Schlagwort: crypto business

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Maker (MKR) price could soon plummet as rising wedge forms

The Maker price has been in a consolidation mode in the past few days as investors assess the strength of the DeFi industry and its Dai stablecoin. MKR is trading at $1,544, which is in the same range it has been recently. This price has risen by more than 64% from its lowest level last week. It now has moved to over $1.4 billion, making it the 51st biggest coin in the world.

MKR rally fizzles

Maker is the biggest DeFi platform in the world with more than $10.5 billion locked in its ecosystem. It is a decentralized autonomous organization (DAO) that allows people to generate a stablecoin known as Dai by leveraging collateral assets provided by Maker Governance.

Dai is a stablecoin that is relatively different than Tether and USD Coin. Unlike these two, it is soft-pegged to the US dollar. However, it is decentralized in nature and its collateral assets are deposited in Maker vaults.

The Maker price rose sharply in the past few days as investors embraced Dai after the collapse of Terra LUNA, Terra USD, and affiliated DeFi networks like Anchor Protocol and Astroport. In the past few days, the total market cap of Dai has jumped to more than $6 billion, making it the 17th biggest coin in the world. It has become the third-biggest stablecoin in the world after Tether and USD Coin.

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Still, a closer look at its ecosystem shows that people have pulled out their cash from the network after the collapse of Terra. Its total value locked (TVL) in the network has declined to about $10.5 billion, which is the lowest it has been since July last year. At its peak, it had a TVL of over $20 billion.

Maker price prediction

The four-hour chart shows that the MKR price has moved sideways in the past few days. The coin moved slightly above the 25-day moving average while the Relative Strength Index and the Stochastic Oscillator have tilted downwards.

However, a closer look shows that the coin has formed a rising wedge pattern, which is usually a bearish sign. Therefore, the outlook of Maker is bearish, with the next key support level to watch being at $1300. A move above the resistance level at $1,650 will invalidate the bearish view.

The post Maker (MKR) price could soon plummet as rising wedge forms appeared first on Coin Journal.

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Shopify merchants can now accept crypto payments using Crypto.com Pay

Crypto.com, a growing crypto platform, has announced that Shopify merchants will now be able to receive crypto payments from customers using Crypto.com Pay. The move gives Shopify users an expanded reach by offering customers more payment options.

Crypto.com said it shall waive the 0.5% settlement fee on all transactions that the Shopify users make for at least one month to welcome them on board. That means that Shopify merchants using Crypto.com pay will enjoy a 0% settlement fee on all crypto transactions for at least one month.

Crypto payments on Shopify

The Crypto.com pay will allow Shopify merchants to instantly receive cryptocurrency payments from the growing base of Crypto.com users at zero transaction cost.

The crypto.com Pay is an off-chain service that is accessible to Crypto.com App users around the world.

In addition to the zero transaction fees, Crypto.com also offers customers crypto-cashback pay rewards when they pay using the Cronos token (CRO), which is the native token of Crypto.com. Customers could get up to a 10% pay reward during the promotion period which will last for a month.

The integration of Shopify with Crypto.com Pay underscores the Crypto.com Pay app as a preferred cryptocurrency payment app for online merchants looking for crypto payment options.

Following the integration, the co-founder and CEO of Crypto.com, Kris Marszalek, said:

“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com. We are incredibly excited to integrate into Shopify, and to bring this capability to even more customers and merchants around the world.”

About Crypto.com Pay

Crypto.com Pay saves users 80% on transactions compared to the traditional payment processors. It does not charge any transaction fees other than the 0.5% settlement fee.

Secondly, users do not pay any setup costs and the integration with Shopify merchant stores only takes minutes.

When using Crypto.com Pay, customers can pay using more than 20 cryptocurrencies including BTC, ETH, CRO, DOGE, SHIB, and APE.

Commenting on the integration, the Lead of Blockchain Ecosystem at Shopify, John S. Lee, said:

“We’re happy to welcome Crypto.com to help Shopify merchants provide an additional fast and convenient way for customers to pay for their online orders. Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce.”

Since it was launched in 2018, Crypto.com Pay has been integrated on different platforms to benefit merchants. Some of the platforms that have so far integrated Crypto.com Pay include TIME Magazine, WooCommerce, Oveit, Coinzilla, and Ledger.

The post Shopify merchants can now accept crypto payments using Crypto.com Pay appeared first on Coin Journal.

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Investors poured $300 million into Bitcoin amid last week’s price weakness: CoinShares

Investors added to their positions during last week’s price dip, CoinShares said in their latest report.

Bitcoin funds recorded weekly inflows of nearly $300 million even as the market recoiled from the devastating collapse of Terra’s LUNA and UST.

According to CoinShares’ Digital Asset Fund Flows Weekly Report, investors bought into the price weakness, adding $299 million to Bitcoin funds.

“Bitcoin was the primary benefactor, with inflows totalling US$299m last week, suggesting investors were flocking to the relative safety of the largest digital asset. Short-Bitcoin saw minor inflows totalling US$0.7m, a slow-down from previous weeks.”

Per the report, North American investors poured $312 million into digital asset investment products, despite the terrifying crash that followed UST’s de-pegging and LUNA’s 100% crash.

Outflows over the week came in at $38 million from European investors, “where sentiment was polarized,” CoinShares wrote. 

In total, inflows into crypto investment products totaled $274 million over the last week.

While Bitcoin saw an increase in flows, Ethereum recorded outflows of $27 million. Year-to-date, Ethereum products have seen outflows of $236 million, or 2.6% of the total assets under management (AUM). Inflows into Bitcoin products stood at $463 million year-to-date last week.

Terra’s AUM fell 99%, although some investors still managed to add to positions by $0.043 million.

BTC/USD and ETH/USD

Bitcoin price is up 3.6% in the past 24 hours, currently trading near $30,750 while Ethereum’s ETH is also up 5.4% to $2,120, according to data from CoinGecko.

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Here is why MATIC is up by more than 6% today

Polygon Logo on a mobile phone screen

The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump.

The broader crypto market has added more than 2.5% to its value over the last 24 hours. This comes despite a poor start to the week. 

Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap now stands above $1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could cross the $31k mark if the market rally continues. Ether is also eyeing the $2,100 resistance level after adding nearly 3% to its value in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is one of the best performers amongst the top 20 cryptocurrencies so far today. MATIC, along with Avalanche, Cronos and Litecoin, have added more than 6% to their values in the last 24 hours.

For MATIC, the primary catalyst behind its ongoing positive performance is the partnership between Polygon and Ernst & Young (EY), one of the Big Four auditing firms.

The Polygon team said the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet. 

Key levels to watch 

The MATIC/USD 4-hour chart is bearish. This isn’t surprising as MATIC has underperformed in recent weeks. 

The MACD is below the neutral zone, indicating that the bearish sentiment is not completely over. The 14-day relative strength index of 52 shows that MACD is no longer in the oversold region.

At press time, MATIC is trading at $0.7139. If the rally continues, MATIC could break past the first major resistance level at $0.8087 before the end of the day. However, the resistance level at $0.9568 should cap further upward movement in the short term. 

The post Here is why MATIC is up by more than 6% today appeared first on Coin Journal.

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Highlights May 17: Cryptos continue to rally

The crypto market as a whole is bullish today. Most top 100 coins were in the green at the time of writing. 

Top cryptos

Bitcoin registered minor gains, trading above $30,000 at the time of writing. Ethereum was seen up 3%, and BNB and XRP were also up around 3% each. The biggest gainer in the top 10 is Solana. It’s up almost 5%, trading for $56. 

Cryptos outside the top 10 are all in the green at the time of publication. The most prominent gainers are Cronos and Litecoin, both up by just under 6%.

Top movers

Outside the top 20, the tendency was similar, with most coins adding 3-7% to their value. Notable standouts include Maker with 12%, IOTA and STEPN with 10% each, and Kadena with 13%. 

All of these are reversing recent losses. Kadena is launching a smartphone app in June, which could account for the rise. 

On the losing end, Arweave is down 7%, disproportionately affected by the market trend. It was the biggest top 100 gainer yesterday. Internet Computer’s ICP token is down 3%. 

TerraUSD (UST) continues to slide. It lost another fifth of its value today and is trading for 12 cents. 

LUNA rose briefly in Asian hours today, then slid back down when protocol founder Do Kwon announced a fork. He proposed a separate chain to compensate for UST’s implosion.    

Trending

The biggest winner today is Quarashi Coin, which describes itself as an all-in-one platform with several key components. These include a multichain crypto wallet, a DEX, a privacy chat, an IDO launchpad, airdrops, a browser, and even a VPN. 

Quarashi soared on news that it would complete its private chat app this month. Its token gained 2,200% in 24 h.  

The post Highlights May 17: Cryptos continue to rally appeared first on Coin Journal.