Schlagwort: crypto business

Key takeaways

• Bitcoin Cash could experience further pullback after its recent rally.

• Chancer’s presale surpasses $600k roughly a month after launch. 

Bitcoin Cash was the best-performing coin amongst the top 100 cryptocurrencies by market cap over the past 30 days. After rallying by more than 200%, Bitcoin Cash has slightly retraced.

Will Bitcoin Cash resume its upward trajectory soon, or will it shed off some of its gains in the near term? 

Bitcoin Cash rallies by more than 200% in 30 days

Bitcoin Cash was the best performer amongst the top 100 cryptocurrencies by market cap in recent weeks. BCH was trading around $110 at the start of June but rallied to the $320 mark by the end of last month.

Since reaching $320, Bitcoin has slightly retraced, losing more than 10% of its value during that period. At press time, the price of Bitcoin Cash stands at $283 per coin. 

Technical indicators show that Bitcoin Cash could embark on a bearish run in the near term. BCH could retreat after hitting the extreme greed zone.

The pullback could see Bitcoin Cash test the next key support at $210, which is the 25-day moving average. However, Bitcoin Cash could continue its upward trajectory if Bitcoin and the broader cryptocurrency market maintain upward momentum in the near term.

What is Chancer?

One of the projects that could record excellent adoption in the cryptocurrency space is Chancer. Chancer is a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live stream betting events. 

Chancer operates differently from the other betting platforms due to its decentralised nature. It allows users to bet on numerous events, beyond the sporting and popular ones. 

Chancer is currently in its presale stage, and the developers have earmarked the funds to build a P2P betting platform. The platform would allow users to enjoy betting markets in real time and based on user interests, social media connections, and expertise. 

According to their whitepaper, Chancer seeks to eliminate the challenges users experience due to bookmakers. With Chancer, users can set their own custom P2P betting markets using its decentralised platform. 

One of the most important features of Chancer is that it supports betting far beyond the sporting and popular events users find on centralised betting platforms. 

In addition to traditional sport betting activities, users can bet on any event they desire, whether mainstream or made-up. It doesn’t matter the event, users can bet on them on Chancer. 

Chancer’s presale surpasses $600k

Chancer will hold 12 presale events, and the first one is coming to an end soon. The Chancer team has raised more than $600k so far, reaching more than 60% of the target.

Chancer will use the funds to develop its suite of products. By the end of the 12 presale events, Chancer intends to raise $15 million in total. 

At the moment, CHANCER, the native token of the Chancer ecosystem, is going for $0.01 BUSD per token. 

CHANCER will power various activities on the Chancer betting platform. Holders of the CHANCER token can create markets and invest in markets created by other users. In addition to that, the token could allow users to create, participate in, and profit from their very own predictive markets. 

Anyone can participate the in the presale event, as users only need to connect their wallets to the platform. The supported wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

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

Should you invest in Chancer now?

Bitcoin and the broader crypto market have been performing well since the start of the year. The recent spot Bitcoin ETF filings by BlackRock, Fidelity, and Valkyrie, has increased optimism in the market.

With more institutional and retail investors entering the market, this might be a good time to invest in strong projects and unlock gems within the Web3 ecosystem. 

Chancer is one of the projects that could become a hit in the market. Launching a decentralised betting platform could see Chancer gain massive adoption in the medium to long term. 

The presale is still in its early stages, and CHANCER’s price could soar once the token lists on numerous decentralised and centralised trading platforms. 

The post Bitcoin Cash price prediction as Chancer presale hits new record appeared first on CoinJournal.

• Bitcoin price remained slightly above $30,000 this week.

• There was no major cryptocurrency news during the week.

• We explain what to expect from Solana, Zilliqa, and Fantom.

Cryptocurrencies had another muted week as volumes from the United States remained low because of the Independence Day celebrations. Also, there was no major crypto news during the week. As a result, Bitcoin price remained at $30,000 while the total market cap of all coins dropped to $1.17 trillion. 

Solana price prediction

Solana had a relatively strong performance this week. The coin jumped to a high of $21, the highest level since June 5th of this year. It has soared by more than 56% from the lowest level this year.

As the coin jumped, the coin managed to flip above the important resistance level at $16, the lowest level on March 10th. SOL price also flipped the crucial resistance level at $19.48 into support.

Solana price has jumped above the 25-day and 50-day moving averages. The Average Directional Index (ADX) has moved to 26, signaling that the momentum is rising. At the same time, the Relative Strength Index (RSI) has moved slightly below the overbought level.

Therefore, Solana crypto price will likely continue rising as buyers target the next key resistance level to watch at $25. This price is about 22% above the current level.

How to buy Solana

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SOL with eToro today Disclaimer

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy SOL with Binance today

Zilliqa price prediction

Zilliqa price had a tough week as demand for the coin eased. After rising to a high of $0.0249 on Tuesday, the coin plunged by almost 20% to $0.020. The coin has dropped below the important support level at $0.0213, the lowest level on March 10th. This price was also the neckline of the double-top pattern.

Zilliqa has moved below the 25-day and 50-day moving averages. The coin also formed a shooting star pattern, which is usually a bearish sign. Therefore, ZIL crypto price will likely continue falling as sellers target the next key support level at $0.018.

How to buy Zilliqa

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy ZIL with Binance today

OKX

OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.

Buy ZIL with OKX today Disclaimer

Fantom price forecast

Fantom was also in the red this week as demand for crypto tokens waned. The token peaked at $0.3285 on June 25th and then retreated this week. It has moved below the important support level at $0.3050, the lowest point on March 10th.

FTM crypto price has dropped below the 25-day and 50-day moving averages. At the same time, oscillators like MACD and the Relative Strength Index (RSI) have drifted downwards. Therefore, the outlook of the Fantom price is bearish, with the next key level to watch will be at $0.20, whic is about 20% below the current level.

How to buy Fantom

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Buy FTM with eToro today Disclaimer

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy FTM with Binance today

The post Crypto price prediction: Solana, Zilliqa, Fantom (FTM) appeared first on CoinJournal.

Key Takeaways

• The Grayscale Bitcoin Trust (GBTC) has persistently traded at a discount to its net asset value
• The discount has narrowed to its lowest mark since September off hope the fund is more likely to be converted to an ETF
• The entire GBTC debacle represents the mess that is the institutional regulatory climate in the US
• Spot ETFs are a question of when rather than if, and such investment vehicles will then be a thing of the past
• That won’t assuage frustration of GBTC investors, who have been caught badly as alternative Bitcoin investment vehicles have come online and demand for the trust has dried up

Among the interesting aspects of the fallout from the slew of recent spot Bitcoin ETF filings is how it affects the controversial Grayscale Bitcoin Trust (GBTC). 

The trust has been flying, up 56% in the three weeks since Blackrock’s ETF filing was announced. 

Notably, this means it has significantly outpaced its underlying asset, Bitcoin. That sounds like a good thing, but it really summises the problem with this investment vehicle that has done nothing but frustrate investors in recent years, but we will get to that in a moment. 

I have plotted the movement of the GBTC against Bitcoin itself in the next chart, highlighting the outperformance the Trust has had since the ETF filing, with Bitcoin itself up “only” 21%. 

Grayscale discount to net asset value narrowing but still enormous

The trust’s discount to net asset value has also narrowed to its smallest mark since September, now below 30%. This comes as investors bet the trust is now more likely to finally be allowed to convert to an ETF.

 Should this conversion occur, the discount would narrow to near zero, as funds would then be allowed to flow in and out of the vehicle without affecting the underlying assets. For the time being, while it remains a trust, there is no way to get Bitcoin out of GBTC. This, coupled with steep fees (2% annually) means that a heavy discount has persisted. 

In truth, the very existence of the Grayscale trust is a black mark on the sector. The discount it trades at is farcical – even following the recent narrowing, a 30% delta is an enormous chasm, one that is hurting investors. 

The outsized assets under management – essentially trapped due to the closed-fund nature – feels like a throwback to the days when anyone and everyone wanted to get exposure to Bitcoin through whatever means necessary. Grayscale was the only shop in town, and such was the demand for Bitcoin, coupled with that monopolistic power, that it even traded at a premium for much of its early history.

However, as more mediums through which Bitcoin exposure can be had have come online, the premium has flipped to a discount, and that discount has become large. It is probably fair to say that investors displayed a lack of due diligence for how the fund works, another throwback to the up-only bull market of days gone by. 

Without donning a captain hindsight outfit, there was always going to be competitor firms coming online and the premium was bound to come under pressure. An investment in GBTC essentially amounted to two things: a bet on Bitcoin, and a bet that the trust would be converted into an ETF quickly. 

But at that, perhaps sympathy can be shown to investors. Investment management firm Osprey Funds has a similar product, and earlier this year sued Grayscale, alleging that its competitor misled investors about how likely it was that GBTC would be converted into an ETF. This, they allege, is how they captured such a share of the market. 

“Only because of its false and misleading advertising and promotion has Grayscale been able to maintain to date approximately 99.5% market share in a two-participant market despite charging more than four times the asset management fee that Osprey charges for its services”, the suit alleges. 

Whether Grayscale knew of the regulatory difficulty it would face or not, it has tried and failed for years to convert the vehicle into an ETF. Last year, it sued the SEC itself, declaring the latest rejection “arbitrary”.

Institutional climate turning

My thoughts on the trust overall remain the same. I believe it represents a terrible investment (obviously), and its mere existence is only a byproduct of the regulatory travails that the sector has struggled with. There is no reason to even consider buying this unless there is quite literally no other vehicle through which to gain Bitcoin exposure. 

There will come a day when all this squabbling over trusts and ETFs will likely be nothing but a throwback of a more uncertain time. But time is a luxury that many investors don’t have, and Grayscale has been a horrendous investment, typical in a lot of ways of the travails the space has had in bridging the gap to become a respected mainstream financial asset. 

Not only is the discount jarring as it is, but it widened beyond 50% in the aftermath of the FTX collapse as it emerged that crypto broker Genesis was in deep trouble. Genesis’ parent company is Digital Currency Group (DCG), the same parent company of Grayscale. Genesis eventually filed for bankruptcy in January. 

This sparked concern around the safety of Grayscale’s reserves, something which they company did not exactly comfort investors about when it refused to provide on-chain proof of reserves, citing “security concerns”.  

6) Coinbase frequently performs on-chain validation. Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure.

— Grayscale (@Grayscale) November 18, 2022

While the furore over reserves has quietened down, the episode is yet another stark reminder of the oft-repeated (but perhaps not often enough) phrase: “not your keys, not your coins”. 

The problem for institutions to date is that they have had trouble accessing Bitcoin directly for a variety of reasons, primarily regulatory-related. While spot ETFs will also technically violate the “not your keys” mantra, with prudent regulatory oversight and a strong custodian, this should be a safe way for institutions to gain exposure to Bitcoin. 

That would end all this nonsense (and that really is the right word) such as trusts trading at 30% discounts, and give investors a secure avenue through which to put their views on Bitcoin into conviction. That may still be a long way off, but if demand for these products remains, it’s only a matter of time.

The post Stay away from Grayscale Bitcoin Trust despite discount narrowing to 10-month low appeared first on CoinJournal.