Kategorie: Crypto News

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ANKR price outlook after a key development

Ankr (ANKR/USD) surged by 15% on Tuesday, making it one of the top intraday gainers on the day. The gains came on the back of positive cryptocurrency news.

Into the briefs – ANKR is an Ethereum-based token for the Ankr network. The protocol supports Web3 infrastructure and acts as a cross-chain DeFi staking platform. The network aims to make it easy and less expensive for everyone to participate in blockchain through staking, building dapps, and hosting nodes. The ANKR token is used for payments, governance, and insurance for network users.

Tuesday’s gains came after Ankr became one of the first Remote Procedure Call providers for Layer-1 blockchain Aptos. The partnership allows developers to build scalable and safe dApps on top of Aptos. The Monday announcement follows other developments. 

Last month, Ankr partnered with Polygon to expand Web3 building for supernet developers. Earlier on, Ankr joined with ssv.network to create a trusted and secure form of ETH Liquid Staking.

ANKR overcomes oversold bottom after the latest gains

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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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.

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Source – TradingView

The technical outlook shows ANKR has overcome an oversold bottom of $0.026. The cryptocurrency met resistance at the descending trendline and is facing some correction. 

Based on the descending trendline, ANKR’s recovery could be followed by a sharp correction. However, $0.026 is the base level for the token, as it is yet to break below it since May. If we are to see further gains, bulls must overcome the descending trendline. 

ANKR concluding thoughts

The latest developments give a bullish boost to ANKR. However, as long as the price remains below the descending trendline, we would be hesitant to issue a bull call. Nevertheless, ANKR is signalling a price bottom at $0.026. Thus, it could be a matter of time before we experience a bullish reversal of the cryptocurrency.

The post ANKR price outlook after a key development appeared first on CoinJournal.

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Ripple’s XRP price maintains a choppy movement. What’s going on?

Ripple’s (XRP/USD) has been trading in a choppy pattern for almost a month now. Quick short-term price appreciations have been followed by almost an equivalent of declines. The upside has rarely surpassed $0.54, while the downside has held to $0.43. However, the price action shows that XRP bulls are relentless. 

Well, Ripple’s case with the SEC remains a focal point. Of course, both parties submitted their motions for a summary judgement last month. While the SEC has held its ground, Ripple is optimistic about triumphing against the regulator. XRP gained strongly in September on the back of positive expectations of the case resolution. 

The recent sluggishness of XRP occurs due to the lack of sufficient catalyst for further upside. Ripple’s CEO Brad Garlinghouse has expressed disappointment with the SEC. He has pointed out that litigation is not about the law but power.

In a statement during the DC Fintech Week, Garlinghouse said that he expects a resolution in the first half of next year. That suggests that the case’s outcome comes up to the second quarter. The indication could be a little of a disappointment to the XRP enthusiasts. As CoinJournal reported, the investors had earmarked an “end game” as soon as the end of this year or early 2023. Still, the expectation could be met if the resolution occurs early in the first quarter.

Aside from the SEC case proceeding, Ripple has had positive developments lately. The blockchain is seeking to bring Ethereum smart contracts to its ledger. The move would increase liquidity for XRP through the new sidechain. XRP has shown limited movement since the news dropped.

XRP in choppy movement after the latest surge

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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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.

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Source – TradingView

The daily chart shows that XRP lacks a directional basis. Nonetheless, the cryptocurrency has maintained the previous gains as bulls are relentless at $0.43. Momentum is weakening as a MACD bearish crossover was initiated about a week ago. However, we can’t reliably say the token is bearish. 

Should you buy XRP?

At the current level, XRP is not attractive. The current choppy pattern could force a price break to the upside or downside depending on the existing sentiment.

The post Ripple’s XRP price maintains a choppy movement. What’s going on? appeared first on CoinJournal.

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Layer 1 blockchain startup Shardeum raises $18 million in seed funding

Shardeum is an EVM-based layer-1 blockchain project co-founded by Nischal Shetty, the founder of India-based cryptocurrency exchange WazirX.

Shardeum, an EVM-based layer-1 blockchain startup co-founded by WazirX founder Nischal Shetty, has raised $18.2 million in its seed funding round, the platform announced on Tuesday.

The seed round was at a $199 million valuation, Shetty said in a company blog post, noting that the funding funding initiative attracted more than 50 investors. He also shared the news on Twitter.

Major VCs back Shardeum

Some of the VCs backing the startup are Jane Street, Spartan Group, Big Brain Holdings, DFG, CoinGecko Ventures, Cogitent Ventures, ZebPay and WeMade.

The round also attracted numerous angel investors, with the Shardeum co-founder saying that the startup chose to go with as many investors as possible as part of its pursuit of a decentralised outlook on its investor portfolio.

“For the round, we chose to have a large number of investors with over 40% of them being angels. With the focus on decentralisation, we wanted to maximise the distribution of SHM and not to have a select few investors that own a majority of tokens. Our cap table includes diverse global institutional, venture and angel investors that are motivated to support Shardeum’s success,” Shetty wrote in the blog post.

Funds to help advance Shardeum’s sharding technology

Shardeum, a proof-of-stake blockchain co-founded by Shetty and Omar Syed, uses sharding to offer a unique architecture for auto scalability, security and energy efficiency. 

Its such issues that Ethereum seeks to solve as it transitioned from proof-of-work consensus mechanism.

According to the Shardeum’s founders, the sharding technology provides for a network designed to better the systems currently in use across the sharded blockchains ecosystem. 

The network is “the first linearly scalable smart contracts platform that increases transactions per second (TPS) by adding more nodes,” according to details on its website.

The blockchain platform will use the funds to ramp up its marketing, work on its product and design and expand its research efforts. The team also plans to roll out hackathons across India, the United States and other parts of the world over the next year.

Other efforts will go into incentivising developers to build on the Shardeum blockchain as the ecosystem grows.

The post Layer 1 blockchain startup Shardeum raises $18 million in seed funding appeared first on CoinJournal.

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Why is crypto following the stock market closer than ever before?

It feels like nothing but the words of Jerome Powell matter in markets right now.

In looking at the data, it’s kind of true. I plotted the correlation of Bitcoin against the S&P 500 since the beginning of 2017, and the results show that the correlation has generally picked up over time. This really does shoot down talk of the “inflation hedge” narrative that proved so popular during the pandemic.  

But should correlations not come down over time? Well, not really. Think back to 2017, and the texture of the crypto landscape. It was still a niche asset; it was only beginning to get covered in the mainstream – and certainly nowhere near the level of digital ink that is spilled over it these days.

Today, we have public companies holding it. I took a visit to El Salvador this summer, where I paid for goods with it. These are remarkable developments compared to just a few years ago. Point being, Bitcoin is now in the mainstream.

And being a mainstream financial asset – and one that is substantially further out on the risk spectrum – it will indeed be influenced by the market.

2022

Indeed, this correlation has hit all-time highs this year, moving in lockstep with the stock market. What was the upward shift caused by? The interest rate environment has transformed entirely.

Following a decade of historically low interest rates, inflation has burst out at the seams as a result of incessant money printing and stimulus spending through the pandemic. In order to rein this in, central banks have been forced to hike, with the Federal Reserve in the US leading the charge.

Nothing sucks liquidity out of a market more than rising interest rates, and this is particularly true for high risk assets, such as tech stocks, which discount cash flows back to the present – discount rates which are now measurably higher.

And so – and this is something that is frequently overlooked – Bitcoin is now in a bear market while the wider market is too. Because for the first time in its existence, Bitcoin is experiencing a macro climate not awash with quantitative easing, basement-level interest rates and bullish sentiment. And it’s creaking at the knees – just like every other financial asset is.

Correlations rise in crises. Sellers are indiscriminate when a flight to quality occurs; liquidity is sought, defensive positions are taken and cash reserves rise. Bitcoin, for the first time in its history, is experiencing that the hard way.

In this context, it is no surprise that the correlation has risen.

The post Why is crypto following the stock market closer than ever before? appeared first on CoinJournal.

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PHA price prediction as Phala Network defies gravity

Phala Network price went vertical on Tuesday after the coin was listed in Gate.io and as the delegation amount continued rising. PHA rose to a high of $0.4858, which was the highest level since January 5 of this year. At its highest point this week, the coin was almost 600% from its lowest level this week.

What is PHA and why did it surge?

Phala Network is a leading blockchain project built on Polkadot, one of the biggest smart contract projects in the world. Its coin has a market cap of over $173 million and is the 173rd biggest cryptocurrency in the world.

Phala Network describes itself as a secure decentralized cloud computing network based on Polkadot. It is a cross-chain interoperable confidential smart contract network. As such, Pha Contract supports compute-intensive tasks, has low latency, and has cross-chain computing features.

PHA price rose sharply after it was integrated by Gate.io, one of the biggest crypto exchanges in the world. This means that users can buy and sell the coin in the ecosystem. Historically, cryptocurrency prices tend to rally after being listed in a major exchange.

Meanwhile, it seems like there is substantial demand for the token, In a tweet, Phala Network said that its stakepool delegation exceeded 180 million PHA, worth about $87 million.

Another major cryptocurrency news at the ongoing DOTinVietnam event was the rebrand of its programming model to Pha Contract. This contract is an innovative programing language that enables off-chain computation. It acts as the Web3 version of Amazon Lambda backed by the decentralized Phala computing cloud. 

PHA price forecast

The daily chart shows that the Phala Network price has been in a consolidation phase in the past few months. It then went parabolic this week as Polkadot hosts a major event in Vietnam, where the Gate.io integration was announced. 

The coin has managed to move above all moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, there is a likelihood that the coin will pull back sharply as the excitement about the new listing wanes. 

Historically, post-listing pumps don’t last for long, As such, the coin will likely resume the bearish trend and move to the support at $0.1447, which is about 45% below the current level.

How to buy Phala Network

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.

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Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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The post PHA price prediction as Phala Network defies gravity appeared first on CoinJournal.