Schlagwort: crypto business

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Crypto price predictions: Filecoin, Gifto, Safemoon

  • Filecoin price went vertical on Friday amid concerns about its utility.

  • Gifto lost momentum as the rebrand hype died.

  • Safemoon was left behind in the meme token rally.

Cryptocurrencies had a mixed performance this week as the US dollar index (DXY) continued rebounding and as regulators intensified their activities. Bitcoin temporarily soared to over $25,000 for the first time in six months. Here are the top crypto coin predictions for the weekend, including Filecoin (FIL), Gifto (GFT), and Safemoon (SFM).

Filecoin price prediction

Filecoin had a spectacular week as it jumped to the highest level since September 2022. It has risen by over 250% from its lowest level in 2022 even as concerns about its utility continue. Protocol Labs, its creator, even announced some layoffs recently.

Filecoin managed to cross the crucial resistance point at $5.81, the previous year-to-date high. The coin has also jumped above the 25-day and 50-day moving averages and formed a cup and handle pattern.

Therefore, there is a likelihood that the coin will maintain its bullish momentum in the coming days if bulls manage to push it above the current level. Such a move will bring the next resistance level to $10, which is much higher than where the coin is today. A drop below the support at $5.81 will invalidate the bullish view.

How to buy Filecoin

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 FIL with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy FIL with Binance today

Gifto price prediction

Gifto is a blockchain network in the gifting space. GFT, its native token, has had a mixed performance in February after it rebranded from GTO. Initially, the token price surged to a high of $0.186 as people became familiar with it.

These gains were short-lived as the GFT price crashed by more than 51%. As it crashed, Gifto managed to move below the key support level at  $0.098. It then retested this level, signaling that bears are gaining momentum. The 50-period and 25-period moving averages made a bearish crossover. Therefore, the token will likely continue falling as sellers target the key support at $0.050.

Safemoon price prediction

Safemoon price was relatively calm this week even as other meme coins like Floki Inu and Dogelon Mars jumped as we wrote here. The token rose to a high of $0.00027 and then quickly pulled back. On the hourly chart, the coin has formed an ascending channel shown in blue. It has moved slightly above the lower side of the rising channel on the hourly chart. 

The price is hovering at the 38.2% Fibonacci Retracement level. Therefore, Safemoon price will likely continue rising as buyers target the upper side of the channel at $0.00027.

SFM chart by TradingView

How to buy Safemoon

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Terra LUNA price plunges: SEC charges Terraform Labs for fraud

  • The SEC has charged Terraform and its founder with fraud.
  • The SEC accuses Terraform Labs of embezzling billions of dollars from investors.
  • The news has sent the price of Terra LUNA crushing.

The US Securities and Exchanges Commission (SEC) has charged Terraform Labs, a Singapore-based blockchain payment protocol, and its co-founder Do Kwon, for orchestrating a multi-billion dollar fraud. The news has sent the price of LUNA tumbling and it had dropped by more than 6% at the time of writing.

According to a tweet by the US SEC, Terraform Labs PTE Ltd and Do Hyeong Kwon have been accused of “orchestrating a multi-billion-dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.”

The press release by the US SEC stated:

“The SEC’s complaint alleges that Terraform and Kwon marketed crypto asset securities to investors seeking to earn a profit, repeatedly claiming that the tokens would increase in value. For example, they touted and marketed UST as a “yield-bearing” stablecoin, which they advertised as paying as much as 20 percent interest through the Anchor Protocol. The SEC’s complaint also alleges that, while marketing the LUNA token, Terraform and Kwon repeatedly misled and deceived investors that a popular Korean mobile payment application used the Terra blockchain to settle transactions that would accrue value to LUNA. Meanwhile, Terraform and Kwon also allegedly misled investors about the stability of UST.”

Months after Terra USD collapsed

SEC’s allegations come almost a year after the Terra USD (UST) stablecoin debacle that almost took down the entire crypto market. The collapse of the UST stablecoin spelt doom, especially for algorithmic stablecoins and investors are still sceptical to invest in them.

According to the SEC, the assets targeted in the allegation include Terra’s mAssets and Terra USD (UST).

The SEC also accuses Do Kown and Terraform Labs of manipulating their native tokens so that their value will eventually increase and allow users to earn profit.

Besides Terraform Labs and Do Kwon, the SEC has also listed a number of other individuals involved in the investigations including Roger Landsman, Daniel Koster, and Donald Battle and several others.

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Japan set to launch its digital yen pilot

  • Japan has been conducting proof-of-concept (PoC) experiments on its CBDC for the last two years.
  • The Japan central bank now says that the project is now set for a pilot program.
  • Currently, China’s digital Yuan continues to lead the CBDC race globally.

After two years of testing the digital yen, the Bank of Japan (BOJ) on Friday said it would launch a pilot programme for the central bank digital currency (CBDC) in April.

A press release by the BOJ stated:

“Taking into account the results and findings of the PoCs along with our discussions to date, the Bank, as a next step, has decided to launch a pilot program this April.”

Proof-of-concept testing

The announcement comes after two phases of PoC testing. The first POC testing phase started in April 2021 and it involved the BOJ building a huge experimental environment around a CBDC ledger that would form the foundation for the project. The ledger confirmed CBDC transactions that include its issuance, transfer and payouts.

The second POC testing phase started in April 2022. At this stage, the BOJ implemented additional functions to the core functions of the CBDC that had been explored in Phase 1. It also investigated the CBDC’s feasibility and processing performance. This phase is expected to run until March and the results are already promising according to the bank.

The aim of the pilot project

According to the BOJ, the aim of the digital yen pilot programme is first to test its technical feasibility which was not possible with the POC testing phases and second to use the insights and skills of private businesses in operating and designing a CBDC ecosystem for social implementation.

If the pilot program was to be a success, Japan will join China whose digital Yuan currently leads the CBDC race globally.

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Sony Network and Astar partner for web3 incubation program

  • Sony Network and Astar Network have partnered to launch a web3 incubation program.

  • The program will support projects that focus on the utility of NFTs and DAOs. 

  • The incubation program will be organised by Startale Labs. 

Astar Network and Sony Network set up a web3 incubation program

Sony Network Communications, a business division of The Sony Group, has announced a strategic partnership with Astar Network, a leading multi-chain smart contract network.

The partnership has seen the two entities launch a Web3 incubation program for projects that focus on the utility of non-fungible tokens (NFTs) and decentralised autonomous organizations (DAOs).

The companies revealed that Singapore-based Startale Labs would organise the Web3 incubation program. The program will run from mid-March to mid-June of 2023. Projects interested in joining the program can apply starting today, Friday 17th, until March 6th. 

According to the companies, accepted projects will be divided into 10 to 15 groups. They will learn various aspects of the web3 ecosystems from global venture capital firms such as Dragonfly, Fenbushi Capital and Alchemy Venture.

The incubation program will focus on real-world use cases of blockchain

According to Sony Network Communications, the incubation program is designed to look at the various ways blockchain technology can solve numerous problems in their industry. 

Furthermore, Sony Network can invest in projects in the incubation program. Astar Network has rolled out some exciting features since the start of the year.

Last month, Astar Network launched its Cross-Virtual Machine (XVM) functionality on the public testnet Shibuya. At the time, Astar Network said allowed projects to build on its network seamless interoperability between different smart contract environments such as the Ethereum Virtual Machine (EVM) and WebAssembly (WASM).

In November 202, the Astar Network also rolled out Swanky, an all-in-one tool that gives developers what they require to build WebAssembly (WASM) smart contracts easily.

Also in January, Astar Network partnered with Toyota, one of the leading car manufacturers in the world, on a web3 hackathon. 

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Cardano price outlook: What next for ADA after bulls break $0.4?

  • Cardano price reached an intraday high of $0.42 on Thursday.
  • The price of ADA token is up more than 63% in 2023 at current levels.
  • On-chain metrics and other factors suggest ADA could continue higher, especially is wider sentiment remains positive.

ADA, the native token of the Cardano blockchain ecosystem, was flat around 4 pm ET on Thursday as the market appeared to cool off following a strong showing that started with Bitcoin’s greatest performance of 2023 so far.

While the Cardano price shows a sideways outlook, ADA bulls did have a great break when they pierced resistance at $0.40. Indeed, the cryptocurrency’s value rose as high as $0.42 on leading crypto exchanges. Cardano’s token is up roughly 16% over the past month, with current prices last seen in the first week of February.

What helped ADA prices get higher in recent weeks?

After a brutal 2022 for ADA, Cardano has had a great start in 2023. In fact, ADA/USD is 63% year-to-date at current levels above $0.40.

What then has helped the Cardano price to surge to today’s highs? Mostly, it’s been down to the bullish sentiment experienced across crypto so far in 2023 – even with the slight derailment seen earlier in the week amid a stablecoin crackdown.

However, talk of revisiting algorithmic stablecoins, including Cardano based DJED particularly buoyed ADA markets. 

Data also shows there has also been massive whale activity around ADA in the past two weeks.  On-chain metrics highlight average daily transactions above 1,700, while large investors (whales and sharks) continued to scoop ADA throughout the last three or so months.

As Santiment researchers noted recently, addresses with 10,000 to 10 million ADA had accumulated nearly 660 million tokens approximately worth $235 million since the price crash that followed the collapse of the FTX crypto exchange.

Additionally, sentiment is this week more upbeat after Cardano developer Input Output HK announced a key upgrade to the network had successfully gone live. According to the firm, the SECP upgrade adds scalability, and enhances cross-chain interoperability. As such, Cardano now supports more cross-chain dApps.

Are these metrics good for Cardano price? Likely. Indeed ADA bull Dan Gambardello suggests ADA/USD has formed an inverse head & shoulders pattern and predicts the next target could be $0.65. 

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