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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VVS Finance (VVS) remains in a bear market – Can the DeFi token turn around?

After surging to new highs in November last year, VVS Finance (VVS) has tanked. The DeFi coin is firmly in the bear market and the volatility in the broader market has only made things worse. But will things start to turn around soon? Probably not but here are some facts to know:

  • VVS has fallen 85% from its November highs.

  • The coin was trading at $0.00002232, up by around 2% for the day.

  • The downtrend will not reverse in the near term unless sentiment in crypto shifts drastically.

Data Source: Tradingview 

VVS Finance (VVS) – what’s next for the coin?

The drop in price for VVS has come fast and sharply. It seems like a long time ago when the token hit all-time highs in November last year. 

Things have really been difficult for VVS investors. In fact, the coin is down nearly 50% since the start of February. Momentum indicators are all pointing downwards. For instance, VVS remains lower than several crucial SMAs and the RSI also suggests a risk of a sell-off. 

There will of course be days where there will be rallies. But in the medium term, we don’t expect a big change in the price. The best thing right now for investors would be to wait until we start seeing some signs of price consolidation. This may trigger a bullish run that could push VVS above important indicators.

Should you buy VVS Finance (VVS)?

VVS actually stands for Very Very Simple finance. The project is simply trying to make blockchain and crypto mainstream. It hopes to offer users a more simplified DeFi protocol where anyone can use crypto.

This is a noble gesture and it could deliver great results. The fact that VVS is at around $230 million in the market cap means that we could yet see more gains in the future.

The post VVS Finance (VVS) remains in a bear market – Can the DeFi token turn around? appeared first on Coin Journal.

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Bitcoin (BTC) remains strong as new data shows institutional investors are buying the coin in droves

After the volatility that we saw over the last few weeks, it seems like Bitcoin (BTC) is starting to show a lot of resilience. The coin has regained $40, 000 and new data shows that the flow of institutional money is playing a big role in this. Here are the facts so far:

  • New data shows that nearly all trades in BTC consist of transactions above $100,000.

  • Institutional money has dominated BTC liquidity since 2020.

  • At press time, the coin was trading at $40,974, virtually unchanged in 24 hours.

Data Source: Tradingview 

Bitcoin (BTC) – is $50,000 in sight?

Early predictions for Bitcoin in 2022 were quite ambitious. There were some analysts who even thought that coin would hit $250,000 by the end of the year. In fact, the most conservative estimate had BTC at $100,000 by year-end. 

This could still happen. After all, we are not even in Q2. But the way the broader crypto market has started, Bitcoin will go through a wide period of volatility. It is highly unlikely that we will get to $50,000 in the near term. 

For most parts of 2022, BTC has largely bounced off between $45,000 and $35,000 and we expect this to remain the case for the foreseeable future. The flow of institutional money is also going to ramp up by the end of the year.

Why are institutions buying Bitcoin (BTC)?

Well, there are several reasons. For starters, the coin has dipped quite significantly from all-time highs. This provides large capital holders the perfect entry point to ride the Bitcoin and the crypto wave. 

But also, Bitcoin is a safe bet in the crypto market. It is seen as the gold standard and as such, institutions largely focus on it for the safety and longevity, it has to offer.

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Why Thorchain could retest all-time highs sooner than most cryptos

ThorChain (Rune) logo on a cell phone screen

  • Thorchain is up by over 90% in a month after introducing synthetic assets trading.

  • Lending and borrowing are coming soon, further adding fuel to the rally.

  • Thorchain rally is also supported by growing bullish momentum in the broader market.

Thorchain (RUNE) is up by 92% this month, and it is not showing signs of slowing down. In the last 24-hours alone, Thorchain is up by over 18%, and the momentum is rising. The rally has been triggered by a series of network upgrades that could trigger even more adoption going into the future.

The latest news regards the launch of synthetic assets trading on RUNE protocol. Rune has the edge over other protocols offering the same services because it is fast and allows traders to swap assets at a pretty low cost.

Thorchain also has ThorFi coming up soon. This is an equally big deal as it will allow traders to buy and lend on Thorchain. This is pretty much in line with the direction that the DeFi is moving, and that’s cross-chain decentralized exchanges that make atomic swaps obsolete. Such a tech breakthrough puts Thorchain in a unique space for growth as DeFi continues to disrupt finance and banking at an accelerated rate.

What next for Thorchain?

Source: TradingView

Since January 2022, Thorchain has been consolidating between $5.11 and $3.51. However, on March 9th, it broke out of this range and with high volumes. Since then, it has been trending up and is currently close to testing $10. If the current trend continues, Thorchain could easily retest its all-time highs of $21 in the short term.

Thorchain’s odds of retesting its all-time highs are enhanced by the fact that the broader market is currently gaining upside momentum. This means cryptos already showing signs of an upside could draw in more investors and rally more than the rest of the market.

Summary

Thorchain (RUNE) is currently in an uptrend, and in just one month, the coin is up by over 90%. Thorchain’s rally is driven by several key upgrades, including introducing synthetic tokens trading. With ThorFi coming up, the odds are that it could rally even further.

The post Why Thorchain could retest all-time highs sooner than most cryptos appeared first on Coin Journal.

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Ethereum scaling solution Optimism raises $150 million in a Series B funding

The funding round was co-led by Andreessen Horowitz’ a16z and major crypto VC firm Paradigm.

Optimism, a layer 2 scaling solution on the Ethereum network, has secured $150 million in a Series B funding, the blockchain platform announced on Thursday.

Heavyweight crypto investors Andreessen Horowitz (a16z) and Paradigm co-led the financing round. The firm added in details shared via a Medium post that the funding round had the blockchain firm at a valuation of $1.65 billion.

The Optimism mainnet has been live for over a year and in that time, the L2 solution has seen users save over $1 billion in gas. The success of its technology has also seen projects deploy thousands of contracts.

The open-source code has also seen three popular forks, with the platform firmly in the limelight across the Ethereum ecosystem.

Per the Medium post, the team at Optimism now plans to take their work across the network to the next level. This, they revealed, will happen with further strengthening of its team.

The startup is now one of the latest Unicorns in the crypto space and its continued development comes amid fresh impetus in the NFTs and DeFi sectors.  Scaling solutions such as Optimism are crucial as they help investors save on transaction fees, which can be prohibitive on the Ethereum network.

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Heroes of Mavia partners with Tribe Gaming for esports-focused P2E gaming

Heroes of Mavia, a blockchain-based play-to-earn massively multiplayer online (MMO) strategy game developed by Skrice Studios and backed by Binance has announced its partnership with Tribe Gaming, in a major push for esports-focused P2P gaming. Tribe Gaming is one of the largest esports organizations around the world.

The partnership will give Tribe a chance to expand its esports gaming initiative into the blockchain gaming field. Tribe is already very popular in developing mobile games and computer games venturing into blockchain gives it an upper hand among its competitors.

Tribe’s game creators and players consistently bring in over 100 million views a month.

Following the partnership, the founder and CEO of Tribe Gaming, Patrick Carney, said that collaborating with Mavia was an exciting opportunity and that they are looking forward to a bullish future as ‚Heroes of Mavia‘ game nears its launch.

Tribe now owns plots in the fantasy island of Mavia

As part of the partnership, Tribe now owns dozens of Legendary plots in the fantasy island of Mavia. It shall go ahead to uniquely do its branding on these plots of land to allow its brand to appear in the Heroes of Mavia game.

Tribe shall also have exclusive in-game skins and decorations custom done to Tribe branding taste.

The partnership proves that Mavia, which is backed by Crypto.com Capital, Binance Labs, and Genblock Capital is placing a bit bet on esports gaming. It also asserts Mavia’s position as the largest esports-focused P2E game.

While commenting about the partnership, an Executive Producer at Skrice Studios Yvan Feusi said that the team at Skrice Studios was happy to have Tribe as an official partner and that it was essential for the Mavia’s team to work with seasoned veterans as they push their game into „competitive gaming and esports.„

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