Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Top analyst shares thoughts on when Bitcoin is likely to ‘bottom’

Crypto analyst Rekt Capital says Bitcoin is likely to bottom in Q4 this year, based on historical details of a key Bitcoin event.

The Bitcoin network undergoes what is called “halving” roughly every four years – a period at the end of which network rewards for miners are cut in half.

Bitcoin could bottom in Q4 2022

As noted by the analyst, BTC price has reached a bottom well before the halving, as observed over since 2015.

“In 2015, BTC bottomed 547 days before the Halving. In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash).”

The bottoms preceded the July 2016 block reward halving, which reduced miner rewards from 25 BTC to 12.5 BTC. The 2018 bottom preceded the third halving, which occurred in May 2020 and cut block rewards from 12.5 BTC to 6.25 BTC.

Going by the previous halvings, Rekt notes:

“If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 halving … then the bottom will occur in Q4 this year.”

On when this is most likely to be and what happens to Bitcoin price next, the analyst suggests October or November. And Bitcoin could see several price scenarios, including a “slow bleed” and accumulation.

“But BTC has dropped so much lately that it’s difficult to think the bottom won’t be in sooner. How could we get a Q4 2022 bottom? Slow-bleed, some relief, lots of consolidation,” he tweeted.

He thinks the consolidation to extend as far as December 2022.

The post Top analyst shares thoughts on when Bitcoin is likely to ‘bottom’ appeared first on CoinJournal.

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FINRA chief to crypto talent being laid-off: We can give you a job

The US Financial Industry Regulatory Authority (FINRA) may as well tap into crypto talent that’s currently being laid off from various crypto firms.

The idea was floated by FINRA CEO Robert Cook, according to a Reuters report.

The publication quoted the regulator as saying that it needs to add to its resources as it looks to increase its crypto monitoring amid more engagements within the space from the agency’s members.

“We’re going to need to be engaged and prepared to have the resources to do that,” Cook noted, referring to the increase in companies getting approval to trade digital assets. 

“So, anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” he added.

Crypto lay-offs amid bear market wipeout

Tough times for the crypto market as prices plummet amid massive sell-offs have had an impact on crypto firms, with several opting to cut their headcount as part of the effort to stay profitable.

Coinbase has announced plans to lay off 18% of its employees, while BlockFi said it would release 20% of its workers. Crypto exchanges Gemini and Crypto.com have also moved to reduce their workforce as a result of the market conditions.

But not everyone is laying off employees. 

Binance, the world’s largest crypto exchange by trading volume, has 2,000 open job positions. Nexo is also hiring, while FTX CEO Sam Bankman-Fried recently said the firm will continue to prudently hire more people.

BTC price dips further

In the market, Bitcoin has dropped below $21,000, while Ethereum is trending weakly above $1,000. Almost every other crypto asset is deep in the red.

The post FINRA chief to crypto talent being laid-off: We can give you a job appeared first on CoinJournal.

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Crypto lender Celsius hires ‘Restructuring Lawyers’: CEL price pumps and dumps

Celsius Network, a renowned crypto lending firm, has hired ‘restructuring lawyers’ amid the current crypto meltdown that has seen the largest cryptocurrency Bitcoin (BTC) lose about 40% over the past week.

Celsius has reportedly hired attorneys from a law firm called Akin Gump Strauss Hauer & Feld LLP to advise on the way forward as its financial woes pile up due to the falling crypto market prices.

The hiring of restructuring lawyers comes days after the crypto lender told its users that it was pausing withdrawals, swaps, and internal transfers because of extreme market volatility.

CEL price pumps and Dumps

Interestingly, CEL, the native token of Celsius Network, is among the cryptocurrencies that have remained green today. At the time of writing, the price of CEL was up by about 51% over the past 24 hours.

However, CEL had pumped to above $1.1 yesterday before dumping to its current price of $0.4819. There are still no concrete reasons as to why CEL is rising especially since this is happening as activities on Celsius Network remain paused indefinitely.

Celsius looking at options amid insolvency rumors

While Celsius is said to be looking for financial solutions from investors, it is also exploring other alternatives including a possible financial restructuring.

Currently, Celsius lends out customer deposits to other users and in return earns some interest. The company manages over $11.8 billion in crypto assets and offers percentage yields as high as 18.63% of crypto deposits.

Celsius’ move comes as lawmakers around the world start exploring what would happen if crypto platforms fail especially now that cryptocurrencies have lost a lot of value. A bipartisan duo of US senators last week proposed a bill aimed at protecting investors in an event that a cryptocurrency exchange files for bankruptcy. The bill seeks to ensure that customers’ digital assets are held in a separate account from a company’s account.

The post Crypto lender Celsius hires ‘Restructuring Lawyers’: CEL price pumps and dumps appeared first on CoinJournal.

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Highlights June 14: Cardano soars, Bitcoin down 25% in 7 days

The crypto market as a whole is mixed today. Leading cryptos continue to decline with a few exceptions.  

Top cryptos

Bitcoin lost another 7% in the last 24 hours, trading for around $22,000 at the time of writing. Ethereum, the second crypto, remained relatively flat. 

Cardano added around 10% to its value after deploying the Ethereum Virtual Machine (EVM) sidechain on its testnet. Solana is another big winner today with gains of around 8%.  

Cryptos outside the top 10 were also mixed. Tron’s agony continues. It’s down another 6% today, rendering its weekly losses comparable to Bitcoin’s. Avalanche is reversing losses. Its token AVAX is up around 9% today. 

Top movers

The biggest winner in the top 100 is Helium. Its gains today amount to 24%. Helium House was considered one of the highlights of Consensus 2022, the leading crypto event. 

Theta Network demonstrates a strong performance with +17%. Fantom is rapidly reversing losses, adding 16% to its value today. 

Quant also added 17% to its value. Enjin Coin is up 18% and Gala 17%, reflecting a bullish trend for metaverse and gaming tokens. 

Kadena is finally reversing losses too. Despite slumping to #93 on CoinMarketCap, it’s having a strong day with +13%. IoTeX, down to #100, added 18%. On the losing side, Klaytn shed 9%, and Monero – 11%. 

Trending

The biggest winner today is METAXA, a platform on Binance Smart Chain. The Metaxa metaverse is in the works. The token will be used for purchases within it, more specifically 3D buildings. It added 187% in the last 24 h.  

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Cardano deploys EVM sidechain on its Testnet: ADA price shoots by more than 8% today

Cardano (ADA) is defying the general crypto market trend and it is up by more than 8% today. The price hike is pegged on Cardano’s deployment of Ethereum Virtual Machine (EVM) on its testnet.

At the time of writing, ADA was trading at $0.494; up 8.37% over the past 24 hours.

IOHK, the company behind the Cardano ecosystem, announced the launch of its Ethereum Virtual Machine (EVM) sidechain alpha on its testnet, however, they did not specify if one day the EMV compatibility will be directly installed on its mainnet.

EVM is a decentralized computation engine that enables different smart contracts to interact with each another.

According to the IOHK tweet, the initiative will allow developers to create solidity-based applications on the Cardano network as well as enable other dApps build on Ethereum to be transferred seamlessly to Cardano.

The interoperable future of blockchains

Input-Output Global (IOG) senior content editor, Eric Czuleger, claimed that the community believes in “an interoperable future” where different blockchains will be able to communicate with each other.

Besides the latest EVM sidechain deployment, Czuleger regarded this as a great opportunity to add more new users to the Cardano community without adding more complexity to the mainnet.

Quite a great number of growing layer-one blockchains have shown the importance of cross-chain communication. Apart from Cardano, main Ethereum competitors like BSC, Avalanche, and Fantom already have EVM-compatible networks.

In a blog post titled “Interoperability is key to blockchain growth” that was published weeks before Cardano launched the EVM sidechain, IGO noted that the sidechain will also allow developers to build compatible ERC-20 tokens for users to enjoy faster settlement times and lower fees.

The post also noted that Milkomeda, a sidechain protocol backing up Cardano, will allow EVM that is compatible with smart contracts to be launched on its C1 sidechain that is connected to the Cardano main chain, besides, the sidechain aim is to increase interoperability between Cardano and other blockchains like Solana before the year ends.

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