Kategorie: Crypto News

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Should you buy bitcoin amidst the ongoing market sell-off?

  • Bitcoin Eyes near term support at $32108
  • The bulls might have a chance along with the support
  • Bitcoin trade with a complete sell-off with little sign of the oversold condition.

Negative market sentiment swept the value of Bitcoin by half of its previous ATH value of $69K in October. At the start of the new trading week on Monday, Bitcoin was spotted in an aggressive red pool of a bearish market.

It was reported that Bitcoin has lost above 50% of its value when compared to the All-Time high value of $69Kin October 2021. With a three month downhill moment yet, there is no sign that this bearish price action will be ending soon

Technical levels to watch before buying Bitcoin

Source – TradingView

Since the value of BTC trade is below the $38890 initial support, the price of bitcoin continues to expand its bearish wings to the South. After strong bearish market volatility was said to have aided the action of the bears towards plunging the price of BTC downward.

In essence, if you must take a long position for BTC/USD digital currency pair, you ought to be aware that the Bitcoin market is currently trading along the $33903 support region. Hence waiting for a bullish retracement above that level will aid your decision to buy the assets.

However, from a technical analysis viewpoint, Bitcoin seems to pose a long-term bearish price action as the value of the assets aims to hit near-term support at $30696.

In general, a good trading recommendation would be to wait for the price to break above $30696 market initial support before considering taking a long position.

Final thought

The ongoing sell-off in the market could be attributed to the difference in the proportion of demand and supply. In addition, the crypto market will tend to rise in value when the demand outweighs its supply. On the other hand, the market will plummet when the market supply outweighs its demand.

The post Should you buy bitcoin amidst the ongoing market sell-off? appeared first on Coin Journal.

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MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO

  • MicroStrategy CEO Michael Saylor also noted the same thing during an earlier interview.

  • The company’s shares have plunged alongside the rout in crypto and stocks, currently trading -35% year-to-date.  

MicroStrategy will buy more Bitcoin and does not plan to sell any from its current haul, according to the US-based software intelligence company’s Chief Financial Officer.

This is the company’s plan for investing in cryptocurrency, and will continue to be the case despite the current market outlook, Phong Le told the Wall Street Journal.

Bitcoin price reached highs of $69,000 in November but corrected sharply this month to plummet to lows of $33,000 on Monday.

Although the flagship digital asset has recovered 8% on the day to currently around $36,750, the sell-off pressure remains even as US Federal Reserve looks to hike interest rates and geopolitical tensions in Russia/Ukraine mount.

The negative sentiment cropping from these factors continues to weigh on investors in the stock market, with a cascade effect likely to be felt in the crypto market.

Despite the bearish outlook for the broader crypto market, MicroStrategy isn’t swaying from its strategy, the CFO added.

“To the extent we have excess cash flows or we find other ways to raise money, we continue to put it into Bitcoin,” Le told the WSJ.

MicroStrategy holds close to 125, 000 bitcoins, bought at an average price of $30,159.

Apart from adding to its BTC haul, the company is also eyeing new investments in the Bitcoin-backed bond market. Le said that the publicly traded company will venture into this market probably by 2023, although that would depend on liquidity in the market.

The diversification is part of the firm’s constant hunt for other investment opportunities that would contribute to the shareholder gains in Bitcoin.

Le’s comments come days after MicroStrategy CEO Michael Saylor said in an interview that the company wasn’t prepared to sell any of its Bitcoin. They also come after the company’s stock fell sharply on Monday.

The decline had pushed the stock’s overall losses since Friday to 30%, aligning it with the bloodbath witnessed in crypto and tech stocks. The shares are 35% down year-to-date, with a similar outlook for other crypto-centric companies.

The recent declines came as it was revealed that the US Securities and Exchange Commission (SEC) had rejected MicroStrategy’s non-GAAP accounting measures. This relates to the company’s decision to adjust for BTC impairment losses, which they said would clearly reflect on the software firm’s finances.

After the SEC’s disapproval, the firm noted it would make necessary revisions in future earnings reports, which should probably reflect in its Q4 earnings results on 1 February.

The post MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO appeared first on Coin Journal.

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OG influencer Paris Hilton sees the metaverse as the ‘future of partying’

  • Paris Hilton also made TV history when she gifted everyone on ‘The Tonight Show’ a free NFT.
  • The celebrity media personality Paris Hilton continues to be a major voice for the NFT space, having garnered massive praise since her move into the space.

Paris Hilton has said that she looks at the metaverse as an innovation that will enhance social life.

The OG influencer said this when she appeared on ‘The Tonight Show on Monday, a platform she used to reveal further developments in her love for NFTs. 

But it’s not just in the area of digital collectibles that the popular heiress sees a bright future.

She also believes in the metaverse, a virtual reality world concept that has gathered momentum in recent months and attracted the likes of Meta Platforms (formerly Facebook), Google, Microsoft, and gaming provider Roblox.

It is a 3D world where people will be able to interact, work and do many other things. And Hilton believes it will define the “future of partying.”

According to her, the metaverse is where people will ‘go out,’ interact and be social.

The businesswoman already has a footprint in the metaverse concept, with her “Paris World” virtual world available on Roblox. She says that Paris World will eventually see major virtual reality events, including the Super Bowl and the New York Fashion Week.

Hilton, who counts a “Bored Ape” among his enviable collection of NFTs, also talked about her upcoming “Forever Fairytale,” offering, which details her relationship with husband Carter Reum.

It didn’t end there for those in attendance. 

The actress gifted the Tonight Show host Jimmy Fallon and the entire audience an NFT from the collection.

Commenting on the giveaway, Fallon termed it as “the first NFT giveaway in television history.” His remarks were also echoed by many on social media, with some noting how incredible Hilton’s support for NFTs is and what it means for the whole space.

The post OG influencer Paris Hilton sees the metaverse as the ‘future of partying’ appeared first on Coin Journal.

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Here is why Cosmos (ATOM) Price is rallying

The Cosmos native crypto (ATOM) has surged by more than 17% in the last 24 hours; a time when all the major cryptocurrencies like Ethereum and Bitcoin have nosedived although they are now turning green as they try to correct.

Cosmos is currently at $36.08 with a trading volume of $3.9 billion and is up. If it continues with the current bullish trend, it might set a new all-time high within the first quarter of 2022.

What is Cosmos (ATOM)?

Cosmos is simply a project that solves the problems facing the blockchain industry to make blockchain technology less difficult and complex for decentralized apps developers.

ATOM is the native token of the Cosmos blockchain network.

Why the ATOM price is rallying

The current ATOM rally is highly attributed to the recent announcement by the market cap on Twitter saying that it will share IBC integrated tokens on the Cosmos network. Currently, Terra has already dominated this market with 49.6%.

ATOM is expected to shoot to the moon after the Terra market domination. However, when ATOM hit an all-time of $44.8 on 20th September, it started a phase that ended at $20.18 in December and since then it has continued to rise.

With the failed January 7 and 17 breakout attempts, the bulls started an inverted head and shoulder breakout on January 1st and the altcoin hit a five-week high of 79.61% ROI from its 29th December low.

The bears maintained their 43.6% Fibonacci support as the bulls continued to defend the 23.6% support level which they later lost by 38.2% in the recent sell-off, during the sell-off ATOM lost 35.6% of its worth, although they recaptured 38.2% from the growing selling effect.

There was a bearish bias after RSI formed the downward channel due to the resistance near the midline which led the MACD’s histogram to discover a closing equilibrium that favored the sellers.

The post Here is why Cosmos (ATOM) Price is rallying appeared first on Coin Journal.

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You can now buy OOKI, the token of an innovative decentralized protocol: here’s where

Ooki is a decentralized protocol for margin trading, borrowing, lending and staking. It enables developments of dApps for lenders, borrowers, and traders. It has added 29% to its value in the last 24 hours. 

This article has everything you need to know about Ooki Protocol, including where to buy the Ooki token.  

Top places to buy OOKI now

As OOKI is such a new asset, it’s yet to be listed on major exchanges. You can still purchase OOKI using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy OOKI right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for OOKI

Now that you’re connected, you’ll be able to swap for 100s of coins including OOKI.

What is OOKI?

OOKI is a community-run project, governed by the community vote for all major changes to the protocol. It makes it possible for users to interact with the most flexible decentralized finance protocol on multiple blockchains.

The OOKI token allows the Ooki community to govern the protocol through staking OOKI token and voting in the Ooki DAO. OOKI token holders receive a portion of protocol revenue.

50% of fees generated by the protocol are distributed to OOKI stakers. The remaining 50% of fees are allocated to the insurance fund and Ooki treasury.

Ooki Protocol provides four primary services to it’s users: leveraged margin trading, borrowing, lending, and staking. Trading is at the core of Ooki Protocol. Users can easily open long or short leveraged trading positions at fixed interest borrowing rates.

Ooki protocol also allows users to borrow funds with collateral and lend funds to earn interest. A unique feature of Ooki protocol is the existence of fixed rates of interest on borrowed funds.

Should I buy OOKI today?

Ooki can be a lucrative investment, but take the time to study the market and read analyses of its prospective price trajectory. Take all investment advice with a grain of salt.   

OOKI price prediction

Price Prediction is moderately bullish on Ooki. They predict it will trade for at least $0.014 at the end of this year. In 2023, the price of Ooki Protocol is expected to reach a minimum of $0.021 and a maximum of $0.025 with the average price of $0.021 throughout the year.   

OOKI on social media

 

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