Schlagwort: crypto business

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Bitcoin touches $58k again as analysts share bearish forecasts

  • Bitcoin fell to lows of $57,700 on Coinbase as prices dipped during the US trading session.
  • Analysts predict further weakness is likely, and here’s what they are saying

At the time of writing, Bitcoin (BTC) traded around $58,486 across major crypto exchanges. However, the digital asset’s price had touched lows of $57,700 on US-based crypto exchange Coinbase amid fresh selling pressure.

Notably, before this latest dump, crypto analyst Miles Deutscher had shared an observation: the last few weeks have seen prices rise during Asian hours and dip during US trading hours.   

“Asia bids, America dumps,” the analyst opined. 

Potential downside to $56k?

CryptoQuant head of research Julio Moreno suggests the $56k area remains key. If the price falls below this, the analyst sees a further weakness. According to Moreno, Bitcoin’s market cycle indicator has flashed bearish again and BTC risks a deeper correction below the demand zone.

“From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase,” the CryptoQuant analyst noted.

Could Bitcoin see $40 next?

Altcoin Sherpa is outright bearish on BTC price. The crypto analyst shared a chart that suggests the dip is likely to extend to $40k.

The last time Bitcoin traded at these levels was in January, when prices retreated from above $46k to revisit $39k. That’s before bulls saw BTC skyrocket amid the halving sentiment and spot Bitcoin exchange-traded funds approval to reach the all-time high above $73k.

BTC price is down 12% in the past month and over -21% since its all-time high in March as of 1:30 pm ET on August 30, 2024.

What about BTC price in September?

Market conditions and events can flip investor sentiment at any time.

However, crypto analyst Ali Martinez suggests September has historically been tough for Bitcoin. This outlook is despite overall projection that the Federal Reserve cutting interest rates could provide tailwinds for risk assets – including cryptocurrencies.

The post Bitcoin touches $58k again as analysts share bearish forecasts appeared first on CoinJournal.

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Binance to support Cardano and Polygon network upgrades

  • Binance will support Cardano and Polygon’s upcoming network events in September 2024.
  • Cardano has its Chang hardfork scheduled for Sept. 1 and Polygon will see its MATIC to POL token transition start on Sept. 4.
  • Binance will delist MATIC trading pairs on Sept. 10 and open POL trading pairs on Sept. 13.

Crypto exchange Binance has announced that it will support the upcoming network upgrades for Cardano (ADA) and Polygon (MATIC).

In separate announcements on Aug. 30, the exchange notified its customers and the broader cypto community that it would support Cardano’s Chang hard fork and Polygon’s MATIC to POL token migration.

Binance to support Cardano hard fork

On September 1, 2024, the Cardano network will activate its highly anticipated Chang hard fork. The upgrade that will introduce voting and treasury systems as part of Cardano’s governance and decentralization initially delayed from an expected implementation date on Aug. 27.

Binance and other exchanges had been unprepared for the hard fork. In a post on X, Cardano founder Charles Hoskinson noted that the delay was to allow these crucial ecosystem players prepare. Exchanges have reportedly reached the required threshold of 85%.

According to an update, the staking pool operators (SPOs) threshold has also been reached. Decentralized applications (dApps) are also ready and a vote to go live is “unanimously” agreed on for Sept. 1.

Binance will disable ADA deposits and withdrawals as part of the support for the hard fork.  

Polygon’s MATIC to POL token swap

Also getting Binance’s support is the upcoming Polygon token migration.

The exchange will delist all MATIC trading pairs on September, 2024 at 03:00 UTC and add support for the new token with ticker POL.  New POL trading pairs will go live on September 13, 2024 at 10:00 UTC, Binance announced.

Polygon expects the MATIC to POL token swap to go live on Sept. 4. Per this earlier announcement, POL will facilitate native gas and staking fuctions on Polygon PoS before expanding to cover other network uses.

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Floki plummets as dormant whale moves 15B tokens to Binance

  • FLOKI plummeted 17% as a dormant whale moved 15.22B tokens to Binance.
  • The whale’s reactivation after 2.5 years triggered panic and heavy sell-offs.
  • FLOKI’s weak technicals suggest further declines amid broader crypto market struggles.

FLOKI, one of the largest meme coins, saw its value plummet by over 17%, reaching a low of $0.00012658, the weakest point since August 21.

This drop marks a 64% decline from its highest point this year, underscoring the volatile nature of the meme coin market.

Floki’s price decline coincides with a broader bear trend in the cryptocurrency market, as Bitcoin struggles to remain above the $60,000 mark. At press time, BTC price was $59,588.11, down 2.47 over the past week correlating with a drop in the global crypto market capitalization which has dropped from over $2.3 trillion earlier in the week to $2.09 trillion at press time.

Dormant Floki whale reactivated after 2.5 years

The primary catalyst for this sharp decline was the sudden activity of a dormant whale account linked to the team behind Floki. After 2.5 years of inactivity, this account moved 15.22 billion FLOKI tokens, valued at $2.27 million, to Binance.

This dormant account had originally received the tokens from the Floki deployer in early 2022 when the token was priced at only $0.0000307.

The transfer, which occurred just nine hours before the price plunge, created panic among investors, leading to heavy selling activity and significant outflows from both centralized and decentralized exchanges.

Data from Spotonchain revealed that net outflows of FLOKI from centralized exchanges fell to their lowest point since August 21, while outflows from decentralized exchanges hit their highest level in over a week.

Despite its recent struggles, Floki remains a significant player in the meme coin space, with a market cap of over $1.27 billion. The developers have been working to transition Floki from a mere meme coin to an active ecosystem, launching initiatives such as TokenFi, Floki Locker, and the Valhalla NFT metaverse.

However, with weak technical indicators, including a death cross pattern and a negative Percentage Price Oscillator, further declines for the meme coin seem possible in the near term.

The post Floki plummets as dormant whale moves 15B tokens to Binance appeared first on CoinJournal.

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Bitcoin Dogs unveils Liquidity Pool, offering traders more investment opportunities

Key takeaways

  • Bitcoin Dogs offers traders more investment opportunities thanks to its new Liquidity Pool.
  • $0DOG has increased by 131% in the last 24 hours as more investors access the token via MEXC and Gate.io.

Bitcoin Dogs unveils its Liquidity Pool

Bitcoin Dogs successfully launched its token on crypto exchanges following its presale. With $0DOG now live, the team is offering investors more investment opportunities thanks to the newly launched Liquidity Pool.

The pool allows traders to make huge gains with a fantastic APY Rate. Bitcoin Dogs has a minimum Liquidity Pool size of 50,000 $0DOG tokens and offers a 405.56% APY. Furthermore, APY is paid daily, making it a very attractive venture to investors.

The pool will aid trading and help support the 0DOG Token price, which is good for all community holders and the project’s long-term vision. Users will require 0DOG and WETH to join the Liquidity Pool.

Bitcoin Dogs is also launching a new Telegram game to attract more users. This new multiplayer PVP will launch this quarter and, with the right level of adoption, could push $0DOG’s price higher.

To take advantage of Bitcoin Dogs’ Liquidity Pool, investors must add WETH and (Bridged) ERC-20 0DOG tokens to the pool on Uniswap. After adding the tokens, users will receive LP tokens directly in the wallets they used for the transfer.

Furthermore, investors can also stake their LP tokens to earn more rewards. The APY is dynamically calculated and decreases as more people join the staking pool. To maximise returns, it’s advisable to participate early.

Read more about how to stake $0DOG here. 

What is Bitcoin Dogs?

With the abovementioned opportunities, some investors might still wonder about the Bitcoin Project. Bitcoin Dogs is a new project leveraging the growth of the Bitcoin blockchain to become a leading coin. 

It is the first BRC-20 token ICO on the Bitcoin network and seeks to add another utility layer to the blockchain. The Bitcoin Dogs project is already incorporating the basic features of cryptocurrency, non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3 culture to enable it to become a solid Bitcoin-based project. 

After raising $13 million during its presale, Bitcoin Dogs is trading on several crypto exchanges, including Gate.io and MEXC. The team is now focusing on rolling out its various products and has already launched its Liquidity Pool. 

$0DOG soars above 130% to trade at $0.02501

The broader cryptocurrency market is currently bearish, but Bitcoin Dogs saw one of its biggest price jumps since going live a few days ago. $0DOG is up 131% in the last 24 hours and trades at $0.02501 per coin. 

The rally can be attributed to Bitcoin Dogs’ performance during Gate.io’s Startup Voting Campaign, where it came second. Furthermore, Bitcoin Dogs now has an exclusive price predictions page on MEXC, allowing users to predict $0DOG’s price in the medium to long term. 

In addition to MEXC and Gate.io, $0DOG is also live on Uniswap, one of the leading decentralised crypto exchanges in the world. The token has also launched on Unisat, DEXTools, and OKX Web3. 

The token’s rapid adoption by these platforms could be one of the catalysts behind its recent price jump. 

Should you buy the Bitcoin Dogs token now?

Although Bitcoin Dogs is up over 100% in the last 24 hours, the token still has room for growth thanks to the plethora of products the team has in store. The team is working on launching other products after successfully unveiling its Liquidity Pool.

The addition of more products will increase $0DOG’s utility, which could lead to a price jump in the medium to long term. This could be an excellent opportunity for investors to purchase $0DOG before it lists on more centralised and decentralised cryptocurrency exchanges.

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Crypto price predictions: Bitcoin Dogs, Tron, Akash Network

Cryptocurrency prices remained in a tight range on Monday, with Bitcoin continuing its consolidation around the key support at $60,000 and the market cap of all coins hovering at $2.06 trillion. The crypto fear and greed index was stuck at $46 while volume in exchanges has retreated. This article looks at three top coins like Bitcoin Dogs, Tron, and Akash Network.

Bitcoin Dogs price forecast

Bitcoin Dogs is a relatively new cryptocurrency that started trading earlier this month. In most cases, new cryptocurrencies tend to have some volatility as some of the pre-sale buyers exit their positions. They also drop as they move into a price-discovery phase. 

Bitcoin Dogs had one of the most successful token sales of the year as the developers launched over $13 million from investors. Its main call-to-action was that it was the biggest Initial Coin Offering (ICO) on the Bitcoin network.

ODOG token dropped sharply, reaching a low of $0.0060 on Thursday. Fortunately, two main things have happened, which could push the highly undervalued Bitcoin Dogs token higher. First, it has had two consecutive days of bullish volume, meaning that buyers are starting to come back in.

Second, Bitcoin Dogs has formed a small doji candlestick pattern, which is characterized by a small body and upper and lower shadows. In most cases, this is one of the most popular reversal signs in the market. This reversal sign is usually confirmed when the doji is followed by a big bullish candle, which is what happened on Thursday.

Therefore, while it is too early to tell, there is a likelihood that this is the beginning of a new bull run. If it happens, the token will likely rise to the key resistance point at $0.050, 151% above the current level. You can learn more about Bitcoin Dogs here.

Tron price analysis

Tron has been one of the best-performing cryptocurrencies this week as it soared to a record high of $0.1690. This rally happened because of its strong fundamentals and the recent launch of SunPump, the meme coin generator on Tron. 

On the daily chart, Tron has remained constantly above all moving averages. It has also risen above the key resistance point at $0.15. Most notably, Tron flipped the important resistance point at $0.1448 into a support level. This was an important level since it was the upper side of the cup and handle pattern. 

Tron has both strong fundamentals and technicals, meaning that it will most likely stage a strong comeback, with the next point to watch being at $0.1690, its highest point this week. A break above that level will point to more upside.

Akash Network price prediction

Akash Network token retreated sharply on Thursday as artificial intelligence (AI) tokens fell after Nvidia’s earnings. It dropped for three consecutive days, moving below the key support at $3, the neckline of the slanting double-top chart pattern.

Akash Network has formed a death cross pattern as the 200-day and 50-day moving averages crossed each other. The token also moved below the key point at $2.60, its lowest point on July 5. 

Therefore, the outlook for the token is bearish, with the next point to watch being the psychological point at $2.0.

The post Crypto price predictions: Bitcoin Dogs, Tron, Akash Network appeared first on CoinJournal.