Beiträge

Veröffentlicht am

Crypto and Fed digital dollar can coexist, says Fed Chair Jerome Powell

  • Powell says nothing would prevent a well-regulated stablecoin from coexisting with a US CBDC.

  • He also revealed that a much-awaited report on cryptocurrencies was ready for release within weeks.

Cryptocurrencies and a US central bank digital currency can coexist, according to comments made by Federal Reserve Chair Jerome Powell.

The Fed chair said this when answering a direct question on the topic from Sen. Pat Toomey during Powell’s re-nomination hearing on Capitol Hill.   

The lawmaker wanted to know if there was anything that would prevent the coexistence of a Fed digital dollar and stablecoins. 

According to Business Insider, Powell responded with a “no, not at all.”

His response suggests that if Congress okayed a CBDC and Fed were able to launch one, nothing would “preclude a well regulated, privately issued stable coin from co-existing” within the same financial system as the digital dollar.

An example would be USD Coin (USDC), a US dollar-pegged stablecoin launched by Circle and Coinbase. 

Crypto report ready

Powell also said that the long-overdue report on digital currencies should be out soon, putting the timeline towards that within weeks.

He told Sen. Mike Crapo that the report on cryptocurrencies was ready and that the delay in releasing it was largely down to monetary policy adjustments.

He noted that coming up with the report was a tough task and that the agency “didn’t get it quite to where [it] needed to get it.” However, it’s now ready for publication.

“The report really is ready to go and I would expect we will drop it, I hate to say it again, in the coming weeks, but it really is in a situation where it’s ready to go,” the Fed Chair reiterated.

According to Powell, the structure of the engagement with the report will mainly constitute “asking questions and seeking input from the public,” and not merely taking predetermined positions on issues.

But that doesn’t mean that the Fed wouldn’t be taking positions, he added.

Powell said in December that he didn’t think crypto posed any threats to the stability of the US financial system. He also earlier told Congress that the Fed was not looking to take China’s route and ban cryptocurrencies.

The post Crypto and Fed digital dollar can coexist, says Fed Chair Jerome Powell appeared first on Coin Journal.

Veröffentlicht am

What next for Crypto.com (CRO) after a 7-day blood bath? – Price prediction and analysis

Crypto.com (CRO) is simply in shambles. After a massive 7-day rout that saw the token lose nearly 25% in value, CRO is still in the eye of the storm. Any attempts to break the downtrend over the last few days have been met with massive downward pressure. So, what’s next for CRO? Well, here are some highlights.

  • CRO has shown some mild bullish signs in the last week but has largely been on a strong downtrend.

  • At the time of writing, the coin was trading at $0.4459, up about 1% in 24 hours but still down 22% for the week.

  • CRO is facing significant headwinds in the market albeit underlying fundamentals are outstanding.

Data source: Tradingview.com 

Crypto.com (CRO) – price action and prediction

CRO has shown some brief recovery over the last 24 hours, managing to post decent gains after a whole week in the red. But this is very mild and does not suggest anything. In fact, the token is firmly in decline. 

Any breakout can only come once we see a trend reversal around its $0.4224 support. Also, CRO must break past its overhead resistance of $0.4846. At the time of writing, the coin was trading at around $0.4459. 

With increasing bear pressure from the wider market, it is unlikely that CRO will surge past overhead resistance in the near term. In fact, if downside pressure continues, the token could sink to as low as $0.3151.

Should you buy Crypto.com (CRO)

Crypto.com, one of the leading crypto exchanges in the world, has expanded fast in recent years. In fact, the platform is putting more effort to bring institutional traders with deeper pockets into its exchange. 

It is therefore going places and as such, any investor should consider its native CRO token. Crpto.com (CRO) has always been a decent long-term asset to hold. Nothing has changed in underlying fundamentals, so you should definitely buy.

The post What next for Crypto.com (CRO) after a 7-day blood bath? – Price prediction and analysis appeared first on Coin Journal.

Veröffentlicht am

Oasis Network (ROSE) has rebounded sharply – Can this uptrend keep going?

After a sluggish start to 2022, Oasis Network (ROSE) is finally rebounding sharply. The token appears to have weathered the crypto storm seen over the last 7 days and is now firmly on the up. But can this uptrend actually last? Well, here are some highlights first:

  • At the time of writing, ROSE was trading at $0.4203, up nearly 25% in 24-hour intraday trading.

  • Oasis Network has distinguished itself as a fast-growing alternative to Ethereum and has earned its place in the market.

  • The token is now above its 20- and 50-day simple moving average, an indication of a bullish alignment.

Data Source: Tradingview 

Oasis Network (ROSE) – Price prediction and analysis

Oasis Network (ROSE) has seen a massive price recovery in the last few days. Although overall, the crypto market has slumped, ROSE is outpacing every other coin right now. At the time of writing, the token was up 25% in 24-hour intraday trading. 

ROSE has also paired some of the losses we saw the past week. Although it’s still down around 1.26% for the last 7 days, it’s still way better compared to the average in the market. 

We have also seen the price action surge above 20- and 50-day SMAs, suggesting that there is still more bullish momentum to come in the near term. The relative strength index or RSI is also in the neutral zone, another positive sign for bulls. With these indicators, it is likely that ROSE will continue this uptrend in the near term.

Should you buy Oasis Network (ROSE)

The Oasis Network (ROSE) is seen as a serious alternative to Ethereum. The blockchain has in fact put aside $160 million to incentivise developers to create on its chain. 

Although it still has a long way to go to catch up to Ethereum, so far, it has done quite well. For the long-term crypto investor, this is a good token to buy.

The post Oasis Network (ROSE) has rebounded sharply – Can this uptrend keep going? appeared first on Coin Journal.

Veröffentlicht am

Emerging bullish pattern could push AVAX past $98 – Price prediction and analysis below

After hitting all-time highs in the middle of December last year, Avalanche (AVAX) has been on a downtrend. The coin went from trading at $127 during its December highs to around $80. But we are starting to see some bullish patterns emerge that could push AVAX towards triple digits. Here are some notable highlights:

  • AVAX is emerging from the market-wide crypto correction. It was trading at $85.61 at press time, up about 2.3% in 24 hours.

  • The altcoin is nearly 30% down from its Mid-December highs, giving dip buyers the chance to swoop in.

  • The token still needs to break overhead resistance of around $91.94 to have any chance of surging past $100.

Data Source” Tradingview.com 

Avalanche (AVAX) – Price prediction and analysis

It’s very difficult to predict the crypto market right now. We have seen market-wide volatility and waning sentiment overall. But despite this, there are some good indicators forming for AVAX. 

First, it seems like the token has finally managed to weather the storm of the last 7-day crypto correction. Although it’s still down nearly 30% from December highs, the coin is showing signs of recovery and resilience, surging over 2.4% in 24-hour intraday trading. Nonetheless, the RSI shows some bearish divergence. This indicates that a trend reversal is near, but downside risks still remain. 

Avalanche (AVAX) has also reported some major additions to its ecosystem. In fact, Pollen, one of the main DeFi projects on Avalanche, announced the launch of its native token PLN on AscendEX, one of the leading global crypto exchanges.

Should you buy Avalanche (AVAX)?

Yes, Avalanche is a good buy for long-term crypto investing. For short-term plays, a bullish uptrend appears imminent. So, if you’d like to ride the recovery from the January correction, then it’s the perfect time to get into AVAX. However, be aware of significant downside risks.

The post Emerging bullish pattern could push AVAX past $98 – Price prediction and analysis below appeared first on Coin Journal.

Veröffentlicht am

Chainlink (LINK) establishes upward trendline despite market-wide crypto correction

Chainlink (LINK) appears to be establishing an upward trend line that could see it surge towards $33. The coin has in fact been one of the better performers despite the market-wide crypto correction that we have seen over the past week or so. LINK is building this upward momentum, but can it hold? Well, here are some highlights first:

  • LINK has managed to retrace its 200-day exponential moving average over the last few days

  • The token also shows a bullish crossover of its 20- and 50-day EMAs

  • The coin has shown outstanding resilience even with massive downward pressure from the broader crypto market.

Data Source: Tradingview.com 

Chainlink (LINK) – Price prediction and analysis

LINK had shown some signs of recovery after the December Santa rally. The coin was testing its $23.16 resistance at the time. However, even despite massive downward pressure from the broader crypto market, LINK showed exemplary resilience, surging past $23.16. 

At the time of writing, the coin was trading at $26.28 and is firmly testing overhead resistance of around $28.7. When you consider the downtrend we have seen in crypto over the last week, it is clear that LINK has actually done quite well. 

If the coin is able to break past $28.7, we expect it to surge past $33 in the near term. But with sentiment in broader crypto still bearish at the moment, it may take longer for LINK to break that threshold.

Should you buy Chainlink (LINK)

LINK has always been one of the best crypto assets to buy and hold for the long term. The coin right now is heavily discounted. As such, it’s a good time to get in. 

The underlying fundamentals are positive, and the price analysis suggests a short-term rally that could help mask out some of the losses we saw in the last 7 days.

The post Chainlink (LINK) establishes upward trendline despite market-wide crypto correction appeared first on Coin Journal.