Schlagwort: crypto business

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FIL jumps 24% as Filecoin community eyes major network upgrade

  • Filecoin’s native token FIL spiked 24% to around $6.44 on Monday.
  • The launch of the Filecoin Virtual Machine (FVM), expected on 14 March, has the community buzzing.
  • FVM brings smart contracts and network programmability to the Filecoin network.

Filecoin, a decentralised storage network that allows users to access efficient blockchain-based file storage at low, is hours away from a major network upgrade. The excitement around the new features that come with the upgrade, alongside broader market exuberance, has helped push the value of the native FIL token higher.

Filecoin price today

FIL was trading around $6.36 at 2:00 pm ET on Monday, up more than 24% in the past 24 hours. According to data from TradingView, the cryptocurrency’s price had touched an intraday high of $6.44 on major crypto exchange Coinbase.

Per the market data from CoinGecko, the file storage platform’s native token has jumped more than 32% over the past month.

Filecoin price chart showing FIL jumped to $6.50 on Coinbase on Monday. Source: TradingView

Why did Filecoin price rally?

The broader cryptocurrency market has rallied hard in the past 24 hours, with massive buying pressure on Monday as the markets reacted to news of the US government working to backstop failed banks. 

As CoinJournal reported, the sentiment flip saw Bitcoin add over $4,000 in 24 hours as bulls rallied to prices above $24,000. Most altcoins also soared, with the total cryptocurrency market cap rising nearly 15% to over $1.16 trillion.

But for Filecoin, as noted above, the upside momentum also included buyside pressure catalysed by an upcoming network upgrade.  In February, the Filecoin developer team announced that the Filecoin Virtual Machine (FVM) would go live in March.

The price of FIL tokens jumped more than 26% on the day after the Filecoin news reached the market. Just like then, the latest price surge comes as the developer team confirmed that FVM would go live on Tuesday, 14 March 2023. 

This is because the upgrade is set to introduce smart contracts, allowing for the creation and deployment of decentralised applications (dApps) on Filecoin. The FVM upgrade also unlocks features such as collateral lending and liquid staking.

“Basically – if you regard the Filecoin storage network as a massive decentralized data warehouse whose state is being constantly proven to the public, you can think of the FVM as a programmable controller for it,” the Filecoin team noted last week.

The post FIL jumps 24% as Filecoin community eyes major network upgrade appeared first on CoinJournal.

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Bitcoin breaks above $24K as analysts predict what next for BTC

  • Bitcoin breaks above $24,000 as positive sentiment pushes BTC higher.
  • Analysts say BTC remains in “danger zone” unless bulls break and hold $25k.
  • IntoTheBlock analysts suggest the next major target could be $30,000.

Bitcoin broke above the $24,000 level, soaring a massive $4,000 candle in just over 24-hours to leave bulls targeting a new breakout above $25,000.

In our Bitcoin price prediction article this morning, we highlighted an analysis by popular crypto analyst Rekt Capital. In it, the analyst simply pointed to Bitcoin price having invalidated a double top formation when it rallied from under $20,000 to a weekly close above $21,770.

According to the analyst’s technical outlook for BTC, a break higher was likely given the retest of range lows on the daily chart.

While he suggested a continued range consolidation, he pointed to the potential for bulls to break higher. That came sooner as BTC forced its way above $24,000 amid a spectacular bounce for cryptocurrencies after last week’s sharp declines. But can Bitcoin maintain this upside momentum? Here are what some analysts are saying:

Bitcoin price spikes above $24K – analysts share technical outlook

At current prices, Bitcoin is about $500 “from challenging the macro downtrend,” Rekt Capital has noted. If this happens, BTC could be poised for a huge breakout – possibly with a new macro uptrend in the picture on the monthly chart.

“BTC Monthly RSI looks like it has successfully retested the 2015 & 2018 Bear Market Bottom area as new support,” he added in another tweet.

According to the analyst, Bitcoin still needs to break the macro downtrend line at $25k for a technical breakout in March. Maintaining the positive outlook could see BTC break the macro downtrend in April with breakout price point around $23,400.

Like Rekt Capital, crypto analyst Altcoin Sherpa suggests bulls aren’t completely out of the woods yet. For him, the price needs to break above and hold support at $25,000. If not, BTC remains in “a danger zone.”

“BTC: Some high time frame resistance areas, I view this current area as a danger zone. 1W 200 EMA + S/R level that price couldn’t break over a few weeks. If we flip $25k soundly, I think we blitz to 30kish areas.”

According to IntoTheBlock, Bitcoin faced a significant hurdle in the $22,650- $23,325 region after bulls’ strong bounce in the $19,000 area. This supply zone coincided with a zone where 1.14million addresses had acquired BTC, with the average price around $23,022.

But after the swift bounce above this level, on-chain data suggests the next major target is $30,000.

The post Bitcoin breaks above $24K as analysts predict what next for BTC appeared first on CoinJournal.

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HSBC buys UK arm of Silicon Valley Bank for £1

  • HSBC bought the UK arm of collapsed US bank Silicon Valley Bank (SVB) for £1.
  • SVB collapsed last week, sending shock waves across the banking and finance industry as well as crypto.
  • Businesses and customers can now continue to access withdrawals as normal.

HSBC, the British multinational bank and financial services giant, has acquired the UK arm of the collapsed Silicon Valley Bank.

According to a BBC news report on Monday, HSBC has scooped up the SVB unit for just £1.

Bank of England and HM Treasury work to help SVB customers

The last few days have been a real scare to millions of bank customers and businesses, not just in the US but also in the UK. The main story here has been the demise of Silicon Valley Bank – deemed the second largest such banking collapse in US history in terms of the amount of money involved.

The market reaction was drastic, with bank stocks hit hard as contagion fears mounted. Cryptocurrencies also plummeted as Silicon Valley Bank was one of the main crypto-friendly banks, alongside Silvergate Bank and Signature Bank. As CoinJournal reported earlier today, US authorities have shut down the latter.

As the US Treasury and FDIC worked to avert a calamity for SVB depositors, including moving to shut down Signature Bank, authorities in the UK also took cue to help UK-based customers. This is after hundreds of tech firms had sounded the alarm as SVB collapsed.

The Bank of England and the UK government reportedly worked overnight Sunday to strike a deal between SVB (UK) and HSBC. With the acquisition now in place, around 3,000 businesses are set to access their money.

According to a news update from the HM Treasury, the HSBC-SVB deal did not involve any taxpayer money.

The post HSBC buys UK arm of Silicon Valley Bank for £1 appeared first on CoinJournal.

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USDC bounces to $0.99 as Circle’s $3.3B reserve risk is removed

  • USDC has re-pegged to $0.99 after crashing to lows of $0.88 last week.
  • Circle, the company that issues the stablecoin, has announced the $3.3 billion risk on USDC reserves has been removed.
  • The firm also noted it had no USDC reserves exposure with Signature Bank.

The USD Coin (USDC) stablecoin is nearly fully re-pegged following last week’s massive de-pegging to under $0.90.

Data from CoinGecko showed that USDC had repegged nearly 4% in the past 24 hours, with the stablecoin above $0.99 as of 7.20 am ET on Monday. As tweet below from CoinGecko indicates, USDC has indeed held impressively above $0.99 since late Sunday.

The upbeat mood stemming from the USDC news has also permeated the broader crypto market, with Bitcoin price breaking above $22,000 and Ethereum reclaiming the $1,600 price level.

On Monday morning, Circle announced it was set to have its $3.3 billion USDC reserves that had been stuck at the collapsed Silicon Valley Bank (SVB) back. The development follows the move by the US Treasury and US prudential regulators’ swift action towards making depositors at SVB and the now shuttered crypto-friendly bank Signature Bank, whole.

Alfonso Peccatielo, founder & CEO of The Macro Compass, highlighted the Fed’s move and plans to “backstop other liquidity issues.”

Circle says also announces “no exposure” to collapsed Signature Bank

According to Circle, the $3.3 billion at SVB accounted for about 8% of the entire USDC cash reserve backing. These money will be available when banks open (on Monday, 13 March 2023). Circle has cash reserves amounting to approximately $9.7 billion (23% of reserves) at the BNY Mellon.

Commenting on the US government’s move, Circle co-founder & CEO Jeremy Allaire, said in a press release:

“We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system. We’ve long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.”

Also notably, Circle has also reiterated that it had no cash reserves exposure at the closed Signature Bank. The company has also announced customers can now access automated USDC minting and redemption via its new banking partner Cross River Bank, maintaining USDC is redeemable 1:1 with the US dollar.

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Synthetix’s SNX price soars as Synth perps volume spikes

  • Synthetix has seen the volume of its perpetual futures jump.

  • The network is gearing towards the launch of Synthetix V3.

Synthetix (SNX/USD) price has staged a strong comeback in the past few days as investors cheer the upgrade to V3. It rose to a high of $3, which is much higher than the lowest level during the weekend at $2. Like other coins, SNX has soared by over 100% from its lowest point this year.

SNX token surges

Synthetix, a leading player in the blockchain industry, is doing well. The SNX token is one of the best-performing coins in the world, according to data compiled by Binance. It has jumped by over 32% in the past 24 hours.

There are several reasons why SNX is doing well. First, the on-chain volume shows that perpetual futures in the ecosystem is doing well. Its daily volume surged to more than $100 million. Daily fees in the Perps futures has jumped to over $67k in the past seven days. 

And as shown below, the cumulative perps volume has been in a strong bullish trend. Therefore, investors believe that Synthetix’s ecosystem is doing well even as challenges continued.

Second, Synthetix is doing well is because of its upgrade to V3. The V3 is a big upgrade that will be much different from the existing platform. It will provide a permissionless derivatives liquidity platform to power on-chain financial products. It will transform the network into a layer of liquidity that all derivatives can be built upon.

In a statement, the developers said that Synthetix will release these upgrades to the upcoming months. The initial release has already happened and will be followed by the collateral agnostic system and V3 spot market. The order types in V3 will be atomic orders, asynchronous orders, and wrapping. 

Like other cryptocurrencies, SNX price is reacting to the developments in the banking sector. Silicon Valley Bank and Signature Bank closed last week. Circle’s funds at Silicon Valley Bank will be released. 

SNX price prediction

SNX chart by TradingView

The daily chart shows that the Synthetix price has made a strong comeback in the past few days. It has managed to move above the 50-day exponential moving average. However, it has formed what looks like a shooting star pattern, which is usually a bearish sign. It sits at an important level since this price was the highest point on November 5.

Therefore, there is a likelihood that Synthetix will pull back in the coming days because of the shooting star pattern. If this happens, the next key level to watch will be at $2.50, which is the 50-day moving average

The post Synthetix’s SNX price soars as Synth perps volume spikes appeared first on CoinJournal.