Schlagwort: crypto business

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Bitcoin fails to get past $44K and loses 4% due to accelerating inflation rate

This year started with a market plunge that saw the majority of cryptocurrencies like Bitcoin and Ethereum nosedive.

Bitcoin has, however, been trying to correct the downtrend only for the bull correction to be cut short below $45K. Today, BTC dropped by more than 4% sending Bitcoin below $44K.

At the time of writing Bitcoin was trading at $43,609.63.

Why Bitcoin price is lagging

Bitcoin price has been up and down after it dropped below $40k in January following the announcement by the FED that it was going to increase the interest rates gradually in the coming months. This followed reports that the U.S annual inflation rate has hit a 40 year high of 7% and that the interest rate will be increased for the first time in more than three years.

Currently, Bitcoin’s support level is at $42,578 and will have to reclaim $44,208 before retesting the resistance level at $45,161. If it happens to go below the support level, then it can drop to as low as $41,625, which will be a big blow to the world’s leading digital asset.

Crypto Market currently on the decline

While Bitcoin registered a drop today, other cryptocurrencies have followed suit today. Ethereum, for example, has dropped by 5% to $3,097.4.

Other Altcoins have recorded even bigger losses. Both XRP and Polkadot (DOT) have dropped by over 9% in the last 24 hours. Respectively, Solana (SOL) also dropped by 8% to trade at $106.15.

Due to the sudden downtrend, the entire market cap valuation has dropped by approximately 3% from above $2 trillion to $1.943 trillion.

Bitcoin investors are however optimistic that the coin will resume the bullish trend soon.

The post Bitcoin fails to get past $44K and loses 4% due to accelerating inflation rate appeared first on Coin Journal.

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Hungary’s Central Bank calls for a ban on Bitcoin trading and mining in the EU

György Matolcsy , the governor of Hungary’s central bank (MNB), wants to see the European Union (EU) ban crypto trading and mining.

In a press statement published on the official MNB website, Matolcsy noted that it’s time for the eurozone to undertake the tough regulatory step.

In his view, cryptocurrencies can be used to perpetuate illegal activities. He also noted that the crypto space tends “to build up financial pyramids,” alluding to long-held criticism that crypto is a bubble’

“The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles,” he added.

He pointed to China’s ban on crypto trading and mining in 2021 and the proposal from Russia’s central bank that the country needed to take similar steps.

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin,” he said in the statement.

His comments on Russia however come days after Moscow and the Russian central bank reached an agreement to have cryptocurrencies regulated.

He proposes that EU citizens and other investors can be allowed to access and own crypto assets outside of the block.

However, regulators would still track these holdings, the MNB chief added.

His comments come at a time the EU has indicated development of a digital euro is on track.

The post Hungary’s Central Bank calls for a ban on Bitcoin trading and mining in the EU appeared first on Coin Journal.

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Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong

Despite most cryptos being in the red over the past 24 hours, it has been a very positive week overall. Inflation has risen to 7.5%, a higher-than-expected jump in the measure of price rises.

The NASDAQ100 fell 2.24% while the SPX500 was down 1.78% and the DJ30 fell 1.46%. The UK100 rose yesterday, popping late in the session on the back of US inflation numbers.

After cracking $90 for the first time in more than 7 years last Friday, oil has shown a correction this week, registering losses nearly every day.

Top cryptos

Bitcoin fell more than 1.5% since yesterday but will finish the week with gains of more than 10% as of time of writing. Despite retracting nearly 4% over the past 24 hours, Ethereum has also climbed around 10% over the past 7 days.

Leading the top 10 this week was XRP, with gains of more than 30% since last Friday. Today, Polygon, Solana, and XRP are all down by around 6%.

Top movers

Theta Network has been rallying since the beginning of the month, when Resorts World Las Vegas announced they were launching utility NFTs on it in a first of its kind event involving a major Las Vegas casino.

It is also gathering momentum for the large number of patents it is filing, the latest one of which they filed today. It was up 13% at the time of writing.

The live IoTeX price today is $0.12, rallying on developments in the IoT space. IoTeX’s native token IOTX has been trending the whole week and gained 10% in the last 24 hours.

At #98, Audius, a decentralized music streaming protocol, is currently trading for $1.26 with a 24-hour trading volume of $60.8 million. Audius is up 7% today. Livepeer, closing out the top 100, also added 7% to its value. Ethereum Classic continues to rally with gains of 5%.

Other than those, the situation looks bearish in the top 100. Most coins have lost between 3 and 6% today. Gala and THORChain are both down 8%, Kadena has lost 9%, and Convex Finance has shed 11% of its value. Arweave lost 9% and Waves 10%, both reversing yesterday’s gains.  

Trending

MetaPay is trending again and has added 711% to its value today. You can use the token to shop in the Metaxion metaverse. With MetaPay, users can sell the parcels and avatars they buy in the metaverse.

The post Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong appeared first on Coin Journal.

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Beethoven, the first next-gen AMM protocol on Fantom

Beethoven Crypto Logo on a mobile phone screen

Beethoven is the first next-generation AMM protocol running on the Fantom blockchain, which shows the potential of a true Ethereum killer. At the time of writing, the token was trading for $0.82 and had gained 3.58% in the last 24 hours.

This short guide will tell you everything you need to know about Beethoven: what it is, is it a valuable investment, and is this the right time to buy?

What is Beethoven?

The AMM protocol provides boosted liquidity pools, which its creators claim is a major technological novelty. Users of Beethoven can build a unique crypto index fund tailored to their asset needs.

They can collect fees from traders who rebalance funds by following arbitrage opportunities. Balancer V2 enables efficient trading by pooling crowdsourced liquidity from investor portfolios and using its unique Smart Order Router to find traders the best available price.

Users are promised that they will be able to launch tokens in the fairest way possible using an LGE. You use 80/20 BPT instead of single staking to capture market volatility with minimal impermanent loss.

Should I buy Beethoven today?

When looking at Beethoven price predictions, it’s important to bear in mind that analysts’ forecasts can be wrong. These projections are based on fundamental technical study of a crypto’s performance. Past performance is no guarantee of future results.

BEET price prediction

Digital Coin Price predicts Beethoven will go up to $1.16 by the end of the year. Their prediction for 2023 is $1.27, $1.39 the following year, $1.73 in 2025, and $1.62 in 2026. In 2027, 1 BEETS will be worth $2.20. It will have gone up to $3.44 in two years.

Check out our top Cryptocurrency price page for the most up to date Crypto movements.

Beethoven on social media

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IOTX price has gained 10% today: Here is where to buy

IOTX logo on a mobile phone screen

The live IOTX price today is $0.12 with a 24-hour trading volume of $172.7 million. the token has been trending the whole week and gained 10% in the last 24 hours.

Look no further than this short article for the details on its native token IOTX, whether it’s worth investing in, and the best places to buy it now.

Top places to buy IOTX now

As IOTX is such a new asset, it’s yet to be listed on major exchanges. You can still purchase IOTX using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy IOTX right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for IOTX

Now that you’re connected, you’ll be able to swap for 100s of coins including IOTX.

What is IOTX?

Starting as an open-source project in 2017, IoTeX (IOTX) built a decentralized platform to empower the open economics for machines. This was conceived as an open ecosystem where people and machines can interact with guaranteed free will and trust.

IoTeX developed an EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus. It was launched in April 2019.

On top of the IoTeX blockchain, the team created the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains. IoTeX helps EVM-based DApps scale without concerning expensive gas fees.

The blockchain also features middleware such as Decentralized Identity, Confidential Computing, and Secure Hardware to enable self-sovereign devices like Ucam. It has been deployed to thousands of households.

Should I buy it today?

According to Statista, the Internet of Things sector could be worth more than $1.5 trillion by the end of 2025. As a sector token, this development could impact IOTX positively. On the other hand, it could fall victim to the fickle volatility of IoT.

IOTX price prediction

Gov Capital predicts a slight increase for IOTX – to just $0.15 in a year’s time. In five years, it will have risen to $0.61.

Wallet Investor is more optimistic. They see the token rising to around $0.19 in 2023 and $0.61 in February 2027.

Trading Beasts is very slightly bullish, estimating 1 IOTX will only increase to $0.12 this year. It will trade for $0.16 at the end of 2025.

IoTeX on social media

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