls take on bears despite ‘macroeconomic uncertainty’ appeared first on Coin Journal.

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Kishu Inu (KISHU) has jumped 8% today: why is the price of KISHU of rallying?

Kishu Inu has surged by over 8% in the last 24 hours and managed to return to the top 10 list of tokens purchased by ETH whale wallets.

At the time of writing, KISHU was trading at $0.000000001585. It has hit a daily high of $ $0.000000001591.

What is Kishu Inu?

Before we look into the reasons behind the current price surge, let’s first explain what Kishu Inu is.

In a nutshell, Kishu Inu is a dog-based meme cryptocurrency inspired by Dogecoin. Instead of using Shiba Inu like Dogecoin and Shiba Inu coins, Kishu Inu chose to use the ‘Kishu’ dog breed as its mascot for its brand.

KISHU is the native token of the Kishu Inu meme-coin project.

Why is the price of KISHU rising?

There are several reasons behind the current price rally.  The main reasons are increased purchase of KISHU coin by Ethereum whales, Shiba Inu trending on Binance, and the upcoming Kishu Inu NFT collection.

KISHU purchase by ETH Whales

One of the reasons attributed to the current bullish momentum of the coin is the sudden increase in the number of ETH whales accumulating the KISHU coin. KISHU is currently in the top ten of the most purchased coins by ETH whales and as a result, its trading volume surged by over 200%.

According to the Whalestats, KISHU is fourth among the most bought coins by  ETH whale wallets.

‘’The top 1,000 Ethereum wallets are worth an average of $150.39 million and have an average of 40,404 ETH, 39 tokens, and 1 NFT.’’

Ethereum is leading followed closely by USDC token in the list.  NuCypher (NU), on the other hand, is the most traded token by the biggest ETH Whales.

Meanwhile, Shiba Inu is the leading meme coin among many ETH Whales holders. According to Whalestats, the largest ETH Whale holds more than $1.27 billion SHIB tokens.

Adoption of a meme coin by Whales is a sign of better days for the meme-crypto community.

Kishu Inu trending on Binance

Another reason for the current bullish momentum is their recent announcement that the coin is trending on Binance after obtaining the fourth spot.

Kishu Inu NFT tralier

Besides, KISHU had also dropped a trailer of its KISHUVERSE NFT earlier on that excited the community.

The post Kishu Inu (KISHU) has jumped 8% today: why is the price of KISHU of rallying? appeared first on Coin Journal.

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Ruble-denominated Bitcoin volumes hit 9-month high as ruble plummets

  • Ruble-denominated Bitcoin volumes reached a 9-month high as investors fled to safe-haven assets.
  • Most of the trading is on cryptocurrency exchange Binance, according to details cited by CoinDesk.

More and more people have looked to buy Bitcoin and other cryptocurrencies across Russia and Ukraine amid the impact of war on local currencies, data shows.

According to data from crypto tracking site Kaiko, ruble and Ukrainian hryvnia-to-crypto volumes have shot up in the past week to multi-month highs.

Per the data, trading volumes denominated in the ruble-bitcoin (BTC-RUB) pair increased sharply to hit levels last seen in April-May 2021.

Ruble-denominated BTC volume soared by 1.5 billion RUB on 24 February, according to Kaiko, just ahead of the weekend’s stiffer sanctions that saw Russian banks cut off from the SWIFT system.

Ruble-denominated BTC volume. Source: Kaiko

Ukraine’s hryvnia-BTC volume also surge

While the ruble saw the most trading volume amid the rush to hedge against the impact of sanctions, investors in Ukraine were equally nervous. Kaiko’s Medalie said that even though still low, the bitcoin-Ukrainian hryvnia (BTC-UAH) pair spiked over the week.

Tether-ruble (RUB-USDT) and tether-hryvnia (UAH-USDT) trading volumes have also increased in respect of the invasion, the data showed.

Most of the rising volumes have been on Binance- and LocalBitcoins- which allows for peer-to-peer Bitcoin exchange.

Falling ruble

The rising volumes are majorly driven by a rush to safe-haven assets by investors spooked by the sanctions and the potential ramifications for the ruble.

Gold, US Treasuries, USD, and the Swiss franc are among the assets to see an uptick in buy-side pressure over the past few days. Bitcoin also soared to highs near $40k over the weekend but continues to face pressure alongside stocks.

Already, sanctions have seen Russia’s ruble fall to new lows of 119 against the dollar, with the Central bank of Russia moving to adopt measures meant to defend the fiat currency from further depreciation and inflation hits.

Among these measures is Monday’s move to raise key interest rates from 9.5% to 20%, and an order to local brokers prohibiting them from providing services to foreigners seeking to sell securities.

The post Ruble-denominated Bitcoin volumes hit 9-month high as ruble plummets appeared first on Coin Journal.

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Highlights Feb 28: Crypto markets lower, healthcare with strong performance amid conflict

The crypto markets were lower this morning, with the majority of top 10 cryptos registering losses over the past 24 hours. 

US stocks ended last week higher, despite the Russia-Ukraine conflict causing wild volatility in global markets.

Healthcare stocks, a classic defensive play during uncertain times, performed strongly, with medical device companies Abbott Laboratories (+4.8% last week) and Medtronic (+5.2%) up significantly.

Miners were among the leading performers on the UK100 last week as the Russian invasion of Ukraine caused turmoil in global markets.

Top cryptos

All top 20 coins are in the red with the exception of Solana, which recorded negligible gains. Terra is down around 4% today, but its gains for the week sit at the impressive 42.89%. 

It’s also the only top 20 coin in the green for the week apart from Cosmos, which added 4% to its value in the past 7 days.

Bitcoin was down around 2%, trading below $38,000 at time of writing. Ethereum was down around 4%, and Cardano and XRP registered losses of around 1% and 3% respectively.

Top movers

Outside the top 20, 22nd ranking Uniswap is performing excellently. Uniswap Exchange announced it would start filling liquidity for test listing and begin test trading, causing its native token UNI to surge. It was up 8% at the time of writing.

Against the background of a generally bearish market, Arweave is one of the top gainers of the week. Currently trading for just over $31, it gained 12% over the past 7 days and another 8% today.

Other gainers today include Filecoin (+3%), Flow (+3%), Decred (+2%), and Iota, RavenCoin, Celo, and Huobi Token with less than +1%.  

At the other end are Convex Finance and THORChain (each -8%) and Harmony, Fantom, and Tezos (each -7%).

Trending

The native token of NuCypher, NU, has gained 25% in the last 24 hours. It is surging on news of its partner NuLink raising $4 million from a number of leading crypto investors, including Coincu Ventures and CypherVenture.

The live Keep Network price today is $0.80 with a 24-hour trading volume of $70.6 million. Keep Network’s privacy token KEEP is up 28% today.

SHIBA TRON is a meme token on BSC referring to Shiba Inu. It claims to offer investors a new DeFi product, where holders get 6% of each transaction. It has gained 1,730% today.

The post Highlights Feb 28: Crypto markets lower, healthcare with strong performance amid conflict appeared first on Coin Journal.

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Uniswap surges 11% on liquidity announcement: here’s where to buy Uniswap

Uniswap Exchange announced it would start filling liquidity for test listing and begin test trading, causing its native token UNI to surge. If you are attracted to unique features and want to learn how and where to buy Uniswap, this guide is for you.

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What is Uniswap?

Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens.

An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity thanks to DeFi’s growing popularity and associated surge in token trading.

Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges.

Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges.

Should I buy Uniswap today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never take any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose.

Uniswap price prediction

Wallet Investor advises against investing in Uniswap. They predict its price will drop from its current level of around $9.81 to as little as $1.30 in just one year, equivalent to a loss  of -87%.

If you invest $100 in Uniswap now, you might be left with $13 in a year. Of course, this is just one price prediction. Some analysts are bullish on Uniswap.  

Uniswap on social media

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