Schlagwort: crypto business

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Jasmy Coin price prediction: Will ‘Japan’s Bitcoin’ Recover?

The Jasmy Coin price has lost its momentum in the past few weeks as concerns in the cryptocurrency industry continue. The token is trading at $0.01120, which is about 96% below its all-time high. Its performance has mirrored that of other large and small cryptocurrencies like Bitcoin and Dogecoin.

Jasmy loses momentum

Jasmy Coin is a relatively small blockchain project that was started by former senior executives at Sony, one of the biggest firms globally. It is popularly known as Japan’s Bitcoin.

Jasmy describes itself as a platform in the Internet of Things (IoT) space. Precisely, it helps companies and individuals manage their data well. The developers also hope to become leading players in the metaverse industry. They recently launched their metaverse fund that will fund developers in the space. 

Jasmy is still in its early days and has managed to make partnerships with some of the biggest companies in Japan. 

There are several reasons why the JASMY price has dropped sharply in the past few months. First, as you have seen in the crypto market, this decline has been across the board. This means that all coins, including giants like Bitcoin and Ethereum have all declined sharply. Historically, cryptocurrencies tend to be highly correlated.

Second, being a small coin that is not offered broadly, Jasmy has suffered because of liquidity challenges. In other words, people are afraid of buying the coin because they are unsure about its future. 

Further, there have been rising worries about monetary policy globally. The Ged has become one of the most hawkish central banks globally. Its officials have already committed to accelerating interest rate hikes in the coming months. Quantitative tightening is also on the table. Historically, risky assets like Jasmy coin tend to underperform in a period when the Fed is hiking interest rates.

Jasmy Coin price prediction

The four-hour chart shows that the Jasmy Coin price has been crawling back after falling to a record low last week. At the time, the coin fell to $0.0080. It then bounced back and reached a high of $0.015. The coin has remained below the declining trendline that is shown in red. It is also oscillating along the 25-period and 15-period moving averages. 

Therefore, the outlook for the Jasmy Coin is bearish as long as it is below the descending trendline. A move above this weeks high of $0.015 will signal that bulls have prevailed and will push it to $0.020.

The post Jasmy Coin price prediction: Will ‘Japan’s Bitcoin’ Recover? appeared first on Coin Journal.

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Here is why Kyber Network Crystal is up by 24% today

The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.

The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.

Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.

KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.

The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.

The team said ten random lucky winners would walk away with $200 in $KNC rewards.

Key levels to watch

The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.

The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.

At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks. 

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Highlights May 20: Major cryptos in the green, KNC outperforms the rest

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

Bitcoin didn’t have much to be happy about on Thursday. The largest cryptocurrency was fighting to remain above $30,000, way below where it was trading less than a month ago.

The flagship cryptocurrency is doing well today, as are other major altcoins. It was recently changing hands at around $30,200, up almost 4% over the past 24 hours. The increase is mirrored by Ethereum, which rose a little more than 3.5% today.

Most other cryptos registered gains as buyers continue to opt for market cap leaders over smaller, riskier ones. Solana, XRP, Cardano, and Polygon have all registered gains. 

Top movers

Outside the top 20, the tendency was similarly bullish, with most coins adding 3-8% to their value. Notable standouts include Cosmos and Kadena, both up 12%, the latter reversing recent losses.

Cosmos just announced a $GNOT airdrop for holders or stakers of its native token ATOM. GNOT is the native coin of GNO Land, a platform for interoperable concurrent smart contracts that scale.

In what looks like market support for privacy coins, Monero and zCash have each added 11% to their value. 

Zilliqa is rallying, up 10% and counting after making an important announcement yesterday. The ecosystem launched a Web3 Alliance, which will identify promising cross-vertical projects and arrange introductions that lead to an investment.

Kyber Network Crystal‘s KNC token is easily the biggest winner of the day and the week with gains of 27% resp. 78%. It announced an exciting giveaway today and enjoys the overall trust of investors. 

On the losing side, Curve DAO Token and Convex Finance both dropped, by 11% resp. 4%. Convex Finance is a DeFi protocol that allows Curve liquidity providers to earn a share of trading fees on Curve without staking liquidity there. 

TerraUSD’s losses are tapering off. Today, it’s only down by 7%. Its losses for the week stood at 49% at the time of writing.   

Trending

The biggest winner today is Neko Coin (NEKOS), a community-focused, decentralized cryptocurrency with instant rewards for holders. All fees go back into the ecosystem. 

Neko Coin focuses on supporting charities to help stray cats find shelter and care. The token has gained 1,950% today.  

The post Highlights May 20: Major cryptos in the green, KNC outperforms the rest appeared first on Coin Journal.

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Ripple commits $100M towards scaling climate-focused innovation

Ripple has announced it has committed $100 million in funding towards blockchain innovation meant to scale carbon removal.

The funding, which will go into companies in carbon markets, is also earmarked for climate-focused fintech startups, Ripple said on Thursday.

According to the press release, the funds will also go into Ripple’s portfolio of programs targeted at helping it become net zero by 2030. Apart from that, Ripple will use the funds to support efforts in carbon credit tokenization as non-fungible tokens (NFTs).

This, the company noted, will occur on the XRP Ledger (XRPL), with blockchain technology helping to ensure the authenticity of carbon credit NFTs.

A ‘call to action’ on climate change

Brad Garlinghouse, the CEO of Ripple noted that the funding is the company’s “direct response to the global call to action” on climate change. He said that companies are being encouraged to deploy resources, and even talent as part of the global response to curbing emissions.

“While reducing emissions and transitioning to a low-carbon future are paramount, carbon markets are also an important tool for meeting climate goals. Blockchain and crypto can play a catalytic role in allowing carbon markets to reach their full potential, bringing more liquidity and traceability to a fragmented, complex market,” Garlinghouse added.

According to the Ripple chief, the $100 million commitment is one more step towards ensuring rising global temperatures are limited below 1.5 degrees Celsius.

Ripple has partnered with several companies within the carbon markets to help achieves its goals, including carbon mineralization firm CarbonCure Technologies, UN-backed tokenization startup Xange.com and carbon offsetting firm Invert.

The company is also collaborating with Energy Web Foundation, the Alliance for Innovative Regulation, and Rocky Mountain Institute. 

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Tether attestation report ‘re-affirms’ USDT is fully backed

Tether has released an attestation report showing that the USDT stablecoin reserves are “fully backed.”

Prepared by independent accountants MHA Cayman, the attestation also shows that Tether’s consolidated assets exceed liabilities, with consolidated reserves for issued USDT exceeding the amount needed to redeem these.

Less in commercial papers, more in US Treasury bills

According to the company’s assurance report, consolidated total assets as of 31 March stood at more than $82.4 billion. Tether’s circulating supply is 74,213,168,169, data on CoinGecko shows.

At the same time, Tether has reduced its commercial paper holdings, one of the key contestations that have over the last couple of years informed increased criticism of the stablecoin issuer.

Per its report, commercial paper holdings fell 17% over the last quarter, from $24.2 billion to $20.1 billion. Holdings in commercial paper have also fallen 20% since 1 April, statistics that will reflect in its Q2 report.

As Tether reduces the more illiquid commercial paper holdings, it’s moved to increase assets in money market funds and US Treasury bills. This has seen investments in T-bills jump 13%, from $34.5 billion to $39.2 billion.

Tether CTO reiterates that USDT is fully backed

With this report, Tether is telling the market that USDT is backed and that the stablecoin won’t collapse as TerraUSD (UST) did. That USDT reserves are accounted for and that the stablecoin will continue to maintain its dollar peg. 

But is this enough to enhance the crypto community’s trust in USDT?

Three Arrows Capital co-founder and CEO Su Zhu says USDT’s $9 billion wipeout over the past week proves that indeed “USDT is redeemable” for USD. Some within the industry still don’t trust Tether’s word.

Paolo Ardoino, Tether CTO, commented on this aspect, noting:

“This past week is a clear example of the strength and resilience of Tether. Tether has maintained its stability through multiple black swan events and highly volatile market conditions and, even in its darkest days, Tether has never once failed to honor a redemption request from any of its verified customers.”

According to the Ardoino, the independent opinion indicates that USDT “is fully backed and that the composition of its reserves is strong, conservative, and liquid.”

Tether’s USDT is the largest and the most utilised US-dollar pegged stablecoin in the market today. It dominates the stablecoin market in terms of daily trading volume- CoinGecko shows that at the time of writing, USDT’s 24-hour volume was over $51.6 billion.

The next largest stablecoin is USD Coin (USDC), issued by Circle, a US-based Financial Services Company.   USDC’s 24-hour trading volume was just over $7 billion on Thursday (12:10 pm ET).

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