Kategorie: Crypto News

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Cryptos to watch despite a bearish start to the week

It’s a slow start to the week for the cryptocurrency market. Bitcoin trading volumes are low, and there is no major news that can trigger any significant market moves today. More broadly, the financial markets remain relatively bearish, as major economies look all but headed for a recession. Despite all this, some cryptocurrencies have significant potential to pull a surprise rally during the week. Below are some cryptos that could give investors a good return on investment this week.

Ethereum (ETH)

There is a good chance that the Merge has already been baked into Ethereum (ETH) price. This is evident in Ethereum’s recent price action when it went from under $1000 to a high of $2000. 

That said, the upcoming Merge will continue to make headlines for the remainder of the month. As such, chances are that money will keep flowing into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies in the week.

Already, Ethereum is one of the few large cryptocurrencies that are in the green at the moment. It is an indicator that momentum still has momentum, making it a good cryptocurrency investment to keep an eye on this week.

Binance Coin (BNB)

Binance Coin (BNB) remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volumes are rising.

One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the perception that it is safe. Unlike most cryptocurrencies that don’t have much use value, BNB is the cryptocurrency that drives the Binance ecosystem. It is used for paying fees on the exchange and other Binance-related products. 

Now that Binance Coin’s price is showing some positive price action, the odds are that crypto investors will turn to this crypto in the short to medium term.

Solana (SOL)

In recent weeks, things have been pretty rough for Solana (SOL), but SOL token prices are holding up pretty well. This week, Solana could benefit from a new feature that is coming to the Solana Phantom wallet named “Burn NFT.” The new tool aims to cut down on scams within the Solana ecosystem. 

Through the new feature, investors will be able to get rid of scam NFTs while also earning SOL tokens for doing it. As investors get wind of this opportunity to earn from Solana, there could be a surge in buying volumes, a factor that could help push up the price in the short to medium term. 

Klaytn (KLAY)

Of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few in the green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. The moves it has been making are bearing fruit. For instance, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing the price of KLAY higher in the short term.

The post Cryptos to watch despite a bearish start to the week appeared first on CoinJournal.

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Hodlnaut reports nearly $200 million financial shortfall as it seeks court protection

Singapore-based crypto lender Hodlnaut has revealed a financial shortfall of $200 million as it seeks court protection.

Embattled crypto lender Hodlnaut revealed in a court affidavit filed earlier this month that it has suffered a financial shortfall of $193 million. This is according to a report by The Block earlier on Monday. 

The affidavit revealed the situations that led the company to freeze withdrawals on its platform on August 8.

The court documents were made available to customers after the crypto lender published a blog post on August 19 confirming that it is facing police proceedings in Singapore.

The company also laid off 80% of its staff in a bid to conserve cash. The affidavit revealed that Hodlnaut has an outstanding liability of SGD 391 million (around $281 million). 

Meanwhile, the company’s asset was SGD 122 million ($88 million), resulting in a financial shortfall of roughly $193 million. The company said;

“As of 8 August 2022, the Hodlnaut Group has an outstanding liability balance of SGD 391M and estimated realisable assets of SGD 122M in cryptocurrency. This financial position gives the Hodlnaut Group a realisable cryptocurrency Asset to Debt ratio of about 0.31 (i.e. 31 cents on the dollar).”

Hodlnaut already filed for creditor protection in Singapore on August 16 as it seeks time to resolve its financial issues.

The cryptocurrency lender’s financial struggles began following the Terra crash. The company held around  $317 million in UST, the failed stablecoin, in Anchor Protocol on Terra.

The UST stablecoin lost its peg against the US Dollar in May, resulting in a $189.7 million loss for Hodlnaut. 

The company suffered further financial afflictions between June 14 and July 15 as panicked customers sought to recover their funds. Hodlnaught lost around $150 million at the time, the affidavit added. 

Hodlnaut also said its bitcoin (BTC) and ether (ETH) holdings were affected by the bear market currently affecting the broader market. 

The court affidavit also revealed that the number of potential creditors of Hodlnaut currently stands at 17,513. 

The document said the company is looking at the option of allowing “limited exits” for users at 25 cents on the dollar. Hodlnaut is in talks with the FTX crypto exchanges about the feasibility of the proposal, the company added. Hodlnaut said;

“This would likely be a better option than liquidation as the latter would take a longer period of time, and likely result in a lower return than 25 cents on the dollar given the fees involved in a liquidation situation and given the present cryptocurrency asset to debt ratio of the Hodlnaut Group.”

A few cryptocurrency lenders, including Celsius and Voyager Digital, have already filed for bankruptcy following Terra’s collapse and the ongoing bear market.

The post Hodlnaut reports nearly $200 million financial shortfall as it seeks court protection appeared first on CoinJournal.

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Why is EOS performing positively in the middle of a bear run?

The cryptocurrency market has started the week in a poor fashion, but EOS is currently the best performer amongst the top 100 cryptocurrencies by market cap.

EOS, the native token of the EOSIO ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. EOS is up by more than 4% in the last 24 hours, outperforming the other major coins and tokens in the process. 

The cryptocurrency market has lost more than 2% of its value today, resulting in the total market cap dropping below $1 trillion for the first time this month.

Bitcoin is down by more than 1% in the last 24 hours and is struggling to maintain its price above the $21k resistance level. Ether, the second-largest cryptocurrency by market cap, is down by more than 3% today and could drop below the $1,500 resistance level soon.

EOS’s rally comes as the community continues to prepare for the cryptocurrency’s rebrand. 

The EOSIO rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain. 

Key levels to watch

The EOS/USD 4-hour chart continues to be bullish despite the broader cryptocurrency market underperforming at the moment. The technical indicators show that EOS is outperforming the broader crypto market at the moment.

The MACD line remains above the neutral zone, indicating EOS’s bullish momentum at the moment. The 14-day relative strength index of 57 shows that EOS could be heading towards the overbought region if the rally can be sustained.

At press time, EOS is trading at $1.480 per coin. If the positive momentum is maintained, EOS could surge past the $1.585 resistance level. In the event of extended bullish momentum, EOS could surpass last week’s high of $1.671 over the next few hours or days.

The bears are still in control of the broader market, and that could affect EOS’s performance in the short term. If that happens, EOS could drop below the $1.362 support level before the end of the day.

The post Why is EOS performing positively in the middle of a bear run? appeared first on CoinJournal.

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Bitcoin isn’t going away, says Bakk’t CEO

Bitcoin is down by more than 60% from its all-time high, but Bakkt’s CEO says the leading cryptocurrency isn’t going away.

Gavin Michael, the CEO of ICE-owned Bakkt, told Yahoo Finance in an interview on Friday that Bitcoin isn’t going away. He made this statement at a time when Bitcoin and the broader cryptocurrency market are underperforming. 

Michael said institutional interest in cryptocurrencies is growing despite the ongoing bear market. He said;

“There’s still strong interest and momentum with our partners, many of whom are multinational companies… They understand the peaks and troughs that we’re seeing. [But] we are anticipating that the partners may move at a slightly more conservative pace. They’re being more thoughtful about how they enter the crypto economy.”

The crypto market has seen its total market cap drop from $2.2 trillion at the start of the year to currently stand around $1 trillion. Despite that, Michael said he expects Bakkt to remain engaged with its crypto services in the second half of the year, and expects a massive ramp-up through 2023. He said;

“We’re seeing this change in narrative, if you like, from crypto being viewed simply as an investable asset to a more widespread utility across consumers, across businesses, and across institutions. So our work is about working with our partners to really unleash [crypto’s] functionality and its full utility.”

The bear market is a time to grow, and Bakkt has been doing just that. The company, which operates a crypto trading platform for institutional investors, announced a new partnership with Visa earlier this month and has an existing partnership with Mastercard. 

The partnership with Visa will see Bakkt offer crypto debit and credit cards, making it easier for consumers to pay using cryptocurrencies. 

Bakkt’s partnership with Mastercard empowers companies to offer crypto as part of their loyalty reward programs. Michael said;

“We’re seeing consumers who value their loyalty points even more in this challenging economic environment. They see it as a way to offset rising costs.”

Bakkt’s revenue increased by 60% in the second half of the year, thanks to the sales growth from consumers redeeming loyalty points for crypto.

The post Bitcoin isn’t going away, says Bakk’t CEO appeared first on CoinJournal.

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SSV Network price prediction as it defies gravity. Is it a buy?

The SSV Network price has defied gravity in the past few weeks even as other cryptocurrencies recoil. The token’s price jumped to a high of $17.50, which was the highest level since April 20th. It has jumped by over 276% above the lowest level in July, bringing its total market cap to about $103 million.

What is SSV and why is it rising?

SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of those applications are staking pools, staking services, and solo stakers. Some of the top projects building on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape among others.

SSV Network price has jumped sharply in the past few weeks as investors wait for the upcoming Ethereum merge event. Merge is an important process that will transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.

As a result, Ethereum will become a substantially fast and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the same time, the average transaction cost will drop to just cents. This transition also explains why ETH price has jumped sharply in the past few days.

SSV price has also risen because of the growing adoption of the platform. Some of the top companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool among others.

SSV Network price prediction

The daily chart shows that the SSV Network price has been in a strong bullish trend in the past few months. The uptrend started when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to move above the important resistance level at $5.50, which was the lowest level on June 22nd.

The coin has managed to move above the 25-day and 50-day moving averages. It also rose above the 61.8% Fibonacci Retracement level. The Relative Strength Index (RSI) has rallied above the neutral level of 50.

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.

The post SSV Network price prediction as it defies gravity. Is it a buy? appeared first on CoinJournal.