Schlagwort: crypto business

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FLOW token price is up by over 35% today: here’s why

Today the price of FLOW has been rising and rising. It surged by about 45% in the morning to set a new two-month high of $2.7681 before slightly pulling back to its current price of $2.58.

At the time of writing, FLOW was still green and showing a lot of bullish momentum. But why did the FLOW token register surge a huge pump today? What is happening to Flow blockchain?

Here is a comprehensive dive into the forces behind today’s FLOW token pump.

Why FLOW price pumped suddenly today

Today morning, Meta (formerly Facebook) announced that it had started the Instagram NFT integration and it was going to add support for NFTs created on the Flow blockchain.

On May 10, Meta announced that Instagram would integrate NFT collectibles starting with Ethereum and Polygon-based NFTs. The addition of Flow into the list almost came as a surprise and it could explain the sudden surge in the price of the FLOW token.

Ethereum is the leading blockchain network for NFTs while Polygon is an Ethereum Layer-2 solution that allows for faster, cheaper, and more efficient transactions. Flow, therefore, becomes the only other Layer-1 blockchain that Instagram has integrated so far after Ethereum

Instagram also plans to add support for Solana NFTs.

Facebook, which is a sister social media platform form to Instagram, began testing the support for Polygon and Ethereum in June and has also revealed plans to add Solana and FLOW.

By adding support for NFTs minted on the Flow blockchain, Instagram users will be able to link digital wallets and showcase their verified Flow NFTs. The initiative was first launched in the US but today’s announcement marks the beginning of its expansion to over 100 countries across Africa, the Americas, the Middle East, and the Asia Pacific.

Besides adding support for Flow NFTs, Meta also announced that it has also added support for Dapper Wallet and Coinbase Wallet. Both Dapper Wallet and Flow are products of the same firm called Dapper Labs, which is also best known for its own sports NFT projects that include the NBA Top Shot, NFL All Day, and UFC Strike.

Meta is pushing hard on its metaverse plan since it rebranded from Facebook last fall. It recently revealed its grand vision for a next-generation internet navigated with avatars in immersive 3B space.

The post FLOW token price is up by over 35% today: here’s why appeared first on CoinJournal.

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What next as Yearn.Finance token shoots 44% in a week?

  • Yearn. Finance arbitrages lending platforms for the best rates
  • Yearn.Finance token has risen by 44% in a week.
  • The cryptocurrency has met resistance, and investors should watch lower levels.

In a week where cryptos have mixed returns, Yearn.Finance YFI/USD is among a few with strong gains. With 44% 7-day returns, the token is only rivaled by Filecoin and Optimism in the top 100 coins. The gains are even more remarkable because YFI has overcome a crucial bottom. Does that set it on course to replicate the gains of last year?

Yearn.Finance runs on the Ethereum blockchain. The protocol has carved a name in crypto by arbitraging diverse lending platforms. They include Compound, Aave, and dYdX. It maximizes returns for the users by selecting the platforms with the most favorable rates. Users also earn YFI tokens by staking on the protocol. Users can lock more crypto assets through “yield farming” to raise their earnings.

The latest gains in YFI underline that investors believe DeFi is the future. Other DeFi platforms such as Aave and Compound have been rising by double digits. It was just a matter of time before Yearn-Finance followed. 

Yearn.Finance hits a resistance after weekly gains

Source – TradingView

YFI has met resistance at $12,400 following the latest gains. The token is sliding and currently trades at $10,630. The MACD indicator is bullish, but the momentum is waning. 

We believe YFI will correct as investors take profit at the resistance zone. However, with the token well above key resistance at $7,250, it is on course to hit higher levels. The cryptocurrency could correct to the support or the moving averages. Investors should sell and consider buying lower.

Summary

YFI has gained by 44% in a week. Investors are taking profits after the token hits the resistance. Investors should buy the token once it settles at suitable support. 

The post What next as Yearn.Finance token shoots 44% in a week? appeared first on CoinJournal.

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Watch $0.05 support as Hedera Hashgraph fails to clear resistance

  • Hedera Hashgraph is a PoS distributed ledger using hashgraph consensus algorithm
  • Native HBAR trades in a tight range below the $0.08 resistance
  • Watch $0.05 support for a potential bullish retracement

Hedera Hashgraph HBAR/USD is a proof-of-stake distributed ledger of transactions. The network uses a distinct algorithm called hashgraph. It was developed to enhance faster transactions. While the crypto market has recovered above $1.05 trillion in market cap, HBAR is struggling.

HBAR has declined by 1.2% in the past day at $0.07. The daily transaction volume has also dipped by as much as 17% in the same period. HBAR loss is even wider in the broader outlook. The tokens have plunged 75% YTD and 86% from the all-time high. Hedera Hashgraph’s market cap is also dwindling.

The token is currently ranked #39 in the crypto list with $1.5 billion in valuation. In the past 24 hours alone, the valuation has dropped by $30 million. The technical price outlook further affirms the bearish sentiment HBAR is facing.  

HBAR locked between $0.05 support and $0.08 resistance

Source: TradingView

HBAR has been contained between $0.08 resistance and $0.05 support level since June 10. An attempt to break above the resistance was rejected on August 1. HBAR is now on a retracement with weak momentum. The RSI indicator is at 51, while the MACD is close to the baseline with no clear trend.

Concluding thoughts

The technical analysis points to a bearish momentum in Hedera Hashgraph. Its fundamental aspects lie in the promise for faster transactions and broader crypto adoption. For enthusiasts of blockchain technology, the current price level can be a huge discount. 

However, for short-term traders, patience is recommended, with the key level to watch being the $0.05 support. At this point, a buy is only recommended with the confirmation of a bullish price action signal. Momentum indicators should also be monitored.

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Avalanche remains above the breakout zone, but where are the buyers?

  • Avalanche broke past a key resistance but has since stalled
  • AVAX lacks a directional bias amid the 50-day MA joining a support
  • The token could slide to the resistance-turned-support at $20

Avalanche AVAX/USD trades at $23.3 as of press time. The price is well above the key breakout zone of $20, which has now become support. However, for over two weeks, Avalanche has maintained above $20. Is it a clear lack of buyers, or is the cryptocurrency gathering momentum to go higher?

A brief overview of Avalanche shows that previous movements have been driven by momentum. That is particularly as the token became attractive at the $15 bottom since the Luna-inspired crash. Most of the surge in AVAX has also been due to improving crypto sentiment. At the current level, AVAX needs further triggers to go higher.

AVAX at $41? A week ago, crypto analyst Michaël van de Poppe said that Avalanche could rise to $41. The analyst, who has about 619,600 Twitter followers, says AVAX’s close 50-day MA close is a bull trigger. While we can’t agree or disagree with the prediction, we need to look at the daily chart for an assessment.

AVAX holds above $20 despite a sluggish bullish push

Source – TradingView

On the daily chart, AVAX holds strongly above the $20 support. The 50-day moving average joined the support in mid-July for the first time since April. The cryptocurrency has retested the MA while keeping the support intact.

On the contrary, the MACD indicator shows a falling bullish momentum. Nonetheless, we still see a lack of a directional bias for AVAX rather than a bearish move. $20 is the level to watch or at the intersection with the 50-day MA.

Concluding thoughts

AVAX lacks a directional bias. The 50-day MA joined the support recently. As long as AVAX continues to hold the $20 level, it has a chance to hit higher levels. The next targets are $27 and $37.

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Pictet exec: Today’s crypto has ‘no place’ in private banking

Pictet Group’s Asia division CEO Tee Fong Seng said at a summit that while the crypto asset class continues to mature, now might not be the time for private bankers to invest in the sector.

Crypto is an industry that is here to stay, even as part of its growing pains remains glaringly scary for some players. Matters are indeed not helped by the recent events that have seen several crypto companies go bankrupt, and wild volatility does not help either.

Because of such concerns, Swiss wealth manager the Pictet Group is warning that this might not be the time to dive into crypto – at least not for now.

Crypto asset class can’t be ignored – but,

In remarks made at a panel on the sidelines of a Bloomberg summit in Asia, an executive of Swiss firm Pictet highlighted why the asset manager is not keen on getting into crypto.

According to Tee Fong Seng, the CEO of Pictet’s Asia subsidiary, crypto’s growth as an asset class cannot be undone nor can it be “ignored” going forward. However, the company believes that crypto as it is – with some of the concerns above- does not have ‘a place’ in the private banking sector.

“Crypto will be an asset class that we cannot ignore, but today I don’t think there is a place for private bankers and for private bank portfolios,” he said.

But despite this outlook, the firm, like many others, appears to be keenly monitoring developments in the crypto market. For clients, this means looking at when to start offering services such as trading.

He notes that a look at the crypto market’s performance over the past two years shows it’s possible to “make a lot of money.” But at the same time, with the huge volatility, it’s also very easy to “lose a lot of money,” he observed.

“The question is, when do we bring the clients into the picture,” he posed as he pointed out that the Geneva-based asset manager had a team on the lookout for opportunities.

Concerns aside, mainstream companies push into crypto

A few years back, the best that came from financial institutions and other major mainstream companies was a blatant dismissal of crypto.

Many continue to sit on the fence, but many more have made a move – more so amid crypto’s last bull market. Today, global giants such as Fidelity Investments, BlackRock, Charles Schwab and Julius Baer Group have ventured into digital asset products – including crypto-focused exchange-traded funds, custody services and even trading to their clients.

The partnership between Coinbase and BlackRock announced today, and which targets institutional clients, is a good example of the increased interest for crypto exposure.

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