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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Monero fails to build on Bitcoin’s momentum; one-year range holds

  • XRM/USD keeps trading in a range
  • Bearish momentum persists
  • A stronger dollar pressures most cryptocurrencies

Bitcoin rallied at the start of this week, triggering much-needed enthusiasm among crypto investors. However, the so-called “crypto winter” is still visible in other crypto markets, such as XMR/USD. 

Monero failed to capitalize on Bitcoin’s strength. Some other times, whenever Bitcoin rallied, other cryptocurrencies followed. 

Only this time is different. Therefore, one may argue that other cryptocurrencies lag and will jump, too, following Bitcoin’s lead. But another take is that Bitcoin gains will disappear, and a stronger US dollar will emerge. 

One thing is for sure, though – Monero’s technical picture is not encouraging. 

Monero chart by TradingView

The one-year-long range keeps Monero at bay

Monero’s underperformance this year might be viewed in two ways – one bullish and one bearish. 

The bullish view is that Monero is building energy, forming a contracting triangle that will break to the upside. And, on its way up, the market will break horizontal resistance given by the previous support area. 

The bearish view is that the one-year-long triangle is a bearish continuation pattern. If that is the case, the US dollar will keep gaining against its fiat peers and cryptocurrencies. 

$100 and $200 are key levels to watch for XRM/USD. Until any of them is broken, the range might continue still. 

The post Monero fails to build on Bitcoin’s momentum; one-year range holds appeared first on CoinJournal.

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Bitcoin diverges from fiat currencies and makes a new high for the year; is this bullish?

  • Bitcoin breaks horizontal resistance at the $32k area
  • The rally extended above $35k
  • Bulls should be worried because Bitcoin diverges from the US dollar

Bitcoin investors are thrilled to see the cryptocurrency jumping to a new high for the year. More precisely, Bitcoin traded above $35k for the first time in over a year. 

It did so by tripping stops seen in the $32k area. This area provided resistance for quite some time, and Bitcoin finally broke above. 

That is the good news for bulls. 

The bad news is that in doing so, Bitcoin diverges with the rest of the fiat currencies. More precisely, while Bitcoin gained against the US dollar, the greenback rallied against its peers. 

It may or may not be something to worry about. But if I were an investor in Bitcoin (which I’m not), I would worry. Here is why. 

Bitcoin chart by TradingView

Bitcoin and the US dollar have diverged since Q1 2023

The problem for Bitcoin is that the dollar strengthened since Q1 2023 against its peers. Two examples are the EUR/USD and AUD/USD exchange rates, which peaked in the year’s first quarter. 

EUR/USD, for instance, peaked at 1.12 and now trades around 1.06. AUD/USD erased almost all its gains from the lows in October 2022.

Bitcoin is the last one standing against the dollar. While bulls may say that it is only normal because Bitcoin is not correlated with macro risks and positioning, I beg to differ. 

Since Bitcoin is part of many institutional portfolios, it does react to macro. Therefore, the rally we see here would likely be reversed unless the US dollar strength dissipates. Only if the dollar starts weakening it makes sense to cheer for a Bitcoin rally. 

Until then, caution is needed.

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Injective integrates into Google Cloud BigQuery

  • Injective (INJ) has integrated Google Cloud’s BigQuery via the cloud computing provider’s Analytics Hub.
  • The layer-1 blockchain joins a growing group of chains on BigQuery.

Injective, a layer-1 blockchain whose native token INJ has been one of the standout performers in the crypto market this week, has integrated with cloud computing services giant Google Cloud.

Injective eyes expansion in Web3 finance

As per an announcement published on Tuesday, Google Cloud will add core on-chain data for Injective on BigQuery via its data sharing platform Analytics Hub. Public access to the data will be through Injective Nexus, the blockchain platform’s official data integration protocol.

This means developers and enterprises can now tap into custom datasets across the Injective ecosystem, including real-time financial data. For Google Cloud customers, the collaboration allows enterprises to leverage bespoke blockchain datasets to build decentralised finance (DeFi) applications, institutional trading strategies and for machine learning.

“This data collaboration is a major step forward for the Injective ecosystem in continuing to expand its footprint into institutions and traditional finance,” Eric Chen, CEO and co-founder of Injective Labs, said in a statement.

“The Google Cloud team has played an integral role in the growth of Injective since its inception and this latest collaboration will help to take Web3 as a whole to new heights,” Chen added.

Injective integration with Google Cloud comes a few weeks after the cloud computing behemoth added support for BigQuery datasets to 11 more blockchain networks. That was in addition to initial support for Bitcoin and Ethereum.

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Marinade Finance ceases operations in the UK citing FCA compliance concerns

  • Marinade Finance is currently the largest DeFi protocol on Solana.
  • Marinade Finance has blocked UK users due to concerns over FCA regulations.
  • The FCA’s Financial Promotions Regime has prompted several cryptocurrency entities, including Marinade Finance, to exit the UK market.

In a recent development, Marinade Finance, a leading decentralized finance (DeFi) protocol operating on the Solana blockchain, has halted its services for users in the United Kingdom. Interestingly, the price of the Marinade (MNDE) token has surged by 22.54% today despite the exit news. The token has hit a daily high of $0.07032.

The decision comes in response to growing compliance concerns arising from the regulatory framework established by the UK Financial Conduct Authority (FCA).

Compliance issues prompt UK market exit

Users from the UK were greeted with a block page on October 23 when attempting to access Marinade Finance’s website from a local IP. The message displayed on the page cited “compliance concerns relating to rules and regulations promulgated by the UK Finance Conduct Authority,” thus restricting any further access to the platform.

Notably, the protocol has extended an option for UK-based users to perform specific actions, including withdrawing liquidity, claiming delayed tickets, and delaying unstake through the use of its software development kit (SDK).

Marinade Finance’s decision reflects a growing trend within the cryptocurrency industry, as several other prominent players, such as Binance and PayPal, have also retracted their services from the UK market due to regulatory challenges.

This move aligns with the stringent measures imposed by the FCA, signalling an intensified focus on ensuring transparency and fairness within the cryptocurrency sector.

Impact on the Solana Blockchain

With Marinade Finance holding a substantial $241 million, which accounts for a remarkable 70% of all funds locked on the Solana blockchain, its exit from the UK market is poised to have significant repercussions.

However, Marinade Finance’s exit from the UK market has not had an impact on the price of Solana (SOL). SOL has surged by 7.09% to trade at $31.78 today.

The exit underscores the pivotal role regulatory compliance plays in the operations of DeFi protocols, especially in the context of stringent guidelines set forth by regulatory authorities.

While some DeFi firms are leaving the UK, other companies like OKX and MoonPay are preparing to adhere to FCA’s regulations. The industry is likely to witness further adjustments aimed at fostering a transparent and compliant environment for cryptocurrency operations globally.

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2023 price prediction for Tron (TRX), Ethereum (ETH), and Everlodge (ELDG)

  • Tron interest surges again as it enters the top 10.
  • Ethereum developers hint at a mainnet shadow hard fork.
  • Everlodge is predicted to rally by 30x after its launch and subsequent Tier-1 CEX listing.

As the crypto market continues redefining, buyers closely watch potential winners in 2023. Tron (TRX), Ethereum (ETH), and Everlodge (ELDG) have all gained significant attention, each for something unique. 

This article will look into a price forecast for these three cryptocurrencies to see the future.

Tron (TRX) enters top 10 once more 

Tron (TRX) is making a strong comeback, securing a place among the top 10 coins by market capitalization again. In fact, it now has a market cap of $7.7B. The resurgence of Tron is evident in its impressive network activity, as TRONSCAN has reported 6.5B transactions on its network. 

Additionally, Tron recently surpassed 190M accounts on its network – an outstanding milestone. This surge indicates a renewed interest in the Tron coin. As a result, the crypto community is closely watching this development. Some experts even forecast that the Tron price could reach $0.100 by December 2023. 

This resurgence highlights Tron’s capacity to adapt and thrive in a rapidly evolving crypto landscape.

Ethereum (ETH): mainnet shadow fork tease 

Ethereum (ETH) remains one of the hottest tokens in the crypto market, with its developers continually pushing the boundaries of innovation. The ETH developers are generating excitement by hinting at a mainnet shadow hard fork coming before the highly anticipated Dencun upgrade. This comes hot on the heels of the Ethereum L2 network Scroll launch on mainnet.

The upcoming Devnet #10 will be a significant milestone in the Ethereum journey, featuring a large validator set that may include up to 330,000 active validators. With these advancements on the horizon, market analysts are optimistic about the Ethereum crypto. 

Consequently, they project the Ethereum price to reach $2,335.71 by the end of Q4 2023. Ethereum’s ability to evolve and adapt continually draws significant attention from many individuals. 

Everlodge (ELDG): revolutionizing real estate on blockchain

Everlodge (ELDG) has rapidly gained recognition for its innovative approach to real estate on the blockchain. This upcoming property marketplace will present a unique combination of blockchain, NFT, and timeshare technology. Thus, users can expect to find many issues the $280T worth of real estate market faces long gone on Everlodge. 

One of the most significant issues in the real estate market is the high level of liquidity required to participate. Real property often demands a large initial investment, making it inaccessible for many. Everlodge will address this issue by digitizing and minting villas and hotels into NFTs, which are then fractionalized, increasing liquidity and accessibility.

Additionally, Everlodge will tackle the issue of dealing with traditional banks. Co-owners of properties in the Everlodge marketplace can leverage their property-backed NFTs as collateral for obtaining short to medium-term loans. This groundbreaking feature will offer users a seamless and efficient alternative to complex bank processes. 

Everlodge has already seen remarkable success, with millions of native tokens sold. Buyers who invested early in Everlodge have enjoyed a 100% return. The ELDG token is currently worth only $0.023 in Stage 6 of its presale. However, analysts foresee a 30x rally on its launch day after a Tier-1 CEX listing.

To find out more about Everlodge’s (ELDG) presale, visit the Everlodge website and join their Telegram channel.

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