Schlagwort: crypto business

Veröffentlicht am

Metacade price and the debt ceiling impasse opportunity

  • Credit rating agencies are watching the ongoing debt ceiling debate in Washington.

  • Fitch placed the US into a rating watch negative area.

  • The debt ceiling crisis is creating a good buying opportunity.

Metacade (MCADE), like other cryptocurrencies and stocks, has come under intense pressure as the debt ceiling crisis has escalated. The token was trading at $0.022, which was much lower than its all-time high of $0.046. Other cryptocurrencies have also been in the red. Bitcoin has retreated from the year-to-date high of $31,000 to below $27,000.

Debt ceiling crisis opportunity

Metacade price has not retreated because of its bad fundamentals. Instead, it has dropped because of the ongoing risk-off sentiment among market participants. This is evidenced by the fact that the US dollar index has surged to the highest level in more than a month. The closely watched VIX index has also jumped by double-digits.

The main concern is that the American government will default on its debt obligations in June if Democrats and Republicans fail to reach an agreement. Recent reports show that talks between the two negotiators have hit a wall. As a result, Fitch, a major rating agency announced that it was placing the US in a rating watch negative area. The report said:

“The brinkmanship over the debt ceiling, failure of the U.S. authorities to meaningfully tackle medium-term fiscal challenges that will lead to rising budget deficits and a growing debt burden signal downside risks to U.S. creditworthiness.”

I believe that the debt ceiling issue is creating a good opportunity for investors to buy the dip in key financial assets like Metacade and stocks. For one, odds are that the US will not default since the two sides will reach an agreement.

Janet Yellen, the head of the Treasury, has said that the US will run out of money on June 1. This means that there are still six weeks to reach an agreement. Historically, including in 2011, these deals are reached in the last day. 

A common saying in the market recommends buying when other people are fearful. This is a strategy that has worked well in the past crises. For example, it worked well when the Covid-19 pandemic was starting. Also, investors who bought the dip during the Global Financial Crisis made strong profits over the years.

Metacade fundamentals are strong

For starters, Metacade is a new blockchain project that raised over $16 million in a token sale. The developers are building a gaming product that is expected to be much better than existing products like Axie Infinity and Decentraland. 

According to Metacade’s white paper, the developers are now working on the game, which will be launched in the next few months. At the same time, they are working to have the token listed by leading exchanges. As we wrote here, it has already been listed by MEXC and BitMart.

Metacade has strong fundamentals since it is in an industry that is expected to grow in the next few years. A reccnt study estimates that blockchain games made over $4.6 billion in 2022 and that the volume will jump to over $65 billion by 2027. I believe that Metacade will have a market share in this industry.

Metacade price prediction

On the hourly chart, we see that Metacade price has moved sideways in the past few days. This price action is the same as that of other cryptocurrencies like bitcoin, ethereum, and solana. The coin has moved slightly above the ascending trendline that is shown in black. It has also jumped above the 25-day moving average while the Relative Strength Index (RSI) has moved above the neutral point.

Therefore, I suspect that MCADE price will continue consolidating and then make a bullish breakout later this month. If this happens, the next level to watch will be at $0.024. A move above that level will bring the resistance at $0.30 into view.

The post Metacade price and the debt ceiling impasse opportunity appeared first on CoinJournal.

Veröffentlicht am

Crypto exchange Bitget appreciates regulatory moves to advance the industry

Key takeaways

  • Regulatory agencies globally have been rolling out frameworks to guide the cryptocurrency market.

  • Europe recently approved the MiCA guideline, while Hong Kong is set to release its crypto regulatory framework soon.

  • Crypto exchange Bitget said it supports all regulations designed to advance the cryptocurrency industry. 

Cryptocurrency regulation begins to take shape globally

The past few months have been interesting for the cryptocurrency industry in terms of regulation. Despite the ongoing bear market, regulators around the world have been busy rolling out regulatory frameworks for the crypto sector.

In the United States, the Securities and Exchange Commission (SEC) has stated that the existing securities laws in the US cover cryptocurrencies and no new laws are needed.

However, that is not the case in the United States. In Europe, the European Union has chosen to adopt MiCA, or Markets in Crypto Assets, to regulate the cryptocurrency industry.

Earlier this month, finance ministers in Europe unanimously voted in favour of MiCA.The law is expected to come into effect in 2024 and will regulate how the crypto market operates. 

Hong Kong is expected to release its cryptocurrency framework soon. Once that happens, companies seeking to offer services in Hong Kong will need to apply for and get licenses from the commission.

The The International Organization of Securities Commissions (IOSCO) also opened up its policy recommendations for crypto and digital asset markets for public comment earlier this week. 

Bitget supports market regulation

With regulation coming from various parts of the globe, crypto companies have been making changes to ensure they operate in line with these frameworks.

Crypto exchange Bitget is one of the crypto exchanges that continues to strive to operate according to the set regulations. 

While commenting on the recent regulatory efforts, Bitget’s Managing Director Gracy Chen said; 

“Bitget, as a pioneer in the crypto-based fintech revolution and a highly innovative solution, welcomes all forms of regulation. We believe such regulations can help position the industry on a defined path for growth, protect consumers, and assist in combating cyber crimes. We believe that digital currency and its underlying technology have the power to bolster financial innovation and economic growth.

Based on this, the moves from IOSCO, the European Union, and Hong Kong to advance the industry’s broad reach are well appreciated. They will serve as a major basis for other countries to build their own regulations as well.

Our brand is committed to embracing regulation and implementing a comprehensive set of risk control and anti-money laundering procedures.”

Bitget has become one of the leading cryptocurrency exchanges in the world and currently processes more than $500 million in daily trading volume. 

The crypto exchange is headed by Gracy Chen, a leader specialising in the growth and execution of global market strategies. She has been a metaverse and crypto enthusiast since 2014 and has now become a prominent figure in the industry. 

The post Crypto exchange Bitget appreciates regulatory moves to advance the industry appeared first on CoinJournal.

Veröffentlicht am

ARPA, IRIS, CREAM, BEL Waves prices rise as BTC retreats

  • Bitcoin and most cryptocurrencies were deeply in the red on Wednesday.

  • The same was true in the stock market, where the Dow Jones and Nasdaq retreated.

  • Several altcoins like ARPA, CREAM, IRIS, and Waves soared.

Cryptocurrencies and stocks slumped hard on Wednesday as concerns about the debt ceiling continued. Bitcoin remained below the support at $27,000 while the Dow Jones and the Nasdaq 100 indices retreated by more than 1%. Safe havens like the US dollar index (DXY) jumped.

Debt ceiling crisis continues

The main catalyst for the ongoing sell-off in the stocks, commodities, and cryptocurrencies market is the ongoing debt ceiling issue. Democrats and Republicans have failed to reach an agreement on how to handle the crisis.

Therefore, there are concerns that the two sides will not reach an agreement before the June 1 deadline. However, most analysts and experts in negotiations believe that these talks will go to the wire as the two sides seek concessions.

A default of the American government would have a major implication around the world since it holds over $31 trillion in debt. It would lead to a major crash of key assets like stocks and bonds. Also, it would lead to a jump in the unemployment rate.

The soaring US debt is one reason why many people allocate their cash to safe havens like gold and Bitcoin to a small extent. However, historically, these assets tend to drop when there is an elevated risk. For example, BTC and gold plunged in March 2020 as the world was moving into lockdown.

Several altcoins are rising

Not all cryptocurrencies are slipping. Data compiled by Binance shows that ARPA price has jumped by over 74% in the past 24 hours, making it the best performer in the industry. This rally happened as the token trended in key social media platforms like Twitter and StockTwits. There is a likelihood that the developers will launch the mainnet soon.

CREAM, the token for Cream Finance, jumped by more than 15% while Bella Protocol jumped by 12%. PIVX and IRIS prices jumped by more than 10% in the past 24 hours. The parabolic moves of most of these tokens was not driven by any news in the ecosystems. It also happened in a low-volume environment, signaling that it could be part of a pump and dump.

Meanwhile, Waves price drifted upwards after an association of South Korean exchanges removed it from a cautionary list. As a result, several exchanges decided to restart offering the coin. Also, the platform partnered with Pyth Network, an oracle platform that competes with Chainlink.

The post ARPA, IRIS, CREAM, BEL Waves prices rise as BTC retreats appeared first on CoinJournal.

Veröffentlicht am

USDT’s total supply nears all-time high: will cryptos like Metacade rally higher?

Key takeaways

  • USDT’s total market cap is close to its all-time high of $84.1 billion.

  • Tether’s recovery could see the broader crypto market embark on a rally again.

  • Metacade could be one of the biggest winners thanks to the project’s huge potential. 

The cryptocurrency market has been in a bearish cycle since 2021, with the prices of most coins and tokens down by more than 50% from their all-time highs. 

However, the market sentiment has improved this year, with Bitcoin and other major cryptocurrencies up by over 40% year-to-date.

One of the biggest positives this year is the recovery of USDT, the stablecoin issued by Tether. USDT remains the largest stablecoin in the world in terms of market cap, and its recovery could spell excellent times ahead for the cryptocurrency market.

Does USDT’s recovery signal an upcoming bull cycle, and should investors take the opportunity to purchase cryptocurrencies like Metacade? 

USDT’s total market cap crosses $83 billion

USDT, the world’s leading stablecoin by market cap, has almost recovered from the bear market jitters. 

The total market cap of USDT recently crossed $83 billion, which is just below the all-time high of  $84.1 billion reached on May 10, 2022. According to the data obtained from Coinmarketcap, USDT’s total market cap crossed the $83.5 billion mark earlier today, indicating that the stablecoin is doing as well as it did during the most recent bull cycle.

What does Tether’s recovery mean for the cryptocurrency market?

Tether’s recovery is an excellent development for the broader cryptocurrency market. It comes following numerous regulatory uncertainties and the banking crisis in the United States.

The collapse of the Silicon Valley Bank severely affected the market cap of USDT’s nearest competitor, Circle’s USDC. Due to the crisis in the US, the supply of rival USDC has declined from nearly $47 billion to $27.8 billion

With USDT now close to its all-time high, a liquidity crisis in the cryptocurrency space might not be something investors worry about. 

Data provider Kaiko revealed that the rising USDT isn’t tied to an increase in trading volumes. The firm stated that;

“The data doesn’t show any notable increase in USDT market share (as measured by trade volume) relative to other stablecoins over the past few months, in large part due to Binance’s promotion of TUSD as an alternative to BUSD.”

The firm further stated that the increase in USDT could be because of offshore trading among market-making firms and whales.

How does this affect projects like Metacade?

USDT’s recovery will be a boost for the broader cryptocurrency market. Historically, Bitcoin has performed well when there is an increase in the total USDT supply. 

With USDT now close to its all-time high again, it could benefit Bitcoin and other cryptocurrencies. 

MCADE, the native token of the Metacade ecosystem, could be one of the biggest winners if the market rallies. 

Metacade has performed well over the past seven days despite the broader crypto market recording slight losses. At press time, the price of Metacade stands at $0.02111, down by 1% over the last 24 hours. The token is up by more than 5% from the low of $0.01954 recorded over the weekend.

Despite its recent positive performance, MCADE is down by 53% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

Metacade has huge potential in the GameFi ecosystem, making it one of the tokens investors could consider. It is a web3 project on the Ethereum blockchain, with the team currently working on launching a play-to-earn ecosystem that allows users to enjoy new web3 experiences. 

What Metacade hopes to achieve is to allow players to be able to play, connect, build, and earn seamlessly. The team is working to also turn Metacade into a decentralised autonomous organisation (DAO) by next year, ensuring that the project is truly decentralised. 

Should you buy Metacade now?

Metacade is a relatively new project, and its token price is down by more than 50% from its all-time high. This implies that MCADE could be trading at a discount.

However, the major investment decision regarding MCADE should be based on the potential of the project. As stated above, Metacade hopes to change the way the P2E model works by introducing new web3 experiences for the users.

The development team is already working on its P2E ecosystem after raising $16 million in the recently concluded presale event. The token has also launched on Uniswap, MEXC, and BitMart, and the team is working to get it listed on other leading cryptocurrency exchanges. 

The post USDT’s total supply nears all-time high: will cryptos like Metacade rally higher? appeared first on CoinJournal.

Veröffentlicht am

Synthetix adds 7 new perpetual futures markets

  • Synthetix has added 7 new perpetual futures markets for XRP, DOT, FLOKI, INJ, PEPE, SUI and BLUR.
  • The protocol will also add support for TRX, with the new perps markets available on perps trading front-ends Kwenta, Polynomial, Decentrex, and dHEDGE.
  • Synthetix now provides SYN liquidity for 40 perpetual futures markets.

Synthetix, a decentralised derivatives trading platform built on Optimism and Ethereum, has added 7 new perpetual futures markets, including for some tokens currently attracting huge interest.

According to the derivatives protocol’s blog announcement on Wednesday, 24 May, the new markets feature XRP(XRP), Polkadot (DOT), Floki Inu (FLOKI), Injective (INJ), Pepe (PEPE), Sui (SUI) and Blur (BLUR). 

The listing of the seven new perpetual futures markets bring the total perps markets on Sythentix to 40, the platform noted.

New perps markets are live on Optimism

Support for the new markets follow the approval of SIP 2014 and SIP 2015. Per the blog post, an eighth perps market for Tron (TRX) was also approved. However, Synthetix is waiting for oracle support for the token before launching its trading.

The new perps markets are now live on the Optimism protocol for leverage trading.

Holders of the SNX tokens can access the perpetual markets on various SNX integrated derivatives trading protocols. User-facing platform on Synthetix that support perps trading include Kwenta, Polynomial, Decentrex, and dHEDGE

Perpetual futures contracts are a type of derivatives that allows traders to bet on future prices of an underlying digital asset without having to hold the actual asset. The markets have no expiration and trade 24/7, often with high leverage.

The price of Sythentix‘ native token SNX rose 3.5% on Wednesday to trade at highs of $2.60. SNX was up 17% in the past week at the time of writing, although its value remains more than 90% down from its all-time high above $28 reached in February 2021.

The post Synthetix adds 7 new perpetual futures markets appeared first on CoinJournal.