Schlagwort: crypto analysis

Key Takeaways

• On-chain activity for Bitcoin and Ethereum has fallen for the fourth consecutive week
• DEX share of trading volume had jumped up from 14% to 22% last month amid regulatory crackdown on centralised exchanges
• DEX volume has fallen back again since, however, and entire crypto space is seeing thin liquidity

 

Many speculate the regulatory crackdown in the US will push crypto two ways: offshore and/or into the decentralised realm. For the former, that doesn’t need much explanation. Tightening the noose on crypto companies in the US will force those same companies to move abroad if they want to continue their operations at the same capacity (or at all).

But whether this will push activity on-chain presents as a more interesting debate. Decentralised exchanges took off during the pandemic hysteria, however their volumes fell drastically throughout 2022. While volume also fell for centralised exchanges (CEXs), the ratio of the volume of DEX trading to CEX volume fell from 16.9% at the start of 2022 to 9.6% twelve months later, showing DEXs fell further than their more conventional counterparts.

Could the regulatory travails of Coinbase, Binance and other centralised exchanges reverse this trend? The below chart shows that there was indeed an increased portion of activity accounted for by DEXs in May, with DEX trading capturing 22.1% of volume, compared to 14.7% the prior month. However, the share has dropped back down to 15.4% through the first twelve days of June.

Binance was sued on June 5th and Coinbase on June 6th, which is curious when looking at the above trend as the DEX share has dropped since. Then again, these lawsuits may have been largely priced in. Coinbase was served with a Wells notice a few months ago, while Binance was (and still is) facing numerous investigations from different lawmakers. The price of Bitcoin will tell you all you need to know – it fell only 5% on news Binance had been formally sued, while the Coinbase news didn’t budge it much at all.

In truth, whatever the reasons, it is hard to draw conclusions from the above data. Volume remains incredibly thin, as I have discussed in-depth previously. In fact, on-chain activity and fees have actually fallen for the fourth consecutive week for Bitcoin, the immense spike in activity caused by the Ordinals protocol and BRC-20 tokens fading into the rear window. Despite this fall, however, it should be noted that fees are still significantly higher than the start of the year.

It is not just Bitcoin. Fees and activity are dwindling across the crypto space. The below is the same chart but for Ethereum, which has also seen four straight weeks of declining fees. In contrast to Bitcoin, the activity is inching down closer to where it was in January, however.

All in all, volume in the cryptocurrency space remains incredibly thin. This is due to a variety of factors. The first is the collapse in prices. When prices fall, people invariably trade crypto less. And with Bitcoin still 60% off its peak from late 2021, the hysteria and jammed order books feel a long way off.

But regulation is also a key factor. This has suppressed enthusiasm for the space immeasurably, with particular implications for institutions. We saw a telltale sign of that over the weekend, with Crypto.com suspending its US institutional exchange. While its retail platform will remain operational, the company cited limited demand from institutions as the reason behind the decision.

A cocktail of freefalling prices and an increasingly punitive regulatory regime is the worst possible scenario for the industry, and it is not hard to see why institutions have pulled back from the space.

The jump in DEX volume portrayed by the above on-chain data may seem promising at first glance, but that trend seems to have reversed. Additionally, for institutional capital to flow significantly into the space, centralised exchanges provide a vital function. So many were optimistic of these institutions pouring in only a couple of years ago, when companies like Tesla were stashing Bitcoin on balance sheets, but that feels a long way off now.

The post Crypto volumes continue to lag, Bitcoin & Ether fees down for fourth consecutive week appeared first on CoinJournal.

• Litecoin has formed a triple-top pattern on the daily chart.

• The main news is the recent lawsuits against Coinbase and Binance.

• The Federal Reserve will deliver its next interest rate decision.

Litecoin price has come under intense pressure in the past few days as investors focus on the recent SEC lawsuits against Coinbase and Binance. LTC token retreated to a low of $73.98, lower than the year-to-date high of $105.70.

Fed interest rate decision

Litecoin, like other cryptocurrencies, is going through a rough patch as investors focus on last week’s lawsuit by the SEC. The lawsuits alleged that the companies provided unregulated securities in the United States. The agency also sued Binance’s Chief Executive, Changpeng Zhao, as we wrote here.

It is stil too early to predict the next outcome of these lawsuits. As we have seen with the ongoing SEC vs Rippple case, the process can last for several years. The most likely outcome will be a settlement between either Binance or Coinbase with the SEC. Alternatively, the two companies could lose the suits, leading to major implications foe the crypto industry. 

For example, if Coinbase loses, it means that the company will be forced to delist thousands of cryptocurrencies. Popular coins like Bitcoin and Litecoin will be safe since they are seen as commodities.

The next key catalyst for the LTC price will be the upcoming interest rate decision by the Federal Reserve scheduled for Wednesday. Analysts believe that the bank will leave interest rates unchanged at between 5% and 5.25%. 

A pause in interest rate hikes will be a positive thing for Litecoin, stocks, and other financial assets. For one, it will be the first time in 10 meetings that the Fed has not hiked interest rates.

The decision will come a day after the US publishes consumer price index (CPI) data. Analysts believe that the headline consumer price index (CPI) dropped to 4.1% in May from the previous 4.9%.

Litecoin price prediction

Turning to the daily chart, we see that the LTC price has formed a triple-top pattern at $105.70, where it struggled moving above this year. The neckline of this pattern is at about $65.60. The coin has moved below the 50-day and 100-day moving averages. 

The Relative Strength Index (RSI) has moved below the neutral point at 30. Therefore, I suspect that the LTC price will continue falling as sellers target the key support at $65.60. A move below that level will open the possibility of the coin dropping to $60.

How to buy Litecoin

eToro

Buy LTC with eToro today Disclaimer

Coinbase

Buy LTC with Coinbase today Disclaimer

The post Litecoin price analysis ahead of the FOMC decision, US inflation data appeared first on CoinJournal.

• Chancer facilitates P2P predictive markets for betting on conventional and non-conventional markets.

• Chancer aims to enable user-led predictions amid record betting levels in traditional markets.

• The token will start presale on June 13,th 2023.

Think about this, being able to bet against any event and setting your own rules and odds. This is what the new decentralised blockchain platform Chancer is bringing. But that’s not the main idea – Chancer will be an investment opportunity giving its holders a chance to earn in various ways. The token $CHANCER presale happens on June 13th 2023 amid growing enthusiasm around the token.

What is Chancer?

Chancer is a blockchain-based decentralised predictive markets application. Under the main slogan, “Chancer: Your Game, Your Rules, Your Odds,” the platform will allow people to set their customised P2P betting platforms complete with their own rules.

Users can bet on anything they like, from a live football match to a personal bet, say your best friend will finish the top in the class. Users can also let their friends and others join their market, bringing fun to their betting world.

The platform’s token, $CHANCER, will run on the BSC blockchain. The aim is to enable token purchases through a secure chain with minimal transaction fees and high speeds. The team behind the blockchain aims to create a platform that works similarly to a dApp, seamlessly linking to the BSC blockchain. A proof-of-stake consensus mechanism seeks to make Chancer a fully decentralised ecosystem.

Record betting an advantage to decentralised Chancer

Betting is at all-time highs, thanks to growing technology and more people seeking to grow incomes through various models and have fun. If we take sports betting, for instance, activity levels hit record levels in 2022. The American Gaming Association reported that gross gaming revenues from sports rose to a record $7.5 billion in 2022, almost a 75% increase from the previous year. In the first quarter of 2023, the AGA reported that commercial gaming revenues hit a quarterly record of more than $16 billion.

Owing to these trends, betting is a big opportunity market. However, betting models have mostly stayed the same as the platforms remain centrally controlled. The need for a betting model that is user-led and peer-controlled is needed. The decentralised model is more transparent and confers benefits to users beyond betting. Chancer follows this model to generate win-win situations for users and investors.

Is Chancer a good investment opportunity?

Chancer isn’t only a blockchain-based betting ecosystem. It confers value to its participants by being an investment opportunity. The first benefit to investors is holding the $CHANCER token. This differs from betting platforms, where the winner takes it all.

Holders of $CHANCER can create their own markets and participate in markets created by peers. With this, there is an opportunity to collaborate, engage, and profit from wider Web 3.0 betting. Users benefit from a potential $CHANCER increase in value as more join the network. They can also stake the token for passive income.

There are also market-making rewards for creating Chancer markets through the dApp and live stream features. Users can become platform validators for a chance to earn more and enjoy priorities in platform governance. Other ways to earn include Share2Earn features, where users will get rewarded for promoting the market to increase the participation of members. 

The platform will also introduce a “Loyalty” program. This is a program to reimburse small amounts of transaction charges paid by users. The rebate is an incentive and a strategy to make the platform economically viable for its investors.

The unique ways investors earn and the decentralised model make Chancer a potentially viable investment opportunity. Being the first of its kind, investors may want to experiment with blockchain-based predictions, conferring a chance for the ecosystem to grow and benefit investors.

Chancer presale and listings

Chancer’s presale seeks to raise $15,000,000 over 12 stages of the presale. The token will be listed on Uniswap, Coingecko, and Coinmarketcap in the third quarter. More listings will follow, with the testnet expected in the fourth quarter. The mainnet, with full functionalities, is expected in the first quarter of 2024.

The post Chancer: World’s first blockchain-based predictive markets app, and a potential game-changer appeared first on CoinJournal.

• Cryptocurrencies remained under pressure this week after the SEC went to war with the industry.

• The SEC sued Binance and Coinbase, the biggest exchanges in the industry.

• We explain what to expect with Render Token, Polkadot, and Solana.

Cryptocurrencies had a difficult week after the Securities and Exchange Commission (SEC) went to war with the biggest companies in the industry. On Monday, the agency filed charges against Binance and its CEO, Changpeng Zhao. Then on the following day, the agency sued Coinbase for offering stacking products. While many coins have rebounded in the past few days, there are regulatory concerns in the industry. This article will look at some of the most popular coins and what to expect. They include: Render Token, Solana, and Polkadot.

Render Token price prediction

Render Network is a blockchain platform that provides decentralized GPU services. RNDR, its token, has jumped sharply as investors compare it to Nvidia, a company that is now valued at over $1 trillion. The token has surged by more than 400% this year. 

There are signs that the spectacular rally is fading. On the 4H chart, we see that the token has slipped by over 20% from its highest level this month. This is a signal that it has moved to a bear market. The token has also moved below the 25-day and 50-day exponential moving averages (EMA) and the two are about to form a bearish crossover.

Most importantly, it seems like Render has formed a double-top pattern. Therefore, the token will likely continue falling as sellers target the neckline of this pattern at $1.63. 

Polkadot price prediction

Polkadot is a leading blockchain that was established by a co-founder of Ethereum. It is best known for its parachains like Moonbeam, Acala, and Efinity. On the four-hour chart, the coin has been in a downward trend. And most recently, it managed to drop below the key support level at $5.15,  the lowest level in May 25 and on May 12. 

Polkadot has moved below the 25-day and 50-day exponential moving averages (EMA). The MACD has moved below the neutral point at zero. Therefore, the coin will likely continue falling as sellers target the next support level at $4.50.

How to buy Polkadot

eToro

Buy DOT with eToro today Disclaimer

Plus500

Buy DOT with Plus500 today Disclaimer

Solana price prediction

Solana, like other altcoins, has been in a downward trend in the past few months. In this period, it has dropped by almost 30% from the highest point this year. The coin has dropped below the 25-day and 50-day moving averages while the MACD has dropped below the neutral level. 

The coin has formed a break-and-retest pattern by retesting the key resistance point at $19.37. Therefore, Solana will likely continue falling since this pattern is usually a bearish sign. If this happens, the next level to watch will be at $15.

How to buy Solana

eToro

Buy SOL with eToro today Disclaimer

Plus500

Buy SOL with Plus500 today Disclaimer

The post Crypto price prediction: Render Token, Solana, Polkadot appeared first on CoinJournal.

• Binance Coin has fallen by double digits after SEC initiates investigations on exchange

• The rest of the crypto sector remains resilient, with AltSignals having potential

• $ASI presale demand could fuel the price increase when the token lists on exchanges

News that the US Securities and Exchange Commission has sued Binance and later Coinbase could be the hottest in crypto now. As an exchange that controls more than 60% of crypto volume, Binance’s lawsuit was expected to generate shockwaves. Binance is accused of 13 counts of violations, one being offering unregistered security tokens. Coinbase is charged with operating an unregistered securities exchange, clearing agency, and broker. 

BNB falls to a 6-month low with resilience across the sector

Binance Coin (BNB) traded at $261 on June 8 on the back of ongoing tussles between the crypto exchange and SEC. The last time the cryptocurrency traded at this level was on January 23, implying a nearly 6-month low. 

Despite this significant price drop, the rest of the sector looks resilient. Bitcoin trades at $26,400, Ethereum at $1,840, and XRP at $0.51. Although slightly lower, the price decline has been low compared to the market event triggered by FTX in November 2022. 

Elsewhere, DeFi activity has remained steady across various platforms, according to DeFiLlama. The total value locked has remained around $45.43 billion. The resilience underlines positive sentiment among investors, unlike previous panic-involving events. The DeFi activity, in conjunction with stable crypto prices, means a potential recovery as circumstances of SEC lawsuits settle.

AltSignals to benefit from a post-SEC market resurgence

It might not be clear when the case of Binance with SEC will conclude. Similar cases like the Ripple entanglements have lasted years. However, a potential clearance of the regulatory hurdle will boost demand for digital assets. AltSignals, a new entrant into the space and currently on presale, could benefit from this development.

AltSignals ($ASI) endears as crypto for traders. The token is 87% sold out in presale, with an innovative trading platform being the main attraction. $ASI offers value for investors looking to earn by belonging to a trading community. With a potential renewed focus on tokens not seen as securities under the SEC classification, $ASI could attract investors and unlock a projected 10x return.

Understanding AltSignals and $ASI

AltSignals is a proprietary trading signal platform created in 2017 by a team of experienced UK traders. The signal service covers forex, crypto, and stocks as its main instruments using a technical analysis tool, AltAlgo™. 

A strong demand for AltSignals service has prompted its team to explore a more advanced technical analysis tool using artificial intelligence. The AI platform, dubbed ActualizeAI, will run on the Ethereum network. The platform will use AI to generate more quality trading signals.

Members of ActualizeAI will need to own $ASI as the native token, which they can use to vote on governance. The benefit of belonging to a trading community has fueled the demand for $ASI, explaining the robust presale.

Members can also earn $ASI by participating in trading-related tournaments and contributing to ActualizeAI projects. ActualizeAI members also have exclusive access to other presale opportunities.

$ASI prediction in 2023

2023 is another harsh year for cryptocurrencies, although the market has regained stability after a disastrous 2022. That means the potential for overzealous price increases for any cryptocurrency could be overambitious but realistic.

However, the above can’t be said of new and innovative tokens like $ASI. Newly launched tokens have risen by triple digits as the hunt for memes and high-value crypto projects continues in a bear market. As such, the potential for $ASI remains high once it launches on exchanges like Uniswap.

A projected increase of 10x is a realistic target by the end of 2023, considering that the token has the backing of an existing trading community. If $ASI rises by this margin, a price of $0.15 would be the potential minimum for investors.

The post No more panic? Crypto resilient after Binance lawsuit, but BNB hits a 6-month low appeared first on CoinJournal.