Schlagwort: crypto business

CRV is outperforming the broader cryptocurrency market after launching on the Celo network a few hours ago.

CRV, the native coin of the Curve Finance decentralised exchange, is up by more than 40% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The rally comes after Curve Finance launched on the Celo network. The Celo team announced a few hours ago that Curve Finance had partnered with Stake DAO and Stake Capital to launch on its network. 

📢 @CurveFinance, in partnership with @StakeDAOHQ and @StakeCapital, has just deployed on Celo, promoting real-world adoption of crypto assets.

Why it matters: 🧵⬇️ pic.twitter.com/IDUiDbduDE

— Celo (@CeloOrg) November 22, 2022

Curve Finance’s users will be able to more easily transfer digital assets and move on- and off-chain via Wormhole’s Portal bridge.

This latest cryptocurrency news comes as the broader crypto market recovers from its recent slump. After a poor start to the week, the total crypto market cap is now above $800 billion once again, up by nearly 5% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency, has also bounced back after hitting a new two-year low yesterday. At press time, the price of Bitcoin stands at $16,500, up by more than 5% so far today. 

Key levels to watch

The CRV/USD 4-hour chart has turned bullish as Curve Finance has been rallying over the past 24 hours. The technical indicators show that CRV is outperforming the broader market at the moment.

The MACD line crossed into the positive zone a few hours ago, thanks to Curve Finance’s ongoing rally. The 14-day relative strength index of 68 also shows that CRV could soon enter the overbought region if the rally continues.

At press time, CRV is trading at $0.6495. If the bulls continue to be in control, CRV could surge past the $0.7960 resistance level before the end of the day. In the event of an extended rally, CRV could hit the $0.9578 resistance level over the next few days.

However, the bears might regain control, and that could see CRV fight to defend the first major support level at $0.5885. 

Where to buy Curve Finance now

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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 collapse of the FTX exchange, a once “sound” crypto exchange, has sent new shivers in the sector. For a once thriving crypto exchange that was bailing out struggling firms, the collapse was least expected. The crisis has caused massive crypto downturns, and exchange-linked coins have not been spared. But just much damage did the FTX cause to cryptocurrencies like BNB?

BNB is the native token of the world’s largest cryptocurrency Binance. While Binance has often reassured users of the platform’s transparency, the token has also been getting hit. However, compared to other cryptocurrencies, BNB has been quite stable. The token was trading at $263 at press time, losing 5% in the week.

The FTX debacle calls for deeper transparency in the crypto and blockchain industry. To bring back confidence in the market, Binance CEO Changpeng Zhao introduced proof-of-reserves. The PoR will help users understand how exchanges handle their funds. CZ has since been advocating for a similar model by other crypto exchanges to increase transparency. 

As it stands, crypto confidence remains low, something experts believe will stay down for a while. Bitcoin enthusiast Anthony Pompliano says the confidence game is over for crypto. In his view, the loss of investor morale will push more investors to Bitcoin. He says that is due to Bitcoin’s robust architecture and simplicity.

Aside from the views of experts, BNB may not be safe from the crypto meltdown. A confidence crisis may take longer to wither for an exchange that has been facing regulatory hurdles all over. Still, Binance has shown resilience and a global footprint that cannot be ignored. Consequently, we could have to deal with the weak sentiment as it comes while the rest unfolds for Binance and BNB.

BNB loses support at $266

BNB/USD Chart by TradingView

From the technical outlook, BNB could proceed lower after losing key support at $266. The cryptocurrency is retesting the support-turned-resistance. The RSI is below the midpoint, indicating that there are more sellers.

Should you buy BNB?

BNB price is vulnerable after breaking below $266. The next potential support for the cryptocurrency is $242 if bulls do not defend $266.

Where to buy BNB

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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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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.

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The first stablecoin on Cardano (ADA/USD) has been launched. The USD-based stablecoin, iUSD, was launched by the decentralised synthetic asset issuance protocol, Indigo. The launch of iUSD comes two months after Cardano’s hard fork that allowed the building of dApps on the blockchain. The stablecoin will be valued at $1.

The launch of iUSD could be the first of many expected on Cardano. Djed algorithmic stablecoin is expected to launch in January. Djed launch has been touted as an important milestone for Cardano’s DeFi ambitions. The stablecoin will act as an autonomous bank, facilitating the trading of stable assets. 

Djed’s upcoming launch has also been lauded in the wake of market volatilities orchestrated by the Terra Luna Crash and FTX. Speaking at the Cardano Summit on November 19-21, 2022, COTI CEO Shahaf Bar-Geffen commented. Recent events have called for a safe haven against volatility. COTI’s Bar-Geffen exuded confidence that “Djed will fulfil this role in the Cardano network.” The stablecoin will be decentralised and will carry on-chain proof of reserves.

Aside from the stablecoin launch, Cardano is preparing to launch a privacy-focused blockchain. The new blockchain, dubbed “Midnight,” is expected to challenge other privacy-focused projects like Monero. A new token, “Dust,” will also be launched to run the privacy ecosystem. The projected launch will counter the rising privacy issues raised in blockchain, which other platforms have failed to address.

Amid the positive developments, the market sentiment for ADA is bearish. The cryptocurrency trades at $0.3 in a bear market momentum. 

ADA proceeds lower with no support in sight

ADA/USD Chart by TradingView

On the daily chart, ADA is trading on a clear downtrend. The RSI is below the midpoint, implying that sellers are very active on the cryptocurrency. The moving averages offer support above.

What next for ADA?

There is no clear next level for ADA price. The cryptocurrency is on a free fall since plunging below minor support at $0.35. ADA must recover to key levels and or above moving averages for a bullish reversal to be confirmed. The zones to watch for the cryptocurrency are $0.35 and $0.40.

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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 Cardano heads further south amid stablecoin launch. What holds for the token next? appeared first on CoinJournal.

Ethereum (ETH/USD) set its yearly low of around $900 in June 2022. Technical indicators show that the cryptocurrency is proceeding to test this low level. As of press time, ETH price was $1,085 with increasing bear momentum. Should the bearish trend continue, ETH could claim a new low in the year.

Despite ETH price weakness, Santiment data indicates that whales are still active on the cryptocurrency. On November 21, Ethereum whales scooped 947,940 more ETH tokens, valued at around $1.03 billion. The amount is the fifth largest on a single day this year. The increased whale activity indicates the belief that large investors have in the likely turnaround of the token. With a price of $1,000, the investors see a massive discount.

But ETH could fall further, and taking advantage of it at a lower level could be more attractive. The view is additionally supported by market sentiment, which shows bets on lower prices have intensified recently. Accordingly, around 75% of inflows into Ethereum and Bitcoin have been short products. The question is, where is the likely new price?

ETH price outlook as momentum weakness at support

ETH/USD Chart by TradingView

On the weekly chart, ETH trades at or near the support zone. While there is a chance for bulls to arrest the decline below this level, momentum is weak. The MACD indicator lies in the bear zone. The weekly candlestick just broke below an inside-bar pattern, implying that bears are in control.

What next for ETH? 

With weak crypto sentiment and momentum, ETH price will likely proceed lower to find support around $800. The level will be its lowest so far since January 2021. It means that the crypto winter will have wiped out the 2021 boom gains

Alternatively, ETH bulls may try to defend $900, the cryptocurrency’s June low. It will still be a toll order as the general sentiment remains weak and ETH is under intense pressure. The $900 level would be an area to watch for the next few days.

Where to buy ETH    

eToro

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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