Schlagwort: crypto business

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Bitcoin (BTC) rally above $20,500 causes massive liquidations

The crypto market has seen some recovery today with the prices of the majority of cryptocurrencies registering significant price surges. Bitcoin (BTC) price had, for example, surged by more than 6% to trade above $20,600 at press time. Ethereum (ETH) price on the other hand had gained 14% over the last 24 hours to trade above $1,500.

In general, the global crypto market cap had increased by about 7.29% over the last 24 hours to about $996.83B.

Over $1.1 billion worth of liquidations

The sudden surge in crypto prices has resulted in massive liquidations mostly from traders who had shorted the bear market.

In total, contracts worth about $1.1 billion according to Coinalyze have been liquidated over the past 24 hours. Perpetual contracts accounted for a majority of the total liquidations with about $1 billion worth of liquidations. Futures contracts only saw liquidations worth about $6.8 million.

In terms of the type of trades, the bulk of these liquidations were from short positions which saw liquidations worth over $908.1 million in the last 24 hours with perpetual short positions seeing liquidations worth about $901.6 million.

Long positions from traders who mistimed the bull rally also saw their positions liquidated due to the return of volatility. In total, according to Coinalyze, about $142.1 million worth of long positions have been liquidated over the past 24 hours.

FTX sees the most liquidations

Crypto exchange FTX registered over $745 million in short liquidations and over $115 million in long liquidations. Binance follows in the second position with over $56 million in short liquidations and over $14 million in long liquidations.

OKX exchange has seen $39.58 million worth of short liquidations and $4.40 million worth of long liquidations. Bybit comes at position four with $31.30 million worth of short liquidations and $4.46 million worth of long liquidations.

The post Bitcoin (BTC) rally above $20,500 causes massive liquidations appeared first on CoinJournal.

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Seba Bank launches NFT custody services

Seba Bank has launched a regulated Non-fungible tokens (NFTs) platform that will enable retail and institutional investors to store their Ethereum-based NFT collections like CryptoPunks and Bored Apes. The decline in the NFT market doesn’t seem to be much of a problem for the Swiss crypto-focused bank.

The bank however maintained that it has not integrated any NFT marketplace yet and that it will follow due diligence upon clients’ request before allowing custody for any NFT collection. It also clarified that the custody service is not restricted only to top NFT collections.

Seba Bank NFT custody platform features

The NFT custody platform will provide customers with secure storage of their NFTs without managing their private keys. Clients can integrate the custody platform into their bank accounts to include their NFTs in the total wealth portfolio and manage them just like any other of their assets.

The custody platform makes Seba Bank the first regulated bank to offer NFT custody and the bank sees a bright future for NFTs. Seba Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and has made significant steps into cryptocurrency.

A representative of the bank was quoted by a popular media outlet saying:

“We believe that in the coming years, digital assets, including NFTs, will gain adoption and will be increasingly accepted even by traditional finance operators.”

Seba’s NFT custody launch, however, comes amid a tough time for the NFT market which has seen its trading volume decline by as much as 98% since the beginning of the year and the weekly NFT trading volume decline by about 30%.

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Is it dinner at dawn for KLAY? Or the intraday gains are set to continue?

Klaytn (KLAY) may not be a well-known cryptocurrency. However, it is making a name for itself in the nascent metaverse sector. That is after the native token KLAY more than doubled in value within a single day after a community proposal.

KLAY soared from a bottom price of $0.13 to $0.28 on October 23. A spot check shows that the token has been in a bear market since October 2021. Can the token sustain the surge?

As earlier indicated, Klaytn is crafting a name in the metaverse sector dominated by The SandBox and Decentraland. However, it is a public enterprise blockchain with inroads in non-fungible tokens, gaming, and entertainment. The blockchain is rebuilding to a metaverse scope, enabling users to build, play, and work in virtual environments. 

Besides, Klaytn has lined up milestones for the next two years. That includes making the blockchain Ethereum compatible and bringing changes to developer updates and governance. The latest gains in the native token reflect a new update to the network’s tokenomics.

According to an October 23 announcement, Klaytn would slash its block rewards by a third. The block rewards are now 6.4 KLAY, from the previous 9.6 KLAY. The team attributed the change to the global macroeconomic climate. Accordingly, the move will build sustainable growth and attract demand for KLAY. The announcement has ignited interest in the token.

KLAY surges above moving averages as price pumps

Source – TradingView

From the technical lens, KLAY surged above the moving averages amid considerable buyer interest. The cryptocurrency hit near overbought levels as the price doubled.

However, the bullish momentum has since stalled, and KLAY trades at $0.196. A technical outlook shows that the area around $0.25 – $0.30 is a resistance. The price has, therefore, crashed below it.

Should you buy KLAY?

We think buying KLAY now could be a premature decision. There is no confirmed bullish momentum to indicate that the gains are sustainable. Buyers could become attracted if the momentum remains and the token successfully clears $0.30. 

Where to buy KLAY

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.

Buy KLAY with Binance today

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy KLAY with Bitpanda today

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PancakeSwap maintains a descending triangle setup. Here is what could happen next

After remaining in a bullish momentum since June, PancakeSwap (CAKE/USD) buyers seem to have hit speed bumps. CAKE faced resistance at $5.0 in late September, a level more than double the price it traded during the June lows. The token now trades at $4.45, and bear pressure is mounting.

There is no clear reason for the continued decline in CAKE. It could be due to profit-taking since the token was on a bullish gear as other cryptocurrencies plunged. The bear market happens amid positive news after the hyped launch of Aptos more than a week ago. 

Accordingly, PancakeSwap is positioning itself to become the largest DEX on Aptos. Through a community vote on October 20, a proposal was passed to deploy the DEX mainnet on Aptos. The latter is an entrant Layer-1 blockchain offering low transaction costs and faster speeds.

In the proposed plan, developers will deploy swaps, pools, farms, and initial farm offerings on Aptos in the fourth quarter. CAKE will also be available on the Aptos blockchain. PancakeSwap has attributed the move to Aptos’s low transaction costs, high speeds, and transaction throughput.

Of course, Aptos has been making headlines since its launch. PancakeSwap sees an opportunity ahead of others. However, CAKE is yet to show any positive change, with the price down 3% in the past week. 

A bearish MA crossover is imminent as CAKE trades lower

Source – TradingView

A technical outlook shows CAKE is trading on a descending triangle. Although yet to break out, momentum is weak, and a further decline is likely. 

Our attention is also drawn to the 20-day and 50-day moving averages. The 20-day MA is, for the first time since July, attempting to break below the 50-day MA. A crossover of the short-term below the longer-term MA should be interpreted as a bear sign for the cryptocurrency.

The relative strength index is below the midpoint but shows CAKE is far away from the oversold level. The reading of 47 suggests there are more sellers for the cryptocurrency.

What next for CAKE?

A bear momentum will be confirmed when CAKE breaks below from the descending triangle. A 20-day MA crossover below the 50-day MA will reinforce a bearish bias. The next level to watch will be $4.1.

Where to buy CAKE

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.

Buy CAKE with Skilling 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 CAKE with Capital.com today

The post PancakeSwap maintains a descending triangle setup. Here is what could happen next appeared first on CoinJournal.

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Ethereum recovers above 200-day MA. Here is the next price target

How long can Ethereum (ETH/USD) stay in the bear market? Not easy to answer, especially since it remains to be seen how the Federal Reserve will act to tame sky-high inflation. However, one thing we are sure of is that the accelerated selloff witnessed earlier this year is weakening. For Ethereum, the cryptocurrency has set $1,250 as the key reference zone. Is it a bull sign?

A popular crypto analyst who called the market bottom in 2018 is telling his 211,400 Twitter followers to buy ETH now. According to the pseudonymous analyst, a bullish reversal is imminent for ETH. He says the cryptocurrency is repeatedly moving along the 200-day week MA, a bullish sign. He expects ETH to rally 80% from the current level, aiming for the $2,400 mark.

Ethereum defends $1,250 as price finds stability in a bear market

Source – TradingView

Turning to the technical side, we can see that Ethereum has been defending $1,250 for the past month. 

The price is also clear of the 200-day MA on the weekly chart, giving hopes that a rebound is possible. Note that the 200-day MA is considered a crucial trend indicator. It is used to analyse and spot potential long-term trends. With ETH remaining supported by the moving average, we should remain keen on the price action. 

Further, a small bullish pin bar formed at the $1,250 support on the weekly chart. That was after an inside bar formed at the same level. Both are signals of a potential break to the upside.

Should you buy ETH?

While the triggers for a bear market remain, ETH is attractive at the current price. Bulls have repeatedly rejected a price decline below $1,250, a sign that a reversal could occur there. This does not suggest that we may see a lasting bullish surge in the short-term or near term. It however indicates a potential bottom price.

For bulls, ETH targets lie at $1,450 and next at $2,000. However, should the bull market be confirmed, ETH could make a strong rally to $2,400 and previous highs.

Where to buy ETH

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 ETH with eToro today

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.

Buy ETH with Skilling today

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