Schlagwort: crypto business

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Highlights June 23: Cryptos mixed, Polygon soars as investors buy dip

The crypto market as a whole is mixed. It’s a strong day for metaverse and gaming tokens. 

Top cryptos

Top cryptos are calm, with most registering slight gains and losses. Solana stood out, gaining more than 3%. Bitcoin was trading for $20,560 at the time of writing, registering minor gains in the past 24 hours.

Cryptos outside the top 10 were doing significantly well. Shiba continues to gain and is up 8% today. Polygon is back in the top 20, adding almost a quarter to its value after investors bought the coin’s dip.   

Polygon recently launched Hermez, a scalable payments platform that uses zero-knowledge (zk-rollup) technology, and Polygon ID, a blockchain-native identity system with programmable privacy.

Rounding out the top 20 is UniSwap, which added 12% today. Yesterday, the platform acquired NFT marketplace aggregator Genie. 

Top movers

Outside the top 20, most coins added 2-5% to their value. Notable gainers include Cosmos with 14% and IOTA and THORChain, each up 11%. 

Cosmos is soaring on the news that DEX protocol dYdX will be developing dYdX V4 as a standalone Cosmos-based blockchain.

On what seems to be a good day for gaming and metaverse tokens, Decentraland and Flow each added around 8%, and Enjin Coin and The Sandbox each added 12% to their value. 

Compound is up 9%, reversing losses and up to #95 from #100 yesterday.

The losers

Despite having added 6% to its value today, Convex Finance has slumped to #100 after a long streak of losses. 

Synthetix’s price is pulling back after going parabolic the other day, which it did due to a new partnership with Curve Finance, one of the biggest DeFi platforms in the world. Curve DAO Token itself is up 9%. 

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DEX protocol dYdX to build its own blockchain

Decentralized exchange platform dYdX has announced plans to build a standalone blockchain, according to details the Ethereum Layer-2 protocol shared on Wednesday.

dYdX, one of the largest crypto derivatives platforms in the market today, says it intends to build the new chain based on the Cosmos SDK (software development toolkit). 

For transaction processing, the dYdX V4 will utilize the Tendermint proof-of-stake (PoS) consensus protocol.

A ‘fully decentralized orderbook’ and higher throughput

“dYdX V4 will feature a fully decentralized, off-chain, orderbook and matching engine capable of scaling to orders of magnitude more throughput than any blockchain can support,” the platform noted in a blog post.

While the team at dYdX plans to transition the DEX protocol into one of crypto’s biggest exchanges, they acknoelwdge the enormity of that ambition and the magnitude of how difficult it could be. However, led by co-founder Antonio Juliano, they are confident of successs.

“Developing a decentralized off-chain orderbook and moving from Ethereum to a dYdX-specific chain as a major DeFi protocol is very much untested, but we believe this gives dYdX the best shot at offering a competitive product experience with centralized exchanges,” the team said in a Twitter thread.

dYdX V4 will have a Layer1 token native to the chain, though the team says it hasn’t settled on the DYDX token as the community will need to have an input on that.

According to the platform, the plan is to build dYdX and open source it by the end of 2022.

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Ethereum returns above $1000 – Should you buy

For so many years, many fence-sitters in the crypto industry have waited in bated breath for the prices to crash so that they can buy in. After all, in 2021 crypto was just hot. Coins hit record-breaking highs, and Ethereum was predicted to hit $10,000 this year. But things haven’t really turned out that way. Here are some facts:

  • ETH fell below $1000 for the first time in months.

  • However, the coin has managed to regain the four-digit price.

  • An upward trend reversal is not likely at the moment.

Data Source: TradingView 

Ethereum: Where will it go?

Now, when ETH fell below $1000, most analysts saw a deeper fall. But the crypto market just surprised us. Prices recovered, and ETH was once again above $1000. This may seem like a good sign. But it’s actually not. The driving economic and financial risks that have put so much pressure on crypto have not yet eased.

Yes, there are growing efforts to deal with inflation and reduce its impact on the economy. But the success of these efforts will come in the long term. So, even though ETH is now above $1000, the coin is still exposed to further downside.

We in fact think that another major sell-off is coming in crypto. This will likely be the last blow that finally sends ETH and most coins firmly into the bear market. As such, it may not be the most ideal time to buy.

When to buy Ethereum?

There are two support levels for ETH after $1000. The most immediate one is around the $800 mark, and the second one is at about $550. ETH will likely bottom at either of these two.

The best strategy would be to use dollar-cost averaging and buy the moment ETH hits $800. Continue buying even if it dips towards $500. After that, give it a few months and just wait.

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Cardano fails to hold $0.5 – What next?

Cardano was up for a few days of recovery after the crypto market rebounded over the last weekend. At one point, ADA in fact managed to surge past the crucial $0.5 price. Many analysts expected the coin to consolidate above this but it has since pulled back below. So, what happens next for ADA? Here are some notable highlights first:

  • ADA has retreated slightly but could still retest $0.5 with improved sentiment

  • The coin will however need to see a surge in trade volume for this to happen

  • Failure to reclaim $0.5 could push ADA back to the $0.380 support in the short term

Data Source: TradingView 

Cardano price analysis and prediction

After a major sell-off in crypto over the past week, the market began to recover this weekend. ADA in fact went above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to keep the price there. 

Instead, ADA retreated and is now trading at around $0.48. However, there is still an opportunity for the coin to jump above $0.5. But based on relatively lower trade volume, ADA may struggle to get there. Nonetheless, if bulls can somehow regain $0.5, ADA will need to surge past $0.55 to have any chance of staying above.

In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if weakness persists, ADA may see a major cliff dive that will push it towards its monthly support of around $0.380.

Will ADA rebound?

Well, ADA has actually been rebounding over the past few days. The pullback seen over the last 24 hours could be a bleep in an otherwise decent run. 

But since sentiment in the market is yet to fully recover, it is likely ADA has faced a major loss of momentum. As such, a steadier decline could come in the days ahead.

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Nexo and Citigroup are in talks for strategic opportunities in crypto lending

Nexo has today announced that it is spearheading talks with Citigroup as it seeks consolidation of the crypto lending space. Citigroup is poised to take the role of a financial advisor.

Through this new relationship with Citigroup and the extensive expertise of its investment arm, Nexo Ventures, Nexo has both the liquidity and the market know-how to lead a successful consolidation in the crypto lending sector.

The crypto lending sector in particular has proved to be in dire need of liquidity amid the ongoing turbulence within the crypto space. A number of crypto lenders like Celsius have been faced with the risk of insolvency as crypto prices nosedived over the past few weeks.

Since the cryptocurrency industry has no central body similar to the Federal Reserve that acts as a last resort for financial institutions at the risk of insolvency, mass consolidation of the crypto industry through mergers and acquisitions (M&A) becomes the way of least resistance for the remaining solvent players.

Stability for companies facing insolvency

Nexo has been doing a lot of acquisitions in the recent past with the main aim being to “instill stability in the companies facing insolvency and, more importantly, to protect retail and other investors who would otherwise be most adversely affected by the failure of multiple crypto lenders” to refund their deposits when requested to do so.

According to Nexo’s co-founder and Managing Partner, Antoni Trenchev:

“We have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry. At Nexo, we have long advocated for the implementation of prudent practices and sustainable business models in our industry, as a result of which the company has amassed a war chest of funds to be used in such aid deals.”

Nexo has been looking for crypto firms that have been adversely affected by the recent crypto market conditions and Citigroup could be a great partner, especially as a fanatical advisor.

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