Schlagwort: crypto business

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Chainlink’s prediction after Grayscale removed the token from its fund

  • Chainlink’s token LINK was recovered from the Grayscale fund

  • LINK powers the decentralized oracle network

  • The cryptocurrency is robust, although resistance holds it back

Chainlink’s LINK/USD may not be among the week’s strongest tokens. With 7-day gains of around 1.18%, the price has been relatively consolidating. However, it has kept key levels intact, implying a potential price take-off in the next few days.

LINK is the native token of a decentralized oracle network. Chainlink’s oracles are bridges connecting smart crypto contracts and off-chain data. Thus, the network’s continued growth is tied to the demand for smart contracts. Recently, the network announced that its smart protocols were live on the Fantom mainnet. Chainlink also, on June 7, announced a new road map that will introduce staking on the platform. The developments have been positive for LINK, which has been staging recoveries.

The most recent development has, however, been negative for LINK. On July 8, asset manager Grayscale Investments announced the removal of LINK from its Digital Large Cap Fund. The removal also included LTC, BCH, UNI, and DOT. However, the move has caused a little impact on LINK, which has been showing strengths lately. We believe LINK could stage a major comeback if it maintains key levels.

LINK recovering key level of $6.3 after slipping below it

Source – TradingView

The daily chart shows LINK trapped below the $7.4 resistance. The price has attempted a break above the level severally, but bears have taken control. The crypto’s support is currently at $6.3. MACD signal is above the moving average, meaning that the token is still bullish. We believe LINK is staging a recovery soon, although the price could remain subdued for a while. If the price fails to hold $6.3 support, it could slide to $5.6.

Summary

Chainlink’s token is robust despite its removal from the Grayscale fund. The token is recovering the $6.3 support but could remain subdued by the $7.4 resistance. Consider buying above the $5.6 support.

The post Chainlink’s prediction after Grayscale removed the token from its fund appeared first on CoinJournal.

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Decision moment for Cardano as whales add another $37 million in June

  • Cardano’s Vasil update went live on July 3 ahead of the mainnet launch

  • Whales have been accumulating the cryptocurrency ahead of the hard fork

  • ADA price remains subdued, but recent accumulation points to a potential spike

Cardano’s ADA/USD is a cryptocurrency that investors are highly anticipating a comeback. The optimism relates to the expected mainnet hard fork, enhancing Cardano’s scalability. Initially set for June 29, Cardano developers rescheduled the date to clear critical issues. ADA price has since been moving with the general crypto trends. Investors are accumulating the tokens.

Santiment indicates that ADA investors boosted their holdings by nearly 80 million tokens in June. The investors have holdings that range between 10,000 and 100,000 tokens. The Santiment data also indicated that the sell-off of ADA had reduced significantly since mid-June.

Investors are banking on the Vasil upgrade, which is expected to boost the ADA price soon. The date for the final upgrade is yet to be confirmed. The Vasil update went live on the network testnet on July 3. With these developments, it is worth exploring when to buy ADA.

ADA slips to support amid bearish pressure

Source – TradingView

ADA has been trapped between $0.51 resistance and $0.44 support for a month. The moving average and MACD indicators are currently flashing bearish signs. We view the region as a potential make or break for ADA. Long-term buyers should consider buying at the $0.44 bottom. ADA would experience a lasting momentum if it successfully clears $0.51 resistance. Investors should now watch for price action and a potential bullish reversal at $0.44.

Summary

Cardano is experiencing an increased whale activity despite a bearish market. ADA price is under pressure as technical indicators reveal bearish signs. However, the price remains supported at $0.44, and a bullish reversal could occur.

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Swiss post office to launch crypto custody and trading services

The Swiss post office, via its banking arm PostFinance, plans to launch the crypto custody and trading services by 2024.

The Swiss post office is looking to offer crypto custody and trading services to its customers, the company said on Monday.

The new services will be available via Swiss post office’s banking arm PostFinance, and targets going live by 2024, according to a report published by the Swiss Info.

Swiss post office acts on growing customer demand

While the Swiss post office recognizes that the current market conditions have been brutal to the crypto sector, it says this is indeed the “ideal time” to make an entry.

Growing demand from customers has been helped by PostFinance’s previous collaboration with Swissquote, the first major bank in the country to offer crypto trading to its clients in 2017. PostFinance does offer crypto exposure to its retail clients via a digital app dubbed YuhExternal.

The financial services provider is now looking to revamp that through a proprietary crypto trading and custody service.  To help bring this into reality over the year and a half, PostFinance is working on potential business partners.

PostFinance is the fifth largest retail bank in Switzerland and its plans will see it join global giants such as Goldman Sachs, JPMorgan and Fidelity in looking to tap into crypto services.

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CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’

Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.

Bitcoin is yet to see a recession

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement. 

This view was shared by the company’s chief strategist officer Meltem Demirors, who told CNBC’s Squawk Box’ that the current crypto market will likely persist for a while. 

“For us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession,” Demirors told CNBC’s Andrew Ross Sorkin on Monday.

What’s going suggests more pain

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.

“Arguably, are we in a recession? We don’t know,” she added, “but with what’s going on in the Eurozone, around the world and in the United States – the Fed hiking rates and cutting back on their open-market activities – certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what’s coming next. 

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.

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Car giant Hyundai unveils Metaverse plans with NFTs and virtual products

According to a Twitter post by Mike Kondoudis (trademark attorney), South Korean car giant Hyundai has unveiled its metaverse plans with NFTs and virtual products. Hyundai is planning to offer non-fungible tokens (NFTs) and also publish NFT-backed content for the media.

In addition, the car giant company shall also issue Hyundai virtual products like toys for simulation and virtual reality, sports equipment, headgear, clothing, sports gear, footwear, eyewear, pictures, and work of art.

In the release, Hyundai also provided a short film clip providing details about the ‘’metamobility’’ concept.

Major brands jump into the metaverse bandwagon

Hyundai is not the first automobile company to venture into the NFT world. It joined other renowned car manufacturers like Mercedes Benz in April. However, Hyundai took a step further to create a community collection that sets it apart from its competitors.

Other prominent brands like Chevron, a huge energy giant, also dived into the metaverse world offering a wide selection of virtual goods like gas, fuel, and renewable energy products. It’s worth noting that since October, jobs related to metaverse have increased by about 380%.

However, the metaverse industry might be heading for an identity crisis after Vitalik Buterin, one of the Ethereum co-founders and programmer, stated that there is no clear definition of the metaverse and no exact technology associated with it. 

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