Schlagwort: crypto business

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Gala token jumps as focus shifts to the upcoming V2 airdrop

Gala token jumped sharply on Tuesday after the developers announced a plan of a new airdrop. The token jumped to a high of $0.048, the highest level since March 19th. It has soared by more than 216% from the lowest level in January this year.

Gala airdrop upcoming

The main reason why GALA price jumped sharply is that the developers announced plans to launch an airdrop of the second version of the token. This airdrop will happen on a 1:1 basis to holders of the current version of the GALA token.

In a blog post, the developers explained the reason for this airdrop. They said that the token will be part of its upgrade of the broader ecosystem as it adopts to the Gala smart contracts on Ethereum. Some of the features of the new token are that it will be secure and more user-friendly. It will also introduce a burn mechanism. 

By introducing burning, the developers hope to reduce the overall volume of the tokens and create more value for holders. As part of this transition, the developers cautioned GALA holders that they must remove their tokens from liquidity pools or smart contracts before May 15th. The statement said:

“We envision a bright future for $GALA and the projects that will be built upon it. This new era for our GALA paves the way for a prosperous and thriving ecosystem that benefits all participants.”

Gala Games is one of the leading players in the blockchain industry. It is a gaming, metaverse, and non-fungible token (NFT) platform. Its primary service is that it enables developers to build and deploy games, which users can play in the ecosystem.

Gala Games is also working to launch its own smart chain, known as GalaChain, which will be more secure, faster, and cheaper.

Gala price prediction

The daily chart shows that the GALA token has been in a strong bullish trend in the past few days. It has jumped above the 25-day and 50-day moving averages. It also retested the key resistance point at $0.048, the highest point on March 18.

Therefore, there is a likelihood that the token will continue rising as buyers target the next key resistance point at $0.062, the highest point on January 27. A drop below the support at $0.043 will invalidate the bullish view.

How to buy GALA token

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 GALA 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 GALA with Bitstamp today

The post Gala token jumps as focus shifts to the upcoming V2 airdrop appeared first on CoinJournal.

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Why did bitcoin mining stocks end down on Monday?

  • Bitcoin mining stocks declined in line with the bitcoin price today.
  • U.S. dollar strength pushed BTC under $30,000 again on Monday.
  • DXY climbed today on the back of Empire State Manufacturing data.

Shares of the bitcoin mining companies ended down on Monday as “BTC” – the asset they mine and hold returned to the sub $30,000 level again.

Why did the bitcoin price slip today?

One of the primary reasons behind weakness in the bitcoin price today was the U.S. Dollar Index that moved to the upside. BTC tends to be inversely related to the USD since it was created as a substitute for fiat currencies.

That leaves us to wonder why did the U.S. dollar gain strength on Monday in the first place? The answer lies in Empire State Manufacturing data that confirmed factory activity in New York clawed back in April for the first time since late last year.

A few of the notable bitcoin mining stocks that closed in the red today include Riot Platforms, Bitfarms, and Hut 8 Mining Corp.

Is bitcoin still in a bear market?

Now, let’s look at it in another way. Simply put, the monthly business activity survey suggests the U.S. economy is keeping resilient in the face of the Fed’s aggressive rate hikes.

That creates at least some room for the central bank to lift rates further to tame inflation which was still at 5.0% in March. It’s significant because the world’s largest cryptocurrency performed poorly last year amidst rising interest rates.

Nonetheless, there’s reason to not read too much into the drop in BTC today, including the recent bank failures that could make the Federal Reserve revisit its hawkish stance. According to FxPro analyst Alex Kuptsikevich:

Technically, bitcoin has already proven the end of the bear market by securing above key moving averages and steadily retreating from the bottom.

The post Why did bitcoin mining stocks end down on Monday? appeared first on CoinJournal.

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CME to expand Bitcoin and Ether options expiries in May

  • CME group says demand from clients has increased amid the heightened market volatility.
  • The marketplace plans to expand expiries for its standard and micro-sized BTC and Ether options contracts.
  • Approval would see the derivatives platform make the changes on 22 May, 2023.

Derivatives marketplace CME Group is seeking to expand its options expiries for Bitcoin and Ethereum, according to an announcement published today, 17 April 2023.

The platform, which says the plans are subject to regulatory approval, indicates that the plan is to have its suite of crypto options for BTC and ETH contracts expiries be available every business week day – Monday to Friday.

Currently, expiries for micro-sized options on the two crypto futures are available on Monday, Wednesday and Friday. The CME also offers monthly and quarterly expiries for BTC and ETH options on its futures contracts.

If approved, the company will look to have the new expiries available beginning 22 May.

Client demand for BTC and ETH products

Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products said the goal is to have market participants access options contracts that offer “greater precision and versatility” for managing short-term Bitcoin and Ethereum price risk.

“Against a backdrop of heightened market volatility in the digital asset sector, we continue to see clients turn to a trusted, regulated venue like CME Group for reliable and efficient cryptocurrency risk management products,” Vicioso added.

CME Group has seen an increase in demand for Bitcoin and Ethereum futures and options. The top two assets by market cap are also the two best cryptocurrencies for crypto derivatives trading. 

The bitcoin’s numbers in Q1, 2023 for CME achieved a notional of over $3 billion, a record in terms of daily average. The marketplace also saw a record BTC options contracts of 2,357 traded on 22 March 22. Open interest rose to an all-time high of 14,700 contracts on 31 March and could soar further amid a long-term bullish Bitcoin price prediction, particularly going into the next halving.

The all-time high for Ether options contracts was 311 on 22 February, while OI hit a record 1,800 contracts on 24 March.

The post CME to expand Bitcoin and Ether options expiries in May appeared first on CoinJournal.

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Dash price prediction: Here’s why DASH is down today

  • Dash price outlook after SEC lists tokens as securities in complaint against Bittrex.
  • DASH/USD traded nearly 6% lower on Monday, with the 24 hour losses coming after the SEC news.
  • Cryptocurrencies were also down after Bitcoin and Ethereum retreated from recent highs.

The prices of Dash (DASH) and Algorand (ALGO) traded lower as the SEC’s complaint against cryptocurrency exchange Bittrex listed the tokens among others as securities.

DASH price was down 5.8% on Monday afternoon (around 1:15 pm ET) as it traded near $58.19.

Dash price outlook- why is DASH down?

As CoinJournal reported earlier, the SEC claims that Dash, Algorand, OMG Network, TokenCard and Naga investors had reason to expect profits for their investment. As such, the tokens should have been registered as securities. 

The regulator has charged Bittrex and its former CEO William Shihara for violating US securities laws.

Amid recent buy pressure, DASH/USD had traded from lows of $54 on 12 April to hit highs of $62. It was the token’s highest price since 24 March 2023 when it traded above $63,

However, with news of the SEC’s complaint against Bittrex, Dash has retreated from intraday peaks. The dip sees DASH down more than 96% from its all-time high of $1,493 reached in 2017. During the last bull market, the price of Dash rose to $444.

The DASH market today did not just suffer from the news from the SEC. Earlier in the day, the broader crypto market had shed some of recently accumulated gains as a correction materialized. This after Bitcoin retreated from its recent pump to above $31,000 and altcoins that had briefly thrived in the wake of Ethereum’s breakout to above $2,100 also cooled off.

While the view is bullish, Bitcoin price prediction suggests a retest of $28,800 as support is possible. In that case, a further dip for DASH could happen and see the price of the privacy-centric token head towards $54. 

The Dash daily RSI indicator is dipping downwards near the 50 mark, while the MACD is showing weakness after last week’s strong move.

The post Dash price prediction: Here’s why DASH is down today appeared first on CoinJournal.

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Decred launches DCRDEX 0.6, the latest version of its decentralized exchange

  • The new decentralized exchange will offer peer-to-peer cross-chain swaps.
  • The DEX will not depend on any intermediaries.
  • The exchange combines privacy, resilience, and cross-chain compatibility.

Sovereignty and privacy maximizing currency Decred (DCR/USD) has today launched the latest version of its decentralized exchange.

The new version of decentralized exchange DCRDEX 0.6 will use a combination of privacy, resilience, and cross-chain compatibility to offer direct peer-to-peer cross-chain swaps without any kind of intermediaries, solving key problems around privacy and security. This makes it the first exchange to offer direct P2P swaps without using intermediaries.

New features introduced on DCRDEX 0.6

The most prominent new feature on DCRDEX 0.6 is the introduction of USDC and Ethereum. Users will have access to direct layer 1 atomic swaps without the need for an intermediary, utility token, or third-party arbitration.

When swapping from an asset like BTC, the funds are locked in a native contract of the user’s creation that is never spendable by a third party, only the swap participants.

In addition, the DEX offers P2P swaps between Ethereum and other layer 1 chains like Decred and Bitcoin among others without the use of centralized pools or crypto wallets.

All the features on DCRDEX 0.6 ensure users maintain full custody of their funds throughout the swapping process.

The new version of the exchange also introduces native wallets for Bitcoin Cash and Litecoin. Just like the Bitcoin and Decred wallets previously available on the exchange, the two newly added wallets are built on the privacy-preserving light wallet technology introduced by BIP157/158 and transact directly on P2P networks, providing a high level of privacy and security while keeping the system requirements and sync times reasonable.

The DCRDEX 0.6 also eliminates the previous one-time registration fee and replaced it with time-locked fidelity bonds. Instead of completely parting with some funds when registering, users will now lock up funds on-chain for a certain amount of time after which the bond expires and the user redeems it.

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