Kategorie: Crypto News

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ARPA, IRIS, CREAM, BEL Waves prices rise as BTC retreats

  • Bitcoin and most cryptocurrencies were deeply in the red on Wednesday.

  • The same was true in the stock market, where the Dow Jones and Nasdaq retreated.

  • Several altcoins like ARPA, CREAM, IRIS, and Waves soared.

Cryptocurrencies and stocks slumped hard on Wednesday as concerns about the debt ceiling continued. Bitcoin remained below the support at $27,000 while the Dow Jones and the Nasdaq 100 indices retreated by more than 1%. Safe havens like the US dollar index (DXY) jumped.

Debt ceiling crisis continues

The main catalyst for the ongoing sell-off in the stocks, commodities, and cryptocurrencies market is the ongoing debt ceiling issue. Democrats and Republicans have failed to reach an agreement on how to handle the crisis.

Therefore, there are concerns that the two sides will not reach an agreement before the June 1 deadline. However, most analysts and experts in negotiations believe that these talks will go to the wire as the two sides seek concessions.

A default of the American government would have a major implication around the world since it holds over $31 trillion in debt. It would lead to a major crash of key assets like stocks and bonds. Also, it would lead to a jump in the unemployment rate.

The soaring US debt is one reason why many people allocate their cash to safe havens like gold and Bitcoin to a small extent. However, historically, these assets tend to drop when there is an elevated risk. For example, BTC and gold plunged in March 2020 as the world was moving into lockdown.

Several altcoins are rising

Not all cryptocurrencies are slipping. Data compiled by Binance shows that ARPA price has jumped by over 74% in the past 24 hours, making it the best performer in the industry. This rally happened as the token trended in key social media platforms like Twitter and StockTwits. There is a likelihood that the developers will launch the mainnet soon.

CREAM, the token for Cream Finance, jumped by more than 15% while Bella Protocol jumped by 12%. PIVX and IRIS prices jumped by more than 10% in the past 24 hours. The parabolic moves of most of these tokens was not driven by any news in the ecosystems. It also happened in a low-volume environment, signaling that it could be part of a pump and dump.

Meanwhile, Waves price drifted upwards after an association of South Korean exchanges removed it from a cautionary list. As a result, several exchanges decided to restart offering the coin. Also, the platform partnered with Pyth Network, an oracle platform that competes with Chainlink.

The post ARPA, IRIS, CREAM, BEL Waves prices rise as BTC retreats appeared first on CoinJournal.

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USDT’s total supply nears all-time high: will cryptos like Metacade rally higher?

Key takeaways

  • USDT’s total market cap is close to its all-time high of $84.1 billion.

  • Tether’s recovery could see the broader crypto market embark on a rally again.

  • Metacade could be one of the biggest winners thanks to the project’s huge potential. 

The cryptocurrency market has been in a bearish cycle since 2021, with the prices of most coins and tokens down by more than 50% from their all-time highs. 

However, the market sentiment has improved this year, with Bitcoin and other major cryptocurrencies up by over 40% year-to-date.

One of the biggest positives this year is the recovery of USDT, the stablecoin issued by Tether. USDT remains the largest stablecoin in the world in terms of market cap, and its recovery could spell excellent times ahead for the cryptocurrency market.

Does USDT’s recovery signal an upcoming bull cycle, and should investors take the opportunity to purchase cryptocurrencies like Metacade? 

USDT’s total market cap crosses $83 billion

USDT, the world’s leading stablecoin by market cap, has almost recovered from the bear market jitters. 

The total market cap of USDT recently crossed $83 billion, which is just below the all-time high of  $84.1 billion reached on May 10, 2022. According to the data obtained from Coinmarketcap, USDT’s total market cap crossed the $83.5 billion mark earlier today, indicating that the stablecoin is doing as well as it did during the most recent bull cycle.

What does Tether’s recovery mean for the cryptocurrency market?

Tether’s recovery is an excellent development for the broader cryptocurrency market. It comes following numerous regulatory uncertainties and the banking crisis in the United States.

The collapse of the Silicon Valley Bank severely affected the market cap of USDT’s nearest competitor, Circle’s USDC. Due to the crisis in the US, the supply of rival USDC has declined from nearly $47 billion to $27.8 billion

With USDT now close to its all-time high, a liquidity crisis in the cryptocurrency space might not be something investors worry about. 

Data provider Kaiko revealed that the rising USDT isn’t tied to an increase in trading volumes. The firm stated that;

“The data doesn’t show any notable increase in USDT market share (as measured by trade volume) relative to other stablecoins over the past few months, in large part due to Binance’s promotion of TUSD as an alternative to BUSD.”

The firm further stated that the increase in USDT could be because of offshore trading among market-making firms and whales.

How does this affect projects like Metacade?

USDT’s recovery will be a boost for the broader cryptocurrency market. Historically, Bitcoin has performed well when there is an increase in the total USDT supply. 

With USDT now close to its all-time high again, it could benefit Bitcoin and other cryptocurrencies. 

MCADE, the native token of the Metacade ecosystem, could be one of the biggest winners if the market rallies. 

Metacade has performed well over the past seven days despite the broader crypto market recording slight losses. At press time, the price of Metacade stands at $0.02111, down by 1% over the last 24 hours. The token is up by more than 5% from the low of $0.01954 recorded over the weekend.

Despite its recent positive performance, MCADE is down by 53% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

Metacade has huge potential in the GameFi ecosystem, making it one of the tokens investors could consider. It is a web3 project on the Ethereum blockchain, with the team currently working on launching a play-to-earn ecosystem that allows users to enjoy new web3 experiences. 

What Metacade hopes to achieve is to allow players to be able to play, connect, build, and earn seamlessly. The team is working to also turn Metacade into a decentralised autonomous organisation (DAO) by next year, ensuring that the project is truly decentralised. 

Should you buy Metacade now?

Metacade is a relatively new project, and its token price is down by more than 50% from its all-time high. This implies that MCADE could be trading at a discount.

However, the major investment decision regarding MCADE should be based on the potential of the project. As stated above, Metacade hopes to change the way the P2E model works by introducing new web3 experiences for the users.

The development team is already working on its P2E ecosystem after raising $16 million in the recently concluded presale event. The token has also launched on Uniswap, MEXC, and BitMart, and the team is working to get it listed on other leading cryptocurrency exchanges. 

The post USDT’s total supply nears all-time high: will cryptos like Metacade rally higher? appeared first on CoinJournal.

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Bitcoin on-chain metric suggests “big move” is incoming, expert says

  • Bitcoin could see a volatile phase within the $40k and $22k price range, James Check, lead on-chain analyst at Glassnode says.
  • BTC’s sell-side risk ratio is approaching an all-time low, with traders on both sides showing exhaustion after recent price action.
  • The flagship crypto traded at $26,400 on Wednesday, about 3% down in the past 24 hours.

On-chain metrics for Bitcoin suggests the flagship cryptocurrency could be looking at massive price moves in the short term.

After struggling to break the $27,600 resistance level following dips from above $28,000, crypto experts have opined BTC could flip to new support. On the other hand, fresh impetus could catapult the asset past its year-to-date high of $31,000.

The outlook is down to on-chain data suggesting traders on both sides are exhausted, Glassnode lead analyst James Check says.

Also going by the pseudonym “Checkmate” on Twitter, the analyst noted:

“Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

What next for Bitcoin price?

Realized Profit and Loss metrics provide somewhat an understanding of the Bitcoin market, according to the analyst. It is these indicators that offer BTC price outlook from the point of holders’ sentiment, capital flows and behaviour patterns.

That’s what currently suggests Bitcoin price could be setting up for a prolonged reaccumulation phase.

“Bitcoin usually has a 12ish month reaccumulation period after a bottom (if that is indeed what is in place),” Check tweeted.

According to him, Bitcoin price could see some volatile action between the $40k and $22k range. For traders looking for a definite signal, the analyst says it’s largely “directionless.” Checkmate said:

“This is somewhat directionless, it suggests volatility is coming. Note that Nov 2018 also saw a very low value. [It] indicates traders are exhausted in this price range, and doesn’t tell us which price range they want to move towards.”

Bitcoin was trading around $26,400 on Wednesday morning 9:53 am ET, and was about 3% down in the past 24 hours. 

The post Bitcoin on-chain metric suggests “big move” is incoming, expert says appeared first on CoinJournal.

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Synthetix adds 7 new perpetual futures markets

  • Synthetix has added 7 new perpetual futures markets for XRP, DOT, FLOKI, INJ, PEPE, SUI and BLUR.
  • The protocol will also add support for TRX, with the new perps markets available on perps trading front-ends Kwenta, Polynomial, Decentrex, and dHEDGE.
  • Synthetix now provides SYN liquidity for 40 perpetual futures markets.

Synthetix, a decentralised derivatives trading platform built on Optimism and Ethereum, has added 7 new perpetual futures markets, including for some tokens currently attracting huge interest.

According to the derivatives protocol’s blog announcement on Wednesday, 24 May, the new markets feature XRP(XRP), Polkadot (DOT), Floki Inu (FLOKI), Injective (INJ), Pepe (PEPE), Sui (SUI) and Blur (BLUR). 

The listing of the seven new perpetual futures markets bring the total perps markets on Sythentix to 40, the platform noted.

New perps markets are live on Optimism

Support for the new markets follow the approval of SIP 2014 and SIP 2015. Per the blog post, an eighth perps market for Tron (TRX) was also approved. However, Synthetix is waiting for oracle support for the token before launching its trading.

The new perps markets are now live on the Optimism protocol for leverage trading.

Holders of the SNX tokens can access the perpetual markets on various SNX integrated derivatives trading protocols. User-facing platform on Synthetix that support perps trading include Kwenta, Polynomial, Decentrex, and dHEDGE

Perpetual futures contracts are a type of derivatives that allows traders to bet on future prices of an underlying digital asset without having to hold the actual asset. The markets have no expiration and trade 24/7, often with high leverage.

The price of Sythentix‘ native token SNX rose 3.5% on Wednesday to trade at highs of $2.60. SNX was up 17% in the past week at the time of writing, although its value remains more than 90% down from its all-time high above $28 reached in February 2021.

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LTC/USD stumbles at horizontal resistance as the $100 level holds

  • The US dollar’s strength weighs on major cryptocurrencies
  • A double top pattern at the $100 suggests more weakness ahead
  • If the dollar’s strength persists, one should not exclude a move to the 2022 support area

The US dollar is trending higher lately, despite uncertainty surrounding the debt ceiling negotiations. The US Treasury warned that unless the debt limit is raised or suspended, it will have no more funds to pay its bills starting in June.

Ongoing negotiations between Republicans and Democrats keep the suspense, but even a short debt ceiling breach would have substantial negative consequences for the US economy. As for the US dollar, the opinions are split as to how such an event would impact the world’s reserve currency.

Regardless of the reason, the dollar is trending higher against both fiat and cryptocurrencies. For instance, the EUR/USD pair trades below 1.08 after trading around 1.11 one month ago.

LTC/USD is one of the cryptocurrency pairs where the recent dollar strength is visible. Sure enough, the pair is up over 24% UTD, but today alone, it gave up more than 5% of its gains when this article was written.

Moreover, the worse part is that it failed at horizontal resistance given by the $100 level. It means that a triangle as a reversal pattern might be in place, suggesting more weakness for the pair in the period ahead.

LTC/USD chart by TradingView

A double top pattern suggests more weakness ahead

One of the most powerful reversal patterns is a double top. It is even more powerful in this case because it formed at a round number – the $100 level.

A move below the rising trendline opens the gates to further declines toward the 2022 support area seen at $40. If the dollar strength remains, one should not be surprised for the support to give way sooner rather than later.

The post LTC/USD stumbles at horizontal resistance as the $100 level holds appeared first on CoinJournal.