Schlagwort: crypto business

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Why is LUNA up by more than 4% today?

The cryptocurrency market is experiencing a mixed start to the week, but LUNA is performing above the other leading coins.

The broader crypto market is experiencing a mixed start to the week. The total market cap is up by less than 1% in the last 24 hours and currently stands above $1.7 trillion.

Bitcoin is up by nearly 2% so far today and could be set to target the $40k resistance level soon. However, the other major cryptocurrencies are currently underperforming.

LUNA, the native token of the Terra ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap.

LUNA has added more than 4% to its value in the last 24 hours and currently trades above $83 per coin. The rally comes as UST, the stablecoin of the Terra ecosystem, overtook BUSD (Binance’s stablecoin) to occupy the tenth place in the cryptocurrency market. 

The rally can also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Network is one of the leading centralised finance entities currently operating in the crypto space.

Key levels to watch

The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in recent days. However, the technical indicators show LUNA’s price action is improving.

The MACD line is still below the neutral zone, indicating that the recent bearish trend is still affecting LUNA’s performance. The 14-day RSI of 49 shows that LUNA is no longer in the oversold region.

If the positive performance continues, LUNA could surge past the first major resistance level at $90.52 before the end of the day. However, it would need the support of the broader market to cross the $95.31 resistance point. 

If the bears regain control of the market, LUNA could slip below the $80 over the next few hours. Unless there is an extended bearish run, LUNA should comfortably stay above the $75 support level in the short term. 

The post Why is LUNA up by more than 4% today? appeared first on Coin Journal.

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CRO token down 12% after Crypto.com reduces rewards on Visa Cards

Cronos (CRO) has become one of the worst-performing cryptos, trading at $0.310417, down 12.86% in the last 24 hours.

One of the main reasons for the price of CRO to drop token is a blog post that Crypto.com exchange published on Sunday, May 1st, noting that they had reduced the rewards they were offering on their lower-tiers Visa cards. Crypto.com also said that it had reduced the CRO staking rewards by more than a half.

The exchange also added that from 1st June its Midnight Blue card tier will not be offering rewards to its customers but other tiers like Icy White, Obsidian and Ruby steel will offer reduced rewards. In addition, there will be a reward spending cap, where the highest amount of the reward will be locked at $50 per month.

Crypto.com, however, termed this a “difficult decision”  saying that it had to be done because of the need for sustainability.

The slashing of the rewards earned the exchange a lot of criticism on social media where users stated that they were given fewer CRO staking options and less use of the Visa cards. Some also threatened to opt for other crypto card operators like Coinbase and Binance.

However, this is not the first incentive cut the exchange has made this year. In March, it cut the interest rate on token deposits twice giving prior notice to its users. 

Despite the challenges, the Crypto.com exchange still seems to be growing by the day with over 10 million users besides the fact that it will be the official sponsor of the FIFA World Cup 2022.

Reduced crypto Lending activities

Crypto.com’s recent move portrays a broad issue in crypto lending due to the rising U.S interest rate, high inflation, high returns, and weak market performance which are becoming unsustainable. An increase in crypto adoption leads to more account holders which makes big payouts unachievable.

However, this issue has been mostly experienced in the majority of the DeFi lending platforms where they are forced to lower the interest rates as the user counts and deposits continue to grow. Crypto lending platforms could also follow suit as the adoption rate increase.

The post CRO token down 12% after Crypto.com reduces rewards on Visa Cards appeared first on Coin Journal.

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Highlights May 2: Cryptos mixed, Cronos sheds 15%

The crypto market as a whole is mixed with most top 100 coins adding or losing 1-5% of their value at the time of writing. 

Top cryptos

The majority of top 10 cryptos registered gains. Bitcoin was up around 2% at time of writing, trading above $38,000. Ethereum climbed around 3%, and Cardano and XRP registered gains of around 2% and 5%, respectively. 

Crypto.com’s Cronos dropped to #20, losing around 15% today. For most of the year, the CRO token has been trading at relatively low levels. The price is now close to its lowest level this year.

The dynamic exchange sponsors many sports events and featured Matt Damon in an endorsement, but this has failed to reflect on CRO’s price.   

Top movers

Outside the top 20, Tron gained 6% after reporting the total accounts on its network have now exceeded 90 million. 

Fantom jumped in Asian hours, up by almost 15%. It is still growing with gains of 6% at the time of writing. Fantom integrated Chainlink this week and announced a series of exciting giveaways today. 

As for the losers, the main ones today are all coins that registered major gains last week. These include Kyber Network’s KNC with -9% and ApeCoin with -11%. 

Trending

The biggest winner today is MetaPay, a token that you can shop in the Metaxion universe, a new metaverse. With MetaPay, you can sell the parcels and avatars you buy in the metaverse or convert these into MetaPay tokens. 

The Metaxion demo has been released on the website. MetaPay is having another rally, up 1,069% at the time of writing.  

The post Highlights May 2: Cryptos mixed, Cronos sheds 15% appeared first on Coin Journal.

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Solana price prediction for May 2022: Worrying pattern forms

Solana price held steady on Monday morning even as the network’s outage challenges continued. The SOL token is trading at $90.50, which is about 11% above the lowest level in April. Its market capitalization remains at over $30 billion, making it one of the biggest cryptocurrencies in the world.

Solana suffers another outage

Solana price did well during the weekend as investors reacted to the latest outage in the network. During the weekend, the network suffered a seven-hour outage as the number of bots in the network rose. According to reports, these bots were attempting to mint NFTs in the network. 

The specific NFT that was being attacked was Candy Machine. The rising number of these bots caused the mainnet to fall out of consensus and crash as nodes collapsed under the weight. 

During the bot attack, traffic to the network soared to over 4 million transactions per second. In normal times, Solana is able to handle less than 3,000 transactions per second.

Solana has seen other outages in the past. For example, in January, it suffered an 18-hour outage. And in 2021, it suffered several multi-day outages, leading to significant disruptions in the network. 

The rising outages in the network have had a negative impact on Solana’s network in the past few months. For one, the total value locked (TVL) in the network has dropped by 24% in the past month. 

However, there have been some positives. For example, Solana was in the spotlight in April as the value of Stepn’s GMT continued jumping. It is now worth over $2 billion, making it the biggest move-to-earn cryptocurrency in the world. As such, Solana is positioning itself to be a major player in the Web 3.0 industry. 

Solana price prediction

The SOL price has been in a bearish trend in the past few weeks. The current price has moved below the April high of $144. The price is approaching the important support level at $76.72, where it has struggled to move below this year. The coin has also dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level.

A closer look also shows that the Solana price has formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a major bearish breakout in May. This view will be invalidated if the coin moves below $76.72.

The post Solana price prediction for May 2022: Worrying pattern forms appeared first on Coin Journal.

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Solana restarts after bots cause a 7-hour outage

The Solana Mainnet Beta had lost consensus after a flood of transactions – reportedly 4 million per second and at over 100gbps – hit the network on Saturday.

Solana validators have successfully restarted the proof-of-stake blockchain network after seven hours of downtime, according to an update posted today, 1 May.

“Validator operators successfully completed a cluster restart of Mainnet Beta at 3:00 AM UTC, following a roughly 7 hour outage after the network failed to reach consensus. Network operators and dapps will continue to restore client services over the next several hours.”

This is a second major outage for Solana, a PoS blockchain that’s only behind Ethereum for NFTs. In September last year, the network went dark for 17 hours amid another flood of inbound transactions.

Bots sent 4 million transactions per second

According to details shared on Twitter, Solana went offline on Saturday around 20:00 UTC after bots flooded it with 4 million transactions per second and 100gbps of transaction data. 

The transactions were largely related to the Metaplex Candy Machine, an NFT program most new Solana projects use to mint NFTs.

With such a huge demand on the network, validators ended up unable to reach consensus. The result was that block production stopped.

It was not until seven hours later that Solana validators managed to coordinate a restart using instructions from one of the network’s validators. The restart, handled via Solana’s discord channels and the Google doc instructions, saw validators finally take control at slot 131973970.

While the network is back online, the Solana core developers are still investigating the outage and why validators were unable to recover. Metaplex has announced measures to help “stabilise” the network.

SOL price

In the market, SOL, the native token of the Solana network, slumped sharply following the incident. SOL/USD traded to lows of $83.19 before recovering slightly after the restart.

The pair currently changes hands around $88.56, nearly 5.6% down in the past 24 hours as the broader crypto market battles sell-off pressure.

The post Solana restarts after bots cause a 7-hour outage appeared first on Coin Journal.