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8. Januar 2023

Decentraland’s MANA defies gravity to jump 20% but will buyers be relentless?

Decentraland’s MANA has surged by over 20% in the week
Most gains came when the metaverse platform announced an open-cross competition
MANA’s long-term recovery remains tied to the crypto sentiment

Decentraland’s (MANA/USD) rose by 12% over the weekend, taking the weekly gains to over 20%. The surprise gains come after a prolonged bear market that saw the cryptocurrency claim the lowest price in 2022 on December 31.

Investors banking on Decentraland’s MANA would be delighted at the latest cryptocurrency news amid quietness in the metaverse. On January 06, Decentraland said it had launched the first-ever metaverse architecture and design Biennale. It will be an open-cross competition in the metaverse and includes performances, events, public talks, and lectures. The event is expected to accommodate more than 50,000 visitors in over five days. The event is expected to attract opinion leaders, creators, and partners who will share ideas about the metaverse.

The latest development comes as activity building in the metaverse continues to slump in a crypto winter. The low activity has pushed MANA to very low valuations, with the cryptocurrency trading at $0.355 as of press time. That compares to a high of nearly $6 at the height of the metaverse and crypto boom in November 2021.

MANA price outlook and analysis amid recoveries

MANA/USD Chart by TradingView

From the technical outlook, the RSI shifted above the midpoint, suggesting the entry of buyers of MANA. The MACD indicator highlights an improved momentum. The MACD line crossed above the signal line, reinforcing a bullish outlook. However, the indicator is still below the neutral zone, emphasising that the bearish market remains. MANA price also remains underneath the descending trendline despite the recoveries.

What could happen next?

Investors could continue riding on the short-term rally on MANA as momentum has improved. However, the outlook is bearish, and MANA could correct once the price hits the descending trendline. If buying MANA now, be watchful of the level around $0.4, where the price intersects with the descending trendline.

Where to buy MANA

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.

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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.

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The post Decentraland’s MANA defies gravity to jump 20% but will buyers be relentless? appeared first on CoinJournal.

7. Januar 2023

Prosecutors ramp up pressure on SBF associate Nishad Singh

Singh was integral in the founding of FTX, faces charges
Code was written to help Alameda take out unlimited line of credit
Singh and Gary Wang borrowed hundreds of millions

US authorities are ramping up pressure on Sam Bankman-Fried’s inner circle as they scrutinize Nishad Singh, a former close FTX associate according to insiders. Singh was integral in the founding of FTX. He has not been charged with anything, but he may be. Bloomberg’s Sonali Basak reports.

Is Singh cooperating?

Basak says:

We don’t know, but we do know he was in the “penthouse”, he lived with SBF. He was an insider who was really close friends with Sam’s brother. Gary Wang, who pled guilty, is cooperating. Part of the CFTC’s allegations are that code was written to help Alameda take out this unlimited line of credit that has essentially been found to be customer money. The aim is to see what role Nishad Singh played.

Who else was in the penthouse?

Who else might prosecutors be looking at? One issue is the cooperators in the investigation. Damian Williams of the US District Attorney’s office said there are thousands of documents, signal messages, etc. Is it just the penthouse you’re looking at, or is it the broader FTX empire?

Basak brought up Ryan Salem, who was found in the court documents in the Bahamas to have tipped off Bahamian authorities. Then, there’s the entity FTX.US, which is said to be more shielded. There are things people knew…that this “penthouse suite” kept from them.

Follow the money

When Singh’s name first came up, the new control of FTX had taken over. They put out that report and they talked about this idea that SBF had taken out about a billion dollars in loans through Alameda. They also said Singh and Wang had borrowed hundreds of millions. That’s the allegation. They have not responded, at least not publicly.

Whose loans went where?

Some of the information is coming from the bankruptcy filings. The prosecutors are not bankruptcy experts. The authorities are working on tracking “whose loans went where to buy what.” Ultimately, you’re going to have to seize those assets and get that money back.

The domino effect

In related news, crypto broker Genesis Global Trading eliminated 30% of its staff. Withdrawals have been halted by Genesis Lending for over a month. The question is: how much of this is contained to lending and how much is it a bigger problem for crypto conglomerate Digital Currency Group’s (DCG) head Barry Silbert, who is a big Wall Street voice?

The Gemini-Genesis drama

CNBC reported that Cameron Winklevoss, co-founder and president of Gemini crypto exchange, accused Silbert of engaging in “bad faith” tactics. He wants to resolve a thorny lending dispute with the company that emerged after FTX collapsed.

The dispute arose from an agreement between Gemini and Genesis Lending, a DCG subsidiary. Gemini offered customers yields of up to 8% through its lending product Gemini Earn. To generate that yield, Gemini lent customer funds to Genesis Global Capital, which lent them out to institutional clients.

Gemini suspended redemptions for its Earn service a few days after FTX filed for bankruptcy. Genesis Global Capital also suspended its loan services. While Gemini denies any link to FTX, Genesis tweeted in November that they had around $175 million in funds locked inside FTX.

Conflict resolution deadline is tomorrow

On January 2, Cameron Winklevoss wrote an open letter to Barry Silbert, alleging the latter had refused to meet with the Gemini team on numerous occasions. He set a deadline on January 8 when Gemini wants to see a proposal to resolve the conflict…or else.

It was a fiery letter, the hosts on Bloomberg conceded. Basak concluded:

When these things are hashed out on Wall Street, they are done behind investment bankers and lawyers. In crypto, they’re done on Twitter…

The post Prosecutors ramp up pressure on SBF associate Nishad Singh appeared first on CoinJournal.

7. Januar 2023

Jim Cramer explains Silvergate’s failure on Mad Money

Shares are down by more than 90% from their all-time high in November 2021
Silvergate is a “great example of everything that’s wrong with this industry”
They were working on a MMF, the most dangerous link in the crypto chain

Jim Cramer talked about why Silvergate is a ‘pivotal’ part of the crypto ecosystem on Mad Money, CNBC.

Silvergate’s shares plummeted, losing more than 43% yesterday, then another 2% or so. They are down by more than 90% from their all-time high in November 2021. According to the bank, the crypto industry’s breakdown caused a run on deposits, prompting it to fire 40% of its staff and sell assets at a major loss. Silvergate held deposits for FTX units and Alameda.

Stocks can always go lower

According to Cramer, stocks can always go lower and as long as they’re above zero, it’s fine. However, Silvergate is a pivotal part of the crypto ecosystem because it’s a “great example of everything that’s wrong with this industry.” Cramer said:

The bank made a series of horrifying disclosures, which caused (the drastic fall). If we don’t address it, I worry that the market cap will shrink to the point where we won’t be allowed to talk about it on air.

History of Silvergate Bank

Silvergate Bank was founded as a savings and loan association in 1988. It was transformed into a bank in 1996 by Dennis Frank and Derek J. Eisele. At first, it was quite small with just three branches in southern California.

In 2013, CEO Alan Lane made a personal investment in Bitcoin, and the bank went into crypto. They launched services to companies in the crypto space, especially crypto exchanges. They got in very early according to Cramer, when most banks didn’t want to have anything to do with Bitcoin. Then, it was “really only Bitcoin.”

Silvergate grew rapidly thereafter, reaching $1.9 billion in assets by 2017. The company was listed in November 2019 at a stock price of $13. The price had risen by 1580% in November 2021.

Why did they fail?

As mentioned, the price is now down over 90% from then. Cramer explains:

Silvergate established the Silvergate Exchange Network (SEN), a payment network for the crypto space. You can send USD to other Silvergate customers instantly, 24/7, just like crypto transactions. The bank also offered loans with Bitcoin as collateral. They were working on their own stablecoin, like a pseudo money market fund (MMF) that allows you to go in and out of the market without friction, which is the most dangerous link in the crypto chain.

The post Jim Cramer explains Silvergate’s failure on Mad Money appeared first on CoinJournal.

6. Januar 2023

Ethereum Classic breaks above descending trendline but exercise caution

Ethereum Classic is up 18% in the week
The network has witnessed an increased hash rate
Ethereum Classic still faces bear pressure at $19

Ethereum Classic (ETC/USD) has been of bull interest in the last two days. Despite losing by an intraday 1% on Friday, it was still up 18% in the week. A majority of these gains happened on January 04, 2023. The gains pushed the cryptocurrency above a crucial descending trendline that has contained ETC for a while. But how far can ETC gains continue?

Ethereum Classic was tipped for success when Ethereum shifted to the Proof of Stake protocol. Ethereum Classic is itself a Proof of Work protocol. Thus, Ethereum’s shift, also known as the Merge, was expected to push PoW miners to Ethereum Classic. Although initially boosting the price, ETC later crashed as the speculations waned.

The latest ETC gains reignite hopes of miner activity on Ethereum Classic. While the hash rate went downward in December 2022, it started to gain momentum toward the new year. The hash rate improved from 97.5975 TH/s on December 27 to 111.7497 TH/s on December 30, according to CoinWarz data. That could indicate increased miner activity and ETC transactions which boosted prices after the new year. But buyers may need to exercise caution at the current price level.

Bullish ETC still facing bearish pressure despite breakout

ETC/USD Chart by TradingView

A technical outlook shows momentum has increased strongly for ETC. The MACD indicator is attempting to break above the neutral zone. However, bears are trying to force a correction after ETC reached resistance at $19.

What to do with ETC?

Despite breaking above the descending trendline, ETC is facing a correction. The price is yet to trade above the previous high.

A break above the $19 resistance is the needed validation to consider further upsides. Investors should only buy ETC if it recovers above $19 with a confirmed bullish momentum. At the current price, ETC still faces a slump back to the $14 bottom price.

Where to buy ETC

eToro

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OKX

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The post Ethereum Classic breaks above descending trendline but exercise caution appeared first on CoinJournal.

6. Januar 2023

XRP price stalls as Ripple CEO remains “cautiously” optimistic about 2023

XRP has stalled for the last 3 weeks
The price has been tied to the crypto sentiment and case with SEC
Garlinghouse expects a “breakthrough” in crypto regulation in 2023

Ripple (XRP/USD) trades around $0.33, a level it started for 2023. The cryptocurrency has held the price zone for the past three weeks. Bulls recovered quickly as the price slid to $0.30 on January 2. But still, the upside remains limited. What holds for XRP this year?

Well, much is expected for cryptocurrencies this year after a disastrous 2022. A possible improvement in the macro situation will definitely boost the price, although this looks unlikely in the first quarter. For XRP, Ripple’s case with the US SEC will be an additional factor. While there have been glimpses of Ripple’s success, the crypto community still remains unsettled over the outcome. For Ripple CEO Brad Garlinghouse, 2023 carries some optimism. But as he advises, it needs caution.

Garlinghouse is not new to throwing punches at the US regulator since the case against Ripple started. Taking to Twitter to share views about crypto in 2023, Garlinghouse believes it is time for regulatory clarity on crypto in the US. Without referring to the pending case with the SEC, the Ripple CEO says it is time to define “security” in the digital asset sector. He still believes the US stands a chance if regulations come fast, and 2023 could be the year of a “breakthrough.”

But as the XRP classification case drags on, there is no notable price change as the outlook reflects caution. Still, the latest price action may excite buyers.

XRP stalls above the $0.31 support

XRP/USD Chart by TradingView

A technical outlook shows bulls have successfully defended $0.31 support. An interesting highlight was when a strong bullish pin bar formed as the price slid below the support. The formation of the pin bar underlined that buyers quickly arrested the price drop and stabilised it. However, momentum is weak, with the MACD remaining bearish.

What next for XRP?

XRP price may struggle further, but buyers will be observant if prices approach $0.31. The level is a clear buying zone to watch.

Where to buy XRP

eToro

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OKX

Buy XRP with OKX today

The post XRP price stalls as Ripple CEO remains “cautiously” optimistic about 2023 appeared first on CoinJournal.