Schlagwort: crypto business

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Loopring (LRC) could see a decisive breakout with gains of nearly 50% feasible

Loopring (LRC) had emerged as one of the top-performing coins in 2021. In fact, the altcoin went on to hit its all-time high of $3.86 in November last year. But after that, it’s been free fall for LRC. However, the coin appears to be nearing a decisive bullish breakout in the coming days. Here are some highlights:

  • After hitting all-time highs of $3.86 in late 2021, Loopring (LRC) has fallen over 75% from those levels.

  • At the time of writing, the token was trading at $1.06, up about 5% over the last 24 hours.

  • Loopring (LRC) is however consolidating and a decisive bullish breakout could see gains of nearly 50% from its current price.

Data Source: Tradingview 

Loopring (LRC) – Can it return to $3

A run towards $3 for Loopring (LRC) is possible. However, it will not happen soon. But LRC can surge by 50% in the coming days. The key for the token would be to break the $1.2 overhead resistance. 

LRC has tested that threshold over the last few days and has been rejected on all occasions. But we are starting to see some decent upward momentum. 

It is likely that the coin will break $1.2 and after that rally towards $1.8 in the near term. This will bring gains of nearly 50% for investors. Besides, RSI indicators also show the momentum in the bull’s favour.

Why you must buy Loopring (LRC)

Loopring (LRC) is an Ethereum scaling solution designed to provide the infrastructure needed to build decentralised exchanges. It is one of the most promising crypto projects in the market today. 

With a market cap of around $1.4 billion, there is still so much to come from LRC. It is therefore a decent long-term investment especially now that it has fallen significantly from its ATH.

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Uber will accept crypto ‘at some point,’ firm’s CEO says

  • Uber is having conversations about leaning into crypto, the firm’s chief executive Dara Khosrowshashi told Bloomberg on Friday.

  • But the company wants to see a less expensive, more environmentally friendly exchange mechanism, the Uber chief added.

The CEO of Uber, a ride-sharing company with a presence in most cities in the world, says the company will at “some point” in the future accept cryptocurrency payments.

Dara Khosrowshashi said this in an interview with Bloomberg on Friday.

He noted that the company continues to have conversations over the idea and that they “definitely” would go the crypto route when the time and conditions are right.

“So we’re absolutely watching it. And if you say, is Uber going to accept crypto in the future? Absolutely. At some point. This isn’t the right point, but we will.“

Explaining what the firm was looking at, the Uber chief pointed to the exchange mechanism. He said the current transaction mechanism is expensive and “not great for the environment.

“As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more,” he told Bloomberg.

In his remarks, Khosrowshashi looked at Bitcoin as a good store of value.

Uber shares fell 7% on Friday after the company’s financial guidance missed analyst estimates. The firm’s projects adjusted profits for 2024 to come in at $5 billion, below forecast figures of $5.7 billion.

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Bitcoin fails to get past $44K and loses 4% due to accelerating inflation rate

This year started with a market plunge that saw the majority of cryptocurrencies like Bitcoin and Ethereum nosedive.

Bitcoin has, however, been trying to correct the downtrend only for the bull correction to be cut short below $45K. Today, BTC dropped by more than 4% sending Bitcoin below $44K.

At the time of writing Bitcoin was trading at $43,609.63.

Why Bitcoin price is lagging

Bitcoin price has been up and down after it dropped below $40k in January following the announcement by the FED that it was going to increase the interest rates gradually in the coming months. This followed reports that the U.S annual inflation rate has hit a 40 year high of 7% and that the interest rate will be increased for the first time in more than three years.

Currently, Bitcoin’s support level is at $42,578 and will have to reclaim $44,208 before retesting the resistance level at $45,161. If it happens to go below the support level, then it can drop to as low as $41,625, which will be a big blow to the world’s leading digital asset.

Crypto Market currently on the decline

While Bitcoin registered a drop today, other cryptocurrencies have followed suit today. Ethereum, for example, has dropped by 5% to $3,097.4.

Other Altcoins have recorded even bigger losses. Both XRP and Polkadot (DOT) have dropped by over 9% in the last 24 hours. Respectively, Solana (SOL) also dropped by 8% to trade at $106.15.

Due to the sudden downtrend, the entire market cap valuation has dropped by approximately 3% from above $2 trillion to $1.943 trillion.

Bitcoin investors are however optimistic that the coin will resume the bullish trend soon.

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Hungary’s Central Bank calls for a ban on Bitcoin trading and mining in the EU

György Matolcsy , the governor of Hungary’s central bank (MNB), wants to see the European Union (EU) ban crypto trading and mining.

In a press statement published on the official MNB website, Matolcsy noted that it’s time for the eurozone to undertake the tough regulatory step.

In his view, cryptocurrencies can be used to perpetuate illegal activities. He also noted that the crypto space tends “to build up financial pyramids,” alluding to long-held criticism that crypto is a bubble’

“The EU should act together in order to preempt the building up of new financial pyramids and financial bubbles,” he added.

He pointed to China’s ban on crypto trading and mining in 2021 and the proposal from Russia’s central bank that the country needed to take similar steps.

“I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin,” he said in the statement.

His comments on Russia however come days after Moscow and the Russian central bank reached an agreement to have cryptocurrencies regulated.

He proposes that EU citizens and other investors can be allowed to access and own crypto assets outside of the block.

However, regulators would still track these holdings, the MNB chief added.

His comments come at a time the EU has indicated development of a digital euro is on track.

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Market highlights February 11: Inflation spooks investors, cryptos to finish the week strong

Despite most cryptos being in the red over the past 24 hours, it has been a very positive week overall. Inflation has risen to 7.5%, a higher-than-expected jump in the measure of price rises.

The NASDAQ100 fell 2.24% while the SPX500 was down 1.78% and the DJ30 fell 1.46%. The UK100 rose yesterday, popping late in the session on the back of US inflation numbers.

After cracking $90 for the first time in more than 7 years last Friday, oil has shown a correction this week, registering losses nearly every day.

Top cryptos

Bitcoin fell more than 1.5% since yesterday but will finish the week with gains of more than 10% as of time of writing. Despite retracting nearly 4% over the past 24 hours, Ethereum has also climbed around 10% over the past 7 days.

Leading the top 10 this week was XRP, with gains of more than 30% since last Friday. Today, Polygon, Solana, and XRP are all down by around 6%.

Top movers

Theta Network has been rallying since the beginning of the month, when Resorts World Las Vegas announced they were launching utility NFTs on it in a first of its kind event involving a major Las Vegas casino.

It is also gathering momentum for the large number of patents it is filing, the latest one of which they filed today. It was up 13% at the time of writing.

The live IoTeX price today is $0.12, rallying on developments in the IoT space. IoTeX’s native token IOTX has been trending the whole week and gained 10% in the last 24 hours.

At #98, Audius, a decentralized music streaming protocol, is currently trading for $1.26 with a 24-hour trading volume of $60.8 million. Audius is up 7% today. Livepeer, closing out the top 100, also added 7% to its value. Ethereum Classic continues to rally with gains of 5%.

Other than those, the situation looks bearish in the top 100. Most coins have lost between 3 and 6% today. Gala and THORChain are both down 8%, Kadena has lost 9%, and Convex Finance has shed 11% of its value. Arweave lost 9% and Waves 10%, both reversing yesterday’s gains.  

Trending

MetaPay is trending again and has added 711% to its value today. You can use the token to shop in the Metaxion metaverse. With MetaPay, users can sell the parcels and avatars they buy in the metaverse.

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