Schlagwort: crypto business

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Crypto price outlook: BNB, Dogecoin

  • Cryptocurrencies traded largely lower today, with Bitcoin dipping to below $29k.
  • BNB moved above XRP although bulls need to keep prices above $330 to keep bears at bay, otherwise it could dump to $220 or lower.
  • Dogecoin spiked as Twitter rebranded to X. Can DOGE go higher?

Crypto news today has been dominated by headlines around the launch of Worldcoin (WLD) token and Elon Musk’s Twitter rebrand to X. Meanwhile, the broader crypto market has continued to see a slump for major altcoins, with Bitcoin hovering just above $29k following further weakness on Monday.

While analysts have outlined a potential upward flip after recent consolidation, regulatory uncertainty remains a big negative trigger. Also key this week could be the overall investor reaction to the Federal Reserve’s policy decision after their two-day meeting.

So, with these factors in perspective, what’s the price outlook for BNB and Dogecoin?

BNB price outlook: $330 key support level

BNB, the native coin of the Binance ecosystem, has overtaken XRP as the fourth largest crypto asset by market cap after the Ripple token slumped 6% on Monday. However, BNB price is also down (currently 2%) and trades below its 20-day EMA.

BNB price chart. Source: TradingView

While support is likely at $230, a dip below this buffer could allow bears to target a retest of areas below the lower trendline of the symmetrical triangle. 

It’s a scenario that could see BNB price such for fresh footing around $220, an area that provided a breather in June this year and in December 2022.

DOGE price outlook: Another push related to X?

Dogecoin (DOGE) price was an outlier of sorts today in the crypto markets. While all major altcoins dipped, the OG meme coin spiked by 10% to break above $0.075. 

As Elon Musk revealed Twitter’s rebranding to X, he put the DOGE symbol next to the X logo. 

Bulls took cue to push the coin higher and have succeeded in keeping it above the 20-day and 50-day EMA. 

Dogecoin price chart. Source: TradingView

The moving averages could offer a key demand reload zone should DOGE flip lower. However, the daily RSI is trending upwards but not yet overextended into the overbought territory.

This suggests potential upside moves are still likely, particularly in relation to news around DOGE adoption on X.

If bulls push higher, the area around $0.08 will be a key barrier that would need a convincing retest.  $0.09 and $0.11 could be the next bull targets. On the downside, a breakout below $0.07 could risk a dump to $0.057.

The post Crypto price outlook: BNB, Dogecoin appeared first on CoinJournal.

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Crypto investment products saw minor outflows of $6.5M last week – CoinShares

  • About $6.5 million flowed out of funds tracking different cryptocurrencies last week.
  • Bitcoin recorded $13 million in outflows, while Ethereum benefited from XRP-driven sentiment to record $6.6 million in inflows.
  • The minor outflows follow 4 consecutive weeks of inflows.

CoinShares’ latest report on digital assets investment products suggests the industry saw minor outflows of $6.5 million over the past week. The outflows follow a consecutive four weeks of inflows that saw investors pour $742 million into different crypto investment products.

James Butterfill, Head of Research at CoinShares noted that while Bitcoin recorded the most outflows, data showed sentiment towards Ethereum investment products looks to have flipped positive.

Ethereum and XRP record inflows

As highlighted in a report published on Monday, funds tracking Bitcoin logged $13 million of outflows and short-bitcoin products recorded $5.5 million in outflows – its 13th consecutive week. 

Meanwhile, Ethereum products witnessed $6.6 million in inflows, with Butterfill noting that the shift in sentiment around ETH has coincided with the recent court ruling in the Ripple Labs versus US Securities and Exchange Commission (SEC).

US Judge Analisa Torres delivered a partial win for Ripple in its battle with the SEC when she ruled that XRP was not a security as sold on exchanges.

The price of XRP shot up following the ruling, rising more than 100% to hit highs near the much-coveted $1 level. But while XRP failed to break to the psychological 100 cents mark, it appears investor confidence in the cryptocurrency greatly benefited it.

“XRP, both prior to, and following the conclusion of the recent SEC lawsuit, has seen inflows totalling US$6.8m over the last 11 weeks representing 8% of AuM. This implies investors are increasingly confident in the outlook for XRP,” Butterfill wrote.

The positive sentiment was also replicated in Solana, Uniswap and Polygon that registered inflows of $1.1 million, $0.7 million and $0.7 million respectively.

The post Crypto investment products saw minor outflows of $6.5M last week – CoinShares appeared first on CoinJournal.

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Ethereum price prediction: Fed and options expiry in focus

  • Ethereum price drifted downwards as demand for the coin waned.

  • Focus shifts to the upcoming Fed interest rate decision.

  • Ethereum will have options expiry on Friday.

Ethereum price retreated to the lowest level since July 7th as demand for cryptocurrencies cooled. The coin slipped to $1,847, which was lower than this month’s high of $2,025. It remains ~15% below the year-to-date high, meaning it has moved into a correction.

Fed and options expiry

There will be two important catalysts for Ethereum price this week. First, the coin will react to the latest interest rate decision by the Federal Reserve. The committee will start its two-day meeting on Tuesday and then deliver its decision on Wednesday. 

The meeting comes at an important time for the American economy. All signs show that the economic growth is slowing. Data published on Monday revealed that the manufacturing PMI number rose to 49 while the services PMI fell to 52.4. While the manufacturing PMI rose, it remains below 50, signaling that the sector is contracting.

Meanwhile, the most recent data revealed that the country’s inflation dropped to 3.0% in June this year. It has dropped from a pandemic high of 9.1% and the downward trend continues. Therefore, there is a likelihood that prices will drop to the Fed’s target of 2.0% even without further rate hikes. 

Economists expect the Fed will raise interest rates by 0.25% in this meeting and then point to a long pause. Further interest rate hikes will likely lead to a strong deterioration of the American economy, commonly known as a hard landing.

The other important catalyst for Ethereum price will be the upcoming options expiry. Data compiled by Coinglass shows that there are now over 2,206,619 ETH calls and 755,222 puts in the options market. Historically, Ethereum tends to show some volatility ahead of options expiry.

Ethereum price prediction

The daily chart shows that ETH price has come under pressure in the past few days. It has moved below the important resistance level at $2,025, the highest point on July 14th. This resistance was also the upper side of the ascending channel shown in black. 

Ethereum also moved slightly below the 25-day and 50-day moving averages. Therefore, the coin will likely continue falling as sellers target the next support level at $1,800. A move above the resistance point at $1,900 will invalidate the bearish view.

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Crypto projects raised over $200M last week, with Chancer’s presale closing in on $1M

Key takeaways

  • Cryptocurrency projects raised $201 million from VC firms last week.

  • Chancer’s presale is currently ongoing, and the project is close to hitting the $1 million mark. 

The cryptocurrency market is starting the week in a bearish manner. Bitcoin is down by more than 2% today and could experience further decline in the next few hours. At press time, the price of Bitcoin stands at $29,148 per coin.

However, Chancer’s presale continues to soar higher, with the team now close to hitting the $1 million mark.

Crypto projects raised $201M in a week

Bitcoin and other cryptocurrencies have been experiencing ranging markets since the start of the month. However, despite the market’s poor performance in July, cryptocurrency projects continue to set new records.

A report by CoinDesk revealed that cryptocurrency projects raised $201.4 million last week. The biggest earners in the market were projects that create developer tools for zero-knowledge proofs.

VC firms continue to invest in cryptocurrency projects despite the bear market, indicating that there is a strong belief about the future of the industry.

Chancer is gaining traction despite not going via the VC funding path at the moment. The team’s presale event is set to hit the $1 million mark, with more than 11 million tokens sold so far. 

What does this mean for Chancer?

Cryptocurrency projects raising huge amounts of money from VC firms is a clear indication that investors are willing to enter the market and invest in the right project.

Strong projects with excellent use cases will gain the attention of investors, both retail and institutional. 

Chancer is one of the exciting and new projects currently in the cryptocurrency space. Chancer is one of the projects that is gathering momentum amongst retail investors. 

The team is developing a unique Web3 peer-to-peer (P2P) custom betting platform that would make it possible for users to live-stream betting events. 

What Chancer seeks to achieve is to decentralise the betting industry. The platform is adopting a decentralised method of betting and online gambling. 

An excellent feature of Chancer is that, unlike traditional betting platforms, it doesn’t restrict its users’ betting opportunities. This means that Chancer users can bet on a wide range of events, beyond traditional sports and casino bets. 

The Chancer presale is in its first phase, and the team has raised $954,038.02 of the $1,000,000 required. In the first presale, CHANCER is selling for $0.01 USDT but will be increased to $0.011 in the second stage. 

The developers will use the funds raised from the various funding rounds to build a P2P betting platform. 

In their whitepaper, the Chancer team said they would grant users access to numerous features, including, betting markets in real-time and based on user interests, social media connections, and expertise. 

In addition to that, Chancer is looking to eliminate the problems associated with using bookmakers when betting by allowing users to set up their custom P2P betting markets. 

Perhaps the most important feature of Chancer is that it would allow users to bet on various activities. The bet can be on important sporting or political events or trivial ones like the first to complete a task amongst friends. 

CHANCER to go for $0.011 in the second presale stage

Chancer’s first presale stage will be completed soon, and the team will move to the second phase. In the first phase, the CHANCER token is currently going for $0.01 USDT. 

However, the team will increase the token price to $0.011 in the second presale round. The Chancer team will use the funds to develop its suite of products. There would be 12 presale events, with an accumulated target of $15 million. 

CHANCER will have numerous utilities within the Chancer ecosystem. CHANCER token holders will have the option of creating and investing in markets created by others. 

Furthermore, the token will allow holders to create, participate in, and profit from their very own predictive markets. 

At the moment, investors can purchase CHANCER tokens using numerous wallets, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

As more investors enter the cryptocurrency market, the focus is on excellent projects still in their early stages. Chancer could become a big project in the cryptocurrency space due to its unique nature. 

By decentralising the betting ecosystem, Chancer could gain massive adoption within the Web3 space and beyond over the next few months and years. 

A surge in adoption of the Chancer platform could also lead to a rally by its native CHANCER token. Furthermore, if the broader cryptocurrency market embarks on a Bull Run, CHANCER could become one of the biggest winners. 

The post Crypto projects raised over $200M last week, with Chancer’s presale closing in on $1M appeared first on CoinJournal.

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Vladimir Putin signs Russia’s digital ruble bill into law

  • The digital ruble bill was passed by the lower and upper parliaments before the president signed it into law.
  • Russia is following in the footsteps of its neighbour, China, which is way ahead with its digital Yuan project.
  • The use of the digital ruble will be a voluntary choice for Russian citizens.

According to an official government document, President Vladimir Putin signed the bill establishing the digital ruble into law on July 24, advancing Russia’s central bank digital currency (CBDC) project

After the president’s signature, the digital ruble law is now officially set to go into effect on August 1, 2023, with all but one rule prepared for enforcement.

Russia’s State Duma — the country’s lower parliament house — passed the digital bill, which was originally registered in December 2022, in the third final reading on July 11. The bill was then passed by the Federation Council, or Senate, on July 19.

Russia’s first CBDC pilot schedule

The first CBDC pilot with actual consumers will officially be launched in August by the Russian central bank thanks to the new legislation. Previously, the government had planned to launch trials with 13 local banks, including powerhouses like Sberbank, in April.

The central bank of Russia will be in charge of overseeing all stored assets and will serve as the primary operator of the digital ruble infrastructure, per the recently signed law.

The digital ruble is not intended for investment; rather, it is intended to be used as a means of payment and money transfer. The digital ruble is intended to function as the third form of currency alongside cash and non-cash rubles.

On July 24, Elvira Nabiullina, the governor of the Bank of Russia, reportedly said that the use of the CBDC will not be mandated for Russian citizens and that it will be their choice whether to do so. She said:

“No one is going to force anyone into the digital ruble… But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”

According to the deputy governor of the Bank of Russia, Olga Skorobogatova, the government doesn’t anticipate mass adoption of the CBDC before 2025 or even 2027.

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