Kategorie: Crypto News

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Here is why Floki Inu’s price surged by over 50% today

Key takeaways

  • FLOKI is the best performer amongst the top 100 cryptocurrencies by market cap today.

  • The token has added more than 50% to its value today and could rally higher in the near term.

  • Binance is set to list Floki Inu in its Innovation Zone while the token is now live on Bitfinex

Floki Inu price rally by more than 50% today

FLOKI, the native token of the Floki Inu ecosystem, has been the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours.

At press time, the price of Floki Inu stands at $0.00005282, up by 56% over the past few hours. 

The rally comes thanks to two massive listings of the Floki Inu token. Earlier today, Bitfinex, one of the leading cryptocurrency exchanges in the world, listed FLOKI on its trading platform. 

This latest cryptocurrency news means that FLOKI can be traded against USDT on the Bitfinex crypto exchange.

Binance lists FLOKI in its innovation zone

Following the announcement by Bitfinex, Binance, the world’s largest cryptocurrency exchange, also announced earlier today that it would be listing Floki Inu and PEPE coins in the Binance Innovation Zone. 

The Binance Innovation Zone was introduced to users of the cryptocurrency exchange a safe place to trade new and innovative projects. 

These latest developments were behind FLOKI rallying by more than 50% over the last 24 hours. The positive performance comes despite the broader crypto market currently stagnating.

Bitcoin is down by less than 1% in the last 24 hours and continues to trade above the $29k level. Ether, the second-largest cryptocurrency by market cap, is up by less than 1% so far today and is trading just above $1,900. 

At press time, the total cryptocurrency market cap stands at $1.2 trillion. 

The post Here is why Floki Inu’s price surged by over 50% today appeared first on CoinJournal.

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Kenya eyes 3% tax on cryptocurrency transfers

  • Kenya’s Treasury Secretary outlined the tax proposals in a document sent to parliament on 4 May, 2023.
  • The 3% crypto tax will target cryptocurrencies and NFT transfers on exchanges and by individuals.
  • Kenya is one of the countries with the fastest growing adoption of cryptocurrencies in the world.

Kenya is seeking a 3% tax on the transfer of digital assets, budget proposals from the Treasury ministry outline.

The tax proposals were part of the Finance Bill 2023 that Njuguna Ndung’u, Cabinet Secretary for National Treasury and Economic Planning, sent to the National Assembly on Thursday, 4 May 2023. 

The Treasury CS is expected to present the budget statement to Parliament on 8 June, and could see the East African nation have the new taxation measures in place for the 2023/2024 budget year, the details of the proposal showed.

Authorities eye tax for crypto and NFTs

Apart from cryptocurrencies, the tax proposals also target non-fungible token (NFT) transfers. These will relate to transactions made by exchanges as well as individuals.

Digital assets are classified as property in Kenya, and any gains from the sale, exchange, or disposal of such assets would be subject to capital gains tax. Other than crypto, Kenya also targets monetized online content, with the sector set to be subject to a 15% tax.

Around 8.5% of Kenya’s adult population own or hold cryptocurrencies. While countries in Africa such as Nigeria and South Africa have more people owning crypto, Kenya places higher in terms of percentage of the population. 

Recent statistics on global crypto ownership and usage by the UN ranked Kenya fifth worldwide and fourth among emerging economies – behind Ukraine, Russia and Venezuela.

According to the latest ownership figures from Singapore-based crypto research company Triple A, over 2.7 million Kenyans own digital assets. Globally, cryptocurrency ownership has risen to an average of 4.2%, with numbers jumping from 320 million in early 2022 to over 420 million in May 2023.

Kenya’s plans for crypto taxation rules come as the trend around the world sees increased regulatory scrutiny of cryptocurrencies. The UK, EU and other jurisdictions are looking to offer clear regulatory guidelines for the industry, particularly around overall protection of investors amid likely risks from unregulated crypto exchanges.

The post Kenya eyes 3% tax on cryptocurrency transfers appeared first on CoinJournal.

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3 reasons to invest in Metacade after the 275% rally

  • Metacade price has jumped by 275% from its all-time low.

  • The token will benefit from a Fed pivot as US banks collapse.

  • Technicals are supportive of the cryptocurrency.

Metacade (MCADE) price has done well since going public in April this year. In all, data compiled by Uniswap shows that the token has jumped by more than 275% from its all-time low, making it one of the best-performing cryptocurrencies in the world. Here are three reasons why Metacade price will likely continue soaring in the near term.

Macro events favor cryptocurrencies

The first main reason to invest in Metacade is that macro events seem to favor cryptocurrencies and other assets. On Wednesday, the Federal Reserve decided to hike interest rates by 0.25%, bringing them to about 5.25%. Analysts believe that the Fed has now ended its hiking cycle since there are signs that the American economy is slowing.

For example, GDP data published last week showed that the economy slowed down in A1. Further data showed that the manufacturing sector continued contracting in April this year. Retail sales have slowed as inflation remains stubbornly high.

Most importantly, the banking sector is at its biggest risk in years. On Monday, the FDIC seized First Republic Bank and sold it to JP Morgan, as we wrote here. Other banks are at a significant risk. For example, PacWest shares tumbled by over 50% on Thursday while Comerica and Western Alliance fell by double-digits. 

Therefore, it is hard to fathom the Fed continuing hiking rates in a period when banks are collapsing. As such, there is a likelihood that Metacade will and other altcoins will do well because of Bitcoin’s role as a safe haven.  In fact, Bitcoin and other major tokens have outperformed stocks this year.

Metacade important news

The other main reason to invest in Metacade is that there are some important news that could push the token higher. First, the number of MCADE holders has continued rising in the past few weeks. 

Data compiled by Etherscan shows that the number has jumped to 9,239, which is much higher than where it was last month. This is a sign that the token is gaining traction and that the number will get to 10k soon. The number of MCADE transfers has jumped to over 27,289.

Meanwhile, according to the Metacade white paper, the developers are working to get the token listed in more centralized exchanges. Already, the token has been listed in platforms like MEXC and BitMart. Other potential exchanges where the developers plan to list it are Binance and OKX. In most cases, cryptocurrencies tend to do well after a major exchange listing.

Further, the developers are working on the Metacade game, which is expected to be launched in the next few months. We expect that the game will do well, which will help the token gain traction in the next few months. Historically, crypto tokens tend to do well ahead of a major event.

Metacade technicals are supportive

The other main reason to invest in MCADE is that technicals are supportive. On the four-hour chart, we see that the Metacade price has been in a bullish trend in the past few weeks. As it rose, the token moved above the important resistance point at $0.034, the highest point on April 20th. It has now retested that price in what is known as a break and retest pattern.

Metacade is being supported by the 50-period moving average. Therefore, there is a likelihood that the token will bounce back as buyers target the all-time high of $0.045. A break above that level will see it jump to the next psychological level at $0.05.

The post 3 reasons to invest in Metacade after the 275% rally appeared first on CoinJournal.

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Should you buy Block stock on a boost to bitcoin revenue in Q1?

  • Block didn’t see an impairment loss on its bitcoin holdings in Q1.
  • Analysts at KeyBanc continue to see upside in its shares to $85.
  • Block stock is currently down about 5.0% versus the start of 2023.

Block Inc says it did not see an impairment loss related to its bitcoin hoard in the first financial quarter. Shares are trading up in extended hours.

Bitcoin price recovery helped

The surge in BTC this year pushed the fintech company’s bitcoin revenue in Q1 to $2.16 billion – up 18% sequentially and a whopping 25% versus the same quarter last year.

Gross profit from bitcoin holdings also increased 43% versus the previous quarter, as per its letter to shareholders. Block generated $770 million of total gross profit in its recently concluded quarter – up 16% on a year-over-year basis.

The fair value of its position in bitcoin was $229 million as of March 31st versus the original purchase price of $220 million.

Year-to-date, Block stock is down about 5.0% at writing.

Should you buy Block stock now?

Block ended the quarter with 20 million monthly active users on “Cash Card” – up 34%. Earlier this week, K33 analyst Vetle Lunde noted the similarity in how bitcoin is performing this year and how it recovered after the bear market of 2018-2019.

If it continued on the same trajectory, he added, bitcoin could be worth as much as $45,000 in the coming weeks which could be a significant benefit to Block Inc both in terms of its financial performance as well as the share price.

Those interested in buying Block stock today should also know that analysts at KeyBanc continue to see upside in it to $85 – up roughly 40% from here.

Other notable bulls of the financial technology company include Cathie Wood – the Founder and Chief Executive of Ark Invest.

The post Should you buy Block stock on a boost to bitcoin revenue in Q1? appeared first on CoinJournal.

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Will Stacks price go back up? Here’s the short-term outlook for STX

  • Stacks price has declined 4% in the past 24 hours and is -15% this past 30 days.

  • STX currently trades near $0.78, and has a key supply zone near the psychological $1.00 level.
  • The price of STX rose sharply in February and March as the Ordinals hype hit the market.

The price of Stacks (STX) made another higher low move on Wednesday, trading to highs of $0.82 after surging double digits alongside Bitcoin (BTC). The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike.

But as the FOMC tide cools, STX is down 4% in the past 24 hours, cutting weekly gains to just 5% and wiping out gains from key price bursts in April.

Will Stacks go back up after the recent dump?

Stacks (STX) is a digital asset that has shown considerable fluctuations in price in the past few weeks. As CoinJournal highlighted in this article, the main driver of Stacks price in February was the strong interest in Ordinals, a platform for Bitcoin inscriptions (crypto assets similar to NFTs).

Stacks, which brings the power of smart contracts to Bitcoin, also surged in March as whales loaded up on the native STX.

As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February. The coin is up 5% this week but is in the red on the monthly chart after today’s declines helped erase gains made earlier in the year. STXUSD is down nearly 15% over the past 30 days.

Incidentally, STX rose 122% in one week in February and another 51% over seven days in mid-March. So the question is: will Stacks go back up after retreating from year-to-date highs above $1.32? 

The surge in Bitcoin ordinals, which on-chain data shows reached over 3.5 million this week, suggests interest in the inscriptions is still high. The activity on the Ordinals Protocol and other layer 2s on the Bitcoin blockchain and the potential uptick in BTC price are likely to be major catalysts of upside momentum for the altcoin.

Below is the outlook for Stacks price from a technical perspective.

Stacks price: short term outlook for STX

For a short-term technical outlook for STX, we can look at its weekly chart focusing on the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement levels.

Chart showing the price movement of Stacks (STX) with key technical indicators. Source: TradingViewAs shown above, the RSI indicator for STX on is currently at 57. This suggests that STX is largely neutral, indicating its neither oversold nor overbought. 

However, the MACD indicator is suggesting a potential bearish crossover. We can see the MACD line is above the signal line but could cross below to give the advantage to the bears.

Meanwhile, the main barrier to the upside is likely to be at the Fibonacci retracement level at 23.6% that marks the retracement of the last swing from the highs of $3.37 to lows of $0.20. That level is currently around $0.95. Stacks also highlight the 50% and 61.8% retracement levels as main resistance areas.

In case the Stacks (STX) price continues its downward trend, the first support level could be at a long-term horizontal line near $0.45. The 50-week moving average line is currently leveling up around this area, while the $0.20 demand reload line provides a key buffer zone.

The post Will Stacks price go back up? Here’s the short-term outlook for STX appeared first on CoinJournal.