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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Flow price prediction: Is it safe to buy this crypto dip?

Flow price has been in a strong bearish trend in the past few weeks as cryptocurrencies recoil. The coin has crashed to a low of $1.8750, which was about 50% below the highest level in August, giving it a market cap of $1.9 billion.

Flow growth continues

Flow is a leading blockchain project that seeks to become the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform that is known for fast speeds and low costs of transactions. 

Flow is also known for its high-profile partnerships. For example, it is the blockchain partner for organisations like the NBA, UFC, NFL, LaLiga, Samsung, and Ubisoft among others. According to the developers, there are over 8,000 builders in its ecosystem. It also has over 13 million account wallets and over 2 million transacting wallets.

Flow has seen strong growth in the past few months. In particular,  the network has seen strong growth of its NFTs, especially now that Instagram adopted the network. According to CryptoSlam, the total volume of NFT sales in its ecosystem was over $15.8 million. That was an improvement from the previous two months’ $11 million.

Flow has also done well in decentralized finance (DeFi). According to its website, the total value locked (TVL) in its ecosystem has risen to over $3.7 million. This growth was helped by Increment Finance, which is a platform that enables people to deposit, earn, borrow, and trade digital assets.

The recent weakness of Flow is mostly in line with the performance of digital currencies.The prices of most coins like BTC and ETH has been in a strong downward trend as the US dollar index continues rising. 

Flow price forecast

The four-hour chart shows that Flow has been in a strong bearish trend in the past few weeks. Along the way, the coin has managed to move below the 25-day and 50-day moving averages. The Stochastic Oscillator has moved below the oversold level. It has moved slightly above the important support level at $1.6731. 

Therefore, the coin will likely continue falling as sellers target the next key level to watch will be at $1.50. A move above the resistance level to watch will be at $2.20.

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Ravencoin is up by 9% on Monday: Here is why

Ravencoin is up by 9% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.

RVN, the native token of the Ravencoin blockchain, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours. It has added 9% to its value so far today, outperforming the broader market in the process. 

The cryptocurrency market is starting the week in a positive fashion, with the market up by less than 1% over the last 24 hours. The total crypto market cap remains below $1 trillion, despite today’s positive performance.

Bitcoin is still trading below $20k after losing more than 1% of its value in the last seven days. The leading cryptocurrency is still trading in the red zone today. Ether has maintained its position above $1,500 and is up by less than 1% on Monday.

Ravencoin’s positive performance comes after a cold storage wallet was revealed for the RVN coin. The Ice Wallet Storage will soon launch and will support the RVN coin.

Key levels to watch

The RVN/USDT 4-hour chart is positive, as Ravencoin has been performing well over the past 24 hours. The technical indicators show that RVN is outperforming the broader cryptocurrency market.

The MACD line is within the positive region, indicating bullish momentum for Ravencoin. The bullish momentum comes as the broader market is recovering from its recent bearish slump.

The 14-day relative strength index of 61 shows that RVN could enter the overbought region if the rally can be maintained.

At press time, RVN is trading at $0.03203 per coin. If the bullish momentum persists, RVN could surge past the $0.035722 resistance level before the end of the day. However, it would need the support of the broader crypto market to cross the $0.040577 resistance level in the short term.

The bears might regain control of the market and push RVN below the $0.028675 support level. However, RVN should comfortably defend its position above the $0.024799 support level in the near term.

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LG Electronics launches its NFT platform on the Hedera network

LG Electronics has launched its nonfungible token (NFT) platform on the Hedera blockchain.

LG Electronics announced the launch of its NFT platform on Monday, September 5th. The NFT platform, called LG Art Lab, is on the Hedera blockchain and allows users to discover, buy, sell and trade NFTs on LG’s smart TVs.

This latest development comes eight months after the company announced that it planned to incorporate NFT features into its smart TV. 

LG’s NFT platform is now available to its customers in the United States and is exclusive to those with LG TV running webOS 5.0 or later and is accessible directly from the home screen.

LG Electronics announced that it partnered with the Hedera network to offer an app that allows its users to buy NFTs via Wallypto, LG’s crypto wallet for smartphones.

While commenting on this latest development, Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company, said;

“Wallypto, built on Hedera, has been developing since September 2021. Its beta version of the wallet launched this week in August. “While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”

LG Electronics first partnered with Hedera in 2020 when LG became a part of the Hedera governing council. The council includes other prominent names such as Google, IBM, Deutsche Telekom and the Indian Institute of Technology, 

Jo explained that;

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors. Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks. Furthermore, Hedera guarantees a low, predictable fee for users, unlike many other decentralised networks.”

The LG team said the NFT platform provides a Drops feature. The feature profiles artists and showcases their new artwork previews. Furthermore, the platform’s real-time Live Drops feature gives notifications to help users acquire a dropped NFT to ensure they do not miss an opportunity.

The team chose Hedera because the blockchain enables users to transact for less than $0.0001 cent per transaction (with no high gas fee or hidden costs). Hence, there are no hidden costs associated with using the LG NFT platform. 

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MicroStrategy is working on enterprise applications of Lightning, says Michael Saylor

Michael Saylor has revealed that MicroStrategy is working on enterprise applications of Lightning.

Michael Saylor, the chairman of MicroStrategy, has revealed that the software company is enterprise applications of Lightning. He revealed this while speaking to an audience at the Baltic Honeybadger conference in Riga, Latvia, over the weekend.

Saylor is responsible for transforming MicroStrategy into a cryptocurrency powerhouse, with the company now holding billions of dollars worth of Bitcoin. 

The former CEO revealed that MicroStrategy’s developers are currently working on solutions that would enable them to onboard large numbers of people onto the Lightning network.

Lightning network is a payment network on top of Bitcoin, enabling faster and cheaper transactions on the blockchain. Saylor said Lightning is the most important thing in it the world of technology at the moment. He said;

“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication.”

He added that the company is looking for solutions that would allow firms and companies to introduce Lightning to a hundred thousand employees every day. The solutions would also open Lightning wallets for 10 million customers overnight, Saylor added. 

The MicroStrategy chairman confirmed that the solutions are still in their early stages. He said;

“The advantage of Lightning is not just that you could scale up bitcoin for billions of people, or drive the transaction cost to nearly nothing, but also, the ethos of bitcoin is to go very carefully and not move fast on the base layer without the universal consensus, but in Lightning, you can move much more aggressively developing functionality and take more risks with the applications than you can with the underlying bitcoin layer.”

 Lightning protocol makes it possible for users to open payment channels with each other and exchange multiple transactions before settling them on-chain. Thus, minimising the transaction fees and confirmation time. 

MicroStrategy currently holds 129,699 BTC, worth about $2.58 billion at current prices, making it one of the largest Bitcoin holders in the world. 

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Ethereum gathers steam for Merge, ENS domains rise and stakers patiently wait

As we get closer and closer to one of the biggest events in the brief history of cryptocurrency – the Ethereum Merge – there are a number of metrics which are suggesting activity is picking up across the space.

Ethereum Name Service

The first is the Ethereum Name Service (ENS), which saw its third highest month of revenue in August. Generating $4.3 million in revenue, the service saw 34,000 accounts register names for the first time.

These names are a neat feature of Ethereum. Instead of providing somebody a long Ethereum address, instead a simple name ending in .eth can be provided, such as harrypotter.eth, for example. This name can be linked to one’s wallet, meaning it’s all that needs to be given when asking for a payment. Simple and intuitive.

The boost in these names being registered shows that people are positioning themselves for the Merge, slated to go live on September 15th.

13 million ETH staked

The amount of ETH locked up in the staking contract is now up to 13 million ETH, which is about 11% of the total supply. At the current market price of $1,635, that translates to over $21 billion of Ethereum locked up in the staking contract.

What is important to note here is that the Merge will not enable withdrawals of this ETH. I had previously speculated about whether a flooding of ETH into the market post-Merge could place downward pressure on the price – after all, much of the Ethereum has been locked up for quite a while, as the above graph shows.

However, investors will not be able to withdraw their ETH until another upgrade is implemented, which is not planned for 6 months to a year down the line. This should dull the concern around the supply/demand level as the Merge goes live. There are also liquid staking alternatives which mean the liquidity has not been totally inexistent to date.

Macro

And so we close in on the watershed moment, only two weeks away as I write this. The big question remains, will this be a “buy the rumour, sell the news” type event, or will Ethereum pump off the back of it.

My thoughts for the moment are simple – I think for the short-term price action, the macro climate is currently far more important, with spiralling inflation. A hawkish Fed and tense geopolitical climate still driving markets across the board.  

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