Kategorie: Crypto News

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Near Protocol adds 20% in a week. What price action says about the token

  • Near token has recovered by almost 20% in a week

  • The cryptocurrency saw increased volumes at the $1.25 bottom after a disastrous 2022

  • NEAR face bears at the descending trendline and could correct downwards

Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 on December 31 2022, NEAR is among the worst-performing cryptocurrencies, having started the year above $16. The selloff in the cryptocurrency accelerated in November 2022 post-FTX collapse. Investors earmarked the cryptocurrency after reports showed FTX had invested in Near Protocol tokens for nearly $50 million.

But as 2023 kicked off, investors have been accumulating the Near Protocol tokens. With a surge of nearly 20% in the past week, NEAR is one of the top-gaining cryptocurrencies. That is underlined by a huge buy-side volume spike as the token bottomed at $1.25. The spike saw NEAR hit $1.65.

NEAR price outlook and analysis amid increased bullish pressure

NEAR/USD Chart by TradingView

The daily chart outlook shows NEAR trading at the descending trendline. The cryptocurrency has been trading on a system of lower lowers and lower highs. The token has retraced at the descending trendline, with the volume indicators showing the entry of bears.

Will NEAR sustain the gains?

There are no clear indicators for the recent surge in NEAR price. It could be due to investors spotting an opportunity as the price crashed following the collapse of FTX.

From the price action and technical indicators, NEAR is still bearish and may not sustain gains. Bears are beginning to gain control of price as it hits the descending trendline. With the bear market showing little signs of abating, the recovery could be hard to come for NEAR. Buying the token on a confirmed uptrend is recommended.

Where to buy NEAR

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy NEAR with OKX today

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 NEAR with Binance today

The post Near Protocol adds 20% in a week. What price action says about the token appeared first on CoinJournal.

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XRP price stalls as Ripple CEO remains “cautiously” optimistic about 2023

  • XRP has stalled for the last 3 weeks

  • The price has been tied to the crypto sentiment and case with SEC

  • Garlinghouse expects a “breakthrough” in crypto regulation in 2023

Ripple (XRP/USD) trades around $0.33, a level it started for 2023. The cryptocurrency has held the price zone for the past three weeks. Bulls recovered quickly as the price slid to $0.30 on January 2. But still, the upside remains limited. What holds for XRP this year?

Well, much is expected for cryptocurrencies this year after a disastrous 2022. A possible improvement in the macro situation will definitely boost the price, although this looks unlikely in the first quarter. For XRP, Ripple’s case with the US SEC will be an additional factor. While there have been glimpses of Ripple’s success, the crypto community still remains unsettled over the outcome. For Ripple CEO Brad Garlinghouse, 2023 carries some optimism. But as he advises, it needs caution. 

Garlinghouse is not new to throwing punches at the US regulator since the case against Ripple started. Taking to Twitter to share views about crypto in 2023, Garlinghouse believes it is time for regulatory clarity on crypto in the US. Without referring to the pending case with the SEC, the Ripple CEO says it is time to define “security” in the digital asset sector. He still believes the US stands a chance if regulations come fast, and 2023 could be the year of a “breakthrough.” 

But as the XRP classification case drags on, there is no notable price change as the outlook reflects caution. Still, the latest price action may excite buyers.

XRP stalls above the $0.31 support

XRP/USD Chart by TradingView

A technical outlook shows bulls have successfully defended $0.31 support. An interesting highlight was when a strong bullish pin bar formed as the price slid below the support. The formation of the pin bar underlined that buyers quickly arrested the price drop and stabilised it. However, momentum is weak, with the MACD remaining bearish.

What next for XRP?

XRP price may struggle further, but buyers will be observant if prices approach $0.31. The level is a clear buying zone to watch. 

Where to buy XRP

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.

Buy XRP with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XRP with OKX today

The post XRP price stalls as Ripple CEO remains “cautiously” optimistic about 2023 appeared first on CoinJournal.

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Crypto price predictions: Tron (TRX), Huobi Token (HT), VIDT

  • Cryptocurrencies remained on edge in the first week of 2023.

  • The hawkish Fed minutes led to more concerns about the industry. 

  • Tron, VIDT, and Huobi Token will likely dive during the weekend.

Cryptocurrency prices remained on edge in the first week of the year. Bitcoin remained in a consolidation phase below $17,000. Ethereum remained stuck at $1,200 while the total market cap of all cryptocurrencies remained below $900 billion. Here is the crypto price predictions for some of the top trending coins like Tron, Huobi Token, and VIDT.

Tron 

Tron is a second-generation blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of transactions on a daily basis. The network is also associated with other blockchain projects like Sun, JustLend, and JustStables. Also, it has an association with Huobi, BitTorrent Chain, and USDD.

TRX price crashed hard as concerns of its exposure to Huobi continued. There are concerns that Huobi could go out of business. As a result, Tron dropped to the lowest level since November 23. It has moved below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) drifted downwards. Therefore, the outlook of TRX during the weekend is bearish, with the next key support level to watch being at  $0.04.

TRX chart by TradingView

How to buy Tron

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.

Buy TRX with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy TRX with OKX today

Huobi Token

Huobi Token (HT) came under pressure after the company announced a new round of layoffs. As we wrote in this article, there are concerns about the company’s liquidity. After the collapse of FTX, there are questions about crypto exchanges and their respective tokens. Huobi has not published its reserve data and its results. 

As a result, it has seen outflows in the past few days. Data compiled by DeFi Llama showed that users have withdrawn over $114 million in the past month and $90 million in the past 24 hours. Therefore, the Hubi Token price will likely continue falling during the weekend. 

HT chart by TradingView

How to buy Huobi Token

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy HT with Skilling today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy HT with KuCoin today

VIDT Datalink

VIDT Datalink is a blockchain project in the data storage industry. It was started by a group of artists in 2019 and then it transitioned into a decentralized autonomous organization (DAO). It is mostly used in data storage of NFTs and other valuable items.

VIDT price crashed to an all-time low in 2022 as concerns about its role in the blockchain industry emerged. It also dropped as demand for NFTs declined. This week, however, VIDT price rose to a high of $0.030, the highest point since December 19. 

On the hourly chart, it has moved above its moving averages while the MACD moved above the neutral point. With volume being low, I suspect that the VIDT price will plunge during the weekend.

VIDT chart by TradingView

How to buy VIDT Token

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 VIDT with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy VIDT with KuCoin today

The post Crypto price predictions: Tron (TRX), Huobi Token (HT), VIDT appeared first on CoinJournal.

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NFP payrolls news and its impact on Bitcoin price

  • Bitcoin price has been in a consolidation phase in the past few weeks.

  • The US will publish the latest non-farm payrolls (NFP) data.

  • Strong jobs numbers will be bearish for BTC.

Bitcoin price has been in a tight range in the past few months. BTC/USD has remained between last month’s low of about 16,285 and a high of 18,455. Bitcoin has dropped by more than 22% from the highest level in November. 

US non-farm payrolls data

Bitcoin price has been in a consolidation phase in the past few weeks. The next key catalyst for the BTC price will be the upcoming American jobs data. Economists surveyed by Reuters believe that the economy added more than 200k jobs while the unemployment rate remained at 3.7%. If analysts are accurate, it means that the economy added millions of jobs in 2022.

They also expect the data to show that the country’s wages held steady in December. The average hourly earnings are expected to have risen by 5.0% while the participation rate remained at 62.1%. These numbers will come a day after ADP published strong jobs numbers. They showed that the economy added 235k jobs.

US jobs numbers have an impact on Bitcoin prices because they tend to influence the Federal Reserve. The Fed has a dual mandate to ensure that inflation and unemployment rate are steady. It tends to hike rates when inflation is rising. In 2022, the bank hiked rates by 450 basis points. 

The NFP payrolls data will come two days after the Federal Reserve published minutes of the past meeting. These minutes revealed that the Fed was considering hiking interest rates in 2023 in a bid to bring inflation lower.

All signs are that inflation is easing. In December, inflation data showed that consumer prices dropped to 7.3% in November. With gasoline prices and natural gas prices falling, there is a likelihood that inflation eased.

Bitcoin price will likely drop if the US publishes strong jobs data because it will mean that the Fed will continue hiking rates.

Bitcoin price prediction

BTC chart by TradingView

The four-hour chart showed that Bitcoin has been in a consolidation phase in the past few weeks. As a result, it has remained at 25-day and 50-day moving averages. It is also moved slightly above the Woodie pivot point while the Average True Range (ATR) has pointed downwards.

Therefore, Bitcoin will likely remain in this range in the coming days as investors wait for the upcoming US inflation data. The key level to watch will be at $15,800.

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.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post NFP payrolls news and its impact on Bitcoin price appeared first on CoinJournal.

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73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022


Key Takeaways

  • Cryptocurrency industry was valued close to $3 trillion entering 2022, now it is $800 billion 
  • There are 73% less Bitcoin millionaires after 2022
  • Bitcoin has pulled back 75% from its all-time high fo close to $69,000
  • 25% of the bitcoin supply was in a loss entering the year, now it is over 50%
  • Number of investors holding greater than 1 BTC jumped 20% as the hurdle became much more attainable

    

Once upon a time, the cryptocurrency market was valued at $3 trillion. To be precise, this was in November 2021, when Bitcoin traded at its all-time high of close to $69,000.

But then along came 2022. Inflation sparked as a result of the COVID money printing, war in Ukraine and supply chain issues, meaning central banks worldwide were forced to hike rates to curtail a spiralling cost-of-living crisis.

With the cheap liquidity pulled out from under markets, Bitcoin – and crypto as a whole – felt the pinch. We have seen top 10 cryptocurrencies collapse, one of the top exchanges revealed to be a house of cards and numerous other bankruptcies and scandals. 

The loss has been greater than $2 trillion, with Bitcoin shedding three-quarters of its value as at the time of writing, trading at $16,800.

Bitcoin millionaires

Looking at on-chain data from bitinfocharts.com, Bitcoin millionaires have dropped like flies. Entering 2022, there were 90,000 addresses containing over a million dollars worth of Bitcoin. Today, it is 24,000 – that amounts to a fall of 73%.

“The on-chain data sums up what is glaringly obvious from looking at a Bitcoin price chart – that the party is over and investors are no longer dreaming of retirement off their Bitcoin holdings, in the near future at least! Nearly three-quarters of Bitcoin millionaires losing that status is perhaps the best piece of data of all to summarise how ugly 2022 was for investors” said Max Coupland, Director at CoinJournal. 

Percent in supply in loss doubles in 2022

Bitcoin’s returns before 2022 were astonishing. As a result, the bulk of the supply was in profit, with only 25% of the supply loss-making entering the year. By year-end, this had doubled to over 50% – another stunning statistic when considering that Bitcoin was the best-performing asset class in the world over the prior decade. 

Addresses holding greater than 1 BTC

On the flipside, with Bitcoin being so cheap compared to last year, the number of addresses containing one Bitcoin or greater – “whole coiners”, as they are known – is at all-time high, even if the dollar value contained in those addresses is way down. 

Entering 2022, there were over 814,000 addresses holding more than 1 BTC. By the end of the year, this number was over 978,000 – that is a rise of 20%.

As can be seen when zooming in on 2022 on the below chart, there were significant jumps when Bitcoin plunged off the back of the three major scandals of 2022 – Luna’s death spiral, Celsius’ insolvency and the revelations of fraud at FTX. 

Dropping sentiment matching falling prices

Perhaps the biggest problem emerging from 2022 is related to these scandals. The reputation of crypto has taken a hammer blow, most notably with the shocking downfall of FTX and disgraced former CEO Sam Bankman-Fried. 

According to a CNBC survey as of November 2022, only 8% of Americans now have a positive view of cryptocurrency. 

Crypto investors have seen similar percentage declines before, of course, only for the market to bounce back. But this time, crypto is fighting against a pullback in the wider economy for the first time in its history. 

Until now, it had been zero (or negative) interest rates and a warm money printer. Now, we have transitioned to a new environment, and crypto investors are feeling the pain. They will hope that 2023 can bring a return to prominence and start mending the reputation of the wounded asset class. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research. 

Research Methodology

Address data taken from on-chain. Price data from Yahoo Finance. 

The post 73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022 appeared first on CoinJournal.