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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Solana’s (SOL) bullish uptrend is reversing – Can the coin retrace momentum towards $135

Solana (SOL) has led most altcoins into gains over the last few days. SOL had in fact surged impressively, at one-point crossing over $140. But the coin failed to climb past a crucial; resistance zone. As a result, the bullish uptrend we saw is now reversing. Here are some highlights:

  • After surging above $140, SOL has faced major resistance around $144 and has since failed to cross that hurdle.

  • As a result, the altcoin has fallen sharply from these highs in fact, at press time, it was trading at $112.

  • We are however seeing some directionless consolidation at $110 and we expect SOL to retest $144 soon.

Data Source: Tradingview.com

Solana (SOL) – Will it surge back to $135?

Well, technical indicators appear to suggest that SOL is looking poised for another uptrend. After surging to well over $140 over the last few days, the altcoin failed to clear the crucial resistance zone of $144. 

This weakness has manifested in the price action, with SOL now falling to $112. But we expect bulls to pick it up from here. In fact, SOL is likely to retest its weekly resistance zone of $135 and even surge past that towards $140. 

This will represent an upswing of nearly 20% from its current price. However, if SOL fails to hold the $110 support level, it could fall further towards $101 and eventually $93 in the near term.

Why investors are buying Solana (SOL)

Solana (SOL) is one of the most popular tokens right now. It has been attracting both individual and institutional investors by equal measure. 

Solana is seen as the most promising direct competitor to Ethereum. It offers better speeds, low fees, and outstanding scalability. Solana has also seen massive expansions in its ecosystem over the last few years. It is by far one of the most notable chains today.

The post Solana’s (SOL) bullish uptrend is reversing – Can the coin retrace momentum towards $135 appeared first on Coin Journal.

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ChangeNOW adds support for NFTs to its NOW Wallet

  • The NFT feature can be accessed via the ChangeNOW website as well as via mobile app, the exchange said in a statement.

  • ChangeNOW hopes the new feature sparks further interest in crypto, accelerating adoption.

ChangeNOW, a leading non-custodial cryptocurrency exchange popular for its instant transactions, has added support for non-fungible tokens (NFTs) to its NOW Wallet, the exchange said in a press statement exclusively shared with CoinJournal.

The addition of the NFT support to the wallet means customers now have seamless access to features that allow them to send, receive and store NFT collections.

Users will also be able to easily and securely browse the marketplace “right from their fingertips”, ChangeNOW added in the announcement.

Mike Ermolaev, the head of PR at ChangeNOW told CoinJournal in emailed comments:

“New and experienced users alike are finding new uses for blockchain, web3, and the new technologies in crypto. As a response to these growing demands, we have integrated NFT functionality into NOW Wallet.We hope that this will cause more people to discover cryptocurrency’s innovative features and speed its adoption.”

He added that the launch of the new NFT feature is in line with the crypto platform’s “hallmarks” of providing simple and user-friendly crypto innovations.

The NFT market exploded into a multi-billion industry in 2021, looping in major institutions and celebrities. 

The trend continues in 2022, with more people looking to leverage the blockchain technology behind it to digitally store and keep ownership of unique items and content, from art to music, record keeping and certification to authenticity and property ownership in the metaverse.

A good example, ChangeNOW notes on its Twitter account, is Alfa Romeo’s NFT integration that sees the SUV utilise the technology to track car records.

About ChangeNOW

The move to add NFT support to the official ChangeNOW wallet is a big boost for the crypto exchange, which offers access to over 380 crypto assets and more than 55 fiat currencies.

It also provides for fast, cheap, and transparent transactions, with fast crypto swaps that can be completed both via the exchange’s website and the ChangeNOW mobile app.

The NOW Wallet NFT section will support common token standards in ERC-721 and ERC-1155, the exchange said. Those eyeing other token standards should not worry as the platform will offer further support in due course.

The post ChangeNOW adds support for NFTs to its NOW Wallet appeared first on Coin Journal.

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Russia moves to recognize crypto, eyes new laws

The Russian government and the Bank of Russia look to have crypto regulated as currencies, local reports have suggested.

Russia is set to formally recognise cryptocurrencies as currencies, news reports out of the country suggest.

According to the reports, published on Wednesday morning, the move follows an agreement between the government and the central bank on how to regulate the $2 trillion industry going forward.

Local news outlet Kommersant reported that Russia was looking at unveiling new laws set to make it legal for people to use digital assets in the country’s financial system.

The move allows for cryptocurrency purchases although authorities expect every user to be registered and fully verified via locally regulated companies. This will also apply to foreign-based providers looking to offer crypto-related services in the country, which in this case means getting registered and establishing local offices.

New laws, including KYC checks

A draft law is expected by 18 February, the publication added, noting that cryptocurrencies will be designated as an “analogue of currencies” and not digital financial assets.

Crypto users will be expected to report all transactions exceeding 600,000 rubles, with penalties set if this isn’t adhered to. Other than that, it is suggested that the use of crypto for illegal transactions will be a felony.

To help bring these proposals into effect and ensure compliance, the government and the Bank of Russia want banks to be incorporated as intermediaries. They will be expected to link crypto users and digital asset exchanges, helping in identity checks and transaction tracking as well as holding users’ transaction details for five years.

No ban!

Russia has previously looked to ban cryptocurrencies, with authorities noting in earlier reports that cryptocurrencies were a potential threat to financial stability. The about-turn could therefore be a harbinger of even more positive regulatory frameworks that support the nascent industry. 

It also means that the country might have moved away from that outlook that saw the central bank call for a total ban on crypto trading and mining. 

Last month, former president Dmitry Medvedev suggested banning crypto in the country would likely lead to an opposite impact.

Recently, India moved to recognise cryptocurrencies after previous calls to ban them and imposed a 30% tax on crypto transfers. The US is also looking to regulate the crypto industry, with the immediate focus largely on stablecoins as highlighted in the President’s Working Group on crypto report.

The post Russia moves to recognize crypto, eyes new laws appeared first on Coin Journal.

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Market highlights February 9: UNUS SED LEO rallying on Bitfinex news, strong earnings lift US indices

The crypto market as a whole was uneventful with a few exceptions, which we’ll note here. Most of the top 100 coins by market cap moved in the range of +/-1 to 3% of their values yesterday.  

US indices rallied yesterday amid a raft of strong corporate earnings. Biotech firm Amgen leapt 7.71% after announcing a $6 billion share buy-back program and forecasting strong growth.

Harley-Davidson (+15.34%) and education firm Chegg (+15.77%) spiked on positive quarterly updates. Meanwhile, travel stocks had another strong performance.

Peloton Interactive soared 25% after the fitness bike maker announced a major restructure, including 2,800 job losses and its CEO stepping down.

Bank of Canada Governor Tiff Macklem is scheduled to speak via satellite at the Canadian Chamber of Commerce. Macklem’s words may generate CAD volatility.

Top cryptos

Bitcoin was down around 3%, trading below $44,000 at the time of writing. Ethereum was also down around 3%.

Cardano and XRP registered losses of around 5% and 4%, respectively. Shiba Inu lost around 7%.

Top movers

On February 8, federal officials seized Bitcoin worth $3.6 billion linked to the 2016 hack of the crypto exchange Bitfinex, one of the biggest crypto hacks in history. Bitfinex announced it would repay investors in UNUS SED LEO, which is rallying on the news.  

UNUS SED LEO is a utility token that’s used across the iFinex ecosystem, currently ranking at #25 on the top 100 by market cap. It’s poised to break the top 20 at this rate, trading for $7.36 at the time of writing and up more than 50% in the last 24 hours.

Other top 100 gainers include Ethereum Classic, Tezos, and Decentraland, which added 8%, 13%, and 6% respectively.  

Metaverse token GALA’s price has grown by 117% since the beginning of this month alone. This week’s jump is mainly attributed to the launch of Legends Reborn, Spidertanks, and other anticipated games. The token has gained 6% in the last 24 hours.   

IOTA is a trending crypto this week. Today, it’s up 7%. Its weekly gains come to 17% at the time of writing. IoTeX is reversing recent gains. It’s down 7% in the last 24 h.

Trending

There’s another dog-themed meme coin in town: DOGECO, the native token of Dogecolony. DOGECO is a play-to-win token. The game consists of 30 levels, which the team has released as a demo.

When collecting coins in the game, players must reach the end of the level by neutralizing the enemies or escaping from them.

DOGECO imposes an 8% tax on buy. 3% of this is distributed to DogeColony owners as loyalty rewards. The coin surged 680% today.  

The post Market highlights February 9: UNUS SED LEO rallying on Bitfinex news, strong earnings lift US indices appeared first on Coin Journal.

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Aave (AAVE) is expected to surge in the near term after launching a brand new social media platform

Aave (AAVE) has been going through a period of recovery over the last few days. The leading DeFi protocol is reversing some of the losses reported during the crypto winter. But the launch of a new social media protocol dubbed Lens could push AAVE even further higher. Here are some highlights:

  • The new Lens protocol is an open social media platform built on Polygon with the hope of using off-chain storage.

  • The launch did not immediately lead to a bullish breakout for AAVE but analysts expect this to happen in the near term.

  • Besides, looking at the indicators, there is a clear bullish divergence in AAVE’s price action.

Data Source: Tradingview 

AAVE – Price prediction and analysis

At the time of writing, Aave (AAVE) was trading at $177.55 down about 1% for the day. But despite this, the coin is still up around 7.5% in the last week or so. We have also seen the DeFi token smash past its 100-day Exponential moving average. 

As the news of the social media launch starts to percolate the broader market, it is likely that AAVE will see some bullish uptrend. This will take the price action closer or above the 200-day EMA of around $205. 

We also expect the DeFi token to consolidate around that price and surge towards $210 in the near term. This will represent an upswing of around 16% from its current price.

Why Aave (AAVE) is a decent investment?

AAVE is one of the most promising DeFi projects in the crypto market right now. It is designed to allow users to borrow and lend crypto in a fully decentralized manner. 

Having launched in 2017, Aave has been delivering immense value to investors and is expected to continue the same trend in the future. So, if you ever wanted some exposure towards promising DeFi tokens, AAVE has to be top of the list.

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