Schlagwort: crypto business

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Bitcoin price prediction: beware of a dead cat bounce

The Bitcoin price is having a dead cat bounce after experiencing its worst crash this year. BTC is trading at $30,500, which is above this week’s low of $25,300. It is significantly lower than its all-time high of almost $70,000. So, will this recovery hold?

Bitcoin recovery

The BTC price has made some gains in the past few hours as investors rush to buy the dip in the coin. Many of market participants believe that the coin has gotten extremely cheap considering that it has had its worst week this year.

A closer look at the market shows that the BTC recovery mirrors that of the stock market. In the past two days, technology stocks have been a bit positive following some notable developments. The Nasdaq 100 index has risen from the intra-week low of $11,700 to $12,213. Recently, we have seen a close correlation between tech stocks and digital currencies.

Further, Bitcoin price has held steady since Tether has held quite well. On Thursday, the stablecoin lost its peg for a while, causing many investors to worry about its future. This happened as the Terra USD stablecoin continued struggling.

Learn more about how to buy Bitcoin with PayPal.

Another reason why Bitcoin is doing well is that many big investors seem to be holding their stakes in the coin. For example, in an interview with CNBC on Thursday, Bill Miller, a legendary investor, said that he was still holding his assets. Similarly, other investors like Tesla and MicroStrategy are yet to sell their stakes.

Still, investors should take this rally with a grain of salt. Historically, assets tend to bounce back briefly after a major sell-off. This happens as investors buy the dip. In most cases, the relief rally, which is often known as a dead cat bounce, tends to ease.

Bitcoin price prediction

The four-hour chart shows that the BTC price formed a hammer pattern on Thursday. In price action analysis, this is one of the most reliable bullish reversal candlestick patterns. The coin is now stuck at the 25-day moving average while the Relative Strength Index (RSI) has pointed upwards.

Therefore, there is a possibility that the Bitcoin price will keep rising during the weekend especially if the Nasdaq 100 index closes in the green. However, in the coming days, there is a likelihood that the pair will resume the downward trend in the coming week.

The post Bitcoin price prediction: beware of a dead cat bounce appeared first on Coin Journal.

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David Marcus unveils new Bitcoin company called Lightspark

Lightspark, a new bitcoin-focused startup launched by former Meta (Facebook) crypto head David Marcus, is currently recruiting as it looks to build around Bitcoin.

David Marcus, who headed Meta’s (formerly Facebook) cryptocurrency division, has announced a new startup that targets building on the utility around Bitcoin.

Dubbed Lightspark, Marcus says the new company will focus on the capabilities of Bitcoin’s Lightning Network.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” the former Facebook exec noted in a tweet.

He added that the company’s “first step” involves “actively assembling a team to dive deeper into the Lightning Network.”

In remarks about the current crypto market sell-off, Marcus said:

“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community. We’ll share more about our work as we make progress!”

Lightspark has received backing in a financing round co-led by a16z and Paradigm, participation from Matrix Partners, Thrive Capital, Ribbit Capital and Coatue among other investors.

The post David Marcus unveils new Bitcoin company called Lightspark appeared first on Coin Journal.

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Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange

Rain, a leading crypto exchange based in Bahrain Middle East, has listed Shiba Inu to expand its trading volume and adoption after two months of consideration.

Rain was the first crypto exchange platform to be fully licensed after the Central Bank of Bahrain’s approval. Back in March, Rain had asked the community on their official Twitter account if they should list the second-largest meme token.

Recently, the platform announced that it is supporting Shiba Inu. However, earlier this year Shiba Inu had been listed on other crypto exchange platforms like Robinhood trading app and Parex decentralized exchange.

BlueWhale0073 purchases a whooping 455 billion SHIB tokens

According to WhaleStats, a crypto service that tracks and shares data on the largest wallets on chains like BNB, Polygon, Ethereum, and other chains, a tweet said that a sizeable amount of SHIB tokens have been purchased by a prominent Whale on the Ethereum chain.

BlueWhale0073 wallet owner has purchased 455,957,607,129 SHIB tokens which costed him $4,933,461. However, the whale started to sell the majority of his SHIB tokens on the Binance exchange after the token staged a rally of more than 25%.

Although the amount of SHIB and other small tokens like HEX, UNI the Whale currently holds is small (approximately worth $17,976, only 0.25% of his portfolio), he has other major holdings like LINK, MATIC, and USDC, the largest asset he owns. 

At the time of writing, SHIB is trading at $0.00001328, 27.36% up after a slight retracement from a daily high of $0.00001384.

The post Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange appeared first on Coin Journal.

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Crypto not having a Lehman moment and whale buying will come, Nexo co-founder says

The TerraUSD (UST) stablecoin meltdown has caused panic among stablecoin and general crypto market investors. While the  Terra Luna Foundation has already announced a “recovery plan”, it still hasn’t impacted the UST and LUNA prices since they are still on the decline just like the general crypto market.

Do Kwon and backers of TerraUSD had previously approached Nexo asking it to support the UST stablecoin but Nexo declined. When asked why they declined during an interview with Bloomberg, the co-founder of Nexo, Antoni Trenchev said:

“There is only so much I can say about details of a rescue plan which are still ongoing and I don’t want to get intervene in any way. Wish them the best of luck. We made a decision at the board level that we didn’t think prudent to be involved in at this stage. If they come up around with another proposal that we think makes better sense we might reconsider but for the time being, we are staying on the sidelines.”

The probability of the crypto market recovering

Although the collapse of TerraUSD will most likely affect the algorithmic stablecoins and not the asset-backed stablecoins like Tether, it is being described by some as possibly the “Lehman moment” for crypto. Some crypto billionaires like S.C., Michael Novogratz, and Sam Men Freed, have lost 70%, 80%, and 90% of their wealth in the last few weeks. But when Trenchev was asked by Bloomberg’s Matt Miller whether he thinks it is a concern for the crypto industry at large, Trenchev said:

“I don’t think it is a Lehman moment. You know obviously not the prettiest episodes but we get one to two of those per year. You remember last year we had the China ban and the previous year where we had the Covid we had up to 50% declines. So this time I think what is different is that you have a limited number of sellers. What I am seeing on the Nexo platform and what we have goes up to 4 million retail users and a very sizeable institutional clientele and I don’t see them selling anyway the way they did in 2020 or 2021. I think the pressure that BTC is seeing right now it is the unwinding of the huge BTC reserves that the Terra Foundation had accumulated and this is what is putting pressure on the market. I am curious to see if $25,000 will hold. If not it might very well revisit $20,000, the previous all-time highs of 2017-2018, will run but I think by demitting at the very latest, large-scale buying will come in.”

When pressed to elaborate on when he thought the large scale buying will happen, Trenchev said:

“I think around 20… first when the swelling of this foundation starts which you know from our estimates should be near. So $25,000 per Bitcoin or $20,000 worst-case scenarios should be the turning around point.”

The post Crypto not having a Lehman moment and whale buying will come, Nexo co-founder says appeared first on Coin Journal.

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Highlights May 13: Crypto market recovers, STEPN’s GMT leads the way

The crypto market as a whole is recovering with most top 100 coins in the green at the time of writing after an extended bearish trend, which saw several cryptos reach 2-year lows. 7 of the top 10 cryptos registered double-digit gains over the past 24 hours. 

This is definitely good news for investors after the broader crypto market lost as much as 16% of overall capitalization yesterday. 

Top cryptos

Bitcoin (BTC), ether (ETH), and Terra’s LUNA were among the major assets where investors faced losses. Earlier in the week, bitcoin fell amid inflation concerns and contagion risks from the freefall of TerraUSD (UST).

The flagship crypto dropped to as low as $24,000 yesterday morning before a slight recovery overnight. It is currently trading above $30,000 and has gained around 9% in the last 24 hours. 

Ethereum also gained around 9% in this period and was trading for just over $2,000 at the time of writing.  

The biggest top 10 gainer is Cardano, up 29%. However, its losses for the week sit at around 27%, similar to most of the other major cryptos. Outside the top 10, Polkadot led the way with 27%. 

Top movers

The vast majority of cryptos in the top 100 registered double-digit gains. Notable standouts include ApeCoin with 50%, Decentraland with 44%, Maker with 38%, Helium with 35%, Fantom with 43%, eCash with 48% and Gala, which added 58% to its value. 

STEPN’s GMT token led the way with an increase of 74%. Most stablecoins in the top 100 registered slight losses. 

UST is down 75% today. LUNA dropped out of the top 100. Although Terra halted its blockchain, leading media sources report that LUNA and UST remained available to trade on FTX, Gate.io, and a few minor exchanges as of late morning Asia time.

Trending

The biggest winner today is Sweet SOL (SSOL), which describes itself as a multilayer, hyper-deflationary token that allows passive income. SSOL has added 2,707% to its value today.  

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