Schlagwort: crypto business

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2 big cryptocurrencies to worry about after LUNA crash

The Terra LUNA crash has led to worries about the next top cryptocurrencies that could crash. Like with LUNA, it is incredibly difficult to make this prediction. Besides, in most cases, coins tend to move in unison. So, in my view, here are the two cryptocurrencies to avoid after the LUNA crash.

Waves

Waves is one of the biggest blockchains in the world. Its WAVES token has a market cap of over $797 million. It is a popular coin that has been used to build some of the most popular products in the decentralized industry. Some of the most popular apps in its ecosystem are Vires Finance and Waves Exchange.

The biggest concern about Waves is Neutrino, its algorithmic stablecoin that has a close resemblance to Terra USD. The coin has been having some serious issues in the past few months. For example, in April, it lost its peg and crashed to an all-time low of 33 cents. 

The coin is still below its parity, leading to significant concerns that it will also lose its peg in the coming months or weeks. If this happens again, we could see a major sell-off of both Neutrino and Waves. Indeed, the Waves price has already crashed by more than 88% from its highest level this year.

Cardano

Cardano is one of the most popular cryptocurrencies in the world. Like Terra, it is also one of the biggest coins in the world with a market cap of more than $19 billion. The only major difference between Cardano and Terra is that it is not associated with any large stablecoin.

The main concern about Cardano is that its ecosystem is a bit lacking. While ADA is valued at over $19 billion, its DeFi ecosystem has a total value locked of over $130 million. Critics will point to the fact that Terra’s ecosystem had a TVL of over $30 billion at its peak.

However, investors should be worried because Cardano seems to be a ghost chain that has no meaningful project in its ecosystem. This is despite the fact that it was started in 2015. 

Indeed, it seems like investors have been worried about Cardano for a while since its market has fallen from more than $91 billion.

The post 2 big cryptocurrencies to worry about after LUNA crash appeared first on Coin Journal.

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Chelsea Football Club partners with Amber Group-backed crypto platform WhaleFin

Chelsea Football Club has entered into a $20 million per year partnership with WhaleFin, an Amber Group-backed crypto platform. Following the partnership, WhaleFin will become the official Chelsea FC sleeve partner starting in the 2022/23 season.

According to an official communication by Chelsea FC on their website and social media page, the WhaleFin’s logo, which features a blue whale, will be put on Chelsea FC players’ kits. The logo will replace the current Korean car manufacturer Hyundai’s logo which has lasted for four years.

The football club also confirmed that it is considering replacing its main shirt sponsor, Three, which is a British telecom company.

First digital asset partner for Chelsea FC

Being the first cryptocurrency partner for Chelsea Fc, the partnership allows Amber Group to introduce WhhaleFin to Chelsea fans around the world.

After announcing the partnership, Chelsea’s Chief Executive Officer, Guy Laurence said:

“This is a hugely exciting partnership for the club, which aligns us with one of the most advanced digital asset companies in the world”

On his part the CEO of Amber Group, Michael Wu said:

“The game’s ability to rally a global audience regardless of culture, language and nationality can help promote digital assets.”

This partnership sets the entrance of Chelsea FC into the crypto world.

Manchester United, a key rival to Chelsea FC, already announced a multi-year partnership with Tezos, a blockchain group, whose name will feature on Manchester’s training gear. Liverpool, another English premier league football club, on the other hand, is also considering replacing their shirt sponsors with Standard Chattered.

The post Chelsea Football Club partners with Amber Group-backed crypto platform WhaleFin appeared first on Coin Journal.

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Binance resumes spot trading for LUNA and UST

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a resumption to spot trading for Terra (LUNA) and TerraUSD (UST) pairs.

The crypto exchange suspended trading in the LUNA/BUSD and UST /BUSD  in the wake of Terra’s meltdown. But in a sign that the market could yet see a rebound in the UST stablecoin, and currently ‘buried’ LUNA, Binance is allowing trading. 

The exchange wrote in a notice to its users that the decision follows the Terra blockchain validators’ move to “resume block production, disable on-chain swaps, and close IBC channels.”

“Binance will resume spot trading for the following trading pairs at 2:00 pm UTC, May 13, 2022. LUNA/BUSD and UST/BUSD.”

Users can also deposit and withdraw the cryptocurrencies, although customers are being asked to undertake due diligence before they proceed.

“Deposits and withdrawals for $LUNA and $UST will also open at the same time. Please ensure that you have done your own research into the fundamentals of $LUNA and $UST before trading,” Binance noted.

Binance has however removed the two tokens from its Convert and Earn platforms.

UST remains de-pegged from the dollar since losing parity on 9 May and is currently 79% off.

The post Binance resumes spot trading for LUNA and UST appeared first on Coin Journal.

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Bitcoin price prediction: beware of a dead cat bounce

The Bitcoin price is having a dead cat bounce after experiencing its worst crash this year. BTC is trading at $30,500, which is above this week’s low of $25,300. It is significantly lower than its all-time high of almost $70,000. So, will this recovery hold?

Bitcoin recovery

The BTC price has made some gains in the past few hours as investors rush to buy the dip in the coin. Many of market participants believe that the coin has gotten extremely cheap considering that it has had its worst week this year.

A closer look at the market shows that the BTC recovery mirrors that of the stock market. In the past two days, technology stocks have been a bit positive following some notable developments. The Nasdaq 100 index has risen from the intra-week low of $11,700 to $12,213. Recently, we have seen a close correlation between tech stocks and digital currencies.

Further, Bitcoin price has held steady since Tether has held quite well. On Thursday, the stablecoin lost its peg for a while, causing many investors to worry about its future. This happened as the Terra USD stablecoin continued struggling.

Learn more about how to buy Bitcoin with PayPal.

Another reason why Bitcoin is doing well is that many big investors seem to be holding their stakes in the coin. For example, in an interview with CNBC on Thursday, Bill Miller, a legendary investor, said that he was still holding his assets. Similarly, other investors like Tesla and MicroStrategy are yet to sell their stakes.

Still, investors should take this rally with a grain of salt. Historically, assets tend to bounce back briefly after a major sell-off. This happens as investors buy the dip. In most cases, the relief rally, which is often known as a dead cat bounce, tends to ease.

Bitcoin price prediction

The four-hour chart shows that the BTC price formed a hammer pattern on Thursday. In price action analysis, this is one of the most reliable bullish reversal candlestick patterns. The coin is now stuck at the 25-day moving average while the Relative Strength Index (RSI) has pointed upwards.

Therefore, there is a possibility that the Bitcoin price will keep rising during the weekend especially if the Nasdaq 100 index closes in the green. However, in the coming days, there is a likelihood that the pair will resume the downward trend in the coming week.

The post Bitcoin price prediction: beware of a dead cat bounce appeared first on Coin Journal.

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David Marcus unveils new Bitcoin company called Lightspark

Lightspark, a new bitcoin-focused startup launched by former Meta (Facebook) crypto head David Marcus, is currently recruiting as it looks to build around Bitcoin.

David Marcus, who headed Meta’s (formerly Facebook) cryptocurrency division, has announced a new startup that targets building on the utility around Bitcoin.

Dubbed Lightspark, Marcus says the new company will focus on the capabilities of Bitcoin’s Lightning Network.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” the former Facebook exec noted in a tweet.

He added that the company’s “first step” involves “actively assembling a team to dive deeper into the Lightning Network.”

In remarks about the current crypto market sell-off, Marcus said:

“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community. We’ll share more about our work as we make progress!”

Lightspark has received backing in a financing round co-led by a16z and Paradigm, participation from Matrix Partners, Thrive Capital, Ribbit Capital and Coatue among other investors.

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