Schlagwort: crypto business

Veröffentlicht am

Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now?

Key takeaways

  • The cryptocurrency market has stalled its movement over the past few days as investors consider their positions.

  • Investors are keenly observing the ongoing debt talks, with the United States’ debt now above $31 trillion.

  • With prices now down, this could be an excellent opportunity for investors to purchase cryptocurrencies like Metacade. 

The cryptocurrency market has been in a consolidating stage this week, with prices of most cryptocurrencies currently in the red zone. 

Investors have been keenly observing the ongoing debt ceiling talks in the United States, with many of them conservative in their approach. This has led to a poor performance from the crypto market this week. 

As the prices of most cryptocurrencies declined this week, could this be a perfect opportunity to purchase more coins and tokens like Metacade? 

The debt ceiling and how it could affect the cryptocurrency market

Treasury Secretary Janet Yellen recently stated that the United States could surpass its debt ceiling by June 1st. If that happens, market experts believe that the US could default on its debt.

According to the official data obtained from the US Treasury Fiscal Data website, the US’s current debt stands at $31.46 trillion. The debt limit is the highest amount the United States government can borrow to service the economy.

Due to the ongoing talks, the cryptocurrency market has underperformed this week. Bitcoin, the world’s largest cryptocurrency by market cap, continues to trade below $27k. At press time, the price of Bitcoin stands at $26,884, down by 1% so far today.

The total cryptocurrency market cap also stands at $1.13 trillion, down by 1% over the last 24 hours.

What are experts saying about the debt ceiling? 

Some market experts believe that the US will not default on its loan but will likely print more dollars. This will effectively weaken the dollar and strengthen assets such as cryptocurrencies and commodities.

Jesse Meyers, the chief operating officer of investment firm Onramp, believes that the US government will print more money, resulting in a 2020-like rally by Bitcoin and other cryptocurrencies. He stated that;

“When the debt ceiling is lifted, and credit-contraction leads to an economic crisis. They will have to print money on a massive scale. Bitcoin was the winner during the last round of stimulus.“

Market analysts are predicting that Bitcoin and other major assets could experience a boost if the US government prints more dollars to service its debts, as there would be liquidity available for investors to purchase BTC and other cryptocurrencies. 

How does this affect projects like Metacade? 

Bitcoin’s rally is usually duplicated by other cryptocurrencies. Metacade could be one of the projects that could be a big winner if the market experiences another bull cycle soon.

At press time, the price of Metacade stands at $0.02002, down by 10% over the last 24 hours. The token is down by 56% from its all-time high price of $0.04569. This could represent an excellent buying opportunity for investors. 

What makes MCADE one of the tokens investors could consider is the potential of the Metacade project. 

Metacade is a web3 project that is powered by the Ethereum blockchain. The development team is working to improve the existing play-to-earn (P2E) ecosystem, allowing users to enjoy new web3 experiences. 

With Metacade, players will be able to play, connect, build, and earn seamlessly. In addition to that, Metacade will transition into a decentralised autonomous organisation (DAO) by 2024, giving token holders control over the ecosystem. With such plans in motion, MCADE could be one of the biggest winners in the upcoming Bull Cycle. 

Is Metacade a good investment now?

Down by more than 50% from its all-time high, MCADE could be trading at a discount at the moment. Investors looking to take advantage of the project’s potential could purchase MCADE tokens now. 

After raising $16 million during the presale event, the Metacade team is working hard to list the token on several cryptocurrency exchanges and roll out its GameFi platform. 

These events could ultimately lead to a surge in the value of Metacade over the next few months and possibly years. 

The post Crypto market stalls as investors weigh debt ceiling talks: Should you buy Metacade now? appeared first on CoinJournal.

Veröffentlicht am

Less than $20 billion of stablecoins left on exchanges as capital continues to drain


Key Takeaways

  • Nearly $24 billion of stablecoins have left exchanges since FTX collapsed last November
  • The total marketcap of stablecoins has dipped $16 billion in that time
  • Liquidity continues to fall in the crypto space, with capital moving elsewhere despite rising prices
  • Strict regulatory climate in the US, high yields in trad-fi and uncertainty may be contributing to the pattern

Crypto prices have risen since the start of the year, but capital continues to flow out of the space. Last week brought the news that two prominent market makers, Jane Street and Jump Crypto, were scaling back operations in the US amid the continued regulatory crackdown on the sector. 

For markets that have already been suffering from thin liquidity since the Alameda insolvency last year, the news amounts to the latest blow. While rising prices may have brushed the problem under the carpet for the time being, Bitcoin markets getting drained of capital is undoubtedly a hurdle that needs to be overcome for an asset that has ambitions of establishing itself in the mainstream. 

Indeed, with liquidity so low, prices have been able to move up more rapidly, with less capital needed to shift the shallow order books on exchanges. In the short-term, this has been a boon. As inflation has come down and forecasts around the future path of interest rates have softened in the last six months, crypto has thus surged upward with less resistance in its way, Bitcoin expanding over 60% this year. 

In the long-term, however, this is not a bullish development. Thin liquidity means amplified moves downward as well as upward. And looking at the regulatory climate, things only seem to be getting worse for crypto firms based in the US, which happens to be the centre of the financial world. 

The SEC is on a warpath with the entire entire industry, clapping back at accusations that it is the lack of regulatory clarity that is causing so many issues, but rather “mass non-compliance” on the part of crypto firms. 

The money is talking. We have discussed the recent announcements of market makers, but a glance at the liquidity on exchanges also reveals the capital flight that is occurring. This week, the total balance of stablecoins on exchanges dipped below $20 billion. At the start of the year, that figure read $37.7 billion. When FTX fell in November, it was $43.5 billion. 

We have published research on this exodus before. But the flood shows no sign of drying up, and we are now at a place whereby 55% of the stablecoins on exchanges have departed since FTX and Alameda went poof in November. 

This 55% outflow represents a funnelling out of nearly $24 billion, a massive chunk when considering the entire stablecoin market cap is currently only $130 billion. Interestingly, the market cap was $146 billion when FTX went down, meaning the total stablecoin drawdown has “only” been $16 billion.

This suggests stablecoins are being moved elsewhere in the blockchain world, as well as fleeing the crypto space altogether. But with T-bills yielding an easy 5% while the regulatory climate around crypto continues to worsen, it is not a surprise to see investors’ heads turned. When considering the fear around custody of assets after FTX collapsed, and the fact the macro climate remains uncertain, this makes more sense again. 

Whatever happened, the main point here is that liquidity in the crypto space continues to be drained. Most order books are as shallow as they have been in over two years, and Bitcoin’s volatility remains high (even with the last couple of weeks feeling relatively serene, Bitcoin has still dropped 12%). As for other cryptos, the effect is even more pronounced. If this liquidity issue doesn’t change, crypto will have a tough time establishing itself as a force on the mainstream stage. 

The post Less than $20 billion of stablecoins left on exchanges as capital continues to drain appeared first on CoinJournal.

Veröffentlicht am

Polygon price prediction: Will Matic recover above $1 after recent partnerships?

Key takeaways

  • MATIC is up by only 3% over the past seven days despite Polygon announcing a series of interesting partnerships. 

  • Antimetal launched its AI-powered cloud cost optimization platform on Polygon.

  • MATIC could be eyeing the $1 mark, but the fundamentals of the broader crypto market could play a huge role.

MATIC continues to trade below $1

MATIC, the native coin of the Polygon ecosystem, is trading below the $1 mark. The coin has less than 1% of its value over the past 24 hours. At press time, the price of Polygon stands at $0.8748 per coin.

The performance comes despite Polygon announcing several key partnerships this week. 

Earlier this week, AntiMetal launched its AI-powered cloud cost optimization platform on the Polygon blockchain. 

The partnership was followed by Horizon integrating Sequence’s wallet and developer stack on Polygon providing enterprises and app developers the ability to customize and extend blockspace.

In the same vein, Sandeep Nailwal, the CEO of Polygon, also launched a web3 fellowship program.

Will MATIC move past the $1 soon?

MATIC has been underperforming over the past few days due to the fundamentals of the broader cryptocurrency market. 

The coin could rally past the $1 mark soon if the fundamentals of the broader cryptocurrency market improve. Bitcoin continues to trade below $27k and could likely drop lower if the bulls fail to defend the $26,400 support level.

MATIC/USD Chart By TradingView

 

The technical indicators on the 4-hour chart show that MATIC is outperforming the broader cryptocurrency market. The MACD line remains above the neutral zone, indicating that the bulls still continue to control the market.

The 14-day relative strength index of 52 shows that MATIC could be entering the oversold region if the market sentiment persists. 

Where to buy MATIC now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MATIC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MATIC with Bitstamp today

The post Polygon price prediction: Will Matic recover above $1 after recent partnerships? appeared first on CoinJournal.

Veröffentlicht am

Coinbase’s zero-fee subscription service out of beta and expanded outside the US

  • Coinbase has rolled out a new subscription service called Coinbase One.
  • The service will give members access to $0 trading fees among other benefits.
  • The Coinbase One is expected to roll out across 35 countries in the near future.

After staying in Beta since 2021, Coinbase has officially opened its zero-fee subscription service called Coinbase One. The service has also been expanded outside the US into countries like the United Kingdom, Germany, and Ireland.

Through Coinbase One, customers will have the option of paying $29.99 per month to enjoy zero trading fees and higher staking rewards. Customers can pay for the subscription using their linked bank account (ACH) or linked debit card.

Zero trading fees on Coinbase

According to the statement issued by Coinbase, the Coinbase One service allows customers to access $0 trading fees, dedicated 24/7 phone support, $1M Account Protection, and pre-filled Form 8949 in Coinbase Taxes.

The statement by Coinbase in part reads:

“Eligible users may sign up for Coinbase One which is an automatically renewing subscription requiring recurring payments. A Coinbase One subscription grants you the benefits of: (a) a waiver of Coinbase fees for buying, selling, and converting digital currencies on the Coinbase platform (which does not include Coinbase Pro’s order matching platform), provided that a spread in the price is still included in all buys, sells, and conversion of digital currencies on the Coinbase trading platform (learn more about fees here); (b) a dedicated customer support line available twenty-four (24) hours a day, seven (7) days a week, three-hundred and sixty-five (365) days a year; and (c) Coinbase Account Protection. Coinbase may modify or suspend this program at any time upon notice.”

However, the fee-free trading volume limit as found in customers’ account settings will apply. When customers trade over their set trading volume limit, they will be responsible for paying regular trading fees.

Widening international reach

Coinbase aims to expand the Coinbase One service in 35 countries in the future as Coinbase tries to widen its international reach.

The move also comes just a month after Coinbase unveiled a global crypto exchange following the tightening regulatory environment.

The post Coinbase’s zero-fee subscription service out of beta and expanded outside the US appeared first on CoinJournal.

Veröffentlicht am

BTBT stock price outlook as Bit Digital expands in Iceland

  • Bit Digital share price has been in a strong bullish trend this year.

  • It has soared by more than 375% from the lowest level in December.

Bit Digital stock price jumped on Thursday as cryptocurrency prices drifted upwards. BTBT stock has jumped by more than 375% from the lowest level in December, making it one of the best-performing companies in the industry. 

Bit Digital new machines 

Bit Digital is a relatively small Bitcoin mining company with a market cap of over $195 million. It competes with the likes of Marathon Digital and Riot Blockchain among others. The firm also provides Ethereum staking solutions. 

BTBT shares have done well this year, helped by the strong performance of Bitcoin and other cryptocurrencies. In most periods, mining companies have a close correlation with the price of Bitcoin. 

The most recent Bit Digital news is that the company is considering expanding its mining operations in Iceland. The CEO told Wall Street Journal that the firm had acquired another 5,000 machine to diversify its mining operations. 

Like other companies in the cryptocurrency industry, Bit Digital is concerned about the lack of regulatory clarity in the United States. With no explicit regulations, the Securities and Exchange Commission (SEC) and the CFTC have decided to govern by lawsuits. 

At the same time, the Biden administration is considering raising taxes for companies in the industry. A paper by the Treasury Department recommended raising taxes by letting mining companies pay 30% of their total power consumption. 

After launching the new mining machines in Iceland, Bit Digital will generate most of its revenue in the country and in Canada.

The BTBT stock price is also rising because of the performance of Bitcoin prices. BTC jumped to a high of $27,205, higher than this week’s low of $25,500.

Bit Digital stock price forecast 

Turning to the daily chart, we see that the BTBT share price has been in a strong bullish trend in the past few months. It has managed to move above the key resistance level at $2.11, the highest point on July 21st last year. 

Bit Digital has also moved above all moving averages while the Klinger Oscillator has drifted upwards. The momentum oscillator has continued rising. Therefore, the stock will likely continue rising as buyers target the next key resistance point at $3. A drop below the key support level at $2.11 will invalidate the bullish level

The post BTBT stock price outlook as Bit Digital expands in Iceland appeared first on CoinJournal.