Schlagwort: crypto business

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Market highlights February 9: UNUS SED LEO rallying on Bitfinex news, strong earnings lift US indices

The crypto market as a whole was uneventful with a few exceptions, which we’ll note here. Most of the top 100 coins by market cap moved in the range of +/-1 to 3% of their values yesterday.  

US indices rallied yesterday amid a raft of strong corporate earnings. Biotech firm Amgen leapt 7.71% after announcing a $6 billion share buy-back program and forecasting strong growth.

Harley-Davidson (+15.34%) and education firm Chegg (+15.77%) spiked on positive quarterly updates. Meanwhile, travel stocks had another strong performance.

Peloton Interactive soared 25% after the fitness bike maker announced a major restructure, including 2,800 job losses and its CEO stepping down.

Bank of Canada Governor Tiff Macklem is scheduled to speak via satellite at the Canadian Chamber of Commerce. Macklem’s words may generate CAD volatility.

Top cryptos

Bitcoin was down around 3%, trading below $44,000 at the time of writing. Ethereum was also down around 3%.

Cardano and XRP registered losses of around 5% and 4%, respectively. Shiba Inu lost around 7%.

Top movers

On February 8, federal officials seized Bitcoin worth $3.6 billion linked to the 2016 hack of the crypto exchange Bitfinex, one of the biggest crypto hacks in history. Bitfinex announced it would repay investors in UNUS SED LEO, which is rallying on the news.  

UNUS SED LEO is a utility token that’s used across the iFinex ecosystem, currently ranking at #25 on the top 100 by market cap. It’s poised to break the top 20 at this rate, trading for $7.36 at the time of writing and up more than 50% in the last 24 hours.

Other top 100 gainers include Ethereum Classic, Tezos, and Decentraland, which added 8%, 13%, and 6% respectively.  

Metaverse token GALA’s price has grown by 117% since the beginning of this month alone. This week’s jump is mainly attributed to the launch of Legends Reborn, Spidertanks, and other anticipated games. The token has gained 6% in the last 24 hours.   

IOTA is a trending crypto this week. Today, it’s up 7%. Its weekly gains come to 17% at the time of writing. IoTeX is reversing recent gains. It’s down 7% in the last 24 h.

Trending

There’s another dog-themed meme coin in town: DOGECO, the native token of Dogecolony. DOGECO is a play-to-win token. The game consists of 30 levels, which the team has released as a demo.

When collecting coins in the game, players must reach the end of the level by neutralizing the enemies or escaping from them.

DOGECO imposes an 8% tax on buy. 3% of this is distributed to DogeColony owners as loyalty rewards. The coin surged 680% today.  

The post Market highlights February 9: UNUS SED LEO rallying on Bitfinex news, strong earnings lift US indices appeared first on Coin Journal.

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Aave (AAVE) is expected to surge in the near term after launching a brand new social media platform

Aave (AAVE) has been going through a period of recovery over the last few days. The leading DeFi protocol is reversing some of the losses reported during the crypto winter. But the launch of a new social media protocol dubbed Lens could push AAVE even further higher. Here are some highlights:

  • The new Lens protocol is an open social media platform built on Polygon with the hope of using off-chain storage.

  • The launch did not immediately lead to a bullish breakout for AAVE but analysts expect this to happen in the near term.

  • Besides, looking at the indicators, there is a clear bullish divergence in AAVE’s price action.

Data Source: Tradingview 

AAVE – Price prediction and analysis

At the time of writing, Aave (AAVE) was trading at $177.55 down about 1% for the day. But despite this, the coin is still up around 7.5% in the last week or so. We have also seen the DeFi token smash past its 100-day Exponential moving average. 

As the news of the social media launch starts to percolate the broader market, it is likely that AAVE will see some bullish uptrend. This will take the price action closer or above the 200-day EMA of around $205. 

We also expect the DeFi token to consolidate around that price and surge towards $210 in the near term. This will represent an upswing of around 16% from its current price.

Why Aave (AAVE) is a decent investment?

AAVE is one of the most promising DeFi projects in the crypto market right now. It is designed to allow users to borrow and lend crypto in a fully decentralized manner. 

Having launched in 2017, Aave has been delivering immense value to investors and is expected to continue the same trend in the future. So, if you ever wanted some exposure towards promising DeFi tokens, AAVE has to be top of the list.

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Fantom (FTM) rally is slowing but the coin remains well on course towards $3 in the near term

Fantom (FTM) has remained one of the best-performing crypto assets in the last few weeks. There was of course some major news on the chain but the general trend was up. However, we are starting to see the rally slow a bit. Here are some highlights:

  • After showing decent upward momentum in the last few days, FTM has been rejected firmly on the $2.40 resistance.

  • At press time, the coin was trading at $2.2 down about 6% for the last 24 hours.

  • We expect Fantom (FTM) to retest the $2.4 threshold again in the coming days.

Data Source: Tradingview

Fantom (FTM) – Can it surge to $3?

Well, it is entirely possible for FTM to hit the $3 mark in the coming days. However, the coin will need to surge above the stiff overhead resistance of $2.4. Bulls did manage to push the price action above that threshold but could not sustain gains for long. 

As a result, FTM has tanked by about 6% in the last 24 hours, bringing the coin to $2.2 at press time. We expect the token to retest $2.40 in the coming days. 

If indeed bulls are able to push above that and keep the gains there, then Fantom will surge past $3. But if there is weakness, we may see the token plunge towards its next demand zone below $2.

Why you should buy FTM now?

Fantom (FTM) is an innovative blockchain project that hopes to offer better speeds and efficiency. It is one of the most underrated chains, and yet it continues to post gains after gains. 

Right now, its native token FTM has a market cap of around $5.3 billion. This is a coin that still has so much room to run and in fact, it is one of the most promising crypto assets to buy.

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Avalanche (AVAX) remains on course towards $100 – But expect some significant pullback before then

As the broader crypto market recovers from the January correction, it seems like Avalanche (AVAX) has put on the afterburners. The coin has been rallying quite impressively and remains well on course towards $100 in the near term. However, we expect some significant pullback before that happens. Here are some highlights:

  • Despite its recent rally, AVAX has faced massive resistance at its 100- and 50-day Simple Moving Averages.

  • This shows that the bullish momentum is slowing and AVAX will pull back towards $79 before rallying again.

  • At the time of writing, the coin was trading at $83.33, virtually unchanged over the last 24 hours or so.

Data Source: Tradingview

Avalanche (AVAX) – The bumpy ride to $100

The general outlook for Avalanche (AVAX) in the coming days is positive. The coin has been rallying in recent days. However, AVAX has failed to surge past its 50- and 100-day SMAs. In fact, every time it has tested these two important thresholds, it has fallen back down. 

This suggests that the bullish momentum is losing steam as traders start to lock in profit. As a result, we expect AVAX to pull back slightly. 

At press time, the coin was trading at $83.33. A pullback of around 10 -12% over the coming days is feasible. AVAX will then try to find sufficient demand around $79, after which it will rally towards $100 eventually.

Is Avalanche (AVAX) the best coin to buy?

Well, Avalanche (AVAX) is not the best coin to buy but it is among the best. The chain has been developing its ecosystem with a series of incentives, and with a market cap of slightly above $20 billion, it is one of the main crypto assets today. So, if you want a proven coin with a track record of delivering returns for investors, then AVAX has to be top of your list.

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Treasury official calls for “urgent” stablecoin legislation from US Congress

Stablecoin regulation is one of the key issues in the President’s Working Group on crypto.

US Treasury Undersecretary for Domestic Finance has said there is a need for Congress to move with speed in enacting legislation related to the fast-growing stablecoin market.

Nellie Liang noted this during an interview with Bloomberg on Tuesday, noting that the lawmakers need to ensure there are regulatory guardrails in place to provide for innovation as well as offer protection to consumers.

According to Liang, the matter is an urgent one given how rapidly the cryptocurrency stablecoin market has grown over the past two years.

She told Bloomberg that lack of clarity on the subject hurts innovation and creates regulatory risks. She added that at the moment, US regulators cannot adequately address all the risks likely to come with stablecoin adoption.

The Treasury official believes Congress has the power to lend a helping hand to the likes of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Congress can help close the “regulatory gaps,” noting some of these are already hinted to in the Presidential Working Group (PWG) report on cryptocurrency and stablecoin.

Liang also noted during the interview that the PWG report forms part of a wider effort from the US government towards crypto regulation. She also believes Biden’s administration is set to provide further details on how authorities plan to handle the issue of promoting innovation and financial inclusion.

However, she says stablecoins’ “potential” for use in payments comes with a “whole set of issues,” including its use in illegal financial transactions.

The stablecoin market is currently a multi-billion industry, growing fifteenfold since 2020 amid increased adoption across retail and institutional levels.

Last week, Meta Platforms ended its Diem stablecoin project citing regulatory challenges. The Facebook parent sold Diem’s intellectual property and assets to Silvergate Capital, which plans to invest further into the innovation.

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