crypto business Archive - Seite 1083 von 1501 - Finanzmittel Info + Krypto + Geld + Gold

21. November 2022

Chainlink has now lost key support. Does that ring a bear bell?

Chainlink (LINK/USD) is now in imminent danger of plunging to a new low in the year. That was after the cryptocurrency lost the support of $6, a crucial level it has held since May. The cryptocurrency exchanges hands at $5.75. This is not the lowest price in the year, giving hopes that it could still defend the support. However, going by the price action, a breakout has already occurred, and a bear market is likely to continue.

Chainlink Labs did its part to counter the risks brought by the collapse of FTX. On November 10, the team launched a proof-of-reserve product to address future trust issues. The PoR product will help verify the asset reserves of the centralised exchange, its cross-chain collateral, and off-chain bank account balances. It also helps to check the exchange’s real-world asset reserves. As a transparency measure, Chainlink seems to heed the increased calls for reserve disclosure. Binance CEO Changpeng Zhao has previously backed the disclosure following the collapse of FTX.

Despite the move meant to reassure investors, LINK has succumbed to the bear market. The monthly high of nearly $9.5 has since been followed by a nearly halving of the cryptocurrency price.

LINK price outlook as weakness mounts below $6

LINK/USD Chart by TradingView

A clear breakout zone at $6 support occurred on the daily chart, confirming a bear market for LINK. The RSI is yet to hit oversold levels, implying that LINK has room to fall further. Should bulls fail to arrest the decline and take LINK back to $6, the next level to watch would be $4.5.

When to buy LINK?

The market is very bearish for Chainlink token. A breakout to the downside at the support and a weak crypto sentiment reinforces a bearish bias.

It is not yet time to buy Chainlink until it settles at suitable support. A potential recovery to or above $6 could attract buyers. Otherwise, investors should consider buying LINK at $4.5 based on prevailing price action and sentiment.

Where to buy LINK

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 Chainlink has now lost key support. Does that ring a bear bell? appeared first on CoinJournal.

21. November 2022

Cardano’s algorithmic stablecoin to go live on mainnet in January 2023

Djed, Cardano’s over-collateralized algorithmic stablecoin, will be live on mainnet in January 2023 following a successful full audit. The scheduled launch is a great milestone coming days after Shahaf Bar-Geffen’s announcement about the stablecoin on the main stage at the Cardano Summit.

Making the announcement, COTI’s CEO Shahaf Bar-Geffen said:

“Djed going to public mainnet is a great achievement, following a lot of hard work from IOG and COTI. Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on-chain proof of reserves. Djed is just that and I see it becoming the top stablecoin on the Cardano network, considering all of the integration partnerships already signed for it.”

Cardano remains prudent as the launch approaches

Following the Terra LUNA crash that resulted from the de-pegging of their native algorithmic stablecoin Terra USD (UST), Cardano has assured investors that they have been very prudent in the way they approach the release of their stablecoin. One of the things that they have had to do is ensure that a thorough audit took place besides other rigorous stress tests before the stablecoin is launched on the mainnet.

Cardano has also said that it will adopt a gradual and slow approach to providing ADA liquidity to the Djed smart contract. This will allow Cardano to pace themselves and carefully grow the stablecoin.

Once the Djed is launched, it will be integrated with select top Cardano partners to allow for more use cases.

Djed stablecoin features

Djed ($DJED) is an over-collateralized algorithmic stablecoin, built on Cardano and powered by COTI. It will be pegged to USD and backed by ADA.

It will use SHEN as its reserve coin.

$DJED’s algorithm is based on a collateral ratio within the range of 400%-800% for $DJED and $SHEN in order to ensure there’s enough $ADA in the pool.

The post Cardano’s algorithmic stablecoin to go live on mainnet in January 2023 appeared first on CoinJournal.

21. November 2022

Tether’s USDT issuance protect’s the stablecoin from FTX-Alameda’s crisis

The collapse of FTX and Alameda Research hasn’t affected the USDT stablecoin, thanks to Tether’s issuance policy.

Tether, the company issuing the USDT stablecoin, has revealed that the recent collapse of the FTX exchange and its Alameda Research hedge fund, doesn’t have a negative impact on its ecosystem.

According to Tether’s latest blog post, the company’s issuance policy protects it from Alameda’s failure. Alameda Research is one of the leading issuers of the USDT stablecoin.

Tether explained that its USDT stablecoins are issued when institutional parties send USD to Tether. The company issues the USDT on a 1:1 basis corresponding to the amount of USD sent to Tether.

Tether added that it converts the USD into reliable, liquidity and conservative collateral ( US Treasuries, etc.). This implies that all USDT stablecoins are fully collaterised by Tether’s reserves, and every USDT can be redeemed 1:1 with USD.

As a large issuer of USDT, Alameda Research sent Tether USD, and Tether issues USDT. The USD from Alameda Research remains in Tether’s custody, but they are not on Alameda’s balance sheet. The collateral backing Alameda’s USDT is not on Alameda’s balance sheet, Tether added.

Tether revealed that Alameda can still redeem any USDT they have USD via Tether’s redemption facility. The company further added that it doesn’t have any outstanding loans of USDT, of Tether’s reserves, or of any other funds whatsoever. Tether wrote that;

“The main problem countless other companies are facing is that they recklessly lent Alameda various assets relying on extremely illiquid collateral. Since Alameda cannot repay those loans at this time, those companies have a hole in their balance sheet. This is not how USD₮ issuance works and is not behavior Tether engaged in with Alameda in any way.”

Tether also clarified its lending process. The stablecoin issuer said the only time it engages in lending is when it is based on over-collaterisation with extremely liquid assets.

Some cryptocurrency lenders, including Voyager Digital and Celsius, have been struggling in recent months. Binance US is preparing another bid to acquire Voyager Digital following FTX’s bankruptcy proceeding.

Tether pointed out that it believes the approach of many lenders in this industry has been reckless, lending huge quantities of money, and accepting FTT (and other illiquid assets) and pinky swears as collateral.

Despite the struggles of some companies like Alameda Research and Celsius, Tether said its operations were not disrupted.

The post Tether’s USDT issuance protect’s the stablecoin from FTX-Alameda’s crisis appeared first on CoinJournal.

21. November 2022

Avalanche price prediction after crossing key support

Avalanche price collapsed to the lowest level on record as challenges in the crypto industry continued. AVAX dropped to a low of $11.78, which was about 42% below the highest level this month. Its market cap has dropped to about $3.5 billion.

Is AVAX a good buy?

Avalanche is a leading blockchain project that makes it possible for developers to build decentralized applications (dApps).

It is known for its blazingly fast speeds and low transaction costs. It can handle a transaction finality of less than 2 seconds and it uses a proof-of-stake (PoS) technology.

Avalanche has been used to build some of the best-known apps in the industry like Aave, Aleph, Trader Joe, Wonderland, and Benqi among others.

Like other cryptocurrencies, AVAX price has come under intense pressure in the past few days because of the collapse of FTX. Investors are simply fearful about contagion risks in the crypto industry.

FTX collapsed after a bank run happened in its exchange. The bank run happened after a report showed the close relationship between Alameda and FTX. According to its balance sheet, Alameda held FTT tokens worth billions of dollars.

Avalanche price also declined because Trader Joe, a DEX in its ecosystem, was a recipient of FTX’s cash. FTX took part in a fundraising by Joepegs, an NFT platform built by TradeJoe. The funding by FTX was completed in June.

Joepegs has then grown to become the biggest NFT platform in Avalanche with over 12,000 users and $3.4 million in secondary sales. Therefore, there are concerns about Avalanche’s more entanglements with FTX.

Trader Joe has seen its total value locked crash by over 30% in the past 30 days. In total, Avalanche’s TVL has dropped from over $22 billion in 2021 to about $1.9 billion.

Avalanche price prediction

Avalanche chart by TradingView

The four-hour chart shows that the AVAX price has been in a strong bearish trend in the past few days. It managed to move below the important support level at $12, which was the lowest level on November 14 and November 9.

The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the oversold level. Therefore, by moving below the support at $12, there is a likelihood that the coin will continue falling as sellers target the next key support at $10.

How to buy Avalanche

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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The post Avalanche price prediction after crossing key support appeared first on CoinJournal.

21. November 2022

XRP continues to struggle amid SEC case developments. What you need to watch next

Ripple (XRP/USD) trades at $0.35. a decline of 7% in the day. For another time, the cryptocurrency was rejected at the $0.4 resistance. However, it should be remembered that positive developments of the Ripple case with SEC were a significant bull trigger. XRP traded at a high of $0.55 in late September, in line with the case direction. However, as cryptocurrencies soil after the FTX collapse, XRP has not been an exception.

Aside from the general crypto mood, XRP is poised for growth if Ripple triumphs against the regulator. Recently, Ripple made a small win after a court allowed amicus briefs in the case. As of the November 18 deadline, 14 had filed their briefs for Ripple and 1 for SEC. The final arguments in the longstanding case will be presented to the presiding judge towards the end of this month. After that, it would take another 2-6 months to conclude the case. Still, a long way to go before the bulls get a chance to ride on a post-determination rally should Ripple win.

So, what’s at stake now is whether XRP could wither the bear market as investors wait for the outcome. From a technical point of view, XRP has done exemplary well, although it is struggling to make significant gains.

XRP maintains a short-term trendline amid weak momentum

XRP/USD Chart by TradingView

A technical outlook shows XRP trading along the short-term trendline since initiating a recovery slightly above the $30 support. However, the trading pattern should be viewed as largely a consolidation rather than a bullish one.

The RSI remains below the midpoint but shows no oversold conditions for XRP.

Should you buy XRP?

Buyers and sellers of XRP are muscling up between the $0.30 and $0.40 levels. A $0.4 remains a key resistance to watch for a confirmation of bullish momentum.

Alternatively, a break below the short-term trendline could take XRP price back to $0.30. With XRP bulls defending $0.30 since June, it remains the level to watch. A break below $0.30 would confirm a bear market.

Where to buy XRP

eToro

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post XRP continues to struggle amid SEC case developments. What you need to watch next appeared first on CoinJournal.