Schlagwort: crypto business

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Is Cardano a good investment?

Cardano price has not been left behind in the ongoing cryptocurrency meltdown. ADA plunged to a low of $0.32, which was much lower than the all-time high of over $3. With a market cap of $11 billion, it means that its valuation has plunged by almost $80 billion in the past few months. So, is ADA a good investment or is it a value trap?

The rise and fall of Cardano

Cardano is a leading blockchain network that grew incredibly popular in 2021. It was launched by Charles Hoskinson, a co-founder of Ethereum. 

Cardano became popular as investors sought for cleaner alternatives to Ethereum, which used a proof-of-work (PoW) mechanism at the time. It was also billed as a faster alternative to Cardano since it can hande thousands of transactions per second (tps).

However, at the time, Cardano did not have an ecosystem since it did not have smart contract capabilities. This changed in August 2021 when the developers launched the Alonzo hard fork.

Since then, thousands of developers have embraced Cardano. However, it is struggling in Decentralised Finance (DeFi), which is one of the top use cases for blockchain networks. It has a total value locked (TVL) of about $70 million, making it the 34th biggest chain in the world. 

It is even smaller than relatively unknown projects like Ultron, Canto, and Velas. At the same time, key DeFi apps in its ecosystem have struggled to compete with the likes of Uniswap, Maker, and Aave. 

It is, nonetheless, finding some success in the NFT industry. Data compiled by CryptoSlam shows that the total volume of NFTs traded in the network has been growing. In the past 24 hours, it has handled over $237k NFTs. Similarly, in the past 30 days, it has handled NFTs worth over $25 million. However, as shown below, the volume has been dropping.

Cardano price prediction

                ADA/USD chart by TradingView

The renko chart above shows that the Cardano price has been in a strong bearish trend in the past few months. In this period, the coin has moved below all moving averages. It has also moved below the important support level at $0.3341, the lowest point on October 23. 

Cardano’s awesome oscillator has moved below the neutral level. Therefore, the path of the least resistance for the coin is lower. As such, at this moment, it is a bit risky to buy Cardano will continue falling as sellers target the key support at $0.300.

How to buy Cardano

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.

Buy ADA with eToro today

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.

Buy ADA with Capital.com today

The post Is Cardano a good investment? appeared first on CoinJournal.

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Bybit publishes reserve wallet addresses

  • Bybit’s largest asset wallet holdings total $1.9 billion, according to details from blockchain analytics firm Nansen.

Bybit has become the latest crypto exchange to publish information about its assets reserves, as calls for more transparency in the industry increase following FTX’s collapse.

On 16 November, Bybit announced it was revealing the user asset wallets, with portfolio data shared by blockchain analytics platform Nansen showing total assets were around $1.9 billion. 

According to the Nansen dashboard, Bybit’s largest reserve wallets are in Bitcoin, Tether (USDT), Ethereum (ETH), and USD Coin (USDC).

As well as releasing the wallet addresses of its largest users, Bybit founder and CEO Ben Zhou said the exchange was working on proof of reserves solutions.

“We are also exploring new custody solutions to allow users to view their own balance on chain or 3rd party custody. Bybit guarantees 1:1 reserves for all users and we made sure during this special period all users withdrawals are processed in a timely manner,” Zhou tweeted.

As CoinJournal highlighted a few days ago, Zhou believes the whole crypto industry has an obligation to “do right” by customers. 

Bybit’s announcement of their wallet reserves sees it join other exchanges in providing some measure of transparency at a time the industry is reeling from the FTX implosion. A spreadsheet compilation by crypto journalist Colin Wu shows Bybit has joined crypto exchanges such as Binance, OKX, KuCoin, Bitfinex and Huobi in this initiative.

The post Bybit publishes reserve wallet addresses appeared first on CoinJournal.

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Prospects of a Global VPS: Cloudzy’s Ace in the Hole

With its new cryptocurrency payment options, Cloudzy could be on a path to becoming a globalised VPS service.

 

Cloudzy, the New York-based tech company and one of the leading holdings in the VPS industry, announced today that their new cryptocurrency payments are a step towards the goal of making a globalised VPS service a reality. 

Cloudzy already had cryptocurrency payment options implemented as part of its anonymous VPS package; however, whereas many companies would suffice to have multiple crypto payment options, Cloudzy is on a mission to improve and tune its payment apparatus as much as possible through updates and optimisations. 

The end goal, of course, is to have a fully global VPS service that can provide its packages to users from all around the world. In other words, with Cloudzy, if you have an internet connection, then you can also have a VPS connection. 

This is great news for aspiring developers and business owners that are looking to branch out and represent themselves internationally but simply do not have the technical means of making a payment happen. 

There are also a lot of existing Cloudzy clients that pay with conventional means but prefer fewer fees and no middleman in their transactions. With the greater implementation of Cryptocurrency payment solutions as part of the global VPS project, these users can also start paying with crypto for their subscription services.

“The Cloud technology itself is a decentralized one, so, we as a company do understand the benefits of incorporating similar technologies that also follow this model. Cloudzy, as a collective, understands the need for a globalized VPS, and our recent step towards more integration of crypto payment options is part of the effort to make our services available to all users regardless of where they’re from. We hope this step proves effective so we can follow up with more efforts to protect our user base’s privacy and right to services.” Said Hannan Nozari, the CEO and Founder of Cloudzy, on the prospect of a global VPS service by Cloudzy.

Cloudzy is a leading VPS service company based in Brooklyn, New York. You can learn more about their global VPS project here.

The post Prospects of a Global VPS: Cloudzy’s Ace in the Hole appeared first on CoinJournal.

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Uniswap is showing bullish signs, but how far can it go?

Uniswap (UNI/USD) trades with weekly gains of 8%. Only a handful of cryptocurrencies have posted gains in the past week. A drop below the key support of $5.6 after the FTX collapse was quickly followed by a sharp recovery. That helped bulls to recapture the key level, with UNI trading at $5.8 as of press time.

The gains in Uniswap coincide with rising trading volumes post-FTX saga. On Monday, Ethereum transactions on the decentralised crypto exchange hit $1.21 billion. The volume represented an increase of over 80% in a day. The rising volumes indicated that traders were deploying their digital assets on alternative DEX platforms after the FTX collapse. Attraction to DEX platforms like Uniswap could support the native tokens, at least in the short term.

Meanwhile, new users on Uniswap’s Web App reached the highest in the year. A total of 55,550 Daily New Transacting Wallets were reported on November 15. Uniswap Labs attributed the milestone to the growing demand for self-custody wallets. Apparently, the growth in self-custody wallets has been attributed to a mass exodus of investors from centralised exchanges. 

Uniswap retreating to the support after a strong recovery post-FTX dip

Uniswap found support at $4.8 after the accelerated selloff a week ago. The monthly high was set at $7.7 in previously building bullish momentum.

UNI/USD Chart by TradingView

The key technical level for UNI is $5.6. The cryptocurrency is correcting to retest the support zone after the recent breakout. The MACD indicator shows that momentum is still weak. However, momentum is improving, although bears are in control.

Should you buy UNI now?

UNI price recovery above $5.6 makes it attractive and likely to find higher levels. We should watch for bullish signals at the support as the token retests the level. The next targets for the cryptocurrency are $7 and $7.8.

On the flip side, if bulls fail at the $5.6 level, a continuation of the bear momentum could force UNI lower. The next levels to watch for the cryptocurrency will be $4.8 and $4.1.

Where to buy UNI    

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.

Buy UNI with eToro today

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.

Buy UNI with Capital.com today

The post Uniswap is showing bullish signs, but how far can it go? appeared first on CoinJournal.

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SBF, Alameda executives to testify on FTX collapse

Sam Bankman-Fried and several other executives will be asked to testify at an upcoming House Financial Services Committee hearing on the collapse of the FTX cryptocurrency exchange. 

The exchange’s implosion has contributed to its native FTX token dumping by more than 90% in the past two weeks.

A CNBC report on Wednesday notes that House lawmakers want to see the FTX founder at Capitol Hill to give an account of what happened at the now bankrupt crypto exchange. 

Alameda and Binance execs to also testify

Apart from SBF, lawmakers are also looking to have executives from Alameda Research and Binance among others testifying, the report added.

The bipartisan hearing, being put together by HFSC’s Chairwoman Maxime Waters (D-CA) and ranking Republican Rep. Patrick McHenry (R- NC), will be held in December.

Waters said in a statement that FTX’s collapse had “posed tremendous harm”, with over one million people affected. Many of these users, the US lawmaker noted, are just everyday people whose hard-earned savings have disappeared.

According to her, the fall of the FTX cryptocurrency exchange is unfortunately just one of many crypto platforms to implode in 2022. As CoinJournal reported earlier today, there’s more to come out of this FTX crisis.

In May this year, cryptocurrency Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST) collapsed. Millions of people lost money as over $60 billion in market value flushed down the drain within days, while contagion hit multiple crypto companies, including Three Arrows Capital.

The fall of the Singapore-based crypto hedge fund then impacted several other companies, notable among them crypto lenders Celsius and Voyager Digital that went bankrupt.

Last week, FTX filed for Chapter 11 – with about 130 affiliates included in the filing.

The post SBF, Alameda executives to testify on FTX collapse appeared first on CoinJournal.