Schlagwort: crypto business

Veröffentlicht am

Aptos price forms a bullish flag amid on-chain activity woes

  • Aptos price has been in a strong bullish trend in 2023.

  • Its DeFi TVL has plunged in APT terms.

  • The number of users in its ecosystem has been falling.

Aptos (APT/USD) price has done spectacularly well in 2023, making it one of the top-performing coins in the industry. The coin peaked at $20.44 in January, which was about 448% above the lowest point this year, as we wrote here. However, a closer look at its network shows that things are not going on well.

Aptos on-chain metrics concerns

Aptos, formerly known as Diem, is a relatively new blockchain that acts as a good alternative to Ethereum, BNB, and other smart contract platforms. The network has been growing rapidly in the past few months. 

However, a closer look at its on-chain and ecosystem numbers paint the opposite picture. For example, Aptos total value locked (TVL) in DeFi has been in a strong growth in dollar terms in the past few months. It stands at an all-time high of $76 million.

At face value, this trend seems good. However, when you switch to the TVL in Aptos terms, which is the one that matters, shows that it has been falling. Aptos now has a TVL of 4.26 million APT, which is lower than its all-time high of over 17.6 million APT.

Other Aptos metrics also send a disturbing picture of the network. For example, according to AptosScan, the number of transactions in the network has been in a strong downward trend and is now hovering near its all-time low. Aptos handled 612,715 transactions on January 17, lower than its all-time high of over 2 million.

Address growth in the ecosystem has also been falling after it peaked at over 800k last year. On January 17, Aptos had about 9.500 addresses. The number of transaction fees and address growth have also lagged. 

Couple all this with the network’s poor tokenomics. Its documents showed that most of these tokens are held by insiders. As such, there are significant concerns about the network.

Aptos price prediction

APT/USD chart by TradingView

The simple reason why Aptos price has been rising is simply that it has been rising. When a coin is rising, it leads to FOMO among traders. Turning to the daily chart, we see that the APT price has been in a strong bullish trend in the past few months. 

Most recently, it has formed a descending channel that is shown in black. This price is at the upper side of this descending channel. This channel has a close resemblance to a bullish flag pattern. It is also being supported by the 25-day and 50-day MA. Therefore, Aptos will likely have a bullish breakout in the coming weeks.

How to buy Aptos

The post Aptos price forms a bullish flag amid on-chain activity woes appeared first on CoinJournal.

Veröffentlicht am

Monero (XMR) price staggers as the hash rate retreats

  • Monero is the biggest privacy-focused coin in the industry.

  • It has underperformed recently as the number of hash rate has slipped.

Monero price moved sideways on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. XMR, the network’s coin, was trading at $180 on Thursday, a few points below this year’s high of $187. It has jumped by more than 22% from the lowest point in January. 

Monero hash rate slipping

Monero is a leading cryptocurrency in the privacy sector. The coin makes it possible for people to send cryptocurrency in an extremely private manner. Unlike Bitcoin and Litecoin, its transactions cannot be tracked by any person.

As a result, Monero is widely used by many people, especially in dark web marketplaces. They prefer it because of the relatively low transaction costs and the fact that transactions cannot be scooped by law enforcement.

Monero price has struggled in the past few days. A likely reason is that the privacy coin industry has gotten substantially competitive. Some of the top coins that compete with Monero are Dash, Nano, and Zcash among others.

Meanwhile, the health of Monero’s ecosystem has been in a downward trend. Data shows that Monero has a hash rate of 2.42 GH/s, which is much lower than the year-to-date high of 3.15 GH/s. Unlike other popular coins like Litecoin and Bitcoin, the hash rate has been in a constant downward trend after it peaked at 3.4 in January 2022.

Hash rate is one of the most useful metrics in proof-of-work networks like Bitcoin, Litecoin, and Ravencoin. It provides a good measure of the health of a network by looking at the number of guesses in the network.

Other Monero metrics are also not all that encouraging. For example, according to its Block Explorer, the number of transactions on Wednesday were more than 17,800. Last week, Monero handled about 116k transactions.

Monero price prediction

XMR/USD chart by TradingView

The daily chart shows that the XMR price has been in a strong bullish trend in the past few months. In this period, it has managed to move above the lower side of the ascending channel. At the same time, it is being supported by the 25-day and 50-day moving averages. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have continued rising.

Monero has also formed a small ascending channel that is shown in black. Therefore, there is a likelihood that it will have a bearish breakout in the coming days. If this happens, the next key level to watch will be at $167, the lowest point on January 27.

How to buy Monero

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 XMR with Binance today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XMR with OKX today

The post Monero (XMR) price staggers as the hash rate retreats appeared first on CoinJournal.

Veröffentlicht am

Coinbase pausing creator Drops on its NFT marketplace

  • The exchange however maintained that it is not planning to close its NFT marketplace.
  • It wants to align the exchange’s resources in developing other features.
  • Coinbase has been struggling with revenue generation.

Cryptocurrency exchange Coinbase on Wednesday tweeted that it was pausing creator drops in its NFT Marketplace. The exchange however assured clients that the move is not an overture to the closure of the NFT marketplace.

Coinbase explained that it was doing so to free up resources so that it could focus on other tools and features that creators have requested.

Coinbase has been facing a lot of challenges lately. It cut its workforce by 25% and closed its operations in Japan. It also recently got fined in the Netherlands for operating there without a licence.

Jessica Yatronofsky NFT collection

Coinbase announcement came shortly after one of its NFT partners, Jessica Yatronofsky, announced that her NFT collection would no longer be available on the Coinbase NFT Marketplace. Yatronofsky claimed that she had information that the marketplace would cease to operate as of February; something that is most likely the reason for Coinbase to reiterate it was not closing the Marketplace.

According to Coinbase, the changes will help the development team behind the Coinbase NFT to focus more on improving the platform. A representative from the exchange said that the team will now be able to focus on creating long-lasting solutions to serve its community.

In another tweet, Coinbase said:

“Rest assured, our mission for Coinbase NFT hasn’t changed and we remain optimistic about our future as we continue building. We’re excited to find more opportunities to work with creators in the future.”

Coinbase COIN share price

While there is no concrete reason that has been given by Coinbase for pausing the NFT drops, Coinbase share price has been rising over the last few days.

Yesterday COIN closed the market at $65.70, up +7.22 (12.35%). the stock has gained +9.64 (17.20%) in the past five days.

The post Coinbase pausing creator Drops on its NFT marketplace appeared first on CoinJournal.

Veröffentlicht am

MakerDAO launches $5 million legal defense fund

  • MakerDAO will set up the Defense Fund with an initial 5 million DAI.
  • The fund acts as a self-insurance tool and will only cover legal defense expenses of specific MakerDAO participants.
  • Funds will be secured in a multisig wallet, with the Maker Protocol taking control as a beneficiary.

MakerDAO, the decentralized autonomous organization (DAO) that issues the Dai (DAI) stablecoin and governance token Maker (MKR), has announced the launch of a new fund to be utilized in the case of legal or regulatory action involving the DAO’s participants.

The Defense Fund has been created following a governance vote on a Special Funding Proposal, the Maker team said. Accordingly, funds will be added to a multisig wallet for this purpose, with this done in one lump sum, the platform revealed on Wednesday.

MakerDAO’s $5 million defense fund

According to the platform, the fund will initially have a contingency budget of $5 million in the native DAI and be used to reimburse legal expenses incurred by specific community members.

Specifically, the Defense Fund will cover recognised delegates, core unit facilitators and permanent contributors. Active holders of MKR are also part of the primary group of beneficiaries.

The Defense Fund is thus envisaged as “a self-insurance tool for MakerDAO participants.” However, those set to benefit (as listed above) must be facing legal action directly linked to their activities at MakerDAO, the platform added.

“All claims and payouts will be managed by an external technical committee composed of insurance and risk management experts. The committee will issue a recommendation to approve or reject a payout based on a claim,” read part of a statement posted on the Maker Twitter account.

Maker Protocol will control the funds as one of the parties to the Defense Fund multisig wallet.

The post MakerDAO launches $5 million legal defense fund appeared first on CoinJournal.

Veröffentlicht am

LBRY Credits (LBC) shoots up by 90% after being declared not a security

  • The US SEC has accepted that the LBRY Credits (LBC) token is not a security.
  • LBC Token shot up to a daily high of $0.03225 after the news.
  • At press time, the token was trading at $0.0278.

The price of LBRY Credits (LBC) surged by over 90% earlier today after the US Securities and Exchange Commission (SEC) accepted that the token was not a security. LBC is the native token of Library Credit, a platform that seeks to simplify the way digital content is distributed and accessed by both consumers and producers.

Library Credit has had a long battle with the US SEC and on Monday, a New Hampshire district court judge ruled that LBC token transactions on the secondary market were not securities.

What was the issue between SEC and LBRY?

The US SEC took action against Library Credit in March 2021 accusing it of selling an unregistered security. Library Credit maintained that its token, the LBC, was not a security but rather a digital currency.

In November last year, the case was won by the SEC and Library Credit cited the ruling then as a “dangerous precedent” that could make all cryptocurrencies to be terms as securities.

Library Credit went ahead and filed an appeal, which was heard on Monday (January 30, 2023) with a focus on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve. If the injunction was to be approved, it would prevent the sale of LBC tokens.

John Deaton, a lawyer who has previously raised issues with the XRP case, appeared as an amicus curie in the LBC case. He was pushing to have the court clarify who would be covered by the injunction that the SEC was seeking determination.

A win for the crypto industry

The new ruling comes as a reprieve for the crypto industry which has faced many similar cases with Ripple versus the US SEC being one of the most followed.

Following the turn of events, the XRP community is hoping for a similarly favourable outcome in its own case against the SEC.

The post LBRY Credits (LBC) shoots up by 90% after being declared not a security appeared first on CoinJournal.