Kategorie: Crypto Markets

Investors added to their positions during last week’s price dip, CoinShares said in their latest report.

Bitcoin funds recorded weekly inflows of nearly $300 million even as the market recoiled from the devastating collapse of Terra’s LUNA and UST.

According to CoinShares’ Digital Asset Fund Flows Weekly Report, investors bought into the price weakness, adding $299 million to Bitcoin funds.

“Bitcoin was the primary benefactor, with inflows totalling US$299m last week, suggesting investors were flocking to the relative safety of the largest digital asset. Short-Bitcoin saw minor inflows totalling US$0.7m, a slow-down from previous weeks.”

Per the report, North American investors poured $312 million into digital asset investment products, despite the terrifying crash that followed UST’s de-pegging and LUNA’s 100% crash.

Outflows over the week came in at $38 million from European investors, “where sentiment was polarized,” CoinShares wrote. 

In total, inflows into crypto investment products totaled $274 million over the last week.

While Bitcoin saw an increase in flows, Ethereum recorded outflows of $27 million. Year-to-date, Ethereum products have seen outflows of $236 million, or 2.6% of the total assets under management (AUM). Inflows into Bitcoin products stood at $463 million year-to-date last week.

Terra’s AUM fell 99%, although some investors still managed to add to positions by $0.043 million.

BTC/USD and ETH/USD

Bitcoin price is up 3.6% in the past 24 hours, currently trading near $30,750 while Ethereum’s ETH is also up 5.4% to $2,120, according to data from CoinGecko.

The post Investors poured $300 million into Bitcoin amid last week’s price weakness: CoinShares appeared first on Coin Journal.

The crypto market as a whole is bullish today. Most top 100 coins were in the green at the time of writing. 

Top cryptos

Bitcoin registered minor gains, trading above $30,000 at the time of writing. Ethereum was seen up 3%, and BNB and XRP were also up around 3% each. The biggest gainer in the top 10 is Solana. It’s up almost 5%, trading for $56. 

Cryptos outside the top 10 are all in the green at the time of publication. The most prominent gainers are Cronos and Litecoin, both up by just under 6%.

Top movers

Outside the top 20, the tendency was similar, with most coins adding 3-7% to their value. Notable standouts include Maker with 12%, IOTA and STEPN with 10% each, and Kadena with 13%. 

All of these are reversing recent losses. Kadena is launching a smartphone app in June, which could account for the rise. 

On the losing end, Arweave is down 7%, disproportionately affected by the market trend. It was the biggest top 100 gainer yesterday. Internet Computer’s ICP token is down 3%. 

TerraUSD (UST) continues to slide. It lost another fifth of its value today and is trading for 12 cents. 

LUNA rose briefly in Asian hours today, then slid back down when protocol founder Do Kwon announced a fork. He proposed a separate chain to compensate for UST’s implosion.    

Trending

The biggest winner today is Quarashi Coin, which describes itself as an all-in-one platform with several key components. These include a multichain crypto wallet, a DEX, a privacy chat, an IDO launchpad, airdrops, a browser, and even a VPN. 

Quarashi soared on news that it would complete its private chat app this month. Its token gained 2,200% in 24 h.  

The post Highlights May 17: Cryptos continue to rally appeared first on Coin Journal.

As Songbird’s lucrative token giveaway draws to a close, its value is rising exponentially. The live Songbird price today is $0.03 with a 24-hour trading volume of just over $10 million. 

Look no further than this short article for all the details about Songbird: what it is, is it worth investing in, and the best places to buy Songbird now.

Top places to buy Songbird now

Bitstamp

World’s longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.

Buy SGB with Bitstamp today

Celsius

Celsius is proud to provide a platform of curated services that have been abandoned by big banks – things like fair interest, zero fees, and lightning quick transactions. Our goal is to disrupt the financial industry, one happy user at a time, and introduce financial freedom through crypto.

Buy SGB with Celsius today

What is Songbird?

Songbird is the token of Flare’s Canary Network, enabling trustless use of tokens on networks without smart contracts. Songbird is powered by Flare’s technology. Flare is a scalable, low carbon, low cost, highly decentralized smart contract EVM-compatible platform. 

Its native token Spark (FLR) allows Flare to unleash huge value in diverse ecosystems and blockchain communities. 

Flare’s network structure is derived from its underlying integrated networks, which makes it unique. It leverages the decentralization and security of these networks. 

Should I buy Songbird today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also, consider how you would feel about losing money.  

Songbird price prediction

Analysts make mixed predictions of Songbird’s price. Wallet Investor and GOV Capital are bearish. The former forecasts a drop to $0.01 in March and to $0.007 by the end of the year. GOV Capital expects Songbird to have zero value in a year’s time.

Price Prediction and Digital Coin Price are bullish. The latter predicts it will reach $0.11 this year and $0.17 in 2025. In 2030, it expects Songbird to be worth $0.38. Price Prediction forecasts a race from $0.09 this year to $0.41 in four years. 

Songbird on social media

The next Luna 🤣 pic.twitter.com/pyWLGBj58B

— Wahyu Setiawan (@bhayuet) May 15, 2022

The post You can now buy Songbird, which gained 55% in 24 hours: here’s where appeared first on Coin Journal.

The proposal is to have a new Terra (LUNA) chain and (old)Terra Classic (LUNC), with UST removed from the new chain.

Terra should fork to create a new chain to save it from total collapse, Terraform Labs’ Do Kwon announced on Monday.

According to Kwon, the new plan will also help save the community around the cryptocurrency, which he says has a lot of good developments going.

Kwon said that the plan is to have a new governance proposal put to the community on 18 May. Thereafter, a timeline would kick in towards forking the Terra blockchain, with the algorithmic stablecoin not part of the new blockchain.

11/ TFL will be initiating a governance proposal for the network fork in the next few hours – if the proposal passes, then it will coordinate the fork with validators next Friday 05/27.

— Do Kwon 🌕 (@stablekwon) May 16, 2022

“$UST peg failure is Terra’s DAO hack moment – a chance to rise up anew from the ashes,” Kwon wrote.

New Terra blockchain

If the proposal that Kwon plans to put forth is adopted, the new chain will go live on 27 May. According to him, the new blockchain will be called Terra and have its native token as LUNA. Meanwhile, the old chain would be called Terra Classic and have its native coin as LUNC.

Under this proposal, Terra (LUNA) and Terra Classic (LUNC) will then co-exist.

In the event the community adopts the ‘rescue plan 2’, the team will airdrop LUNA across Luna Classic stakers and holders, UST holders, and essential app developers on the Classic chain.

To make the new chain fully community-owned, Kwon proposes the removal of TFL’s wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) from the airdrop whitelist. Among other plans, Terra will support staking rewards of 7% to incentivize users and help secure the blockchain.

Token supply will be capped at 1 billion, the under-fire Terraforms Labs CEO noted.

Kwon’s proposal comes a day after Binance CEO Changpeng Zhao said he was ready to offer help to Terra, only that he would prefer to see a lot more transparency and accountability from the team.

The plan also follows reports that the Luna Foundation Guard blew 80,000BTC trying to save the UST peg.

The post Do Kwon outlines fork proposal as he seeks to save Terra appeared first on Coin Journal.

Luna Foundation Guard, an organization that supports the Terra ecosystem, has confirmed through an announcement that they sold 80,081 bitcoin and other holding tokens to prevent the crash on May 8 and May 10.

The Luna Foundation Guard (LFG) had over 80K BTC and other cryptocurrencies before the de-pegging of the UST.

1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets:
· 80,394 $BTC
· 39,914 $BNB
· 26,281,671 $USDT
· 23,555,590 $USDC
· 1,973,554 $AVAX
· 697,344 $UST
· 1,691,261 $LUNA

— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022

The organization sold Bitcoins for about 3 billion UST which currently wort nothing because Terra blockchain has been suspended.

Luna stated via Twitter:

“Beginning on May 8, when the price of UST began to drop substantially below one dollar, the Foundation began converting this reserve to UST. The Foundation did so by directly executing on-chain swaps and transferring BTC to a counterparty to enable them to enter trades with the Foundation in large size & on short notice. Directly sold 26,281,671 USDT & 23,555,590 USDC for an aggregate 50,200,071 UST· Transferred 52,189 BTC to trade with a counterparty, net of an excess of 5,313 BTC that they have returned, for an aggregate 1,515,689,462 UST. On May 10, when UST had fallen to $0.75… Sold 33,206 BTC for an aggregate 1,164,018,521 UST.”

However, Luna collapsed the day after as there were no other mechanisms or assets to stabilize the stablecoin UST.

On May 7, LFG held 80,394 Bitcoin, but when the price of $UST started to drop they started the conversion of the Bitcoin reserve to $UST. At the time of writing the reserve has been left with only 313 BTC.

The post Luna Foundation Guard confirms it sold 80,081 bitcoins to try prevent the UST crash appeared first on Coin Journal.