Schlagwort: crypto business

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Highlights March 25: Major cryptos mixed, US markets rebound as oil drops

The crypto market was mixed as a whole today. The three major US indices rebounded yesterday as the price of oil fell back.

The SPX500 rose 1.43% while the DJ30 was up 1% and the NASDAQ100 rose 1.93%. Top performers were Nvidia (+9.39%), Intel (+6.74%) and Monolithic Power Systems (+6.61%).  

Top cryptos

Solana added around 5%, and Ethereum close to 4%. Cardano was up almost 6%, continuing its surge over the past seven days, where it has gained just under 39%. Bitcoin was trading above $44,000 at time of writing, up more than 2.5% over the past 24 hours.

Top movers

Ethereum Classic has started gaining again and is up 8%. Axie Infinity added another 22% to its value today, continuing its rally since yesterday. AAVE gained 7%, and Convex Finance – 9%. It is up 25% this week as it recovers from a cataclysm in the not too distant past.

Quant and 90th-ranked Qtum went up by 12% and 13% respectively. Quant recently announced a new release: Overledger 2.2.2, which brings new tier-two smart contract capabilities to mint and burn tokens and account management.

As for the other end, few top 100 coins lost more than 5% today. ApeCoin is down 7%, making it the biggest loser in the top 100. Its losses amount to 15% for the past 7 days. After its stellar performance, some decline could have been expected.   

Trending

The biggest gainer today is the token of Web3 ALL BEST ICO (WEB3ALLBI), an ecosystem that lets you create your own crypto. It is up 995% in the last 24 hours. This is not the first time it has been the biggest gainer of the day. Its continued rise indicates more and more interest in the crypto market.

The post Highlights March 25: Major cryptos mixed, US markets rebound as oil drops appeared first on Coin Journal.

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Axie Infinity is rocketing – Here is why

A confluence of fundamentals and technical factors driving AXS price.

  • Axie Infinity was trading at a key support level when bullish momentum rose in the broader market. 

  • Axie Infinity has the benefit of being the largest and most popular play-to-earn gaming platform in the market.

  • Axie Infinity moving averages point to more gains in the short term. 

Axie Infinity AXS/USD is one of the top crypto performers. In the past 7-days, Axie Infinity has been up by 32%, with most of the gains being recorded in the last 24-hours. The current pump is a mix of broader market momentum and the fact that Axie Infinity was trading at a key support level of $51.29 on the 100-day MA before the market started pumping. 

That said, Axie Infinity’s core fundamentals are pretty strong, making it attractive to investors, especially now that it is trading at massive lows compared to its price in November 2021. 

For instance, Axie Infinity is now the largest play-to-earn gaming platform in the market. As of February 2021, over two-thirds of NFT gaming transactions came from Axie Infinity. While Play-to-Earn games have slowed down in the past two months, Axie Infinity continues to command a lead in this space.

This is a big deal because now that the markets are turning bullish again, gamers and creators looking to make money off NFT gaming will be drawn more into Axie for its dominance in the gaming market. 

Axie Infinity trading in a bullish channel

Source: TradingView

In the last 24-hours, Axie Infinity has been trending up, and buying volumes have shot up. The momentum that Axie Infinity has at the moment is most evident in the moving averages. The short-term moving averages 20-day and 50-day moving averages are outpacing the 100-day MA with a huge margin. This indicates that AXS’s price is now rising at an accelerated rate compared to its price over a more extended period. 

Summary 

Axie Infinity is in a breakout after bouncing off major support in the past week. Rising bullish momentum across the market coupled with Axie Infinity’s strong fundamentals are adding to the upside momentum.

The post Axie Infinity is rocketing – Here is why appeared first on Coin Journal.

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Why the $2 MATIC is within reach in the short term

Polygon Logo on a mobile phone screen

  • Polygon is trading in a bullish channel while making higher lows.

  • Polygon is driven by a combination of market momentum and internal fundamentals.

  • Among the fundamentals driving Polygon is its position as one of the most significant Ethereum scaling solutions. 

Polygon MATIC/USD has been on an uptrend since March 16th. In this period, Polygon has moved from $1.39 to a high of $1.67 today. Polygon continues to gain upside momentum, and with the broader market turning bullish, it could easily break the $2 mark in the short term.

Besides its price being driven by broader market momentum, Polygon is heavily tied to Ethereum, which is a big deal in terms of its long-term growth. Ethereum’s transition to Proof-of-Stake will be complete in the next few months. Test runs are already a success, which means the much-awaited shift to Eth2.0 will be done soon.

The impact is that most Ethereum transactions will move to layer-2 solutions. Polygon happens to be one of the largest and most recognized Ethereum layer-2 solutions in the market. This means demand for Polygon and other layer-2 solutions is about to skyrocket. As this happens, the value of the MATIC token will also rally. 

Polygon is making higher lows in a bullish channel 

Source: TradingView

Since March 23rd, Polygon has been steadily rising while making higher lows. This means the demand is so high that every dip is being eaten up fast. If the current Polygon price action continues, $2 could be attained in the next few weeks. 

Summary 

Polygon is in a bull run at the moment. A combination of overall market momentum and improving fundamentals around the Polygon ecosystem driving its price. Among the fundamentals driving up Polygon includes expectations around Eth2.0. Ethereum will soon be relying heavily on layer-2 solutions to complete transactions. Being one of the largest among them, Polygon is uniquely positioned to gain the most in adoption.

The post Why the $2 MATIC is within reach in the short term appeared first on Coin Journal.

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Crypto exchange founder asks EU to investigate if Binance is ‘helping’ Russia

European Central Bank president Christine Lagarde also said this week that Russians were using digital assets to shirk sanctions.

The founder of Ukraine-based crypto exchange Kuna, and the manager of Crypto Fund of Ukraine Michael Chobanian is suggesting Binance needs to be investigated for potential collusion with Russia over sanctions.

In comments reported by CoinDesk on Thursday, Chobanian asked the European Union to take that step to determine whether indeed the leading crypto exchange had “cooperated” with Russia to help Putin’s government evade sanctions.

Chobanian, also the head of Blockchain Association of Ukraine, told the publication that he would apologise if investigations proved Binance had done no wrong. But he added that if it’s confirmed, then the EU would need to handle it.

The accusations surfaced last week, with Binance moving to refute the Kuna crypto exchange founder’s allegations.  

It’s like a „big bank“

Although Chobanian says there is no proof of anything yet, this is what might be happening. He opined that it’s likely Russia is using Binance as a “bank.” 

Instead of buying Bitcoin or crypto, those seeking to evade sanctions can just “top up” their accounts using rubles, convert that into US dollars and comfortably withdraw the money in a different country.

It could happen even without crypto changing hands, he said. “It is fiat transaction in, fiat transaction out,” he told CoinDesk.

The allegations are in line with some concerns from authorities that Russian oligarchs could turn to crypto to circumvent sanctions. Many industry experts and lawmakers see crypto as being of little help to sanctioned individuals and the Russian government.

However, some regulators and leaders say it’s possible. This week, the European Central Bank (ECB) president Christine Lagarde warned that Russia was using crypto to dodge sanctions.

The post Crypto exchange founder asks EU to investigate if Binance is ‘helping’ Russia appeared first on Coin Journal.

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Why did Dogecoin (DOGE) price jump 13% today?

Dogecoin jumped by over 13% earlier today to hit a daily high of $0.1406 before slightly pulling back to its current price of $0.1353 though still in the green.

The majority of meme coins including Dogecoin and Shiba Inu have been on the red end over the past couple of months but that seems to have changed with the current general crypto market correction.

In this article, we shall take a keen look at why Dogecoin (DOGE) rising.

Factors currently pushing the price of DOGE up

There are a number of factors contributing to the current rise of DOGE prices.

The main factors include the recent announcement by Bitcoin of America, Ukraine donations, and acceptance of DOGE in the entertainment industry.

 Let’s detail some of these factors.

Bitcoin of America announcement

One of the reasons for the current Dogecoin price hike is the recent announcement by Bitcoin of America, a cryptocurrency exchange registered as a money service in the United States Department Treasury. Bitcoin of America said that they will be supporting Dogecoin.

After noting the growing popularity of the Dogecoin community, Bitcoin of America said in a press release that they will allow DOGE to be used in its Bitcoin ATM Machine (BTMs) which are currently over 1800 in different locations of the 31 states in the country.

Dogecoin accepted in Ukraine donations

Another factor that is positively affecting the price of Dogecoin is an earlier report by Ukraine stating that it will be accepting DOGE donations to support its war against Russia.

The move by the Ukraine government threw Dogecoin into the limelight once again pitching it as a worldwide recognized meme coin.

Dogecoin acceptance in the entertainment industry

AMC Theatre, one of the best movie chains in the US, earlier this month allowed Dogecoin to be used as a mode of payment for its tickets.

The post Why did Dogecoin (DOGE) price jump 13% today? appeared first on Coin Journal.