Schlagwort: crypto business

SushiSwap price has made a strong comeback this week as investors react to several important ecosystem news. SUSHI soared to a high of $1.3328, which was the highest level since September 10 of this year. It has jumped by more than 54% from its lowest level this year.

Why is SUSHI soaring?

SushiSwap is one of the biggest players in the Decentralized Finance (DeFi) industry. It is an alternative to Uniswap and PancakeSwap in that it lets people swap tokens at a slightly small cost. Further, the platform has a cross-chain swapping feature and the ability to earn fees by providing liquidity to the network.

SushiSwap product is available across most blockchains like Ethereum, Arbitrum, Polygon, Harmony, and Avalanche. All these versions have a combined market cap of more than $515 million. Ethereum’s version has the biggest share since it has over $373 million in assets. At its peak, SusshiSwap had a total value locked of over $5 billion.

SUSHI price rose sharply this week after some important cryptocurrency news in the ecosystem. First, Sushi DAO announced that it was changing its leadership team. Jared Grey was elected as the “head chef”, the equivalent of a CEO. 

Grey is a highly experienced professional who has established several crypto startups in the past few years. In a statement, he said that he will focus his time on revenue and market share growth. The DAO faces significant competition from the likes of dYdX and Uniswap.

Still, it is unclear how long he will keep his job since several officials have left the organization in the past few months. Jonathan Howard left his CEO role in August.

Another main reason why the SushiSwap price has done well is that GoldenTree Asset Management said that it had invested in the token. It acquired tokens worth over $5.2 million.

SushiSwap price prediction

Turning to the daily chart, we see that the SUSHI price has risen in the past five straight days. In this period, it has risen to the upper side of the symmetrical triangle pattern that is shown in purple. It has also risen slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.

Therefore, I suspect that the SushiSwap price will resume the bearish trend as sellers target the lower side of the triangle pattern at $1.02.

How to buy SushiSwap

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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.

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The post SushiSwap price prediction as SUSHI makes a comeback appeared first on CoinJournal.

Avalanche price has not been left behind in this year’s crypto sell-off. The AVAX coin has crashed by more than 80% this year, making it one of the worst-performing large-cap coins in the industry. Its market cap has collapsed to about $5 billion, making it the 17th biggest coin this year.

Why has AVAX collapsed?

Avalanche is one of the biggest layer-1 networks in the world. It is a well-known Ethereum rival that is known for its speed and low transaction costs. According to its website, it has a transaction finality of less than 2 seconds. It can handle thousands of transactions per second (TPS). In addition, Avalanche runs thousands of nodes globally.

Like Ethereum, Avalanche is widely used to build decentralized projects in finance, NFTs, and the metaverse industries. According to DeFi Llama, Avalanche’s applications have a total value locked (TVL) of more than $1.57 billion, making it one of the biggest players in the industry.

Avalanche has been used to build some of the most popular DeFi apps in the industry like Aave, Benqi, Trader Joe, and Platypus Finance. However, the volume of assets in Avalanche has crashed from over $11 billion to the current $1.57 billion. At the same time, the role of Aave in its network has grown rapidly. 

While Avalanche has over 200 projects, Aave has a market dominance of 45.7%. This is one of the top reasons why the AVAX price crashed in 2022. Another reason is that Avalanche has no major market share in key industries like NFT. Some of the leaders in NFTs are platforms like Ethereum, Flow, and Immutable X.

AVAX price has collapsed because of the falling global demand amid rising interest rates in the United States. 

Avalanche price prediction

So, is it safe to buy Avalanche? The daily chart shows that the AVAX price has been in a freefall in the past few months. In this period, it has managed to move below the 25-day and 50-day volume-weighted moving averages (VWMA).

A closer look shows that the coin has formed what looks like a head and shoulders pattern. In price action analysis, this pattern is usually a bearish sign. 

Therefore, there is a likelihood that the coin will have a bearish breakout soon. If this happens, the next reference level to watch will be at $13.8. An opposite situation is that the coin has formed a falling wedge pattern, meaning that it could soon bounce back.

How to buy AVAX

The post Is Avalanche’s AVAX a good buy in October? appeared first on CoinJournal.

The native chain of the crypto exchange Binance was suspended Thursday after an exploit led to millions of dollars of crypto being exposed.

The incident obviously sent shockwaves through the crypto world, but for me it also highlighted the dangers of decentralisation.

Don’t get me wrong. Decentralisation is arguably the single biggest pillar of everything upon which cryptocurrency is built. It is a concept which has a genuine chance to upend all that we know about finance, money and the economy at large. It can make the world a better place.

But the Binance incident highlights that in this early stage of cryptocurrency – let us not forget that Satoshi Nakamoto only wrote his Bitcoin whitepaper in 2008 – that decentralisation also poses some very real risks.

What happened with Binance and what has decentralisation got to do with it?

An attacker targeted the Binance chance late Thursday evening, with initial movements on-chain suggesting that two million BSC tokens were in their crosshairs.

BNB Chain estimate that over $100 million of assets were moved, but confirmed that $7 million in assets had almost immediately been frozen, reducing the total losses.

The decision to halt the entire chain is a stunning move from Binance. As I said, blockchains are meant to be decentralised. This episode shows that BNB is quite the opposite.

Obviously, this throws up all sorts of issues. The crypto purists are up in arms about the fact that this is literally one company running the entire ecosystem – the exact same as Web 2.0 and what crypto is supposedly trying to combat.

They have a point. Then again, the ability of Binance to freeze $7 million shows that, despite going against the mantra of crypto, centralisation does have its perks too. $7 million may pale in comparison to the total size of the breach here, but it’s still a hell of a lot of money. And this is still early days – there might be more confiscated by the time you read this.

An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.

— CZ 🔶 Binance (@cz_binance) October 6, 2022

Will Binance’s reputation be harmed?

Binance operates from such a strong position in the market, as well as being marshalled by a highly popular CEO, that I actually believe this incident will be largely brushed under the carpet.

Binance even got hacked one time before. This is also technically a magical production of $100 million of BNB out of thin air, rather than a direct attack on consumers, an important distinction (although still terrible news for any BNB holders).

The previous time, Binance’s customers were targeted. In 2019, hackers stole $40 million in Bitcoin. Binance’s reaction was exemplary, immediately moving to assure customers that anyone affected would be compensated. And that is exactly what happened. They even kicked off an insurance fund since, with the aim of compensating customers should anything like this ever happen again.

With a nascent technology like crypto, these things are bound to happen, unfortunately. With companies like Binance, assuring customers that their funds will always be safe, that perceived risk is obviously mitigated.

But this is only possible with a degree of centralisation. In a fully decentralised world, an exploit like this would go unpunished. Indeed, I don’t need to be hypothetical here – customers have funds stolen from them all the time and there is rarely recourse.

As I said, decentralisation is a beautiful thing. But this episode is an unfriendly reminder that it also poses risks, and while the industry bootstraps itself up, innovates and figures things out as it goes along, customers need to bear that in mind.

Stay safe out there.

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The Sandbox has partnered with football star Kun Aguero to attract fans into the metaverse but could that lead to surge in the price of SAND?

SAND, the native of The Sandbox metaverse, is down by more than 2% in the last 24 hours. 

The poor performance coincides with that of the broader cryptocurrency market. The total crypto market remains above $950 billion despite losing less than 1% of its value in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency, has dropped below the $20k level once again after losing 0.7% so far today, Ether is also down by less than 1% so far today but continues to trade above $1,300.

SAND’s poor performance comes despite The Sandbox announcing its partnership with Premier League legend Sergio Kun Aguero. 

⚽ AGÜEROOOOOOO ⚽

Delighted to welcome none other than @aguerosergiokun to The Sandbox! 🤝 The 𝘒𝘶𝘯𝘪𝘷𝘦𝘳𝘴𝘦 will hold football-themed games, dancing and many more surprises!

Stay tuned for more… pic.twitter.com/ewj71bAPEf

— The Sandbox (@TheSandboxGame) October 6, 2022

The Sandbox added that the first version of Kuniverse will be released on November 6th and will take the form of a huge stadium with football-themed games, dancing, and even a food truck with Argentinian food, among other experiences. 

Key levels to watch

The SAND/USD 4-hour chart remains bullish despite The Sandbox underperforming over the last few hours. 

SAND/USD Chart By TradingView

The MACD line remains above the neutral zone, indicating that The Sandbox market is positive. The 14-day relative strength index of 49 shows that SAND is not yet in the oversold region despite underperforming today. 

At press time, SAND is trading at $0.8452 per coin. If the bearish trend continues, SAND could drop below the $0.8118 resistance level before the end of the week.

Unless the bulls regain control of the market, SAND could drop towards the $0.7452 support level for the first time since July. 

The bulls might regain control and push SAND towards the $0.9257 resistance level in the near term. However, the second-major resistance level at $1.0599 should be hard for the bulls to overcome over the next few hours or days. 

Where to buy now

eToro

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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.

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