Kategorie: Crypto Markets

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. This daily recap will cover some notable exceptions.  

Top cryptos

Bitcoin is down around 1% in the last 24 hours, trading just below $38,500 at the time of writing. Its losses over the past week amount to around 5% with predictions of an even greater dip coming.

Ethereum was relatively flat in the last 24 h, and has also lost around 5% this week. The rest of the top 20 coins sustained slight losses with the exceptions of Terra and Avalanche. Terra is up around 2%, and AVAX – 3.66%.

Cronos continues to fall and might drop out of the top 20 soon if it keeps doing so at this rate. Crypto.com’s coin lost 15% yesterday after the exchange slashed card interest rates. Today, it’s down another 8%.    

Top movers

Outside the top 20, most coins are also in the red. At #24, UNUS SED LEO is up 4% and Cosmos is up 3%. 

The biggest winner by far is Algorand, which announced it would become the official blockchain of FIFA. Its token rallied on the news and has added 21% to its value so far. 

Another big gainer is Helium with 9%. This is owed to a number of positive news: The Helium 5G ecosystem grew rapidly in a year, Dish joined as the first major carrier, GigSky launched the first cell plan, and new Hotspots were unveiled.

Rounding out the winners’ list is OKB with +6%.

Among the losers, KNC is again the biggest, down 14% today. Kava is down 7%, also reversing recent gains. ApeCoin continues to shed value with losses of 8% in the last 24 hours.   

Trending

The biggest winner today is SafeFloki. Its SFK play-to-win token has gained 677%. The game revolves around a hero trying to get richer, collecting loot, and fighting dangerous enemies. 

The post Algorand rallies on news of exciting partnership appeared first on Coin Journal.

Bitcoin is trading around $38,385 on Monday, 2 May, still struggling against the bearish pressure seen over the past several months. The flagship cryptocurrency, which rose to prices near $70K last November, is down 44% since its peak. 

This past week, the BTC/USD pair touched lows of $37,614 for its lowest price level in a month.

With markets largely negative, the 70% of Bitcoin supply that is profitable could decrease significantly and see a large group of Bitcoiners see unrealized losses. That is the outlook from an on-chain analysis report analytics platform Glassnode published on Monday.

At the edge of unprofitability

According to the report, the danger of a downside remains given Bitcoin’s recent high correlation with the S&P 500 and Nasdaq. This is even as there is continued roiling of markets amid concerns over inflation, higher interest rates and geopolitical uncertainties.

The result of a steep downside for equities could thus likely cascade into the crypto market and see a large group of BTC holders edge towards “the abyss of holding unprofitable positions,” Glassnode said in the newsletter.

Per on-chain data, the cost basis of short-term holders (STHs) is $46,910. This means the average coin currently held by short-term holders is at unrealized loss of -17.9%.  The Market Value Realized Value (MVRV) metric for STHs is also pointing to significant pain, with the oscillator off the mean at -0.75 standard deviations.

“With prices trading at $38.5k at the time of writing, the market would need to fall to $33.6k in order to plunge an additional 1.9M BTC into an unrealized loss (10% of supply),” the Glassnode team wrote.

Chart showing 10% of BTC supply could fall into loss. Source: Glassnode

In 2018-2019 and in March 2020, profitability fell to between 45% and 57%, which means the worst could yet happen for short-term holders. If 40% or more of wallets fall into unrealized loss, it would increase the probability of a capitulation event, with a cascade of panic selling hitting the market.

The post 1.9M BTC could fall into unrealized loss if Bitcoin dips to $33K: Glassnode appeared first on Coin Journal.

NYM token has rallied by over 30% following Harry Halpin, NYM CEO, and announcement on raising a $300 million fund towards its mixnets development. It’s worth noting that NYM received the funds after its native token ‘NYM’ was listed on a major crypto exchange.

 At the time of writing, NYM is trading at $0.9366, up 32.34% over the past 24 hours.

The firm noted that it has been able to win the trust of investors at a time when Venture Capitals are dumping projects, besides, the Venture Capitalists that participated in its earlier round also participated in the latest one.

Everyone is terrified of VCs „dumping“ on projects – but in the case of NYM, the VCs from our previous rounds are doubling down on their support of privacy with a $300 million dev fund for developers to build on top of mixnets!

Details to apply soon!
https://t.co/Qr6UltAg5m pic.twitter.com/rScyHuzl6d

— Nym (@nymproject) May 2, 2022

NYM is determined to provide a next-generation multipurpose mixnet that will help internet surveillance users. For them to be able to achieve this, they noted in a report that they raised some funds from prominent industries like Andreessen Horowitz (a16z), Eden Block, Polychain, Tioga Capital, and many others.

NYM’s Venture Capital funding on the rise

Harry Halpin in a report revealed that over $50,000 million has flown in but the firm will utilize the raised $300 million in different phases and for future needs. Currently, NYM is developing services that will cover all the activities in and out of the crypto.

In addition, Andreessen Horowitz (a16z) had invested in the NYM mentioning that NYM is working on solving internet privacy with its mixnet by the use of blockchain. Besides, the NYM team and its CEO have been working on its privacy with projects like Panoramix and NEXTLEAP to meet the idea.

This move by the firm has demonstrated the high number of venture capital funding that are venturing into the crypto industry with the recent one being Dragonfly Capital which launched its biggest fund of $650 million to invest in blockchain technology. 

The post NYM token jumps by over 32% after concluding a $300M fund round to develop mixnets appeared first on Coin Journal.

Cronos (CRO) has become one of the worst-performing cryptos, trading at $0.310417, down 12.86% in the last 24 hours.

One of the main reasons for the price of CRO to drop token is a blog post that Crypto.com exchange published on Sunday, May 1^st, noting that they had reduced the rewards they were offering on their lower-tiers Visa cards. Crypto.com also said that it had reduced the CRO staking rewards by more than a half.

The exchange also added that from 1st June its Midnight Blue card tier will not be offering rewards to its customers but other tiers like Icy White, Obsidian and Ruby steel will offer reduced rewards. In addition, there will be a reward spending cap, where the highest amount of the reward will be locked at $50 per month.

Crypto.com, however, termed this a “difficult decision”  saying that it had to be done because of the need for sustainability.

The slashing of the rewards earned the exchange a lot of criticism on social media where users stated that they were given fewer CRO staking options and less use of the Visa cards. Some also threatened to opt for other crypto card operators like Coinbase and Binance.

However, this is not the first incentive cut the exchange has made this year. In March, it cut the interest rate on token deposits twice giving prior notice to its users. 

Despite the challenges, the Crypto.com exchange still seems to be growing by the day with over 10 million users besides the fact that it will be the official sponsor of the FIFA World Cup 2022.

Reduced crypto Lending activities

Crypto.com’s recent move portrays a broad issue in crypto lending due to the rising U.S interest rate, high inflation, high returns, and weak market performance which are becoming unsustainable. An increase in crypto adoption leads to more account holders which makes big payouts unachievable.

However, this issue has been mostly experienced in the majority of the DeFi lending platforms where they are forced to lower the interest rates as the user counts and deposits continue to grow. Crypto lending platforms could also follow suit as the adoption rate increase.

The post CRO token down 12% after Crypto.com reduces rewards on Visa Cards appeared first on Coin Journal.

The crypto market as a whole is mixed with most top 100 coins adding or losing 1-5% of their value at the time of writing. 

Top cryptos

The majority of top 10 cryptos registered gains. Bitcoin was up around 2% at time of writing, trading above $38,000. Ethereum climbed around 3%, and Cardano and XRP registered gains of around 2% and 5%, respectively. 

Crypto.com’s Cronos dropped to #20, losing around 15% today. For most of the year, the CRO token has been trading at relatively low levels. The price is now close to its lowest level this year.

The dynamic exchange sponsors many sports events and featured Matt Damon in an endorsement, but this has failed to reflect on CRO’s price.   

Top movers

Outside the top 20, Tron gained 6% after reporting the total accounts on its network have now exceeded 90 million. 

Fantom jumped in Asian hours, up by almost 15%. It is still growing with gains of 6% at the time of writing. Fantom integrated Chainlink this week and announced a series of exciting giveaways today. 

As for the losers, the main ones today are all coins that registered major gains last week. These include Kyber Network’s KNC with -9% and ApeCoin with -11%. 

Trending

The biggest winner today is MetaPay, a token that you can shop in the Metaxion universe, a new metaverse. With MetaPay, you can sell the parcels and avatars you buy in the metaverse or convert these into MetaPay tokens. 

The Metaxion demo has been released on the website. MetaPay is having another rally, up 1,069% at the time of writing.  

The post Highlights May 2: Cryptos mixed, Cronos sheds 15% appeared first on Coin Journal.