Schlagwort: crypto business

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Binance signs sponsorship deal with Brazil’s CBF

Binance will over the next three years be the exclusive crypto sponsor of four competitions organised by the Confederação Brasileira de Futebol (CBF)

Binance, the world’s largest crypto exchange platform by trading volume, has announced a new partnership with the Brazilian national football body, making the crypto provider the official crypto sponsor of four competitions overseen by the Confederação Brasileira de Futebol (CBF).

Changpeng Zhao, the CEO and founder of Binance said the collaboration will help drive crypto adoption in Brazil given the massive popularity that football enjoys in the country.

“Sport is an important driver for inclusion in society. With football being strongly linked to Brazilian identity and culture, our partnership with CBF is important to help expand crypto adoption and generate positive impact for our users, the crypto and blockchain community, and society as a whole in Brazil,” Zhao said.

Per a blog announcement Binance published on Monday, the three-year deal will see the crypto giant act as the exclusive crypto sponsor of the Brasileirão Assaí, Brasileirão Female Neoenergia, Brasileirão Female A-2 and Brasileirão Female A-3.

Under the terms of the deal, Binance will benefit from promotions and advertisement opportunities at the tournaments. The exchange, on the other hand, will help develop Fan Tokens and NFTs for the CBF.

The deal with CBF adds to Binance’s growing footprint in the Brazilian sporting space, with the exchange having signed deals with the Paulistão Sicredi and Santos Football Club.

On the international scene, Binance has partnerships with Portuguese soccer giants Porto and Italy’s Lazio. The exchange also sponsored the 2022 African Cup of Nations.

The post Binance signs sponsorship deal with Brazil’s CBF appeared first on Coin Journal.

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Should you buy Terra LUNA as it gets extremely oversold?

The Terra price crashed to the lowest level since February this year as the cryptocurrencies sell-off accelerated. LUNA dropped to a low of $50.60, which was about 60% below the highest level on record. As a result, its total market cap has declined to about $19.5 billion.

Terra downward trend

Terra was not left behind in the ongoing cryptocurrency sell-off as investors battled the rising volatility and risks in the market. It was not alone considering that other cryptocurrencies also crashed to multi-month lows.

Indeed, the total market cap of all cryptocurrencies tracked by CoinGecko declined to above $1.56 trillion. At its peak, the market cap rose to more than $3 trillion, making them large asset classes in the world. 

Terra has therefore declined as many people who own the coin dump it fearing more losses. There are also concerns that about the lack of inflows into the coin.

Learn more about how to buy cryptocurrency.

Further, fears of the hawkish Federal Reserve have pushed more people out of the market as evidenced by weak performance across the board. For example, the tech-heavy Nasdaq 100 index has dropped by 26% from its highest point this year. Similarly, the Dow Jones and the Nasdaq have all declined by more than 10% from their highs.

Meanwhile, Terra price is also struggling as its DeFi platforms see intense outflows. According to DeFi Llama, Terra’s total value locked (TVL) has declined by more than 18% in the past 24 hours. This is a deeper decline than other chains like Ethereum, Solana, and BNB Chain. 

The TVL currently stands at $20.19 billion. Its biggest applications have seen their TVL drop by more than 20% in the past 24 hours. For example, the TVL of the Anchor Protocol has slipped by 16% while those of Lido and Astroport have fallen by over 20%.

Terra price prediction

In my last article on Terra, I warned that the coin would see a major decline since it was forming an inverted cup and handle pattern. This prediction was accurate as the coin has crashed sharply in the past few days.

Terra has moved below the 25-day and 50-day moving averages while the MACD and the Relative Strength Index have moved to the extremely oversold levels. 

Therefore, the LUNA price will likely have a brief rally this week especially when the US publishes weak consumer inflation data. If this happens, the next key resistance to watch will be at $60.

The post Should you buy Terra LUNA as it gets extremely oversold? appeared first on Coin Journal.

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Bitcoin falls below $32K as on-chain data suggests more pain likely

Bitcoin slipped below $32,000 on Monday and is dangerously close to breaking the $32.5k level amid a major sell-off across cryptocurrencies and stocks.

With the value of BTC/USD down more than 7% in the past 24 hours, bulls are staring at price levels seen in July 2021, with on-chain data suggesting more pain.

BTC price slip sends 10% of supply into the unprofitability zone

As crypto sells off alongside stocks, more BTC has fallen into a loss. According to on-chain analysis platform Glassnode, the volatile dip to prices below $33k has thrown an additional 10% of Bitcoin supply into the red.

Last week Glassnode highlighted how a slump to lows of $33k would push more people, especially short-term investors into unprofitability.

Bitcoin was by then around $38k, but the dips seen over the last few days seem to have spooked a large pool of the short-term holder group, even as stocks sold off to see the broader risk-on market staring at more pain.

“Bitcoin bulls remain under pressure this week, as prices fall back to $33.8k, and network profitability falls by ~10%. Weakness has appeared across ETF product flows, stablecoin supply contraction, and in investor urgency to deposit coins to exchanges, largely in response to downside volatility,” the firm wrote in its weekly newsletter.

More pain is likely

Bitcoin is now over 53% off its November all-time-high above $69k.According to Glassnode, there could yet be more pain if the current drawdown is compared to previous bear markets.

 First, the slump seen in July 2021 sent BTC to a price level that was 54.2% off its ATH. The bear markets that occurred in 2015, 2018 and March 2020 were even more painful, with capitulation sending Bitcoin -77.2% and -85.5% from its all-time highs then.

Network profitability has dropped to around 60% with the latest slump in BTC price pushing the flagship cryptocurrency to a ‘pain threshold’ similar to previous bear markets. The profitability levels are also similar to those recorded in the 2018 and 2019-20 bear markets.

“However it should be noted that both instances were prior to the final capitulation flush out event,” the firm’s analysts added in the report.

Crypto trader and analyst HornHairs believes a bottom is not in yet and that more pain is likely.

 “Looking at the average time from cycle highs to cycle lows, as well as the average time cycle lows occur before the next halving, September-November of this year would be the most historically similar to previous cycles, in terms of time span, for a bottom to form.”

Chart showing historical price movement for BTC. Source: HornHairs on Twitter.

According to Michael van de Poppe, a full-time trader and top crypto analyst, investors might want to watch the current price levels for BTC. In his view, the area could provide for a “bounce play.”

Bitcoin was trading around $31,580 on Monday afternoon, nearly 7.5% down in the past 24 hours.

The post Bitcoin falls below $32K as on-chain data suggests more pain likely appeared first on Coin Journal.

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Tron (TRX) price drops 6% after surging on USSD stablecoin reserve boost

Despite starting the week on a 6.1% drop, Tron (TRX) has surged by 9.3% over the past week following the launch of its new stablecoin. 

On Saturday, Tron DAO purchased more TRX tokens to support its new stablecoin.

Tron DAO reserve adds more TRX to support its new stablecoin

TRON DAO Reserve, which backs the new Tron stablecoin, USDD, noted that it has bought almost 504.6 million TRX tokens worth $38.99 million to support the new stablecoin as well as safeguard the entire crypto market and the blockchain industry.

Besides, Tron had recently launched stablecoin USDD which exceeded the total circulating supply of $200 million in just 48 hours with the 24 hours trading volume rallying by 30%.

The 30% high yield of the token seems to be attracting more token adoption besides this is the highest yield to be offered by any stablecoin on the market.

TRON DAO Reserve noted the rapid adoption of the USDD and promised that in the next 10 days its network will approve 1 billion more tokens. However, the Reserve also noted that getting the allowance does not guarantee the issuance or the circulation of the token, which depends on the market demand.

Tron’s performance over the last 7 days

Justin Sun, the founder of TRON, recent announcements and the launch of the USDD stablecoin have set the TRX token to a bullish momentum at a time when the crypto market was trading sideways.

TRX has rallied by 34.1% in the last 7 days with its 24 hours trading volume up by more than 20% (over $3.8billion).

According to a Whale Alert report, there have been multiple transactions where whales have moved the TRX tokens from Binance to various unknown wallets. Besides, over 96.4 million worth of TRX tokens has been moved with four different transactions recording over $14 million. The largest transaction has recorded over $15.4 million.

The post Tron (TRX) price drops 6% after surging on USSD stablecoin reserve boost appeared first on Coin Journal.

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Lido DAO (LDO) token is soaring on the Binance listing

Lido DAO (LDO) token, Ethereum-based decentralized finance (DeFi) platform, has rallied over 25% after Binance announced that it will be listing the token today.

The token will be available for trade-in LDO/USDT, LDO/BUSD, and LDO/BTC pairs and will be live at 11:00 UTC, this will be the first listing of the token by a centralized crypto exchange.

According to DeFi Llama, Lido is among the platform that holds the largest market share in ETH staking (Ethereum staked on Lido is $10.15 billion) and also the second-largest DeFi protocol by total value locked (TVL) which jumped over $20 billion

Lido continues to gain traction

Lido offers staking across Ethereum, Solana, Polygon, Terra, and Kusama, besides, the LDO deposit channel is now open but according to the exchange policy, the traders will have to wait for 24 hours to carry out any transaction. The token listing fee will be 0 BNB.

In addition, the platform (Lido) has been one of the best favored liquid staking platforms lately for Ethereum at a time when there is a growing interest for Ethereum 2.0. However, the token price had experienced a significant drop after the developer delayed the Ethereum merge to the third quarter (Q3).

Although ETH rewards on Lido have been decreasing over time despite its effort to add other assets, this new move for decentralization and Binance listing will be beneficial for Lido users who have been worried about its trend over time.

At the time of writing, LDO was trading at $3.31, up 26.73% in the last 24 hours after retracing from a high of $3.51.

The post Lido DAO (LDO) token is soaring on the Binance listing appeared first on Coin Journal.