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Band Protocol price forecast as it bounces back

Band Protocol price has emerged as a shining light in a difficult time for cryptocurrencies. The BAND coin jumped to a high of $2.84, which was about 115% above the lowest level this week. It has risen by over 30% in the past 24 hours, according to data compiled by Binance.

Why is BAND price rising?

Band Protocol is a blockchain project that provides oracle services to developers. An oracle is a product that makes it possible for developers to pull off-chain data and bring it to the on-chain ecosystem. 

For example, assume that you are building a decentralized sports betting platform. You will need external data on games in your platform. Now, instead of getting the off-chain data yourself, you will turn to an oracle provider and use API to incorporate it easily.

Band mostly provides price feeds on cryptocurrencies. These feeds are then common in DeFi platforms like Injective Protocol and Synthetix. It also provides datasets on foreign exchange and commodities.

Band Protocol operates in a highly competitive industry, where Chainlink dominates. Other leading players in the sector are WINKLink and Maker. Chainlink has the biggest market share in the industry by far.

It is unclear why the BAND price has jumped sharply amid a crypto turmoil. A likely reason is that the developers are working on the upcoming BandChain V2.4 launch. The new upgrade will introduce new features in its ecosystem. 

For example, it will change how gas is calculated in its ecosystem in a bid to make it cheaper for data providers. It will also reduce any risks to modifications of the Wasm code, and increase throughput by at least ten times. In other words, it will be able to reduce the time taken to run the same task from the worst-case scenario of 0.4 seconds to 0.03 seconds. 

Band Protocol price forecast

The four-hour chart shows that the BAND price has made a strong recovery in the past two days. In this period, it has managed to move above the 25-day and 50-day moving averages. The Stochastic Oscillator has moved close to the overbought level. At the same time, the Relative Strength Index (RSI) has moved close to the overbought area.

BAND seems to be forming a bullish flag pattern. Therefore, there is a likelihood that it will continue rising during the weekend as buyers target the key resistance level at $3.3.

How to buy BAND

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy BAND with Capital.com 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 BAND with Binance today

The post Band Protocol price forecast as it bounces back appeared first on CoinJournal.

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Gensler: Leverage and lack of disclosure hurting crypto

Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC) says lack of disclosure and too much leverage are two factors hurting the crypto industry.

The SEC Chair’s comments on Thursday come at a time when the crypto sector is firmly in the spotlight again. This time, it’s the shock of what has happened with the FTX crypto exchange.

As CoinJournal reported earlier today, FTX is insolvent and this just added the inreased regulatory attention and overall rage around the crypto community.

Leverage and no disclosure is a ‘toxic mix’

As has been reported widely, FTX’s implosion is down to Alameda Research’s blowing billions in trading, and leaving FTX with an $8 billion hole. That money belonged to FTX customers.

“When you mix together a bunch of customer money and borrowing against it, investors get hurt,” Gensler told Andrew Ross Sorkin on CNBC’s ‘Squawk Box’.

He added: “This is a very interconnected world in crypto with a few concentrated players. When markets turned on them it appears that a lot of customers lost money.”

Gensler has previously called on crypto exchanges and other providers to embrace regulation as well as offer more disclosures to better protect investors.

“It’s a field that’s significantly non-compliant, but it’s got regulation,” the SEC Chair said, pointing out that crypto investors from all over the world are getting rekt. And other than leverage, consumers are falling prey to promotions from celebrities and there isn’t much disclosure.

“This is not like the NYSE or Nasdaq. These platforms co-mingle. It’s a toxic combination where they take people’s money, they borrow against it. But not much disclosure, and then they trade against their customers,” ”he regulator explained.

The post Gensler: Leverage and lack of disclosure hurting crypto appeared first on CoinJournal.

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Voyager hasn’t transferred any assets to FTX: UCC

  • Voyager’s Committee of Unsecured Creditors (UCC) has said that Voyager has yet to transfer any assets to FTX.
  • The committee tweeted that the deal to have the bankrupt crypto lender sell its assets to Sam Bankman-Fried’s FTX has not been finalised.

Voyager, the bankrupt crypto lender that was in the process of selling its assets to FTX, is yet to transfer any assets to the beleaguered crypto exchange.

The Voyager token VGX,  which rose significantly when it first emerged FTX would be acquiring the crypto lender’s assets, was trading nearly 14% up Thursday afternoon (15.00 am ET). The FTX token was also up 8% at the time, with the gains coming amid a broader market upside.

Voyager’s yet to sell assets to FTX

According to a statement from Voyager’s Official Committee of Unsecured Creditors (UCC), the recent approval allowing FTX to buy Voyager assets after winning an earlier action has “not been consummated.”

“We want to make clear that the FTX/Voyager transaction has not been consummated. Voyager has not transferred any crypto or other assets to FTX in connection with the transaction,” reads part of the statement the committee tweeted on Thursday.

As a result of developments involving FTX, the UCC says it’s going to take every step necessary in the quest to protect creditors. The team is currently evaluating all available options, they noted.

The UCC’s communication on Thursday comes in the wake of FTX’s halting of customer withdrawals in the midst of a liquidity crunch.

It also follows reports that Sam Bankman-Fried irresponsibly moved billions of dollars of customer funds to Alameda Research, the crypto exchange’s trading arm that is said to have blown everything.

Alameda reportedly owes FTX $10 billion while Bankman-Fried has noted that the exchange needs an emergency bailout of $8 billion.

The post Voyager hasn’t transferred any assets to FTX: UCC appeared first on CoinJournal.

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Bitcoin’s new lower price target set by analysts. Here is what could drive it

What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.

It’s not only the popular analyst expecting Bitcoin to plunge. JPMorgan analysts say Bitcoin will reach $13,000 in the wake of Alameda and FTX troubles. The strategists opine that the number of entities with robust balance sheets to cushion those under liquidity crisis is shrinking. The comments come as Binance abandons the projected acquisition of FTX. 

Bitcoin has particularly been under pressure as investors’ concerns about speculative assets grow. Previously, the collapse of crypto lenders like Voyager and Celsius sparked similar market selloffs. Coupled with macroeconomic woes and high inflation, investors could consider risky assets a bad bet.

JPMorgan says that a confidence crisis is settling in the market. The analysts say since FTX had previously obtained a green light for the quality of its balance sheet, the fresh troubles hit investors differently.

BTC on a relief rally after crashing below $19,000

From the daily chart, BTC is enjoying a relief rally after touching a low of below $16,000. The relief gains come after the US annual inflation rose by 7.7% in October. The rate was below the 7.9% estimates. The below-estimated price gain rekindles discussions that the Federal Reserve may slow down the rate hikes in the future. Will BTC sustain the rally and defy the projected $13,000 price?

Source – TradingView

Despite the relief rally, a decline below $19,000 makes a bear case strong for Bitcoin. The current rally may be contained at the resistance if the bear sentiment remains. 

A likely price action could involve a further price appreciation followed by a sharp sell-off at the $19,000 level. That would open BTC to declines to the $16,000 potential support and the $13,000 analyst estimates.

When to buy Bitcoin?

Bitcoin is bearish despite the relief rally. Investors should buy the cryptocurrency after the price settles at suitable support. A breakout above $19,000 could also attract buyers.

Where to buy BTC

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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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 BTC with Skilling today

The post Bitcoin’s new lower price target set by analysts. Here is what could drive it appeared first on CoinJournal.

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Chainlink price prediction as the date of expected LINK staking is announced

Chainlink (LINK/USD) is back in the consolidation zone – between $6 and $8. The token had last week broken past $8 to $9.45, igniting a potential bull run. Following a crypto crash, LINK is back in the consolidation zone. But how do the latest developments help?

LINK staking has been touted as a game changer under Chainlink Economics 2.0. Chainlink 2.0 promises, among other things, a new era of cryptoeconomic security, value, and sustainable growth. The development is key to boosting the adoption of DeFi services and the Web3 ecosystem. LINK staking is core to Chainlink Economics 2.0.

As we already know, the Chainlink community has been gearing up for LINK staking. On November 9, Chainlink developers issued an update that the staking service is on track for launch in December. Stakers can now check their eligibility from Monday.

The insights around LINK staking could, at least, support the token as the market remains in the red. Below is the technical outlook:

 Chainlink retests the bottom of the consolidation channel at $6

Source – TradingView

Chainlink retested the $6 support as the price crashed. The token is recovering, but we cannot issue a bull call. The resistance at $8 remains crucial as the token has been resisted severally at that level. The RSI shows some upside, despite bears remaining in control.

Should you buy Chainlink now?

There are positive fundamentals around the Chainlink token. However, the token is submerged in the wider bear market.

Although bulls have defended the $6 support well, the price recovery could be contained below $8. That could allow LINK to consolidate further before enough buyers enter the market to force a breakout above the resistance. We recommend patience before buying LINK until it finds a directional movement. 

Where to buy LINK

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 LINK with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy LINK with Capital.com today

The post Chainlink price prediction as the date of expected LINK staking is announced appeared first on CoinJournal.