Crypto News Archive - Seite 1300 von 1899 - Finanzmittel Info + Krypto + Geld + Gold

4. Januar 2023

Litecoin remains bullish, but it must overcome a key level

Litecoin has gained 13% in the past week
The network ended 2022 with record transactions
Investors speculate further gains, although $80 is a crucial level to watch

Litecoin (LTC/USD) began 2023 on a strong footing. The cryptocurrency is among the top gainers, with a gain of nearly 13% in the week. That comes even as trading volumes rise, with an intraday 22% surge. Does this send a bullish note?

2022 may be a difficult year for all cryptocurrencies, including Litecoin. However, Litecoin saw increasing growth, with 52 million new addresses. According to Litecoin’s update on the last day of 2022, the network processed over 39 million transactions last year. This is a new record, which investors could look at to predict a bullish push in 2023.

DeFi firm Abra CEO Bill Barhydt thinks Litecoin is “important.” Barhydt says Litecoin is the only p2p decentralised payment ecosystem that has outlived 10 years of uptime. He says Litecoin is also superior to Bitcoin in terms of testing new technologies.

Digging deeper into 2023, analysts expect it to be a busy year for Litecoin. Galaxy Trading expects the token to return up to 100% heading into LTC’s halving event. The price has already been reacting to these important developments.

LTC price outlook as token retests resistance

LTC/USD Chart by TradingView

On the daily chart, LTC is testing a resistance zone around $77-$80. The price has maintained along a short-term trendline after bouncing off from the $64 support. The MACD indicator has turned bullish and shifted above the neutral zone.

Is LTC attractive?

The gain by LTC is an opportunity for buyers to ride the bullish push in 2023. However, sustained gains in the cryptocurrency will depend on whether bulls will overcome resistance at $80. The cryptocurrency is retesting the resistance with an opportunity for a breakout. Investors can buy LTC on the breakout.

On the flip side, investors could watch how LTC behaves at the short-term trendline. A drop below the trendline could see the cryptocurrency retest the support at $64.

Where to buy LTC

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 LTC 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 LTC with OKX today

The post Litecoin remains bullish, but it must overcome a key level appeared first on CoinJournal.

4. Januar 2023

Indonesia intends to launch its own cryptocurrency exchange

Indonesia is planning to launch a national cryptocurrency exchange in 2023.
The government will transfer regulatory powers over such assets to the Financial Services Authority soon.
The country’s central bank is also working on launching its digital currency (CBDC).

Indonesia to launch a national crypto exchange

Indonesia plans to establish a national cryptocurrency exchange before the end of the year, according to a recent report by Bloomberg.

Bloomberg revealed that the government would launch the cryptocurrency exchange before it shifts regulatory powers over such assets to the Financial Services Authority, from a commodities agency.

This latest cryptocurrency news would be a huge development for the crypto industry in Indonesia. At the moment, crypto assets in the country are traded alongside commodity contracts and are regulated by the Commodity Futures Trading Regulatory Agency, known as Bappebti.

Bappebti acting head Didid Noordiatmoko revealed earlier today that as part of a broader financial sector reform, the FSA would be given regulatory power over the assets over the next two years, during which time the exchange would be established.

Indonesia continues to support crypto growth

Indonesia is one of the countries in the world with a certain level of regulatory clarity in terms of cryptocurrency.

The country’s apex bank issued a white paper discussing its digital currency. The central bank digital currency (CBDC) is currently in development. However, there is no timeline for its launch yet.

Indonesia also passed a law recognising cryptocurrency and digital assets as regulated financial securities in the country.

The positive stance regarding cryptocurrencies comes after the Bank of Indonesia banned the use of cryptos for payments in the country in 2021.

At the moment, there are 383 cryptocurrencies and 10 local coins that can be traded in Indonesia. The Bappebti is also reviewing another 151 assets and 10 coins in a bid to make the assets available to local investors.

The post Indonesia intends to launch its own cryptocurrency exchange appeared first on CoinJournal.

4. Januar 2023

Why is BONK going up? Be careful of doggy tokens, we have seen this movie before

Bonk is a meme coin launched on Solana on Christmas Day
It has surged close to 2,500%
Solana, meanwhile, has collapsed following associations with Bankman-Fried and top projects fleeing the blockchain
Our Analyst writes that this is not the climate for memecoin hysteria

Woah, this is a throwback. Twitter is alive this week with talk of Bonk, a doggy token on the Solana blockchain. There is something a little nostalgic in talking about a good old-fashioned meme token. All we need is a COVID mask and some Elon Musk tweets, and we would be squarely back in 2020.

The Shiba-Inu themed token was issued on Christmas Day, and has risen close to 2,500% since. The price rise in the last hour as I write this is 150%.

Of course, the intriguing thing here is that the token has been launched on Solana, which has been struggling mightily over the last few months. I wrote a deep dive only yesterday analysing the demise of Solana, with multiple top projects fleeing the blockchain, repeated outages causing massive problems, and its ominous association with Sam Bankman-Fried pulling down the price.

But while it is still down hugely, Solana has bounced back a little in conjunction with this surge for Bonk. It jumped back above $13 Tuesday having dipped as low as $8 last week. Looking at Coinglass data, there has been close to $7 million of short positions liquidated, the largest amount since FTX collapsed in November.

The Layer 1 seems to be benefiting from the surge in interest for Bonk, which announced a large airdrop of 50% of its supply to drive up hype around the coin. It has worked – Bonk now has a market cap of $120 million and is following the meme coin playbook perfectly.

Why is Bonk rising?

Like any meme coin, it is difficult to ascertain how exactly bonk has pulled this off. It really comes down to marketing and luck. A number of Solana projects have even integrated Bonk as payment tokens, while $BONK has been trending incessantly on Twitter.

It all amounts to the same hysteria we saw over the last couple of years. As everybody knows by now, meme coins are nothing but a gamble. But what makes this so unusual is that the rise is occurring not only at a bearish juncture for Solana, but for the market as a whole.

The past year has seen interest rates hiked and liquidity pulled from the market, with risk assets collapsing. There is nothing further out on the risk spectrum than meme coins, and they have hence cratered as a result.

What next for Bonk?

All I will say to any investor (gambler) is that Bonk is a very dangerous game, like any meme coin. There is zero utility here and that means that in the long run, the coin is likely to drop to zero.

Of course, everybody knows that anyway, and these are memes we are talking about. But in the current tight monetary policy environment, the hysteria of the pandemic, where stimulus-cheque-wielding retail investors were pumping everything within sight, is long gone. This is not the climate for gambles like meme coins, and that is without even mentioning the carnage with Solana.

The post Why is BONK going up? Be careful of doggy tokens, we have seen this movie before appeared first on CoinJournal.

4. Januar 2023

Near price stages a slow recovery: Will these gains hold?

Near Protocol price jumped on Wednesday.
This price was in sync with other Sam coins like Solana and Serum.

Near Protocol paused its remarkable sell-off as Sam Coins staged a strong comeback. The coin rose to a high of $1.428, which was the highest level since December 16. It has rallied by more than 14% from its lowest level in 2022.

Sam Coins rebound

Near Protocol is one of the few cryptocurrencies that are known as Sam Coins. Sam refers to Sam Bankman-Fried, the embattled founder of FTX and Alameda Research. At its peak, FTX was valued at over $32 billion, making it the second-biggest exchange in the world after Binance, as we wrote here.

Sam coins are those cryptocurrencies that Bankman and his empire had invested in. As part of his investment, he often received crypto tokens that he could exchange for fiat currencies. Therefore, with his empire dead and with his legal peril increasing, most investors have decided to exit Sam Coins.

Other popular Sam Coins are Solana, Serum, Bonfida, and Ren. Solana has been one of the worst performers in the crypto industry after the collapse of FTX. Its DeFi ecosystem has lost billions of dollars and it currently stands at $350 million.

Near Protocol has also struggled in the past few months. Its popularity among investors has waned while the total value locked (TVL) in its DeFi ecosystem has crashed to $98 million. At its peak in May 2022, Near had over $800 million in assets. Most apps in its ecosystem have lost value in the past 30 days. They include Ref Finance, Burrow, Meta Pool, and Linear Network. The same is true with other apps in its network.

Near Protocol price also rose after the foundation changed how it makes grants. Going forward, the foundation will stop investing in its inbound start-up grants programs. It will also work with DAOs, with processing within 6 to 8 weeks.

Near price prediction

NEAR chart by TradingView

The four-hour chart shows that Near Protocol price has staged a strong recovery in the past few days. As it rose, it moved above the important resistance point at $1.37, which was the highest point on December 27. It has also moved slightly above the 25-day and 50-day moving averages.

Therefore, Near price will likely resume the bearish trend as the momentum of Sam Coins wanes. If this happens, the next key level to watch will be at $1.30.

How to buy Near Protocol

OKX

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 price stages a slow recovery: Will these gains hold? appeared first on CoinJournal.

4. Januar 2023

Will Bitcoin bounce back? Why 2022’s pain is different to anything previously

Key Takeaways

Bitcoin has closed the year down 64%, its worst year since 2018
This bear market is different, as for the first time ever in Bitcoin’s existence, the wider economy is also pulling back
Bitcoin’s correlation with the stock market is extremely high, proving it trades like a high-risk asset
Fans will hope this link can be broken, but currently, it presents as a daunting macro climate for Bitcoin and one that has unsurprisingly crushed its price over the last year

Cryptocurrency investors will be happy to close the book on a dire 2022.

Prices across the asset class collapsed, as the world transitioned into a new interest rate paradigm, with the era of low-interest rate, cheap money officially over. Risk assets got crushed, and there are few investments further out on the risk spectrum than crypto.

Looking at Bitcoin, the world’s flagship cryptocurrency closed the year at $16,547, compared to the $46,311 it entered the year at. That translates to a fall of 64%. But how bad was the is performance historically, for an asset which is notorious for both explosive gains and bone-chilling losses?

2022 the second-worst year for Bitcoin

Looking at annual returns since 2011, the first year when sufficient liquidity and price data were available, shows that Bitcoin’s 64% drop this year was its second-worst number, behind only the 72% drop in 2018. The latter came after a run-up towards $20,000 in late 2017, the first time Bitcoin truly entered mainstream consciousness.

Amid this context, the numbers show that 2022 could just be another year, right? Bitcoin has fallen many a time previously, and always rebounded. Unfortunately, there is a catch this time.

Bitcoin experiencing a recession for first time ever

Satoshi Nakamoto published the Bitcoin whitepaper in 2008, I the aftermath of the Great Financial Crisis. Engrained in the Genesis Block is a reference to British newspaper the Times: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Frist trading in 2009, Bitcoin was therefore propelled into this post-crisis environment, a climate of zero (or even negative) interest rates, a warm money printer and explosive returns in risk assets. A quick look at stock market returns since Bitcoin’s launch shows that, until this year, things had been plain sailing.

And so for the first time in its history, Bitcoin is experiencing a pullback in the wider economy. The money printer has been turned off and interest rates have been hiked, with the Federal Fund rate now 4.25% – 4.5%.

This is vitally important because despite what some Bitcoin evangelicals may argue, Bitcoin trades as a high-risk asset. The price data simply proves this without a shadow of a doubt, as its correlation with the S&P 500 is sky high – and only rose last year after interest rates began to be hiked in April 2022, as I wrote about in this piece, and shown on the graph below.

Previous bear markets are not the same

This is why extrapolation of prior bear market bouncebacks for Bitcoin is naïve. The world is a different place now than at any other time in Bitcoin’s history. The free money up-only market could not persist forever, and now it is time for Bitcoin to show the world what it is made of.

Bitcoin is often compared to gold, but the shiny metal has proven over a long sample space that it can be considered a hedge and a reputable store of value through which investors can preserve their wealth. Plotting the returns of gold historically below show clearly that it rises in times of uncertainty. This is the kind of chart that you want to see as we enter a recession.

Unfortunately, Bitcoin has to date traded with an uber-high correlation with the stock market. In time, advocates hope that this link will be broken. That is up for debate, but what is for sure right now is that Bitcoin is as far from a “hedge” as it could possibly be.

If the Federal Reserve turns dovish and eases off on interest rate hikes, you can be sure that asset prices will jump again – and those further out on the risk spectrum, like tech stocks and Bitcoin, will be among the big winners.

In the long-term, the trillion-dollar question is whether this correlation can be broken and whether Bitcoin can achieve the coveted store of value status.

The post Will Bitcoin bounce back? Why 2022’s pain is different to anything previously appeared first on CoinJournal.