Schlagwort: blockchain analysis

• Binance Coin has made a strong bearish breakout in the past few hours.

• Paxos was ordered by US regulators to stop minting BUSD.

• Binance has seen significant outflows in the past 7 days.

Binance Coin (BNB) price pulled back on Monday, becoming the worst-performing big-cap coin, as regulatory concerns continued. BNB price plunged to a low of $287, which was ~14% below the highest point this year.

Paxos to stop minting BUSD

The main catalyst for the Binance Coin price is the latest news by Paxos, the giant American company. In a statement, Binance said that Paxos had been directed by New York regulators to stop minting the stablecoin. This is notable because BUSD is created by Paxos and given Binance’s brand name, as we wrote here.

According to Binance, the market cap of Binance USD will only continue falling as Paxos continues servicing its obligations. Like Tether and USD Coin, Binance Coin is backed by real assets, including US dollars and other securities. 

The announcement is notable because of the important role that BUSD plays in the crypto industry now that it is the third-biggest stablecoin in the world after Tether and USD Coin. However, it is still unclear whether this crypto news will have a major impact on the coin. 

Meanwhile, Binance has continued seeing outflows from its exchange. According to DeFi Llama, the total amount of assets in the exchange stands at $70 billion. Outflows in the past 24 hours stand at $343 million. In the past seven days, outflows stand at over $400 million. This is a sign that investors are cautious about the situation.

The situation of inflows and outflows in exchanges is mixed. OKX, Huobi, Swissborg, and Binance US have seen over $10 million worth of infflows in the past 24 hours. Others, like Bitfinex, Crypto.com, and Kucoin have had outflows.

Binance Coin price is also bracing for the upcoming American consumer price index (CPI) scheduled for Tuesday. These numbers will provide a clear picture of what to expect from the Fed.

Binance Coin price prediction

BNB chart by TradingView

The hourly chart shows that the BNB coin price has been in a strong bearish trend in the past few days. It moved below the key support level at $301, the lowest point on February 10. It also crashed below the 23.6% Fibonacci Retracement level.

Binance Coin has moved below the 25-period and 50-period moving averages. It is also forming a bearish flag pattern. Therefore, the coin will likely continue falling as buyers target the key support level at $270. A move above the key resistance point at $300 will invalidate the bearish view.

How to buy Binance Coin

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 BNB 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 BNB with Binance today

The post BNB coin price slips amid Binance outflows, BUSD woes appeared first on CoinJournal.

Cryptocurrency prices had a mixed week amid elevated risks. Bitcoin price plunged to a low of $21,820, the lowest level since January 20. AI coins like SingularityDAO, Fetch.ai, and Ocean Protocol soared and then plunged. This decline was also in line with that of American stocks, including the Dow Jones and Nasdaq 100 indices. Here are the top crypto price predictions for some of the top coins like Hedera Hashgraph, Vibrate (VIB), and Oasis Network (ROSE).

Hedera Hashgraph price prediction | HBAR

Hedera Hashgraph price has been in a strong bullish trend in the past few days. HBAR price has formed an ascending channel shown in blue. The coin is slightly below the upper side of this rising channel. It is approaching the lower side of the Andrews Pitchfork tool. Also, the coin has moved above the 23.6% Fibonacci Retracement level.

HBAR price has moved above the 25-period and 50-period exponential moving averages. At the same time, the Relative Strength Index (RSI) and the MACD have continued rising. Therefore, Hedera has room for more upside as buyers target the upper side of the channel at $0.0803, which is a few points above the current level.

How to buy Hedera Hashgraph

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 HBAR 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 HBAR with Bitstamp today

Oasis Network price prediction | ROSE

Oasis Network is a leading smart contract platform that makes it possible for developers to create dApps. Some of the top dApps built in the network are Geniish, Covalent, and MetaMirror among others. ROSE price had a strong comeback this week, pushing it to a multi-month high of $0.076. On the 4H chart, Oasis Network price has moved below the 23.6% and 38.6% Fibonacci Retracement level.

ROSE has moved below the 25-period and 50-period moving averages. It has moved below the key support level at $0.060, the highest point on January 28. Therefore, the outlook for the coin is bearish, with the next key level to watch being at $0.055, which is ~10% below the current level.

How to buy Oasis Network

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 ROSE with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy ROSE with KuCoin today

Viberate price forecast | VIB

Viberate, the music-focused blockchain project, has done well in the past few days. VIB crypto price soared to a high of $0.148, which is about 130% above the lowest point in December. The coin rose above the key resistance point at $0.1127, the highest point on January 23rd. It has jumped above all moving averages.

The Relative Strength Index (RSI) has moved above the overbought level. Therefore, the coin will likely resume the downward trend and retest the key support level at $0.10. A move above the key resistance point at $0.13 will invalidate the bearish view.

The post Crypto price predictions: Hedera (HBAR), Oasis (ROSE), Viberate appeared first on CoinJournal.

The Sandbox price crashed for two straight days as the cliff unlock date nears and as a risk-off sentiment prevailed. The SAND/USDT price retreated to a low of $0.7797, which was lower than this week’s high of $0.937.

Cliff unlock nears

Crypto tokens have a mechanism known as tokenomics, which defines the distribution of initial tokens. A cliff unlock is a situation that is baked in the tokenomics that increases the number of tokens in circulation. 

Data by Token Unlocks shows that just 56% of all SAND tokens are now in circulation, with the remaining 44% being locked. The locked ones are currently valued at over $1 billion. The next cliff unlock will happen on Monday and will see over 372 million tokens valued at over $292 million being unlocked. 

As a result, the total number of SAND tokens in circulation will rise to 2.1 billion tokens. Sandbox now has a total market cap of over $1.17 billion and a diluted value of $2.34 billion. Therefore, introducing new tokens will dilute existing holders. 

In theory, the SAND price should decline ahead and after this dilution. However, in some instances, cryptocurrencies tend to rise when it happens. For example, in January, Axie Infinity’s AXS token surged even after the cliff unlock introduced more tokens in its ecosystem, as I wrote here. In other cases, such as with dYdX, companies tend to postpone their cliff unlock.

In such cases, this dilution happens because the developers usually publish positive news to counterbalance the news. For example, on Wednesday, Sandbox announced a major partnership with Saudi Arabia Digital Government Authority. It is unclear what the partnership will do but there is a likelihood that the government will take a stake in the company. 

Sandbox price prediction

SAND/USD chart by TradingView

So, is it safe to buy The Sandbox? Turning to the daily chart, we see that the SAND crypto price pulled back slightly below the resistance point at $0.9800 (November 5 high). Still, the coin seems to be forming a cup and handle pattern, which is usually a bullish sign. Sandbox crypto is also slightly above the 25-day and 50-day moving averages. 

Therefore, despite the bearish view of the cliff unlock, there is a likelihood that the coin will have a bullish breakout in the near term. This view will be confirmed if it rises above the important resistance at $0.98.

The post Sandbox (SAND) price prediction: Something big is about to happen appeared first on CoinJournal.

Key Takeaways

• Sam Bankman-Fried and FTX co-founder Gary Wang bought a 7.6% stake in Robinhood last May
• Purchased for close to half a billion, the funds were raised via a loan from sister trading firm Alameda Research
• In November, FTX was revealed to be insolvent, after it sent customer assets to Alameda to shore up trading losses, ultimately leading to an $8 billion hole on the balance sheet
• Robinhood directors have approved a plan to purchase back the 7.6% stake 

The king of the crypto villains may be under house arrest at his parents’ $4 million home in California, but the rest of the world continues to clean up the mess caused by FTX. 

Sam Bankman-Fried’s formerly tier-1 exchange, FTX, collapsed in November. One of the interesting tidbits to come out of this, aside from employees’ apparent love of the drug Adderall, was the presence of Robinhood shares on the balance sheet. 

FTX had purchased 56 million shares of Robinhood in May 2022, the same month that LUNA collapsed, which we now know caused large losses at FTX’s sister firm Alameda Research and led to Bankman-Fried sending customer assets to cover the losses and meet margin calls. The shares comprised a 7.6% stake in Robinhood. 

Bankman-Fried bought Robinhood stake with borrowed funds

In an affidavit to a Caribbean court prior to his arrest, Bankman-Fried revealed he and FTX co-founder Gary Wang borrowed over $546 million from Alameda last April. This money was used to capitalise Fidelity Technologies Ltd, which is a shell corporation through which the Robinhood stake was bought. 

The shares had been pledged as collateral against a loan taken out by Alameda. Which if it sounds odd, it should, because as said above, Alameda is the very same firm whose funds were used to purchase the shares in the first place.

Like everything in the FTX/Alameda universe, it was a circular economy backed by nothing. Of course, hindsight is 20/20 and all that.  

Robinhood to rebuy shares

A filing Wednesday by Robinhood’s board of directors approved a plan to repurchase the stake, worth $586 million at current market prices. 

“The proposed share purchase underscores the confidence the Board of Directors and management team have in our business,” said Robinhood’s chief financial officer Jason Warnick.

Robinhood went public in July 2021, and in a lot of ways became the poster child of the pandemic market hysteria. Its app spiked to the top of downloads, with retail traders taking to the markets with their stimulus cheques. 

The firm grew meteorically, ultimately going public in July 2021, in the heat of the bull market. Its share price since has done what almost everything within the tech and crypto space has – plummeted. 

Ultimately, this shouldn’t change much for HOOD investors. As for the crypto space, the further it moves away from the disgraced Sam Bankman-Fried the better. 

The post Robinhood to buy back Bankman-Fried’s seized 7.6% stake appeared first on CoinJournal.

Now that the bear market is well and truly with us, it offers the perfect chance for veteran investors to review the market and identify which projects have what it takes to survive. In doing so, investors are able to spot those projects, old and new, which offer big potential for the next bull run and the chance to produce immense returns.

Monero is a project that has divided analysts. It faces an increasingly hostile regulatory environment and has experienced a large price decrease over 2022 – both of these factors have a great impact on the Monero price prediction. 

Many are wondering whether Monero can find a place for the long term and are moving their investments to cutting-edge new projects such as Metacade.

Metacade is garnering a lot of interest from investment funds, as the project looks to be on the cusp of reshaping the gaming industry and putting players at the center of the value structure. 

Is Metacade contributing to Monero’s decline?

Monero has maintained a dedicated following due to its focus on an element of cryptocurrency that many believe is at the heart of the technology — privacy. With central bank digital currencies (CBDCs) on the horizon, it’s no surprise that Monero’s supporters are more adamant than ever that their project plays an important role, despite a poor Monero price prediction.

The privacy that Monero provides, however, is likely to face significant problems as regulation looms for cryptocurrencies in 2023. If new regulations take away the privacy associated with Monero transactions, the company’s USP is gone; therefore, it’s no surprise that many holders are looking elsewhere for a project with a higher chance of lasting success. Metacade is a project that is stirring up a lot of interest across the whole industry, so it’s no surprise to see many XMR holders switching allegiance.

What is Monero (XMR)?

Monero is a privacy-centric cryptocurrency that aims to deliver upon one of the earliest visions of digital cash — that is, untraceable and anonymous payments. 

The open-source project utilizes a skilled technical team to continually drive the technology forward and also has developed a mining structure that ensures that even small miners can benefit from helping to secure the network. 

Monero price prediction general: Can XMR survive regulation?

While XMR is not likely to fare well in the face of more regulation coming in, that doesn’t mean the project is doomed. Even if it becomes increasingly difficult to buy Monero through the typical ways that investors buy crypto, Monero will likely always have a thriving black market for those wishing to stay anonymous.

Taking this, and wider cryptocurrency prices, into consideration for the Monero price prediction, XMR is likely to see a drop in 2023 to around $90, as users are prohibited from trading and buying it through licensed exchanges. If it can carve out a space for itself beyond that, we could see the price back up at the current levels of around $160 by 2025.

What is Metacade (MCADE)?

Metacade is an inventive new project, generating a lot of buzz throughout the industry. This follows the Metacade team having published a widely acclaimed new whitepaper detailing the plans to redefine the gaming industry by allowing gamers to earn as they play.

The project centers around the building of the world’s biggest play-to-earn arcade, allowing gamers to monetize their gaming experience through a comprehensive rewards system.

How does MCADE work?

Gamers are able to earn rewards distributed as MCADE tokens, which serve as the currency of the platform and provide utility to the Metacade ecosystem. It enables both purchases and access fees (such as tournament entry) and also has staking options that offer MCADE holders the chance to put their tokens to work and earn a passive income in return.

Metagrants is another innovative program that features in the roadmap and contributes to the ecosystem development plans by allowing capable game development teams to show their game concepts to the community for feedback. MCADE holders can then vote to distribute funds to projects that deserve them.

The success of the Metacade presale illustrates what high potential the project has, with an incredible $5.4m raised already since it launched.

Metacade price prediction general: Where can MCADE reach?

Metacade looks set to generate high returns, and with the project set to start onboarding users in 2023, the price of MCADE could rise very soon in anticipation of this. MCADE reaching $1 this year seems reasonable, given the investor interest.

By 2025 the platform is likely to have delivered on much of the potential it holds, meaning that an $8 MCADE may not be unrealistic by the end of the year.

Should investors choose Monero or Metacade for the biggest returns?

XMR will likely be part of the cryptocurrency landscape for years to come, but this doesn’t make it a good choice of investment right now in light of the Monero price prediction and competitive cryptocurrency prices. In contrast, Metacade is showing signs of being a once-in-a-generation investment opportunity, especially for those who are able to pick it up for the ridiculously low prices available during the presale.

You can participate in the Metacade presale here.

The post While Monero Fights to Hold Its Value, Metacade is Set To Soar in Early 2023 appeared first on CoinJournal.