Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Should I buy Bitcoin now?

Bitcoin price has had a tough performance in 2022 as concerns about high interest rates converge with heightened geopolitical, inflation, and drought risks. After soaring to an all-time high of near $70,000 in 2021, Bitcoin slipped to a low of $17,470 this year. As a result, the total market cap of all cryptocurrencies dropped from over $3 trillion to less than $1 trillion.

Federal Reserve risks

Bitcoin price has crashed hard this year simply because of the Federal Reserve. After being wrong on inflation in 2021, the Fed embarked on its most aggressive policy on record. It decided to start a quantitative tightening policy in a bid to reduce the amount of money in circulation.

At the same time, the Federal Reserve decided to hike interest rates. In the first eight months of the year, the bank hiked interest rates by 225 basis points. And in recent statements, officials warned that more rate hikes were necessary until signs of sustained inflation drop were seen.

Historically, Bitcoin price tends to underperform in a period when the Fed is extremely hawkish. The same is true for other types of assets like stocks. Indeed, most American indices like Dow Jones and S&P 500 have dropped by over 10% this year.

Bitcoin price also dropped because of falling interest among retail traders. This is evidenced by the overall weak financial results and falling volume by leading companies like Coinbase, OKX, and Binance.

As you recall, 2021 was a great year for American retail traders who had accumulated large savings as they worked from home. At the same time, the Federal government provided trillions in stimulus, including stimulus checks. Most of these funds went to cryptocurrencies. 

As a result, on-chain data shows that the volume of Bitcoin transactions has been in a strong downward trend lately. 

Where to buy Bitcoin now

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Bitcoin price prediction

The weekly chart is a good place to start when determining whether Bitcoin is a good investment now. As shown below. The chart reveals that BTC price formed a double-top pattern at around 64,000. The neckline of this pattern was at 28,397. In price action analysis, a double-top pattern is usually a bearish sign.

At the same time, the coin has moved below the 25-week and 50-week moving averages. Therefore, I suspect that Bitcoin will continue falling as sellers target the next reference level at $12,364. As such, I would not recommend buying Bitcoin at this moment. Besides, the Fed is still committed to continuing its aggressive policy.

The post Should I buy Bitcoin now? appeared first on CoinJournal.

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LUNC jumps by 13% after Terra Classic introduces a new feature

The cryptocurrency market is recovering from last week’s slump, and Tera Classic’s LUNC is leading the way.

LUNC, the native coin of the Terra Classic ecosystem, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours.

The coin has added more than 13% to its value today, outperforming the other major cryptocurrencies in the market.

LUNC’s rally comes as the broader cryptocurrency market is recovering from its recent slump. The broader market has added nearly 5% to its value today, with the total market cap closing in on the $950 billion mark.

Bitcoin is trading above $19k once again after dropping below that level earlier this week. BTC is up by more than 4% in the last 24 hours.

Ether failed to rally following the Merge event that was completed a few hours ago. After dropping below $1,300 yesterday, ETH is trading at $1,357 at press time, up by more than 4% today.

LUNC’s positive performance comes roughly 24 hours after the Terra Classic team introduced a new feature. 

The new feature allows Terra Classic users to get the best price when performing swaps on Terra Station.

Key levels to watch

The LUNC/USDT 4-hour chart remains bearish despite LUNC adding more than 13% to its value on Tuesday. 

LUNC/USDT Chart By TradingView

The MACD line is below the neutral zone. However, it has been moving upwards over the last few hours and could enter the positive region if the current market momentum is maintained.

The 14-day relative strength index of 46 shows that LUNC is no longer in the oversold region. 

At press time, LUNC is trading at $0.00029874 per coin. If the rally continues, LUNC could surge past the $0.00035972 resistance level before the end of the day.

However, LUNC would need to embark on a bullish run to cross the $0.00044114 resistance level in the near term. 

Where to buy now 

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post LUNC jumps by 13% after Terra Classic introduces a new feature appeared first on CoinJournal.

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WazirX to delist USDC, USDP, and TUSD next week

  • WazirX will support withdrawals of USDC, USDP, and TUSD till 23 September 2022 at 5:00 PM IST.
  • The exchange will then delist the stablecoins’ spot market pairs on 26 September 2022 at 07:30 AM IST.
  • Automatic conversion into BUSD will be at a 1:1 ratio.

Indian cryptocurrency exchange WazirX is set to delist three stablecoins, namely USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD).

According to the platform, support for deposits has ceased as of the announcement. The next step is to stop withdrawals, auto-convert the balances into BUSD at a 1:1 ratio and then remove USDC, USDP and TUSD from the exchange.

As per the Indian crypto firm, the BUSD Auto-Conversion feature will help improve liquidity and capital efficiency across the ecosystem.

But prior to the delisting, WazirX will continue to support withdrawals of the USDC, USDP and TUSD tokens until 23 September 2022 at 5:00 PM IST. Delisting of the three stablecoins’ spot market pairs will happen on 26 September 2022 at 07:30 AM IST, WazirX noted in its announcement.

Binance to also auto-convert USDC, USDP and TUSD

On 5 September, Binance introduced the BUSD Auto- Conversion feature for users, with plans to have account balances as well as new deposits for USDC, USDP and TUSD converted into BUSD. 

According to the exchange, the changes are to take effect on 29 September 2022 at 03:00 UTC.

But as Binance later clarified following the initial announcement, while it will remove spot market pairs for the stablecoins (and only support BUSD and USDT), users are set to continue accessing deposits and withdrawals in any of the stablecoins – BUSD, USDC, USDP and TUSD.

Notably, WazirX has announced it will no longer accept new deposits in the three stablecoins.

The post WazirX to delist USDC, USDP, and TUSD next week appeared first on CoinJournal.

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Cardano falls back to the bottom of the consolidation zone. What next?

  • ADA has lost 7% in the past day amid a waning momentum

  • Cardano’s Vasil Upgrade is expected to be a game-changer in the network

  • Cryptocurrencies are currently facing a sell-off ahead of the Fed’s meeting

Cardano ADA/USD dropped 7% in the past day to consolidate weekly losses at 14%. The token is currently trading at $0.4398. Despite being a major token, Cardano struggles to find unique utility over the top cryptos.

Pressure continues to mount on the scalability aspects of the layer-1 blockchain. Vasil upgrade, set for September 22, is expected to change that. The network’s founder, Charles Hoskinson, said the effect of the fork could be felt as soon as September 27.

Vasil upgrade has been hampered by several delays. The setbacks have been due to bugs and technical issues. Nonetheless, the fork remains the most ambitious upgrade in Cardano. Its benefits include scalability, increased throughput, efficiency, and a reduction in block transmission latency.

On a broader outlook, Cardano’s price is receiving a hit from the macro factors. Investors expect the US Federal Reserve to hike interest rates when it convenes this week. A high-interest rate is projected to shift investments away from riskier assets like cryptocurrencies. The sentiment has pushed major cryptocurrencies, including bitcoin, into the red territory. From the technical chart below, ADA is at the bottom of a consolidation.

ADA trades at the bottom of a horizontal tunnel

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Source: TradingView

The daily chart above shows that ADA has retested the $0.43 resistance level. Currently, momentum is looking largely bearish. The MACD is showing bearish histograms as more sellers enter the market. The RSI is at 41, reducing the chances of a possible trend reversal in the short term.

Concluding thoughts

For investors looking to grow their portfolio in a bear market, Cardano offers minimal chances. The token looks exceedingly bearish and could easily lose the current support. For the upcoming Vasil Upgrade, ADA has priced in. If the current support holds, ADA faces immediate resistance at $0.49.

The post Cardano falls back to the bottom of the consolidation zone. What next? appeared first on CoinJournal.

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Why XRP remains attractive despite falling back

  • Ripple and SEC have called for a summary judgment regarding the classification of XRP.

  • Ripple asserts that SEC did not provide sufficient evidence.

  • XRP has fallen back in the consolidation zone but remains attractive.

There is finally some light at the end of the tunnel for Ripple’s XRP/USD case with the US SEC. In a filing on September 17, both sides asked for a summary judgment of the long-standing battle. Normally, summary judgments are called by parties when they believe they have sufficient evidence. Thus, the case is called without the need to go to the final trial.

Just as it has been in the past, Ripple is confident of winning the case. They argue that the SEC did not present sufficient evidence to support its claim that XRP should be a security. A case ruling in favor of Ripple would be a bullish trigger for XRP. Caution must, however, be exercised since the outcome remains in question.

XRP moves above moving averages amid market correction

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XRP has been in consolidation mode since June. The price has barely surpassed $0.38. The extended consolidation indicates bear exhaustion since XRP was bearish previously. It also indicates that buyers are cautious in scooping the token at a low level.

Source – TradingView

A technical outlook shows that XRP has moved above the 20-day moving average. It is also trading at the 50-day MA. The MACD indicator is bullish. Previously, XRP attempted to break above the $0.38 zone before embarking on a correction. It suggests that buyers are looking to take XRP higher but lack the volumes to do so. 

Concluding thoughts

Although the Ripple versus SEC case outcome is unknown, investors are looking to buy XRP. The extended correction is an indication of a suppressed bear market. A breakout above $0.38 is on the card if there are indications of a Ripple win.

The post Why XRP remains attractive despite falling back appeared first on CoinJournal.