Kategorie: Crypto News

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Tezos prediction as token sets $2.26 as the next frontier

  • Tezos is likely to face competition after the Ethereum PoS merge.

  • Native XTZ token has flipped $1.68 resistance.

  • The token is bullish with $2.26 set as the next price level.

Tezos XTZ/USD is a proof-of-stake smart contract blockchain. It is among the networks referred to as the ‘Ethereum Killers’. The protocol is known for cheaper and faster transactions with the ability to evolve. Tezos’ native XTZ token is used in governance and utility.

Fundamentally, Tezos could face steeper competition with the upcoming Ethereum PoS shift. The Merge aims to enhance efficiency with less energy consumption in the second-largest blockchain. Lower DeFi, dApps, and NFT activity could affect the price of XTZ and the project’s total value locked.

Currently, Tezos’ total value locked stands at $32.12 million. The TVL is much lower compared to the largest DeFi protocol, MakerDAO. The latter has upwards of $8 billion TVL. Moreover, Tezos has suffered a decline in its supported NFT projects following a slowdown in the sector.  

Despite the gloomy prediction around XTZ, the token has posted impressive gains year-to-date. It has jumped 56% from the lowest level to a market capitalization of $1.7 billion. XTZ is currently exchanging for $1.96. It is up 6.92% in the past day and 8.86% in weekly gains. The technical chart below affirms the bullish trend in Tezos.

XTZ flips $1.68 resistance 

Source: TradingView

From the daily chart above, XTZ moved from a low of $1.26 in June. The trend of higher highs and higher lows pushed the token past the $1.68 resistance. The bullish momentum can be seen with the 20-day and 50-day moving averages. Both averages are currently holding as support.

Although the MACD shows a weakening surge, the momentum indicator remains bullish. If XTZ gets enough buyers, the next frontier could be on its way to $2.26.

Concluding thoughts

The fundamentals around Tezos are weak with the anticipated Ethereum merge and a cool-off in the NFTs. The token is eying $2.26, which is currently acting as the next resistance level. With most indicators aligning, investors should hold XTZ as long as it remains below the resistance level.

The post Tezos prediction as token sets $2.26 as the next frontier appeared first on CoinJournal.

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eToro to acquire trading startup Gatsby amid US expansion plans

  • eToro will acquire the US-based startup for $50 million in a cash and common stock deal.
  • The deal is part of eToro’s plans to expand into the US market, where Robinhood remains one of the main competitors.
  • Gatsby launched in 2018.

eToro, a leading online brokerage platform, is set to complete the acquisition of fintech startup Gatsby following approval by US regulator The Financial Industry Regulatory Authority (FINRA), TechCrunch reported on Wednesday.

According to the publication, the social investing giant will acquire the US-based platform for $50 million in a deal that will be settled in cash and common stock.

eToro’s brand continues to grow

The eToro-Gatsby deal was first mooted in December 2021, with eToro eyeing the FINRA approval as part of a larger goal of expanding into the US market.

The acquisition adds to eToro’s other major deals since 2019, with Gatsby now joining the growing brand that counts deals for investment tracker Delta, blockchain platform eToro Labs (formerly Firmo), and UK-based e-money firm Marq Millions Ltd.

Gatsby, founded in 2018, is key to eToro’s expansion efforts with its commission-free trading for options and stocks. 

The takeover is thus crucial in the battle to attract customers from a growing group of younger investors. Robinhood, one of the leading trading platforms in the zero-commission battle, is also one of eToro’s main competitors with a footprint in the US market.

The post eToro to acquire trading startup Gatsby amid US expansion plans appeared first on CoinJournal.

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What next for the FTX token as it fails another breakout?

  • FTX exchange has witnessed increasing trading volumes.

  • The exchange has remained stable while most crypto exchanges scaled down in the bear market.

  • FTT is correcting after failing a breakout for a second time.

FTX token FTT/USD is once again sliding after hitting the $32 level. This is the second time in less than a month that the token has hit the level. It suggests that buyers are still pushing to break above the resistance zone. Exhaustion is settling in again after a failed second breakout.

Exchange-linked tokens are driven by a surge in trading volumes. FTX has been a beneficiary of slowdowns in trading volumes in rivals Coinbase and OKX. For example, in May, trading volumes on FTX rose by 80.8% to hit $69.4 billion. Coinbase saw a rise of only 10%, while OKX trading volumes fell by 29.4%. The rise in trading volumes underlined trust in FTX’s stability as most peers scaled down.

FTX’s growing role in the crypto space has been highlighted in the price recovery of its token FTT. The token has been trading on a bullish trendline since bottoming at around $21 in June.

FTT rejected at resistance, forcing a bear weakness

Source – TradingView

The MACD line has crossed below the moving average after FTT failed to break the $32 barrier. The token is also breaking below the short-term 21-day MA. The slowdown indicates bull exhaustion as the price hit $32.

FTT will continue to slide in the next few days. However, the most likely reversal zone is around $28. The level is a support, and bulls could look to arrest the bear weakness before sliding below the 50-MA.

Summary

FTX token faces further declines. However, the token could reverse at $28 or the 50-day MA. The token needs to clear $32 before moving higher.

The post What next for the FTX token as it fails another breakout? appeared first on CoinJournal.

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Ex-BitMEX CEO says short ETH before Merge, but should you?

  • BitMEX’s former CEO says an unsuccessful ETH merge will cause a price crash.

  • The Merge, expected in mid-September, will see Ethereum transition to a Proof-of-Stake.

  • Ethereum has been gaining ahead of the merged platform.

Former BitMEX CEO Arthur Hayes says Ethereum ETH/USD could crash if the anticipated merge flops. According to Hayes, the best time to short the cryptocurrency is on the cusp of the PoS shift. He expects Ethereum to revisit $1,000 if the Merge becomes unsuccessful. The Ex-BitMEX CEO recommends using put options to hedge against the bearish scenario.

In the eventful scenario that the Merge becomes a success, Hayes says Ethereum could hit $5,000. He also expects the Fed’s monetary stance to have a major impact on the price. A bull case will be reinforced by a less aggressive move by the US central bank. Hayes says he will still not sell his ETH stake right into the Merge.

The comments by Hayes come when Ethereum is claiming new highs. At press time, the token was trading at $1,875, after sliding from a high of above $2,000. ETH’s price is up by 10.72% in the past one week. The gains reflect optimism around the PoS shift. Developers have already completed the final PoS merge on Goerli Testnet ahead of the Merge.

Ethereum meets resistance after the latest gains

Source – TradingView

From the technical outlook, Ethereum has hit resistance at the $1,950 level. The weekly chart still shows that the MACD line crossed above the moving average. That suggests a potential continuation of the bullish momentum. ETH is also about to clear above the 21-day MA on the weekly chart.

Concluding thoughts

Despite ETH hitting resistance at $1,950, it is bullish. Investors should watch for a breakout at $1,950 in the next few days. A retracement is also possible. The upcoming Merge will be a bull price trigger. Investors should also be cautious of potential merge-induced volatilities. The coin is a good buy on a breakout.

The post Ex-BitMEX CEO says short ETH before Merge, but should you? appeared first on CoinJournal.

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Canadian pension fund CDPQ writes off $150 million investment in Celsius

Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has revealed that it wrote off its investment in Celsius. The Quebec-based pension fund had made an investment of $150 million (CAD$200 million) in the embattled crypto lender.

CDPQ manages approximately $303 billion (CAD$392 billion) in assets. It made the revelation of writing off the Celsius investment while giving its six-month (first half of the year) returns report, where the pension fund revealed that it made an average return of -7.9%.

Why did CDPQ write off its Celsius investment?

CDPQ CEO, Charles Emond said that the decision to write off the investment followed quite an extensive due diligence that involved experts and consultants. He also added that the decision was out of prudence saying that the fund had “arrived too soon” while the cryptocurrency sector was in transition.

CDPQ made the Celsius investment last October during a $400 million investment round that was led by the pension fund and WestCap Group.

But in recent developments since the Terra Luna crisis that plunged Celsius into a financial crisis, Celsius has been battling to remain afloat. It even filed for Chapter 11 Bankruptcy in July after halting withdrawals due to worsening market conditions and arising liquidity problems. And in a petition filed by the Law firm Kirkland & Ellis on Sunday shows that the crypto lender (Celsius) could become bankrupt by October.

Celsius currently owes depositors about $2.8 billion in crypto that it is currently holding since halting withdrawals. However, Celsius is currently implementing a restructuring plan that includes setting up another Bitcoin mining plant to ensure it returns to financial stability.

The post Canadian pension fund CDPQ writes off $150 million investment in Celsius appeared first on CoinJournal.