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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Court orders Three Arrows Capital to be liquidated

A court in the British Virgin Islands has directed that the embattled crypto hedge fund Three Arrows Capital (3AC) to be liquidated. The liquidation order comes a few days after Voyager Digital issued a notice of default to the hedge fund firm.

The Singaporean crypto hedge fund has been going through a hard time in the past few weeks following the crisis gripping the cryptocurrency sector.  Its woes started with the fall of Terra LUNA, which seemingly started a ripple effect that is still being felt throughout the crypto space.

According to reports, several partners including Teneo in the British Virgin Islands are lining up to handle the insolvency of the crypto hedge fund which has been in operation for the last 10 years since its launch in 2012 by Su Zhu and Kyle Davies.

What does 3AC liquidation mean to the crypto market?

Crypto insiders opine that the liquidation will have a significant impact on the cryptocurrency sector which is already undergoing difficulties due to plummeting market prices which has also caused the market to become extremely volatile.

Although it is still unclear what the immediate financial implications will be, 3AC’s demise is likely to rise more questions about the future of digital assets. And the 3AC creditors will certainly be the first to feel the pinch.

It would be noted that the default notice issued to the 2AC by Voyager Digital was in relation to a loan worth hundreds of millions of dollars.

In an interview with the Wall Street Journal earlier this month, the Three Arrows Capital co-founder Kyle Davies said:

“We are committed to working things out and finding an equitable solution for all our constituents”.

Davies had also said that the hedge fund was looking at alternative ways of rescuing the firm including the sale of assets or being rescued by another firm.

The post Court orders Three Arrows Capital to be liquidated appeared first on CoinJournal.

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Cardano vs Solana: Here’s Why SOL is a Better Buy than ADA

Cardano and Solana price have been in a strong bearish trend in the past few months. SOL is trading at $35.40, which is about 86% from its all-time high. ADA, on the other hand, is trading at $0.4782, which is about 82% below the highest point in 2021. The two have a market cap of over $12 billion and $15 billion, bringing the combined value to $27 billion. This means that the two have lost over $100 billion in value.

Cardano vs Solana

Solana and Solana are Ethereum rivals that make it possible for builders to create quality decentralized applications. Their use-case are projects like those in decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse among others.

The two have better features for building Web3 applications than Ethereum. For example, they are incredibly faster, have a lower carbon footprint, and significantly lower transaction costs. So, which is a better platform between Solana and Cardano?

There are two main reasons why Solana is a better investment compared to Cardano. First, Solana has a bigger ecosystem of applications. Some of the top apps built using Solana’s technology are Basic Attention Token (BAT), StepN, Squads, and Hoglytics. 

Learn more about how to buy Cardano.

Indeed, according to CryptoSlam, Solana is the second-biggest player in NFTs after Ethereum. And according to DeFi Llama, Solana has a total value locked of over $2.57 billion while Cardano has a TVL of less than $200 million. 

Second, Solana is a good investment because of its valuation. While it is hard to determine the ideal valuation of smart contract platforms, there are signs that Cardano is still overvalued. Besides, this is a cryptocurrency that is valued at over $15 billion that has no major application.

Cardano developers have said that thousands of projects are upcoming. Still, there is no evidence that these projects will ultimately be successful.

Solana price prediction

The chart below shows that the Solana price has been in a strong bearish trend in the past few months. As a result, the coin has dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level. 

It is also staring at its lowest level this year. Therefore, there is a likelihood that Solana will continue falling in the coming days. If this happens, the next key support level to watch will be at $25. In the long-term, however, there is a likelihood that the price will bounce back.

It is worth noting that Solana and Cardano have a close correlation. Therefore, in this price-discovery phase, the coins will likely track each other.

The post Cardano vs Solana: Here’s Why SOL is a Better Buy than ADA appeared first on CoinJournal.

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Is Flow a better buy than Cardano today?

From a technical analysis perspective, FLOW is a better bet short term

Key points:

  • The overall cryptocurrency market is bearish, but in the short term, some coins have good prospects.

  • FLOW is one of the cryptocurrencies that currently have strong buying volumes and are promising in the short term.

  • Cardano is bearish short-term but has the fundamentals to gain long-term value.

The cryptocurrency market is bearish at the moment, so everything is in the red. While buying any top crypto today has significant odds of long growth term, it’s not the case in the short term.

 More short term, some cryptos can do better than others depending on money flow and short-term news. Technical analysis is one way to tell which crypto can do better than the rest short term.

In this context, between Cardano and Flow, Flow is a much better trade in the short term.

Flow (FLOW) Chart analysis

In the past 72 hours, Flow FLOW/USD buying volumes have risen. On 26th June 2022, FLOW dropped slightly before making a double bottom and rallying again. This indicates that bullish momentum is on the rise, and it could keep rallying going into the future. If FLOW can push through resistance at $1.75, it could easily test $2 or more in the short to medium term.

Source – TradingView

Cardano (ADA) price analysis

Cardano ADA/USD has been bearish for more than 72 hours. In the last 24 hours alone, Cardano has been making lower lows, an indicator that sellers have crashed every attempt by bulls to retake the market. 

When writing this article, Cardano bulls attempted to retake control, but volumes were low. If bulls can push Cardano through the day’s high of $0.489, it could break out of the current bearish trend in the short term.

Source – TradingView

However, with buying volumes low and the broader market overall bearish, the odds seem low for Cardano to pull off such a move in the very short term. Besides, no major news is coming up anytime in the next couple of weeks.

Conclusion

FLOW holds much more promise in the short term than Cardano. The charts show strong buying momentum, while Cardano is stuck in a bear trend with low buying volumes.

That said, the two cryptocurrencies have a lot of promise in the long run – the fundamentals are in their favor. Cardano is one of the most promising platform blockchains in the market today, thanks to its mix of security, decentralization, and scalability. The recent launch of Cardano smart contracts has added to its intrinsic value, and as adoption grows, Cardano’s price is likely to go up as well. 

On its part, FLOW is one of the fastest-growing smart contracts cryptocurrencies in the market today. Today, FLOW has a wide ecosystem of Web 3.0 projects building on top of it, and the numbers will only rise over time. The same will reflect in the price of FLOW over the years.

The post Is Flow a better buy than Cardano today? appeared first on CoinJournal.

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Ethereum L2’s to keep an eye on in July

Polygon and Loopring are gaining upside momentum ahead of the Ethereum merge.

Key points:

  • Polygon is trading sideways as the rest of the market drops, indicating buyers are still in the market.

  • Loopring is making a V-shaped recovery, indicating that bulls are entering the market ahead of the Ethereum merge.

  • Both Polygon and Loopring have strong odds for growth over and above hype around the Ethereum merge. 

Ethereum ETH/USD is in the process of an upgrade to Ethereum 2.0. According to tweets by Ethereum core developers, the move to Ethereum 2.0 is expected to be completed by August 2022. The implications will be positive not just for Ethereum but also for Ethereum layer-2 solutions. Among the cryptocurrencies that are expected to benefit immensely from Ethereum’s shift to a Proof-of-Stake chain are Polygon and Loopring.

Polygon prospects in 2022

After a rally between April 22nd and 24th, Polygon MATIC/USD bulls lost momentum. However, unlike most heavily bearish cryptocurrencies, Polygon is now directionless. 

Source: TradingView

This indicates that bulls still have a significant presence in the market, and can be linked to the upcoming Ethereum merge in August. If the merge comes and Ethereum gains upside momentum, Polygon, too, could see an increase in adoption. In such a case, the critical level to watch would be $0.618, a fundamental resistance level in the very short term. If this resistance is broken, and Polygon holds above it until the Ethereum merge, it could easily retest prices above its most recent highs in the short to medium term.

Besides the hype around the merge, there are strong underlying factors that could see Polygon keep gaining in value in the future. The most important one is that Polygon already has a strong ecosystem of Dapps running on top of it. This means that the Ethereum merge will only augment the number of projects running on the Polygon chain. This will add to the intrinsic value of MATIC tokens since MATIC is the native token to the Polygon ecosystem. 

The fact that Polygon is a deflationary token further adds to its potential to rally going into the future. 

Loopring prospects in 2022

Loopring LRC/USD is another Ethereum layer-2 solution that has the potential to rally once the Ethereum merge happens. Already its price action is showing potential anticipation by investors of a rally. 

For instance, after a dip between 25th and 27th, Loopring is making a rebound. When writing this article, Loopring was making a V-shaped recovery, and if the merge happens, Loopring could see a sustained rally that could extend throughout the year.

Source: TradingView

Besides such a potential short-term rally, there is much to look forward to in terms of LoopRing’s long-term price action. For context, Loopring already has a strong and fast-growing ecosystem of Ethereum tokens trading on top of it. Fast execution speeds and low costs make it one of the best in the market.

The post Ethereum L2’s to keep an eye on in July appeared first on CoinJournal.

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Uniswap offers short-term buy opportunities at $4.7

  • Uniswap’s token has almost doubled its price in less than a month.

  • The crypto token is trading past a support zone and is retreating.

  • Investors should look for a buying opportunity at suitable support, preferably at $4.7.

Uniswap’s UNI/USD has successfully recovered from the oversold bottom of $3.40. The cryptocurrency is trading at $5.19, retracing from a high of above $6.0 reached on June 26. The latest high implies that Uniswap has almost doubled its price in less than a month.

Uniswap is a dApp-based platform on the Ethereum blockchain. The platform enables Ether transfers to a variety of ERC-20 tokens. UNI, Uniswap’s native token, is an ERC-20 token. Uniswap is unique in that it is a fully decentralized network. The decentralization means it is not owned or operated by a single entity. Uniswap uses an automated liquidity protocol as the trading model. The model incentivizes users with a commission to become liquidity providers. The network is also open source. Any user can copy the code and build their decentralized exchanges.

Uniswap has been trying to live up to the idea of decentralization that it advocates. On June 21, the company announced the purchase of Genie. The NFT marketplace aggregator will let users trade digital products on multiple platforms. Uniswap said it would integrate NFTs into its products, starting with its web app. NFTs will then come to the network’s developer APIs and widgets. Since this announcement, UNI has been bullish, breaking past the $4.7 resistance.

UNI is retracing back to support as bullish momentum develop

Source – TradingView

UNI is trading past the $4.7 support. It hit resistance around $5.8 and is now retreating. The cryptocurrency could settle at the nearest support at $4.7. The weakness could continue at the current level. Investors should look for a bullish reversal at key support.

Summary

Investors should look to buy Uniswap at a suitable support. $4.7 is our reference support, and investors should be keen to buy at that level.

The post Uniswap offers short-term buy opportunities at $4.7 appeared first on CoinJournal.