Kategorie: Crypto News

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Here’s why Ethereum Classic (ETC) price could jump by at least 12%

  • Ethereum Classic price has made a bullish break-out as cryptocurrencies rally. 

  • It jumped after the latest American inflation data showed that prices were falling. 

  • Some investors believe that Ethereum investors will transition to Ethereum Classic after the Shapella upgrade. 

Ethereum Classic (ETC) price continued rising on Thursday as the recent cryptocurrency rally regained steam. The coin jumped to a high of $22.47, the highest level since March 18 of this year. The coin has jumped by more than 53% from the lowest level this year. 

Ethereum Shapella upgrade 

There are three main catalysts moving the ETC price this week. First, there is the ongoing Bitcoin price rally that we wrote about here. This rally saw the coin jump above the important resistance level at $30,000 for the first time since June last year. It has now jumped by more than 80% this year, making it a better performer than Tesla, stocks, and gold. Cryptocurrencies like Ethereum Classic tends to have a close correlation with Bitcoin. 

Second, Ethereum Classic price reacted to the latest American consumer inflation data published on Wednesday. The data showed that the headline consumer price index (CPI) dropped to 5.0% in March, the lowest level since 2021. Core inflation also dropped on a month-on-mom basis. Therefore, there is a likelihood that the Federal Reserve will start pivoting soon. This pivot will involve pausing rate increases and leaving them unchanged for a while. 

Finally, Ethereum Classic reacted to Wednesday’s Shapella upgrade of Ethereum. That upgrade activation made it possible for Ethereum stakers to be able to withdraw their tokens. Data by Staking Rewards shows that the volume of staked Ethereum stands at over $37 billion. 

The move was seen as being positive for Ethereum Classic because of its controversy and regulatory concerns. The Securities and Exchange Commission has hinted that it views all tokens with a staking element as securities. Therefore, analysts believe that many investors will now move to Ethereum Classic, which is the equivalent of the pre-merge Ethereum. However, in reality, it is unclear whether this transition will happen. 

Ethereum Classic price analysis 

The daily chart shows that the ETC price has been in a strong bullish trend in the past few weeks. And this week, the coin managed to move above the important resistance level at $21.35, where it struggled to move above earlier this month. 

The coin has also jumped above the 25-day and 50-day moving averages while oscillators have continued rising. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance level at $24.92, which is about 12% above the current level. 

How to buy Ethereum Classic 

eToro

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy ETC with Binance today

The post Here’s why Ethereum Classic (ETC) price could jump by at least 12% appeared first on CoinJournal.

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FTX considering relaunching in Q2 after asset recovery

  • Bankrupt FTX has reportedly recovered $7.3 billion in assets.
  • The embattled crypto exchange is considering relaunching in Q2, 2023.
  • FTX is currently embroiled in US Bankruptcy court proceedings.

In what could be a dramatic turn of events, the FTX cryptocurrency exchange during Bankruptcy court hearing on Wednesday reported it has recovered $7.3 billion in cash and cryptocurrency assets.

The asset recovery shows the exchange has recovered an additional $800 million since January according to the company’s attorney who provided the details during the court hearing.

FTX to relaunch in Q2, 2023

In yet another positive news for the embattled crypto exchange, the company’s attorney during the court hearing said that the exchange is considering a relaunch in Q2.

The FTX collapse remains the biggest and most controversial financial scandal within the crypto space although a number of top executives including its founder and former CEO Sam Bankman-Fried (SBF) are facing trial for their contribution in bringing down what was once the largest cryptocurrency exchange.

The collapse sent shockwaves across the entire crypto industry and caused the collapse of several other crypto firms/projects including Celsius and Voyager Digital Ltd. Its relaunch would therefore probably offer some reprieve for its customers who have been waiting for almost half a year now to access their funds.

Although the company’s attorney has indicated that the exchange could relaunch this year, it is not yet clear if the company will seek to rebrand or will relaunch as FTX. All eyes remain on the court proceedings after the positive news.

The post FTX considering relaunching in Q2 after asset recovery appeared first on CoinJournal.

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Ether price closes in on $2k following the Shanghai upgrade

Key takeaways

  • The Ethereum network completed the Shanghai upgrade on Wednesday, allowing users to unstake their ETH coins.

  • ETH is up by more than 6% in the last 24 hours and is now trading close to the $2k level for the first time this year.

  • Ether is outperforming the other major cryptocurrencies.

Ethereum network completes the Shanghai upgrade

The Ethereum network has completed its long-awaited Shanghai upgrade, ushering in an era of staking withdrawals on the blockchain. 

The Shanghai hard fork was completed at 22:27 UTC and finalised at about 22:42 UTC. The Ethereum community considers the upgrade a huge milestone as it completes Ethereum’s migration to a proof-of-stake protocol. 

Thanks to the Shanghai upgrade, Ethereum users can now unstake their ETH coins on the blockchain. During the Shapella Mainnet Watch Party hosted by Ethereum Cat Herders, Vitalik Buterin, the co-founder of the Ethereum blockchain, revealed that the hardest and fastest parts of the Ethereum protocol’s transition are basically over. 

He added that the Ethereum network will now be focusing on scaling (enabling faster transactions) following this upgrade. Buterin stated that;

“If we don’t fix scaling before the next bull run, we know people are going to be stuck paying $500 transactions. If, on the other hand, we don’t have Verkle Trees before the next bull run, well, things might suck, but you know, it’s a much smaller problem than, you know, $500 transactions, right?”

Ether closes in on the $2k psychological level

Ether, the native coin of the Ethereum network, has been rallying following the Shanghai upgrade. ETH is up by more than 6% in the last 24 hours and is closing in on the $2k level.

At press time, the price of Ethereum stands at $1,983, the highest it has reached since August 2022. The technical indicators show that ETH could rally higher in the near term.

ETH/USDT Chart By TradingView

 

The MACD line is within the positive region, indicating that the bulls are currently in charge of the Ethereum market. The RSI of 74 also shows that Ether could enter the oversold region in the near term.

If the bullish trend continues, ETH could break past the $2,031 resistance level over the next few hours. In the event of an extended rally, ETH could trade above the $2,160 level for the first time since May 2022.

Where to buy Ethereum now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Ether price closes in on $2k following the Shanghai upgrade appeared first on CoinJournal.

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Warren Buffett still sees bitcoin as a ‘gambling token’

  • Bitcoin is up again following the U.S. inflation data on Wednesday.
  • Warren Buffett reiterates that BTC doesn’t have any intrinsic value.
  • BTC is currently up a whopping 80% since the start of the year.

Bitcoin has climbed a whopping 80% since the start of the year but the “Oracle of Omaha” is still not convinced that it’s an investable asset.

Buffett reiterates his view on Bitcoin

Legendary investor Warren Buffett continues to see the bitcoin as “rat poison squared”. Spending money on it, he reiterated today, is more akin to gambling than investment.

Bitcoin is a gambling token and it doesn’t have any intrinsic value, but that doesn’t stop people from wanting to play the roulette wheel.

Buffett is one of the most notable critics of cryptocurrencies at large.

Interestingly, though, his conglomerate Berkshire Hathaway increased its stake just a day earlier in Sumitomo Corp despite the Japanese trading company’s affiliations with Ripple.

Bitcoin is up after the U.S. inflation data today

Bitcoin is trading comfortably above the $30,000 level on Wednesday following the update from the U.S. Bureau of Labour Statistics which confirmed that inflation continued to ease in March.

And Buffett agreed that there’s no telling when the upside will exhaust. On CNBC’s “Squawk Box”, he said:

That’s predicting when speculation will end, when gambling instinct will go away, when more people would want to get out. If I were good at that, I’d make a lot of money in different things.

Remember that the total supply of bitcoin is scheduled to have in April or May of next year – an event that’s historically unlocked more upside in BTC.

The post Warren Buffett still sees bitcoin as a ‘gambling token’ appeared first on CoinJournal.

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AVAX price outlook: key indicator points to new momentum

  • AVAX is trading around $18.44 and could rally to $30 with fresh upside momentum.
  • On-chain data shows a jump in social volume and sentiment, suggestng uptick in retail activity.
  • Avalanche recorded a 62% jump in daily active users last week.

Avalanche price is up 1.5% at the time of writing, and just over 14% in the past one month. 

While the token of this Ethereum competitor has not seen a major price uptick compared to some of the top coins by market cap, on-chain data suggests a fresh catalyst is likely to see AVAX/USD soar.

Avalanche (AVAX) price- on-chain metrics signal bullish outlook

Avalanche, according to one on-chain metric, is flashing signals of a new upward momentum. Santiment, in a brief assessment of the Avalanche social volumes indicator, says current sentiment for this coin has been higher than when AVAX price rose to its year-to-date highs of $21 in February.

The increase in social volume as well as positive weighted sentiment for Avalanche during the latest pullback provides for a bullish outlook for the cryptocurrency, Santiment noted.

According to the on-chain data platform, AVAX/USD saw “minimal social volume and sentiments were stagnant,” during the run to $21. The difference between then and now is clear in terms of the sharp increase in these metrics.

As such, Avalanche is poised for a potential uptick in retail buying, an outlook that could spell a period of sustained gains for the tokens.

“This is an interesting trend, as social volumes have significantly increased, suggesting a potential leading indicator that will be picked up by retail segment in price movement in coming near future,” Santiment noted as it commented on the price movement of AVAX.

On 10 April, Web3 platform Token Terminal shared details on Avalanche that showed daily active users on the network had spiked by more than 62% over the past week.

Avalanche currently trades around $18.44 and could jump 22% to hit the February peak. The next target would be $30, which would mean a 64% jump from current levels.

The post AVAX price outlook: key indicator points to new momentum appeared first on CoinJournal.