Schlagwort: blockchain markets

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What is making Avalanche’s AVAX price rise as majority of cryptocurrencies dip?

Avalanche’s AVAX price is rising at a time when its peers are on a week’s long dip. Avalanche made a sudden surge and hit a daily high of $90.05 before pulling back to around $87.77 at the time of writing.

AVAX is still trading in the green with a 1.67% gain in the last 24 hours.

So, what are the factors behind the current Avalanche price surge? This article delves into explaining the behind-the-scenes causing the price of AVAX to rise when a majority of coins including Bitcoin, and Ethereum are in the red.

Why is Avalanche price ricing?

The reason for today’s Avalanche price surge is Terra Luna Foundation’s announcement that it has added Avalanche (AVAX) to its UST Reserve. Terra went ahead and bought AVAX coins worth $100 million.

The move made Avalanche the second larger 1 solution digital asset to be added to the UST Reserve with the first being Bitcoin.

Terra Luna Foundation made the revelation through a Tweet stating:

Besides, adding Avalanche to its UST Reserve and buying AVAX coins, Terra has also partnered with Avalanche to develop a new gaming subnet using Avalanches subnets. Terra Luna Foundation bypassed Ethereum to choose Avalanche since they believe Avalanche is experiencing rapid growth and it has a wide fan base.

Don Kwon, who is the founder of Terra said:

“Avalanche is still a growing ecosystem…a lot of it is fueled by loyalty to the AVAX token and users feel a lot of affinity with an asset that aligns itself with AVAX. Whereas for the average Ethereum user, aligning yourself with Ether doesn’t really mean that much.”

The team at Terra Luna Foundation also went ahead and tweeted about Terra collaborating with Avalanche on the new gaming subnet stating that “Avalanche’s subnets are a powerful method for building the next generation of scalable Web3 applications within niche use cases.”

The above developments have brought the recent AVAX price drop to a halt and made it start rising; something most investors believe could be witnessed for at least the next few days if not weeks.

The post What is making Avalanche’s AVAX price rise as majority of cryptocurrencies dip? appeared first on Coin Journal.

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Voyager Digital announces preliminary revenue of $100-105M

Voyager Digital Ltd., one of the most dynamically growing US cryptocurrency platforms, announced preliminary revenue and user metrics for the last fiscal quarter, which ended on March 31, 2022.

Steve Ehrlich, Voyager’s CEO and Co-founder, announced:

Voyager continued its account growth in the quarter ended March 31, 2022 by adding 115,000 funded accounts which was slightly over a 10% growth from December 31, 2021 and was accomplished during an extremely challenging quarter based upon spot market volume. In the quarter, Voyager delivered on its goal of expanding our products by delivering the first batch of the Voyager Debit Card and adding the Voyager desktop to a significant beta group.  We remain focused on positioning our platform as one of the leading players in digital assets for consumers and expect continued customer growth in 2022.

3.5M verified users, $400M new deposits

Voyager announced key metrics for the last fiscal quarter. They estimate preliminary total revenue for the quarter to be around $100-$105 million. This is down from $164.8 million for the quarter that ended on December 31 last year, but up from $60.4 million y/y.

The crypto platform’s total funded accounts were around 1.2 million, up from 1.075 million on December 31 and 274,000 y/y.

They had around 3.5 million total verified users as of March 31, 2022, up from 3.2 million on December 31 last year and a million y/y.

The net amount of new deposits for the last quarter was approximately $395 million, down from $1.04 billion on December 31.

Steve Ehrlich added:

As discussed at our last earnings call, in 2021 we scaled our technology to accommodate rapid growth as mainstream crypto adoption accelerated and now in 2022 we have begun to deliver on the expansion of our product suite and will continue to roll out new and enhanced products and services as well as geographic expansion.

 

The post Voyager Digital announces preliminary revenue of $100-105M appeared first on Coin Journal.

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Highlights April 7: Major cryptos slide, tobacco brands pop as UK100 falls

The crypto market as a whole is bearish today. UK-listed tobacco firms rose yesterday on the back of a positive trading update from Imperial Brands despite the wider UK100 falling 0.11%.

Top cryptos

Major cryptos had a rough day with Solana dropping around 9% over the past 24 hours, followed by Cardano, Avalanche, Polkadot all falling by more than 7%, and Ethereum and XRP sliding by more than 4% at time of writing. 

Bitcoin was trading above $43,000 at time of writing, down more than 4% over the past 24 hours. Dogecoin reversed yesterday’s gains, falling by 6% today.

Top movers

The situation in the top 100 was similar to that of major cryptos with most tokens falling by around 5%. Axie Infinity was among the bigger losers, shedding 12% of its value. Celo also lost around 12%. 

STEPN is also reversing gains, down 15%. Oasis Network’s ROSE token is down 14%. Audius, the music streaming protocol, lost 13% in the last 24 hours.

Anchor Protocol has gained 11% so far today. This could be on news that Binance is launching a UST staking service in partnership with this ecosystem. 

Binance users can directly pledge UST in the exchange wallet, with the interest rate being the same as the rate on Anchor’s official website, which is 19.63%.

The Mina token, which is said to have copied Cardano’s code, is the only other gainer in the top 100 today. It is up 5%.

Trending

The biggest gainer today is SFK, the token of Safefloki, a play to win game. Its price today is $1.58e-10 and it has gained 520% in the last 24 hours.

The post Highlights April 7: Major cryptos slide, tobacco brands pop as UK100 falls appeared first on Coin Journal.

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Terra’s Do Kwon Buys $230 Million of Bitcoin

Do Kwon targets $10 billion BTC to back TerraUSD (UST).

Terraform Labs founder and CEO Do Kwon added Bitcoin worth $230 million to Luna Foundation Guard’s wallet, buying 5,040 BTC on Wednesday as prices dipped again.

Wednesday saw Bitcoin’s price below $45,000 amid negative market sentiment, providing a “buy-the-dip” opportunity for the Terra CEO. It was an opportunity that had earlier seen MicroStrategy also buy Bitcoin worth $190 million.

Kwon shared the news on Twitter:

„Today I watered my plant, wrote some emails, bought 230M in bitcoin, vacuumed the house, had some McDonalds, now off to walk the dog.”

And with that huge buy, Terra’s Bitcoin for UST reserves has grown to a $1.6 billion stash, with 35,768 bitcoins now held by the LFG.

In March, Kwon announced plans to eventually buy up to $10 billion in Bitcoin, up from an earlier targeted UST reserve of$3 billion. And as of today, the Luna Foundation’s BTC holdings have surpassed those of Tesla (TSLA). Tesla bought $1.5 billion worth of Bitcoin in February last year.

MicroStrategy, which bought an additional 4,167 BTC worth about $190.5 million on Tuesday, is the biggest corporate holder of Bitcoin today. The company now holds 129,218 bitcoins bought at a cost of $30,700. 

The Michael Saylor-led firm’s total cost is around $3.97 billion, with the holdings currently valued at around $6.04 billion.

Bitcoin was trading around $43,660 on Wednesday evening, with the price down 4.6% in the past 24 hours.

The post Terra’s Do Kwon Buys $230 Million of Bitcoin appeared first on Coin Journal.

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Highlights April 6: Major cryptos slide, US stocks dive

Major cryptos were in the red over the past 24 hours. Goldman Sachs will add over-the-counter options for Ether, which comes about a month after the company began with Bitcoin. Ukraine will sell 300 NFTs it received as donations to assist in the war effort.

US stocks slumped yesterday as a senior Federal Reserve governor warned the central bank could tighten monetary policy more aggressively to control inflation. 

Top cryptos

Solana and Avalanche dropped more than 6%, Cardano more than 5% and Ethereum fell over 4.5%. Bitcoin was trading around $45,300 at time of writing, down more than 3% over the past 24 hours.

Dogecoin gained 7% on news that Elon Musk has become a member of Twitter’s Board of Directors and increased his stock in the social media giant.

Top movers

It was mostly a bear market in the top 100 with the majority of coins losing 4-6% of their value. Tezos lost 8%, Internet Computer and Waves each lost 9%, Axie is down 10%, and THORChain shed 12%.  

Celo is down 13%, reversing yesterday’s gains. The same goes for Audius, SKALE, and Moonbeam, which were rallying yesterday too. They lost 8%, 12%, and 13% respectively in the last 24 h.

Among the few gainers were Zilliqa with 3% and Anchor with 6%. There is a new entrant in the top 100. At #90, Neutrino USD is trading for $0.93 with a 24-hour trading volume of $91.8 million.

It’s up 11% in the last 24 hours. Interestingly, Neutrino USD is a stablecoin pegged to the US dollar.

STEPN is the biggest winner with gains of 23%. Binance announced that STEPN had committed a total of $3,000 in GMT tokens as rewards for a Swap Farming giveaway. STEPN also crossed the market cap of $1 billion within a month of their IEO on Binance.

Trending

Charactbit is currently trading for $0.0044 and has added 900% to its value in the last 24 hours. The project’s goal is to promote cultural activities in the cryptocurrency ecosystem. In particular, virtual characters are cited as an important element of the metaverse.

The Charactbit (CHB) token hopes to inspire subculture representatives to become more active in the crypto ecosystem.

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