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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IMF wants El Salvador to drop Bitcoin as legal tender

  • El Salvador adopted Bitcoin as legal tender in September 2021 and wants to build a ‘Bitcoin city’.

  • The IMF says the cryptocurrency poses threats to the country’s financial stability and consumer protection.

The International Monetary Fund (IMF) has advised El Salvador to reconsider its decision on Bitcoin as legal tender, citing several risks it says are associated with the use of the cryptocurrency.

El Salvador became the first sovereign state to pass a law adopting Bitcoin as legal tender in May 2021. The Bitcoin Law became effective in September, making the cryptocurrency money and mandating its use across the country.

The government distributed $30 (roughly £22) worth of Bitcoin to every citizen with a Chivo wallet account, with over 200 Bitcoin ATMs installed to aid in the adoption across businesses.

Although the move faced several challenges earlier on, President Nayib Bukele has maintained the country will ensure the use of Bitcoin works.

But the IMF has never warmed up to this idea, with the latest comment one among many it has issued since last year.

In a statement published on Tuesday, the global lender’s directors said making Bitcoin legal tender posed large risks. They pointed out that apart from the potential impact on financial stability, the cryptocurrency could also put the country’s “financial integrity and consumer protection,” at risk.

The IMF thus “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the statement continued.

President Bukele has previously touted the construction of a Bitcoin City, with the project hinged on profits from price increases and a $1 billion cash injection via Bitcoin bonds.

But the global financial institution also took issue with that, saying El Salvador’s plans for Bitcoin-backed bonds were another concern. According to the IMF report, these plans also posed risks to the country’s financial integrity.

Despite the reservations, the IMF was positive about the potential for growth in digital payments as promoted via El Salvador’s Chivo e-wallet. Speaking at the end of a consultative forum with the Central American country, IMF directors noted the digital wallet could “boost financial inclusion.”

However, they urged that the country needed to adopt stricter regulations in the quest to have the ecosystem properly supervised.

Last week, he announced the country had added another 410 bitcoins to its treasury as they took advantage of the digital asset’s price decline.

Bitcoin’s price rose to around $69,000 in November 2021 before correcting heavily to lows of $33,000 in January. At the time of writing, the cryptocurrency had recouped some of the losses and was trading around $38,200.

The post IMF wants El Salvador to drop Bitcoin as legal tender appeared first on Coin Journal.

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Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst

Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Capriole founder Charles Edwards says Fantom is still massively undervalued and has huge potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by total value locked, behind top dogs Ethereum (ETH), Terra (LUNA), and Binance Smart Chain (BSC).

Fantom (FTM) in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11.01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom chain, a layer 1 protocol that boasts of very high scalability and cheap transactions, briefly overtook BSC last weekend before a drawdown in TVL took it back into fourth. 

FTM prices

Fantom tokens continue to attract even more investors looking for higher yields and speed of transactions, keeping the layer 1 blockchain ahead of rivals such as Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. The FTM/USD pair is trading around $2.36, about 20% down over the past week and nearly 33% off its all-time high of $3.46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.

The post Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst appeared first on Coin Journal.

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Dogecoin spikes after Elon Musk ask McDonald’s to accept DOGE payments

After a sharp drop in the last two weeks, Dogecoin is now green. It jumped 10% yesterday and it’s still rising today.

At the time of writing, it was $0.1488; up 9.25% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.1511 and a low of $0.1383 in the last 24 hours.

Now let’s see what the hike is all about.

Elon Musk and McDonald’s Twitter feud that has Dogecoin’s price surge

The Dogecoin price surged after a Twitter feud between McDonald’s and Tesla and Space X CEO Elon Musk. Musk had Tweeted saying that he would eat a happy meal on live TV if the fast-food giant, McDonald’s, accepts Dogecoin (DOGE) as the official payment system.

A few minutes after the tweet, DOGE price hiked 7% from $0.135 to $0.145 and the bullish momentum continues today as the two continue exchanging in the to and forth tweets that have attracted the attention of other crypto bigwigs including the co-founder of Dogecoin.

Tweets from Musk have been having a great impact on the market prices since he started tweeting about the meme coin. Previously, he had tweeted announcing that Tesla had started accepting DOGE for its merchandise using; something that caused the DOGE price to jump by 25%. 

After the recent Tweet from Musk targeting MacDonald’s, McDonald’s responded ten hours later saying that it will only accept his offer if Tesla accepts Grimacecoin, a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. 

Crypto opportunists quickly responded to McDonald’s tweet involving Grimace coin saying that buying the coin would not be a wise financial move since it was created a few hours ago, although it was already minted on Binance Smart Chain.

The media mainstream is trying to cover Musk’s erratic online behavior by amplifying his crypto tweets causing him to jump on a bandwagon of McDonald’s crypto memes that have been recently gaining popularity on Twitter. 

The Salvadoran president, Nyib Bukele, whose government had recently bought BTC dip before adding an extra 410 bitcoins at $36000 each in the recent dip, joined the tweeting spree by uploading a poorly edited photo of Musk with a McDonald branded hat and a nametag on 23rd January

Musk seems to be comfortably pushing for Dogecoin despite Tesla ownership of more than 42000 Bitcoin with an average of $ 31,700 per coin. He recently said in Time Magazine:

 „Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

The post Dogecoin spikes after Elon Musk ask McDonald’s to accept DOGE payments appeared first on Coin Journal.

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Market highlights January 26: Cryptos stage comeback, oil and commodity stocks take UK100 higher

The crypto market was in the green over the past 24 hours, as the majority of top 10 cryptos were higher at time of writing. The UK100 rose 1.09% yesterday as oil and commodity stocks boosted the index, rebounding from a rout the day before that saw it wipe out all its gains for 2022. 

US markets fell again yesterday as investors held their breath ahead of a Fed policy decision to be announced today. 

Top cryptos

Bitcoin registered gains of approximately 4%, trading above $37,000 this morning. Ethereum and Cardano were up around 3% each, while XRP climbed around 4%. Dogecoin jumped around 8%. It continues to rally after a supportive Musk tweet yesterday, after which it gained another 8%.  

Outside the top 10, Polygon registered gains of around 12%, making it the biggest winner in the top 20 coins by market cap today.

Another big gainer is CRO, the native token of Crypto.com crypto exchange. Its price today is $0.406 with a 24-hour trading volume of $168.45 million. Crypto.com Coin is up 9% in the last 24 hours. 

Top movers

The vast majority of top 100 coins were in the green at the time of writing. Notable standouts were NEAR and Stacks (+10%), Klaytn, Elrond, BAT, and BORA (+11%), Enjin and Secret (+12%), and Helium (+15%).   

Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Its token Flow gained 13% today.  

Gala suffered massive losses since November 28, 2021, but it’s trending again, having surged about 20% today. As the increase is not propelled by any major news, analysts expect that the price has nowhere to go but up now. Gala was the most profitable metaverse token in 2021.

An equally impressive rally is that of the Amp token, which gained 21% today on news of considerations on the part of Grayscale Bitcoin Trust to add it to their portfolio.  

The biggest gainer in the top 100 is definitely Waves, the token of a multi-purpose blockchain platform which supports various use cases, including decentralized applications (DApps) and smart contracts. Waves is up 37% in the last 24 h, reversing recent losses spectacularly.  

Trending

NinjaFloki continues its bull run. The gaming-based, passive income generating cryptocurrency is up 533% today.  

The post Market highlights January 26: Cryptos stage comeback, oil and commodity stocks take UK100 higher appeared first on Coin Journal.

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Should you buy Shiba Inu as the token awaits the metaverse call

With raving news around the NFT marketplace and the metaverse, it seems this evolution of the crypto world will leave a mark on most other digital currencies. And making Shiba Inu an exceptional identity of the metaverse world, which would impose a great focus on its asset value.

Following a tweet from the Shiba Inu Twitter page on January 24th, 2022. The Shiba Inu network announced their recent plan for joining the metaverse with a giant epithet that replaced the suffix „A“ alphabet with a new term that represents the actual metaverse description known as „verse“. Shibaverse has been coined from the commonly known original Shiba Inu token popularly recognised name.

While there might be joy coming through the end of the news. However, the Shibaverse autonomy does not purely associate with the original Shiba Inu blockchain. Instead, both Shibaverse and Shiba Inu tokens are not under similar developers. Though the effect of the announcement can spark buying interest in the native Shiba Inu Trading ecosystem. Thereby, causing its value to gain positive attraction upon the arrival into the metaverse.

Technical levels to watch before buying Shiba Inu

And with the recent sell-off the cryptocurrency market had undergone in the past few days, this should at least ring a buying signal in the ears of the market players.

Source – TradingView

From the hourly chart, an oversold market condition could trigger the action of bulls towards pushing the price of Shiba Inu (SHIB) Above the $0.00001972 initial support and drive the price of the market to hit near-term resistance at $0.00002598. Similarly from the daily price chart small body candlestick patterns are moving sideways, meaning a good expression that signals the best time to long the assets. Alongside in relation to the oversold condition, the market has experienced recently, printing a range-bound price action above the support affirm a good time to buy Shiba Inu tokens.

Final thoughts

To prevent the price from retesting the $0.00001972 horizontal support. A decent approach to the market will be to go long and create an exit point along with the $0.00002598 resistance.

The post Should you buy Shiba Inu as the token awaits the metaverse call appeared first on Coin Journal.