Schlagwort: blockchain analysis

• Synthetix has seen the volume of its perpetual futures jump.

• The network is gearing towards the launch of Synthetix V3.

Synthetix (SNX/USD) price has staged a strong comeback in the past few days as investors cheer the upgrade to V3. It rose to a high of $3, which is much higher than the lowest level during the weekend at $2. Like other coins, SNX has soared by over 100% from its lowest point this year.

SNX token surges

Synthetix, a leading player in the blockchain industry, is doing well. The SNX token is one of the best-performing coins in the world, according to data compiled by Binance. It has jumped by over 32% in the past 24 hours.

There are several reasons why SNX is doing well. First, the on-chain volume shows that perpetual futures in the ecosystem is doing well. Its daily volume surged to more than $100 million. Daily fees in the Perps futures has jumped to over $67k in the past seven days. 

And as shown below, the cumulative perps volume has been in a strong bullish trend. Therefore, investors believe that Synthetix’s ecosystem is doing well even as challenges continued.

Second, Synthetix is doing well is because of its upgrade to V3. The V3 is a big upgrade that will be much different from the existing platform. It will provide a permissionless derivatives liquidity platform to power on-chain financial products. It will transform the network into a layer of liquidity that all derivatives can be built upon.

In a statement, the developers said that Synthetix will release these upgrades to the upcoming months. The initial release has already happened and will be followed by the collateral agnostic system and V3 spot market. The order types in V3 will be atomic orders, asynchronous orders, and wrapping. 

Like other cryptocurrencies, SNX price is reacting to the developments in the banking sector. Silicon Valley Bank and Signature Bank closed last week. Circle’s funds at Silicon Valley Bank will be released. 

SNX price prediction

SNX chart by TradingView

The daily chart shows that the Synthetix price has made a strong comeback in the past few days. It has managed to move above the 50-day exponential moving average. However, it has formed what looks like a shooting star pattern, which is usually a bearish sign. It sits at an important level since this price was the highest point on November 5.

Therefore, there is a likelihood that Synthetix will pull back in the coming days because of the shooting star pattern. If this happens, the next key level to watch will be at $2.50, which is the 50-day moving average

The post Synthetix’s SNX price soars as Synth perps volume spikes appeared first on CoinJournal.

• Bitcoin finds support at $20k 
• Many cryptocurrency companies had exposure to SVB 
• Bitcoin investors should keep an eye on the S&P 500 and the Fed

Cryptocurrency investors had a rough 2022. Bitcoin and other major cryptocurrencies trended lower, affected by the FTX failure, which triggered a loss of faith in the industry.

But the market started 2023 on a strong note. At one point, Bitcoin traded above $25k in February, after only a couple of months earlier, the price sat below $17k.

However, the enthusiasm faded away quickly. Bad news, once again, weighed on Bitcoin. First, Silvergate Capital, a major banker to the crypto industry, announced that it would liquidate its bank. Hit hard by the FTX bankruptcy, it closed the bank.

Second, Silicon Valley Bank collapsed on Friday. A bank run triggered the 2^nd largest bank failure in the US history, and the repercussions spread to the cryptocurrency market, too, as SVB was popular with crypto companies.

BTCUSD chart by TradingView

Bitcoin finds support at $20k

After failing at $25k in February, Bitcoin started to give up some of its 2023 gains. The move below $22k opened the gates to a quick drop to $20k, where the market found support at the round number.

Bitcoin’s volatility is well-known. Unfortunately, such sharp drops or quick gains are not unusual in the cryptocurrency market.

Nevertheless, even after the recent drop, Bitcoin is still up significantly in 2023. Its YTD performance is 23.62%, remarkably considering the turbulences that affected investors’ trust.

Recently, Bitcoin has also experienced an unusually high correlation with the US stock market. As such,  investors in the cryptocurrency market are keeping an eye on the S&P 500 index too. Affected by the Fed’s tightening cycle, the stock market had difficulty rallying – so did Bitcoin.

Moving forward, how the Fed responds to the SVB failure remains to be seen. Also, what will it do at its March meeting – raise the funds rate by 25bp or 50bp? Until then, the chances favor a longer consolidation for Bitcoin price at around $20k.

The post Silvergate Capital, SVB failures weigh on Bitcoin price appeared first on CoinJournal.

• Cryptocurrency prices plunged to their lowest level in months.

• This crash happened after the collapse of Silvergate Capital.

• Silicon Valley Bank’s parent company is at the brisk of collapse.

Cryptocurrency prices dived this week as concerns about technology and high-risk assets continued. Bitcoin plunged below $20,000 while Ethereum, BNB Coin, and Cardano plunged by more than 10% in just a few days. This decline happened after the collapse of Silvergate Capital and the near-death experience of Silicon Valley Bank (SVB). In this article, we will do a prediction for Litecoin, Bitcoin Cash, and Tron.

Litecoin price prediction

Litecoin price has nosedived in the past few weeks. It has fallen in the past five straight days and is now hovering at the lowest level since January 1 of this year. This decline happened after the coin formed a head and shoulders pattern, which is usually a bearish sign. 

It managed to move below the neckline of this pattern at $90.12. The coin has moved below all moving averages and the key support at $73.31. Litecoin has also become extremely oversold, with the Relative Strength Index (RSI) and the Stochastic Oscillator dipped. Therefore, the coin will likely continue falling during the weekend. 

This decline will depend on the nature of America’s jobs numbers and the performance of Silicon Valley Bank’s parent company, SVB. All indications are that the bank’s shares will continue dipping on Friday. Therefore, we can’t rule out a situation where Litecoin price crashes to about $60.

How to buy Litecoin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LTC with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy LTC with Bitstamp today

Bitcoin Cash price prediction

Bitcoin Cash price was not left behind in the ongoing crypto sell-off. It has dropped in the past five straight days and is now trading at the lowest point since January 11. In all, BCH price has dropped by more than 30% from the highest level this year. 

As it dropped, it moved below the key support level at $120.12, the lowest point on February 13. Therefore, like LTC, the coin will continue falling as sellers target the psychological level at $100. The stop-loss of this trade will be at $120. 

How to buy BCH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BCH with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BCH with Bitstamp today

Tron price prediction

Tron price also continued shrinking as it fell to the lowest level since January 12 of this year. This decline came after the coin formed a rising broadening wedge pattern that is shown in black. As it crashed, the TRX price plunged below the key support level at $0.065, the highest level in November. 

Tron moved below all moving averages while oscillators have also crashed in the past few days. Therefore, the outlook of the Tron price is still bearish, with the next key support being at $0.0050. However, we cannot rule out a situation where a dead cat bounce happens in the coming days.

How to buy Tron

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy TRX with eToro today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy TRX with Binance today

The post Crypto price predictions: Litecoin, Bitcoin Cash, Tron appeared first on CoinJournal.

Metacade’s crypto presale has been a major success, and the project is only just starting. Today’s crypto news takes a deeper look into this promising GameFi platform and analyzes just how far a crypto investment in Metacade (MCADE) could go.

Crypto news today: Could the Metacade crypto presale be the best crypto investment of the year?

The biggest news story in the crypto sphere currently involves Metacade – a brand-new GameFi platform generating loads of hype among the blockchain community. Metacade’s crypto presale has attracted $9.6m of crypto investment quickly because it is arguably destined to be one of the most comprehensive platforms in blockchain gaming.

Today’s crypto news highlights that every single prior fundraising round for Metacade has completely sold out. This has meant that the price of MCADE has risen from $0.008 to $0.017 since the initial beta phase.

Metacade is releasing 70% of its total token supply during the crypto presale, allowing the community extensive opportunities to get involved before the end of the event. With such a high level of crypto investment already pouring into MCADE, the token is now preparing for significant long-term price action.

Can MCADE reach $5 in 2025?

Today’s experts analyzing crypto news suggest that MCADE could explode in 2023 and beyond. The MCADE crypto presale is a sign of more to come, with the project consistently attracting significant investment.

Thanks to the crypto presale, MCADE’s exposure is set for a dramatic rise as it enters digital asset exchanges. As such, experts have speculated that by the end of 2023, MCADE could reach $1 per token in value due to this surge in investment opportunities. 

The Metacade platform will go live in 2023, and the project’s vast offering will be completed in 2024. By introducing a ground-breaking selection of crypto-earning mechanics and extensive benefits for the community, Metacade expects to attract a considerable number of users during this time.

In 2024 and 2025, Metacade could experience major success. The next bull market could see MCADE attract enormous levels of crypto investment, pushing the price of the MCADE token up to $7 due to the project’s deflationary tokenomics. This would be an incredible 350x gain from the end of the crypto presale – a rise to rival the other most successful GameFi projects in Web3.

What is Metacade?

Metacade is the biggest blockchain arcade. This means that it offers the most extensive collection of play-to-earn (P2E) games found anywhere on the blockchain, with every title offering integrated financial rewards for players.

On top of this, Metacade will become a central hub for all Web3 users. It will display the latest trends in blockchain gaming and connect its community in new and exciting ways.

Metacade also offers vast earning potential for users beyond the metaverse arcade. This will include Play2Earn, Compete2Earn, Create2Earn, and Work2Earn, as Metacade delivers an all-encompassing GameFi solution using blockchain technology.

How does MCADE work?

The metaverse arcade will offer casual and competitive gameplay, as users can play solo or go head-to-head in ranked events. Paid entry tournaments will offer major crypto prize pools for the winners, as competitive gamers can test their skills for ultimate glory.

The Web3 community hub will display crypto news today and the best new blockchain games in the space. It will also reward content creators through the Create2Earn feature, delivering financial incentives to users as they post game reviews, share alpha, and interact with other community members.

Metacade’s Work2Earn feature will connect new jobs for crypto enthusiasts, enabling anyone to kickstart their career in blockchain. Work2Earn will include gig work, freelance roles, and full-time positions at some of Web3’s hottest companies – a massively valuable offering unmatched by any other GameFi platform.

MCADE is taking blockchain gaming to the next level

The crypto news today that reported Metacade has attracted $9.6m in 15 weeks comes as no surprise. Metacade is a true game changer and will fund the next wave of game development directly.

The Metagrants program will provide early-stage investment to game developers as they build new P2E games for blockchain users to enjoy. It will involve a voting process, where the Metacade community decides which new titles are best, meaning that the most in-demand P2E titles can be brought into the metaverse arcade for the community.

Is MCADE worth buying?

The MCADE crypto presale could be the most lucrative opportunity of the year. With vast earning potential embedded into the platform and a sky-high price prediction due to the crypto news today, Metacade looks like a no-brainer addition to crypto investment portfolios. We can only expect the hype to increase with the presale entering the final stages in March. 

Metacade is a prime example of a strong crypto investment during fluctuating market conditions, as its long-term potential from the end of the crypto presale is massive. 

You can participate in the Metacade presale here.

The post Crypto News Today: Web3 Arcade Metacade Presale Brings in a Whopping $9.6m in 15 Weeks appeared first on CoinJournal.

BIT price continued its bearish run on Thursday as focus shifted to the upcoming token unlock. BitDAO’s coin retreated to a low of $0.5073, which was about 21% below the highest level this year. It has also pulled back as the enthusiasm of Mantle’s launch fades.

BitDAO token unlock

One of the biggest cryptocurrency news will be the upcoming token unlocks in the ecosystem. Data compiled by TokenUnlocks shows that there will be tokens worth $95 million that will be unlocked in the next five days. This is an important development considering that token unlocks tend to be bearish for a cryptocurrency. 

The idea behind this is simple since when you increase the amount of tokens in circulation, you tend to dilute existing holders. This dilution is so severe such that dYdX decided to postpone a major unlock event that would have put pressure on the token.

Data shows that the number of BIT tokens that are still locked is falling. 31% of all tokens or 7 1.52 billion are still locked while 7 billion of them are unlocked. According to its schedule, the current batch of tokens will finish being unlocked in September 2024.

For starters, BitDAO is a decentralized platform that makes it possible for people to build dApps. It is a decentralized autonomous organization (DAO) that has over $2.4 billion in assets. It then uses these assets to provide funding to promising developers.

Most of these funds are in the form of BitDAO followed by Ethereum, USD Coin, and Tether. A small amount of the funds are in FTX Token (FTT). 

BIT price has also declined as the hype surrounding Mantle wanes. Mantle is a new layer-2 network that was launched last month. It has similar features to other layer-2 networks like Polygon, Arbitrum, and Optimism.

BIT price prediction

The 4H chart shows that the BIT price has been in a strong bearish trend in the past few weeks. It has crashed below the lower side of the ascending channel shown in black. At the same time, the pair has dropped below the 50-day and 25-day moving averages. The MACD remains below the neutral level. 

Therefore, BitDAO price will likely continue falling as sellers target the next key support level at $0.45. A move above the resistance at $0.5280 will invalidate the bearish view.

How to invest in BitDAO

As BIT is such a new asset, it’s yet to be listed on major exchanges. You can still purchase BIT using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy BIT 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 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for BIT

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

The post BIT price recoils as BitDAO prepares for a $95M token unlock appeared first on CoinJournal.