Schlagwort: crypto business

• Bitcoin moves in a tight correlation with the US dollar
• Investors are unsure what to make of the Fed’s decision
• Technical analysis favors a stronger dollar

The Federal Reserve of the United States (Fed) has raised the funds rate once more this week – this time, by 25bp. The decision triggered a selloff in the US dollar, which lost ground against its peer fiat currencies.

Also, it lost ground against Bitcoin as well.

The reason for the greenback’s weakness was the message that disinflation in the United States had already begun. As such, the fight against rising inflation appears to be over, and so the Fed approaches the terminal rate for this tightening cycle.

But the dollar’s weakness proved to be shortlived.

The next day following the Fed’s decision, the dollar strengthened. Nothing changed from the Fed’s point of view, but investors suddenly decided it was time to buy the dollar.

So they did, and now the dollar is in a range ahead of the jobs report in the United States.

Bitcoin dropped against the dollar, too, after trading above $24k for a brief period. At the current levels, it sits dangerously at the lower edge of a reversal pattern.

BTCUSD chart by TradingView

Rising wedge and bearish RSI divergence call for caution

Bitcoin’s price action diverged from the RSI even before the Fed’s decision. A bearish divergence forms when the oscillator, in this case the RSI, fails to make new higher highs. Yet, at the same time, the price action, or the market, does form them.

This way, the two diverge, and the oscillator shows signs of weakness in the market.

Besides the bearish divergence with the RSI, BTC/USD is in a rising wedge formation. This is a reversal pattern, but traders must be patient before shorting the market.

The idea is to wait until and if the market breaks below the pivotal area marked in blue on the chart above. Such a move implies that the reversal pattern ended and a new market move has already started.

The post BTC/USD price forecast following the Fed’s decision appeared first on CoinJournal.

Investors searching for potential gains in 2023 have been wowed by the news that Metacade’s initial presale stages have sold out within a matter of weeks as bullish investors poured more than $4.9m of funding into the fledgling crypto gaming platform.

With MCADE’s presale continuing to attract massive interest in subsequent presale rounds, some experts are predicting that early investors could enjoy 10X gains in 2023.

Metacade could be the buy of the year

Forward-thinking investors and crypto gaming enthusiasts have been effusive in their early backing of Metacade during the presale, supporting the platform’s aim of delivering the most comprehensive range of online arcade games in the metaverse.

The momentum behind the presale has picked up pace in stage 3, which indicates that the value of Metacade’s utility token and native currency coin is set to surge in the short term, with potentially enormous long-term gains to be realized in the coming years. 

Beginning at $0.008 per token in the beta phase, MCADE’s value is set to rise to $0.02 by the end of the ninth and final presale stage. Expectations are that the price could leap in value once MCADE becomes available to the public.

Bullish investors have been seduced by Metacade’s vast long-term potential, set out in their comprehensive and ambitious white paper. This, combined with the wider projected explosion in the GameFi sector over the next five years and plans to place themselves at the center of crypto gaming for years to come, means MCADE has the potential to achieve 10X gains this year.

How high could MCADE reach in 2023?

The value of the MCADE is set to rise throughout the duration of the presale, culminating in a value of $0.02 per token as it prepares for its IDO. The coin will then be launched on decentralized exchanges (DEXs) when buyers globally will likely scramble to get their hands on MCADE.

Early investors are expected to maintain their HODLing, awaiting a huge jump in MCADE’s value. With a limited fixed supply of 2 billion tokens, demand for MCADE is expected to surge enormously on centralized and decentralized exchanges, which could lead to an increase in price as MCADE establishes itself as a solid crypto-gaming token.

The utility built into the MCADE token makes it an even more attractive prospect for investors to get their hands on. Expectations are that the value can deliver 10X gains with a rise in value to between $0.10 and $0.20 – a realistic prospect for 2023.

Is cryptocurrency a good long-term investment?

Between 2016 and 2021, global crypto holders increased by almost 60 times in five years. Although market conditions turned decidedly frosty in 2022, driven by the collapse of some big names in crypto markets, such as FTX, and global economic conditions, the number of investors and platforms continues to grow.

In addition, the crypto-gaming market is projected to grow approximately 70% year-on-year to become a $63 billion industry by 2027. Metacade is superbly placed to take advantage of this growth with its unrivaled range of online arcade games.

The crypto world is fast-paced, with an ever-increasing number of user cases, so predicting the future is hard. However, with countries like El Salvador beginning to adopt crypto as a genuine means of international payment, the signs for crypto markets are incredibly positive.

What is Metacade?

Metacade is building a brand-new platform hosting the most extensive range of online arcade games in the metaverse, becoming the first project of its kind to launch in the crypto-gaming world. Built on the Ethereum blockchain, Metacade will host a wide variety of play-to-earn (P2E) titles allowing gaming enthusiasts to come together with like-minded individuals, build a community and earn crypto rewards as they play.

A community-driven project, Metacade offers gamers and users a range of different earning mechanisms outside the P2E capability, with members rewarded for social interactions with the platform and, shortly, being able to apply for paid roles, including game testers, on Metacade and in the wider Web3 industry.

Metacade: Driving GameFi development

Metacade aims to go well beyond the traditional sphere of P2E crypto gaming platforms by delivering innovation in the wider GameFi industry through its ground-breaking Metagrants scheme. Developers can submit applications for funding to support the creation of new exclusive titles. These submissions are pooled and presented to MCADE token holders who vote for their favorites.

By handing control of the games that go into development to the community, Metacade allows the GameFi industry to benefit by having games that players want on their platform while providing much-needed development experience to the most talented game developers to employ the newest and best Web3 techniques in their work, keeping Metacade ahead of its competition.

Metacade: The best crypto gaming coin with 10X gains in 2023

The MCADE presale presents investors with a unique opportunity to purchase tokens in one of the most exciting crypto-gaming projects in the metaverse. The current price of $0.013 in stage 3 of the presale looks undervalued, even in today’s bear market conditions.

Experts expect Metacade’s presale to fully sell out quickly at every stage, making MCADE the must-buy token before the price increases. With 10X gains looking possible in 2023, it’s a good time for investors to pick up the MCADE token. 

You can participate in the MCADE presale here.

The post Crypto Gaming Arcade, Metacade, Has Potential to 10X in 2023! Here’s What You Need to Know appeared first on CoinJournal.

• H.C. Wainwright reiterates its buy rating on DMG Blockchain.
• The crypto company had its revenue quadruple in fiscal 2022.
• DMG stock has already gained 100% since the start of the year.

Shares of DMG Blockchain Solutions Inc (CVE: DMGI) have already more than doubled this year but an H.C. Wainwright analyst is convinced the stock still has massive room to the upside.

DMG stock has upside to C$1.0 a share

On Thursday, Kevin Dede reiterated his “buy” rating on the blockchain firm. His C$1.0 price objective suggests another 200% upside from here.

The bullish call arrives only days after DMG Blockchain Solutions said a sharp increase in bitcoin mining saw its revenue more than quadruple in fiscal 2022 to C$43.2 million.

DMG closed out the fiscal year at 700 Ph/s up from 15 Ph/s at the end of fiscal 2021, while ending CY22 at 900 PH/s.

DMG Blockchain Solutions is currently pending delivery of Bitmain XP machines that, the analyst noted, will improve its hash rate by another 42 Ph/s.

DMG is well-positioned for greater regulation

Dede likes DMG also for its healthy profit margins. The cryptocurrency company mined 200 bitcoins in its fourth financial quarter at an average cost of about $10,000. The research note reads:

[DMG] is holding approximately C$10.3 million of cash and digital currencies, and little debt, but adding C$1M in December quarter, FY1Q23, merely testing the waters in consideration of funding its 2 Eh/s CY23 mining target.

Other reasons cited for reinforcing the bullish view included its commitment to significantly expanding its footprint in software and services that currently make up only 5.0% of its annual sales.

DMG’s Core+, the analyst concluded, positions it to easily navigate the growing regulations as well.

The post This crypto stock could nearly triple from here: H.C. Wainwright appeared first on CoinJournal.