Kategorie: Crypto News

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Top 3 coins to buy as the crypto market dips

The broader crypto market declined sharply at the beginning of May. Most coins in the top ten have all fallen by double figures since the beginning of the month. The dip however presents investors will have a decent chance to buy promising coins at a very discounted price. Here is why you should buy:

  • The crypto market has proved to be quite resilient over the last 5 months.

  • The market has had to deal with serious economic and geopolitical shocks

  • Crypto is likely to rebound and surge in the medium and longer term.

For the dip hunters out there, we have a list of three coins below that should be worth watching in May.

Terra (LUNA)

Terra (LUNA) is one of the leading stablecoin platforms in the world. In the month of May alone, the coin has lost over 30% of its value. We do not expect LUNA to rebound immediately. However, this is a project that is backed by very decent fundamentals.

For those of you looking for decent long-term investments in crypto, you won’t find a more suitable option than LUNA. The coin is very cheap right now, considering the potential it offers. It’s time to get it.

Kadena (KDA)

Kadena (KDA) is an innovative blockchain designed to address some of the challenges associated with Proof of Work networks. In essence, KDA offers the security of proof of work models while maintaining high speeds and scalability. The coin has dipped by over 25% in the last few days. It is a prime asset right now for global dip buyers.

Oasis Network (ROSE)

DeFi protocols like the Oasis Network (ROSE) have also seen sharp falls this month. ROSE is now over 20% down from its price at the start of May. However, considering that it remains one of the high potential DeFi projects right now, the 20% drop is a great opportunity to stock up on ROSE cheaply.

The post Top 3 coins to buy as the crypto market dips appeared first on Coin Journal.

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Here is why LUNA is down by more than 40% in the last 24 hours

LUNA is one of the worst performers amongst the major cryptocurrencies by market cap.

The bearish sentiment in the market grows ticker as the market lost over $100 billion in the last 24 hours. The crypto market has lost more than 2% of its value in the last 24 hours and the total market cap now stands below $1.5 trillion.

Bitcoin briefly dropped towards the $30k psychological level before rebounding to now trade at $31,800 per coin. Ether continues to trade above $2,400 and is up by less than 1% despite the broader market in a bearish situation.

However, the biggest loser amongst the top 20 cryptocurrencies by market cap is LUNA, the native token of the Terra ecosystem. 

LUNA is down by 44% over the past 24 hours and has lost its place amongst the top 10 cryptocurrencies by market cap. The coin now occupies 13th place in the market.

The bearish performance came after Terra’s UST stablecoin slipped below its dollar peg twice yesterday. UST dropped to $0.69 yesterday, resulting in questions about the stablecoin’s stability.

UST’s predicament led to LUNA losing more than 40% of its value over the last 24 hours.

Key levels to watch

The LUNA/USDT 4-hour chart is one of the most bearish amongst the top 20 cryptocurrencies by market cap. 

The MACD line is below the neutral zone, indicating bearish momentum. Furthermore, the 14-day RSI of 21 shows that LUNA is currently oversold.

At press time, LUNA is trading at $33.05 per coin. If the bearish trend continues, it could drop below the $30 support level soon.

However, LUNA has shown signs of recovery over the past few hours and could move past the first major resistance level at $39 before the end of the day.

The post Here is why LUNA is down by more than 40% in the last 24 hours appeared first on Coin Journal.

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UST crash shows dangers of un-backed DeFi stablecoins, says Yield App CEO

The TerraUSD (UST) token crashed to lows of $0.61 on Monday as it massively de-pegged from the $1 peg even as the broader crypto market bled amid the worst sell-off of 2022.

UST has since moved back up amid a raft of measures to reestablish the peg by the Luna Foundation Guard, the organization that currently oversees the UST treasury.

As the algorithmic token fell, the LFG deployed its $2.2 billion BTC reserves – a move likely to have helped stem the rot- with BTC price falling briefly below $30k and LUNA nosediving more than 50% to around $28.

UST is vulnerable as LUNA trades 50% down in 24 hours

Tim Frost, founder and CEO of Yield App says the crash points to the vulnerabilities facing decentralized stablecoins.

“A brutal start to the week for the entire cryptocurrency market has brought one of its latest stars to its knees: UST. Just when we thought a decentralized, algorithmic stable coin had finally made the grade and proved all skeptics wrong, it slips 40% below its USD peg,” Frost told CoinJournal via email.

At the time of writing, UST is back to around $0.90 as BTC sees a slight recovery above $31.5k and Terra (LUNA) pares some of the losses to currently trade around $30. The LUNA/USD pair is however still 50% down.

Frost believes fresh selling around the DeFi token could mean LFG’s measures are “unlikely this is going to prove a long-term solution.” More inbound pressure on UST is thus possible.

“More importantly, this underlines how vulnerable decentralized stablecoins that rely on theoretical pegs instead of hard cash are in a good old-fashioned bank run. There is little anybody can do when investors start heading for the door en masse other than join the stampede and accept a huge loss,” the Yield App chief added.

On the overall outlook of the crypto market, Frost says “there is now little doubt we are in the midst of the most aggressive bear market since 2018.” 

The post UST crash shows dangers of un-backed DeFi stablecoins, says Yield App CEO appeared first on Coin Journal.

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KuCoin announces $150M funding round, $10B valuation

  • KuCoin announces $150 million pre-Series B funding raise.
  • The raise values the global crypto exchange at $10 billion.
  • KuCoin will use the funds to build the next generation of its core trading system.

Leading global crypto exchange KuCoin announced a $150 million pre-Series B funding round, with which it is valued at $10 billion. Jump Crypto led the round and investment funds such as Circle Ventures, IDG Capital, and Matrix Partners took part.

Expanding presence in Web3

The inflow of capital will allow the exchange to expand beyond centralized trading services and augment its presence in Web 3.0, including GameFi, crypto wallets, DeFi, and NFT platforms.

This will be possible through KuCoin Ventures and other investment arms. The KuCoin community built a public chain, KCC, on which many resources will be deployed to create a decentralized ecosystem.

Building the next-gen KuCoin trading system and more

Among the uses of the new funds will be to build the next generation of the exchange’s core trading system. Performance is expected to improve tenfold thereafter. 

The funds will also support KuCoin’s global regulation efforts and improve security and risk management systems to make the platform more secure and accessible.

Johnny Lyu, CEO of KuCoin, commented:

The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space.

Tak Fujishima, Head of Asia, Jump Crypto, stated:

KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round. We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive yield generation to support the growth of Web 3.0 and the crypto markets.

KuCoin is currently the fifth biggest crypto exchange on the market according to CoinMarketCap data. It secured $20 million in Round A funding in November 2018. 

The post KuCoin announces $150M funding round, $10B valuation appeared first on Coin Journal.

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Highlights May 10: Crypto market crashes, Terra down 50%

Crypto futures racked up more than $1 billion in liquidations in the past 24 hours amid major cryptos losing key support levels and weak market sentiment.

Top cryptos

Bitcoin (BTC) fell as much as 5% in the past 24 hours. Ethereum saw a similar loss. Dogecoin, XRP, and BNB lost around 7% each.

Bitcoin briefly dropped under $30,000 in early Asian hours, buoyed by a weak wider market. It was trading at just below $32,000 at the time of writing. 

Terra’s LUNA fell 50% as its UST stablecoin lost its peg with the US dollar. LUNA dropped out of the top 10, slumping to 14th position on Coinmarketcap’s ranking.  

Cardano suffered the least, down only around 3% today. The only top 20 gainer is Polygon, which has added around 0.70% to its value. 

Top movers

Coins in the top 100 mirrored the overall slump, with most losing up to 10% of their value. 

The hardest hit were Lido DAO (-43%), NEM (-16%), Amp (-18%), STEPN (-24%), Klaytn (-14%), Tezos and Algorand (each -13%), ApeCoin (-19%), and Monero (-15%). 

Not all is gloom and doom on the market. Notable standouts are FTX Token (FTT) and Elrond, each of which gained 3%. Maker is up 5%, and Qtum – 4%.  

Maker DAO’s traffic is consistently rising all over the world, especially traffic from Japan and Russia. In addition, Maker revealed the launch date of the AstraProtocol. The token ASTR SHO (Strong Holder Offering) is coming to Maker on May 30, 2022.

BitStore announced that it would list the QTUM token on May 11. It becomes available on the BitStore app tomorrow. 

Elrond is gaining on news of an upcoming listing on BitMart exchange, which will also integrate the ESDT token standard.

Elrond’s CEO tweeted that their new strategic partner would support the development and growth of the Elrond ecosystem by providing exceptional projects with funding and access to new markets. 

Trending

The biggest winner today is Rakon, whose token RKN added 406%. Rakon describes itself as a blockchain-based network designed to connect satellites, infrastructure, and navigation and communication systems in trustless ecosystems without relying on middlemen.

Rakon uses smart contracts to power timing solutions and frequency control of devices such as smart power grids, wireless controls, aviation systems and other applications. 

The post Highlights May 10: Crypto market crashes, Terra down 50% appeared first on Coin Journal.