Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
Veröffentlicht am

Stacks price relentless bull run gains steam: is it still a buy?

  • Stacks is a leading blockchain project that seeks to grow Bitcoin’s utility.

  • STX price has surged hard after the successful launch of Ordinals.

  • It has become extremely overbought signaling a pullback is imminent.

Stacks, a small but fast-growing blockchain project, has become one of the best-performing cryptocurrencies in March. STX, its token, has soared to a high of $0.9800, the highest point since May 2022. It has jumped in the past three straight weeks and by 372% from its lowest point this year.

The main reason for the recent Stacks price surge is the ongoing bets of Ordinals, a Bitcoin NFT platform. Its launch, which has been highly successful, has led many analysts to predict that Bitcoin use case will become more pronounced in the coming years.

For many years, Bitcoin has always had little utility, unlike other blockchains like Ethereum and Internet Computer. This happened simply because Bitcoin does not have smart contract features. As such, it is not possible to build on top of Bitcoin. 

Stacks is one of the biggest blockchains that seeks to provide more utility for Bitcoin. Its technology makes it possible for developers to build dApps in all industries, including DeFi and Non-Fungible Tokens (NFTs). 

Stacks uses the proof-of-transfer mechanism that connects it and Bitcoin. It also has other features that make Bitcoin more programmable and productive. So, how high can STX price jump?

Stacks price prediction

STX chart by TradingView

The daily chart shows that the STX price has been in a strong bullish trend in the past few months. It managed to cross the important resistance point at $0.5237, the highest point on August 8. 

It has jumped to the highest point since May last year and moved above the 50-day and 100-day moving averages while the Relative Strength Index (RSI) has moved to the extreme overbought level. The Stochastic Oscillator has also become extremely overbought. Stacks has also moved to the important resistance point at $1.

Therefore, it seems like STX has more bullish upside in the near term. However, with its price being extremely overbought, there is a possibility that a pullback will happen soon. If this happens, the coin will retreat to the next key support to watch will be at $0.5237, which is about 46% below the current level.

Such a retreat will be part of a break and retest pattern. In price action analysis, such a pattern is usually more bullish in the near term. 

The post Stacks price relentless bull run gains steam: is it still a buy? appeared first on CoinJournal.

Veröffentlicht am

Lido Finance triggers “staking rate limit” after 150K+ ETH gets staked in a day

  • The highly anticipated Ethereum Shanghai upgrade is only days away now.
  • The Shanghai upgrade is causing a lot of activity on Lido finance.
  • The “staking rate limit” was activated after the daily staking limit of 150,000 Ether was reached.

As reported in our earlier news, the Lido Finance protocol is witnessing a surge in activity amid the upcoming Ethereum Shanghai/Capella upgrade. The rise in activity mainly attributed to increasing ETH staking has consequently caused the price of Lido Dao (LDO), the native token of Lido Finance, to hike considerably over the past few days.

At press time, LDO was trading at around $3.09, up 4.09% in the past 24 hours.

“Staking Rate Limit” activation

Lido Finance had to activate its “Staking Rate Limit” safety feature after over 150,000 ETH tokens were staked in a single day on February 25. According to a tweet by Lido:

“Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked.  Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.”

Lookonchain, a keen on-chain analyst, shared a screenshot that showed that the 150,100 ETH could have been made by a single user, with three deposits of 50,000 ETH each, and one of 100 ETH.

As a liquid staking protocol, Lido Finance allows users to stake Ether (ETH) without needing to lock their tokens, as with most crypto staking platforms. When a user deposits ETH on Lido, he/she is issued with a liquid variant of the deposited ETH, called staked ETH (stETH). The stETH entitled the users to daily staking rewards.

How the rate limit will work

In a guide, Lido Finance stated that the “Staking Rate Limit” acts as a “safety valve” and it aims at limiting the amount of stETH that can be minted during high inflow times so as to mitigate ill side effects like rewards dilution.

In the guide, Liod states that the “Staking Rate Limit”:

“Works by decreasing how much total stETH can be minted at any one time based on recent deposits, and then replenishing this capacity on a block-by-block basis.”

The replenishing capacity is capped at the rate of 6,200 Ethereum ETH per hour.

More than $9.162 billion ETH has been staked with Lido Finance as of February 27, according to the protocol’s website. The amount of staked ETH on the protocol has increased by almost $4 billion since the beginning of the year.

The post Lido Finance triggers “staking rate limit” after 150K+ ETH gets staked in a day appeared first on CoinJournal.

Veröffentlicht am

Lido Dao price up 13% as staking flows rise ahead of Shanghai

  • Lido Dao (LDO) price was up more than 13% in the past 24 hours on Sunday at 3:30 pm ET.
  • LDO is gaining momentum after recovering from lows of $2.72 amid improved sentiment around the upcoming Ethereum upgrade Shanghai.
  • LDO could see a strong move upward amid gains for liquid staking solutions.

Lido Dao price has increased by 13% in the past 24 hours to recover losses recently suffered following negative market reaction to hotter-than-expected US Personal Consumption Expenditures (PCE) index.

But after cryptocurrencies more than held at major support levels following the dump on news of the Fed’s preferred inflation tool, Lidao Dao native token LDO is taking the lead among liquid staking tokens.

LDO price jumps to 6-month high amid LSD positivity

On Sunday afternoon, the Lido Dao token rose to $3.16 from 24-hour lows of $2.72, its highest price since August 2022.

The token enjoyed the gains as Bitcoin recovered above $23k amid fresh strengthening at this the key support level. But Lido’s double digit gains were the biggest amongst the top 30 cryptocurrencies by market cap.

Even as the rates environment remains a sticking point for bulls across equities and crypto, LDO and other Liquid Staking Derivatives (LSDs) are likely to ride a major upcoming crypto event. This is because the highly anticipated Ethereum Shanghai upgrade is only days away now.

Also likely to help LDO is the US Securities and Exchanges Commission (SEC)’s recent crackdown on centralised staking services. While regulatory uncertainty remains a big issue for all of crypto, moves against CeFi players could also nonetheless prove beneficial to decentralised staking solutions. Lido Finance knows this.

Indeed, Lido just saw its largest daily inflow of staked Ether (ETH), according to on-chain details shared by Web3-focused research group Cryptomium.

Pseudonymous crypto trader and analyst Pentoshi says that LDO is likely to have a strong move as LSDs pick up momentum going into the upgrade.

With prices above $3 now, sustained upside momentum could see bulls target $4.00 and then $5.00 in March as Ethereum holders begin to access withdrawals of the staked ETH.

The post Lido Dao price up 13% as staking flows rise ahead of Shanghai appeared first on CoinJournal.

Veröffentlicht am

Binance Coin price analysis: BNB bulls need to strengthen above $300

  • Binance Coin price is around $304, just in the green over the 24-hour time frame.
  • BNB recently rejected from the $340 resistance area.
  • Bears could target $260 if they take control below the psychologically important $300 level.

Most coins are flat as bulls find it difficult to get bears off their backs, with the total crypto market just 1.2% up in the past 24 hours at $1.12 trillion.

The outlook has Binance Coin hovering around $304 after a slight bounce off lows of $297. Binance’s native coin is indeed in the red this past week at -3.6%. 

The latest downturn for the BNB value also has it just in negative territory over the monthly time frame.

BNB price analysis: Why is $300 key for bulls?

Binance Coin price broke out from below a key horizontal resistance line at the beginning of the year and today’s bounce from under $300 is indicative of resilience. However, bulls have not had a strong move since the failed breakout and the rejection around $340.

Before the huge FTX-triggered declines in November 2022, BNB had rejected from the horizontal line twice. 

Binance Coin price chart. Source: TradingView

While sideways trading has characterized the last few weeks, the breakdown from the identified resistance has BNB poised near the psychologically important $300. This area is very important to bulls, given the potential for market sentiment to inject volatility in the short-term.

Also, the 50 and 200 day moving averages (EMAs) are key levels to watch. If bears take the upper hand at this zone, its over for bulls as the next major support area would be around $260.

The post Binance Coin price analysis: BNB bulls need to strengthen above $300 appeared first on CoinJournal.

Veröffentlicht am

Voyager is liquidating assets, including 2.2 trillion SHIB: report

  • Voyager reportedly received $100 million in USDC since 24 February.
  • Crypto assets sold include 2.24 trillion Shiba Inu and over 15,600 Ether.
  • Voyager filed for Chapter 11 bankruptcy in July 2022.

Voyager Digital, the crypto lender that filed for bankruptcy in July 2022 amid broader market contagion, has reportedly been selling some of its assets.

Per on-chain data shared by Lookonchain, the Voyager team has recently sold digital assets through US-based cryptocurrency exchange Coinbase. The company is said to have received roughly $100 million in the USD Coin (USDC) stablecoin for sales of tokens such as Shiba Inu, Ethereum and the native Voyager Token.

Voyager has sold over $100 million in multiple crypto assets

As reported by Lookonchain, Voyager started receiving the USDC on 24 February 2023, with the sales having begun on 14 February. 

The tokens sent to Coinbase include 2.24 trillion Shiba Inu (SHIB) worth $28 million, 15,635 Ether (ETH) worth $25 million and 640,000 Chainlink (LINK) worth over $4.74 million.

Voyager has reportedly also sold 28.5 million of its native token VGX for $12.85 million, 350,000 Uniswap (UNI) for $2.28 million and 3.26 million of Decentraland (MANA) worth $2.15 million. In total, Voyager sold tokens daily, with about 23 crypto assets sent to Coinbase exchange, the on-chain sleuth noted.

As of 25 February, Voyager held roughly $631 million in crypto, including over 172,000 ETH worth about $276 million, $186 million in USDC and over 6.5 trillion SHIB worth about $81 million.

The post Voyager is liquidating assets, including 2.2 trillion SHIB: report appeared first on CoinJournal.