Schlagwort: crypto business

While on one level it feels silly to talk about cryptocurrencies in Russia when there is a literal war going on, this is a crypto site.

In that context, some very interesting developments have come out of Russia over the last day. Russian Prime Minister Mikhail Mishustin declared cryptocurrencies could be a “safe alternative” for cross-border payments.

“We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.”

It is also worth mentioning that this announcement comes on the back of Iran’s trade ministry approving crypto as a means of payments for imports. Iran has essentially been cut off from the global banking system as a result of its nuclear programme, which has led to countries placing sanctions on the nation.

Russia, of course, is no stranger to sanctions themselves. Following their invasion of Ukraine in February, the Western World pushed back by instilling a bevvy of economic sanctions, hoping to suffocate the Russian economy and tear the value of its ruble currency down.

This brought up what can at times be a polarising subject – the use of crypto as a potential medium to evade such sanctions. These comments by Mishustin referring to crypto as a “safe alternative” will do nothing to dampen that debate.

But it does demonstrate the power of crypto. I saw this first hand in my trip to El Salvador last month, where people spoke of the advantages Bitcoin offered regarding remittances. El Salvador is in the top 10 countries in the world for remittances as a portion of GDP, and the average fee on such remittances is a crazy 6.5%.

Cutting these fees out through using Bitcoin can be a huge plus to those receiving money from loved ones abroad. In Russia and Iran’s case, while remittances will be aided too, they are not as big a factor as they are for El Salvador. In their cases, the massive boon is the enhanced ability to evade sanctions.

So while this story shows some of the pluses of crypto, it also highlights the moral grey area.

The post Russia says crypto is “safe alternative” for cross border payments appeared first on CoinJournal.

Terra LUNA Classic price had a spectacular performance in August as speculation continued. The LUNC token jumped to a high of $0.00016, which was the highest point since June of this year. It has surged by over 240% from its lowest level this year, giving it a market cap of over $1 billion.

Why is LUNC rising?

Terra LUNA Classic is the remnant of the original LUNA that collapsed in May of this year. It is an autonomous cryptocurrency that was abandoned by the developers as they shifted to Terra 2.0. 

Terra LUNA classic and Terra Classic USD prices have performed well in the past few months as investors buy the dip. The theory is that the coins will ultimately rebound in the coming months. 

Analysts also believe that the rally is part of a short-squeeze as buyers attempt to squeeze short-sellers. Short squeezes have become popular in the market recently. For example, we saw shares of Revlon surge after the company announced that it was filing for bankruptcy. 

The same situation happened in 2020 when Hertz filed for bankruptcy. At the same time, the situation has happened regularly in the cryptocurrency industry following the collapse of Celsius and Voyager Digital. Therefore, while Terra Luna is a useless cryptocurrency, it is relatively risky for people to short it.

In the long term it is relatively difficult to make a case for both LUNA and LUNC. For one, in the past, the value of LUNA happened because of the strong market activity in its ecosystem which was also helped by Terra USD. 

Now, the ecosystem, which was made of platforms like Astroport and Anchor Protocol has disappeared. At the same time, Terra USD, which was supposed to be stable at $1 has dropped to $0.02. 

Terra LUNA Classic price prediction

The four-hour chart shows that the LUNC price has been in a strong bullish trend in the past few months. As a result, the coin has managed to move above the important resistance level at $0.0001150, which was the highest point on August 1. It has rallied above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level.

Therefore, Terra LUNA Classic price will likely continue rising as bulls target the next key resistance level at $0.00020.

The post Terra LUNA Classic price prediction for September 2022 appeared first on CoinJournal.

Nexo price jumped to the highest level since June as the bullish momentum accelerated. The coin rose to a high of $1.2133, which was about 120% above the lowest level in August. As a result, its total market cap jumped to over $620 million.

Nexo buyback

Nexo is a leading fintech company that provides a complete suite of solutions to both retail and institutional customers. 

Its primary product is one that makes it possible for people to borrow collateralized funds using its platform. For example, a Bitcoin holder can take a loan in the form of fiat currencies like euro and US dollar.

In addition, the company has an investment feature that lets people make money by just depositing their cryptocurrencies like AVAX and SOL.

Nexo also has tools that enable people to buy and store cryptocurrencies like BTC and ETH. It also has a product that lets people spend money using their Visa-linked card.

Therefore, Nexo was recently in the spotlight because of the similarity of its products to those of Celsius. Celsius is a company that recently went bankrupt. As a result, there were fears of contagion, which could have affected Nexo. 

Nexo price rallied after the company announced that it will allocate a further $50 million in the company’s buyback program. As a result, the company will periodically buy back the NEXO tokens. The goal is to reduce the outstanding token in circulation and boost confidence among investors. In a statement, the company’s founder said:

“The allocation of an additional $50 million to our buyback plan is a result of our solid liquidity position and Nexo’s ability and readiness to spur on its own products, token, and community, alongside its outward-facing initiatives of injecting liquidity into the industry.”

NEXO price prediction

The four-hour chart shows that the NEXO token made a strong comeback in July. It then continued its recovery in August and soared to the highest point since June. The coin moved above the 25-day and 50-day moving averages. It is also slightly below the 23.6% Fibonacci Retracement level.

Therefore, it seems like the coin has momentum as we move into September. As a result, there is a likelihood that it will rise to the 50% retracement level at $2.15. A drop below the support at $0.9 will invalidate the bullish view.

The post Nexo price recovery accelerated in August. Is it a buy in September? appeared first on CoinJournal.