Schlagwort: crypto business

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Enjin Coin and Immutable X prices at risk as NFT industry implodes

Enjin Coin and Immutable X prices are at major risk as the non-fungible tokens (NFT) industry implodes. The ENJ price has crashed by more than 87% from its all-time high, bringing its total market cap to about $610 million. On the other hand, IMX has seen its price crash by over 85% from its record high.

Are NFTs dying?

Enjin and Immutable are leading blockchain projects that hope to solve some of the most important challenges that NFT creators and buyers have. Unlike Ethereum, Cardano, and Bitgert, their whole ecosystem is about NFTs. 

Enjin runs a platform known as Efinity that enables people to mint and sell NFTs. On the other hand, Immutable X is a layer 2 platform that increases the speed and lowers costs of Ethereum NFT platforms. 

Therefore, the two blockchains are at a major risk as the NFT industry crumbles. Recently, OpenSea, the biggest NFT marketplace, announced that it will lay off a substantial number of its employees as volume drops. In a statement, the firm’s CEO blamed the situation to the ongoing cryptocurrency winter.

Now, new data published by Balthazar shows that the monthly sales volume of NFTs in major marketplaces like OpenSea, Magic Eden, LooksRare, and Solanart has dropped sharply in the past few months. The volume of NFTs sales in July was just $676.73 million, down from January’s high of $6 billion. Still, sales to July were higher than those made in 2021.

According to the report, OpenSea is expected to end the year with sales worth over $26.56 billion, up from 2021’ high of $13 billion. 

Still, analysts believe that the volume of NFTs will continue to languish as interest rates and inflation continue rising. At the same time, liquidity will continue being a challenge as demand wanes. Besides, most people who bought NFTs in 2021 and earlier this year have experienced substantial losses. 

Enjin Coin price prediction 

The daily chart shows that the ENJ price has been moving sideways in the past few days. It is trading at $0.64, where it has been recently. As a result, it is oscillating at the 25-day and 50-day moving averages. 

It has also formed a narrow channel that is shown in green. Therefore, there is a likelihood that the coin will have a major bearish breakout as sellers target the next key support level at $0.35.

The post Enjin Coin and Immutable X prices at risk as NFT industry implodes appeared first on CoinJournal.

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Web3 wallet provider Slope linked to Solana attack

After the Solana attack that started on August 2, details have emerged linking a third-party Web3 wallet provider Slope to the attack.

More than 8,000 Solana hot wallets were attacked and approximately $8 million worth of crypto assets were stolen. At the onset of the attack, Solana advised its users to switch to hardware wallets although it was too late since users had already lost funds.

Today, Solana has updated its community via Twitter after discovering that the affected addresses were part of Slope Wallet, which is a Web3 wallet.

The tweet by Solana stated:

“After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”

slope has a web-based crypto wallet, a mobile app, and a browser extension. It is integrated with Solana Pay and it allows users to send and receive tokens on the Solana network.

What we know about the Solana attack so far

Solana has stated that the details of what really transpired are still unclear although there is evidence that “Slope wallet was logging or transmitting user mnemonics and private keys.” 

Nevertheless, Solana has said that there is no evidence that the Solana Protocol or its cryptography was compromised during the attack.

After the revelation of Slope’s link to the attack, Solana co-founder, Anatoly Yakovenko tweeted advising Slope users to generate their seed phrase in a different wallet as soon as possible. Binance CEO, Changpeng Zhao, echoed Anatoly’s advice adding that users could use Binance.

On its part, Slope issued a letter explaining to its customers the hypothesis of the attack and stating that it could not confirm anything yet. In the letter, Slope notes:

“We feel the community’s pain, and we were not immune. Many of our own staff and founders’ wallets were drained.”

Details of what really happened are still trickling in as Solana and Slope Wallet users are advised to take caution.

The price of SOL, the native token of the Solana network has taken a hit and has dipped by over 10% over the last two days. At the time of writing, Solana was trading at $38.86.

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Here is why NEAR is up more than 8% in the last 24 hours

The cryptocurrency market has been performing modestly over the past 24 hours, with most coins trading within the green zone.

The cryptocurrency market is recovering from the slumps it experienced earlier this week. The broader market has added less than 1% to its value, with the total market cap still above the $1 trillion mark.

Bitcoin continues to trade around the $23k resistance level despite losing less than 1% of its value in the last 24 hours. Ether is also trading around the $1,600 level and is also down by less than 1% today.

However, NEAR, the native token of the Near blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. NEAR has added more than 8% to its value in the last 24 hours.

The rally comes as the NEAR CON event continues. The NEAR Conference is currently taking place in Lisbon and showcases some of the best projects in the Near ecosystem.

Key levels to watch

The NEAR/USDT 4-hour chart has turned bullish as NEAR has been performing well over the past few days. The technical indicators show that NEAR could rally higher over the coming hours or days. 

The MACD line crossed into the positive zone a few hours, indicating that NEAR is currently in the bullish zone.

The 14-day relative strength index of 61 shows that NEAR could enter the overbought region if the momentum continues. 

At press time, NEAR is trading at $4.567. If the positive momentum is maintained, NEAR could rally past the first major resistance level at $4.831 before the end of the day.

However, it would need the support of the broader cryptocurrency market to trade above the $5 resistance level for the first time in months. 

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Robinhood won’t entertain merger and acquisition talks with FTX

FTX’s CEO recently acquired a 7.6% stake in Robinhood, sparking talks of a possible acquisition.


The CEO of Robinhood has come out to clarify that the company wouldn’t entertain merger and acquisition talks with cryptocurrency exchange FTX.

FTX’s CEO Sam Bankman-Fried acquired a 7.6% stake in FTX a few weeks ago. The move sparked reports that FTX could acquire Robinhood, one of the leading retail brokerage platforms in the world.

However, Robinhood’s CEO, Vlad Tenev, revealed on Wednesday that the company wouldn’t entertain merger and acquisition talks with FTX. Tenev said Robinhood has $6 billion in cash should the brokerage want to explore potential acquisitions. 

The Robinhood CEO said;

“I love us as a standalone company. Robinhood has about $6 billion of cash that could be used for acquisitions, and the company sees opportunities in the current environment to make acquisitions.”

Tenev’s comment comes just a few hours after the company announced that it would eliminate about 23% of its staff, to streamline costs amid a continuing decline in monthly active users on the trading platform.

The CEO’s comment also comes a few days after FTX.US, the United States arm of the FTX exchange, launched stock trading features for its users across the United States.

Robinhood is known for offering users access to a wide range of financial assets, including stocks and cryptocurrencies. However, FTX has previously stayed within the cryptocurrency market.

At the time, FTX.US President Brett Harrison said;

“FTX Stocks is now live for US users! Residents of all 50 states (yes, including NY!), as well as PR and USVI, can sign up. Trade hundreds of stocks and ETFs from both the web (https://ftx.us/stocks) and the FTX US Pro mobile app.”

FTX.US’s move into the stock trading arena indicates that the company is ready to provide heavy competition for Robinhood in the market. 

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VeChain price prediction as bullish momentum remains on course

  • VeChain blockchain endears to solve complex supply chain problems
  • VeChain token is recovering alongside other cryptocurrencies
  • The token has more upside potential but could face resistance

A snapshot of the crypto market shows that most cryptocurrencies are gaining again. Bitcoin is up by 2.08%, while Ethereum has gained by 5.05% in the last 24 hours. As expected, most altcoins surge whenever the top cryptocurrencies post gains. VeChain VET/USD is one of the cryptos going higher.

VeChain is a blockchain that aims to tackle complex supply chain issues via distributed ledger technology. While the technology remains at an infant stage, the VeChain token saw a lot of interest last year. That pushed the token to a high of $0.28 in April 2021. Since then, the token has lost its mojo and trades at merely $0.029, 10 times less. Investor interest could grow at such attractive valuations, but where are the buyers?

VET has witnessed buyer interest in the past week. With gains of 27%, the token rivals some few cryptocurrencies with similar double-digit gains. That happened after the cryptocurrency remained stable since mid-June. Technical indicators suggest more upside, although long-term recovery will take time.

VeChain token gains as bullish momentum accelerate 

Source – TradingView

On the technical outlook, VeChain is bullish but trades below key resistance at $0.033. That represents an upside potential of around 14%. However, VeChain is already overbought, with the RSI reading pointing to 70. That means we might see short-term retracements before the token hits $0.033. We recommend buying in the short term on a potential retracement at the current level.

While long-term gains are possible, buyers should be aware of the key resistance. A breakout of the level would usher in a more lasting bullish momentum.

Summary

VeChain is likely to maintain the current momentum. Some short retracements are possible, although the token’s resistance is at $0.033. Investors should consider buying on short dips and ride the trend to the resistance level.

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