Schlagwort: crypto business

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Optimism price crawls back as Perpetual Protocol rebounds

Optimism price crawled back on Monday as investors bought the dip. The token rose to a high of $1.1150, which was the highest level since August 26. It has risen by more than 10% from the lowest level this month, giving it a market cap of over $240 million. 

Optimism TVL rising

Optimism is a leading blockchain project that help developers to supercharge their Ethereum projects. It is a layer-2 platform that helps them save money and boost speeds. According to its website, it has saved users over $1 billion in gas fees and created more than $800 million in on-chain value. 

Optimism has been used to supercharge some of the leading applications in the industry. Some of the top apps in the ecosystem are Synthetix, Thales, AAVE, Velodrome, Uniswap, and Curve among others. 

According to DeFi Llama, Optimism has seen its total value locked rise to over $856 million. This TVL is slightly below the year-to-date high of almost $1.2 billion. AAVE is the biggest application in the ecosystem with a TVL of over $402 million.

In addition, Optimism has a bridge that makes it possible for people to swap tokens from several blockchains like Ethereum, Polygon, BNB Chain, and Arbitrum to other platforms. 

Optimism price is rising after the strong performance of Perpetual Protocol. Its TVL has risen to over $22 million. According to Binance, the PERP price has risen by over 7% in the past 24 hours.

Optimism price forecast

The four-hour chart shows that the OP price has been in a bearish trend in the past few weeks. It managed to move from a high of $2.2526 in early August to a low of $0.9853. The lowest point was below the 61.8% Fibonacci Retracement level.

The coin has formed a descending channel that is shown in red. It has now moved to the upper side of the descending channel. Optimism has moved to the 25-day and 50-day moving averages while the Stochastic Oscillator has moved to the overbought level.

Therefore, the coin will likely resume the bearish trend and retest the lower side of the channel at $0.900. A move above the resistance at $1.200 will invalidate the bearish view.

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XEC is up by more than 30% on Monday: Here is why

The cryptocurrency market has performed poorly so far today, but XEC is the best performer amongst the top 100 cryptocurrencies. 

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XEC, the native token of the eCash ecosystem, is the best performer amongst the top 100 cryptocurrencies today. The coin has rallied by more than 30% over the last 24 hours, outperforming the broader market in the process. 

The broader cryptocurrency market has been underperforming in the last two weeks. The market has lost more than 1% of its value so far today, with the total market cap now below the $1 trillion mark once again.

Bitcoin has dropped below $20k for the first time this month. At press time, BTC is trading at $19,813, down by more than 1% so far today. Ether has also lost its support above the $1,500 level and is now trading at $1,449 per coin.

XEC’s rally comes after the development team announced that the Avalanche Post-Consensus would go live on the eCash Mainnet on Sept 14th.

According to the team, Post-Consensus brings 51% attack prevention which increases the security of the network significantly, bringing it on par with leading Proof-of-Work chains. It also brings 1-block finality to eCash, which opens the door for exchanges to enable 1 confirmation deposit.

Key levels to watch

The XEC/USDT 4-hour chart is extremely bullish as eCash is performing excellently amidst a bearish run from the broader market.

The MACD line jumped into the positive zone on Sunday and continues to remain within that territory, indicating bullish momentum. The 14-day RSI of 74 shows that XEC could enter the overbought region if the rally continues.

At press time, XEC is trading at $0.00004883 per coin. If the positive rally is maintained, XEC could surge past the $0.00005357 resistance level before the end of the day. 

However, the second major resistance level at $0.00006362 should prove difficult for XEC unless it gets support from the broader cryptocurrency market. 

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46% of US crypto users say their investment performed ‘worse than expected’

  • Majority of US crypto users at 46% are unhappy with how their crypto investments performed.
  • Percentage of crypto users in the country unchanged (at around 16%) since last year.
  • About 50% of those surveyed know of NFTs, 2% have bought them.

Nearly half of Americans who have ever invested in crypto, including the top two by market cap Bitcoin (BTC) and Ethereum (ETH), say the assets have performed “worse” than was expected.

46% of crypto users ‘disappointed’ by returns

A new report recently published by the Pew Research Center revealed that of the 16% of US adults who say they have ever bought, traded or used cryptocurrencies, about 46% are unhappy with how their investments have turned out.

Pew Research Center survey report on US crypto users’ take on their assets’ performance. 

 

But while a majority expressed dissatisfaction about the overall performance of their crypto holdings, at least 15% said they had seen better-than-expected returns. Another 31% said their crypto investments had so far performed as expected.

Notably, the research found that the number of crypto users in the US has remained largely unchanged.

“While relatively few Americans overall say they have ever invested in, traded or used cryptocurrencies, the vast majority of Americans have heard about them,” Michelle Faverio and Navid Massarat wrote in the research report.

They noted that about 88%, or nearly nine out of every ten Americans had heard about crypto. 26% of this number said they have “heard a lot” about cryptocurrencies.

Almost 50% of the respondents also said they’ve heard about non-fungible tokens (NFTs). However, just 2% have bought NFTs, the report added.

Crypto bear market

The survey, conducted in July (5-17), came after the mid-June sell-off that compounded the bear market pain and saw bitcoin price fall to lows of $17,600 and ether below $1,000.

Indeed, the broader cryptocurrency market had lost over $2 trillion in total value by then, with multiple crypto companies ending up bankrupt amid contagion.

Bitcoin and Ether, currently trading around $19,930 and $1,475 respectively after another bout of sell-off pressure on Friday, hit their all-time highs above $69,000 and $4,800 in November 2021.

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SoMee.Social secures $50M investment commitment from GEM Digital

  • GEM Digital Limited has committed $50 million to SoMee through a token subscription facility.
  • The blockchain-based social media platform will use the investment to increase the liquidity of native token $SME
  • SoMee users earn token rewards in $SME and Hive blockchain’s $HIVE when they like or post on the network.

SoMee.Social, a blockchain agnostic social media platform powered by HIVE blockchain technology, has secured a $50 million investment commitment from Bahamas-based digital asset investment firm GEM Digital Limited.

Liquidity for native token $SME

An announcement by the platform on Friday said that the investment group’s backing was being provided via a Token Subscription Facility, which SoMee will channel into fueling liquidity for its HIVE-backed native token $SME.

SoMee also plans to leverage the investment to drive further growth for its SoMee.Social network, including incentivising users. In this, SoMee users have access to US dollar-denominated earnings that reflect their rewards in $SME and $HIVE tokens. 

Network users earn these tokens from posting content or “liking” posts by other users. The incentives apply to all users across SoMee and all HIVE-based applications tapped into the social media channel’s posting data.

SoMee, which received startup grants from Amazon Web Services (AWS) and IBM, will officially be available in the Apple and Google app stores by early September. The platform is already accessible via web at SoMee.Social.

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Ethereum falls 9% as risk-on assets tumble on Fed Chair remarks

Ethereum (ETH) price fell alongside other cryptocurrencies and equities following hawkish remarks by the US Federal Reserve Chairman Jerome Powell.

By the close of stock markets Friday, Ethereum was down 9%, near $1,555 per token with bears looking to break towards $1,500. The dip happened after downside pressure late afternoon had seen the ETH/USD pair snap below $1,600 – the losses mirroring Bitcoin (BTC), which broke below $21,000 to touch intraday lows of $20,620.

Ethereum and the merge factor

Ethereum’s losses on Friday helped push the altcoin to lows last seen in late July, when ETH/USD traded in the $1,400 range. But while it remains well above its mid-June sell-off floor, the current weakness comes amid a largely positive period for the smart contracts platform.

Ethereum developers this week confirmed the “Merge”, a highly anticipated event for the network, will happen in mid-September.

While ETH deposits into the Beacon Chain have slowed down, the community is upbeat about possibilities for the Ethereum blockchain, and consequently for the price of Ether.

But even as many analysts see the “Merge” as the catalyst that could trigger the next market cycle, there are calls that the market has already priced in the event.

Wall Street plummets on Fed Chair remarks

Stocks also fell after Powell said at the Jackson Hole symposium that the central bank had a job to do and that they would keep at it “till it’s done.”

He told the forum that the Fed needed to maintain its aggressive approach if it were to succeed in restoring price stability. The Fed Chair noted that it wasn’t time yet for the central bank to adopt a loosening policy.

His remarks appear to have spooked markets, with S&P 500 slipping more than 3%, the Nasdaq Composite fell nearly 4% and the Dow Jones Industrial Average fell more than 1,000 points.

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