Schlagwort: crypto markets

FTM has also declined against Bitcoin and Ethereum, down by more than 7% on both pairs.

Fantom’s FTM token has plunged more than 12% in Friday evening trading and looks set for more losses given the current bleeding in the crypto market.

FTM is about 21% down this week, with the downtrend taking its value against the US dollar below $1.00.  Selling pressure has pushed the FTM/USD pair to intraday lows of $0.88, below the critical support zone at $0.92 established in September.

This puts the Fantom price on course for a potential retest of prices last seen in February 2021 if a fresh downside gathers momentum towards the next major support line at $0.80.

Fantom could dip to $0.47, says analyst

FTM traded at highs of $3.35 in January, but with the broader crypto market in a downtrend, the cryptocurrency has moved within a declining parallel channel since. It tested highs of $1.68 on 2 April, the upper boundary of the channel.

Declines since have FTM/SUSD currently facing a retreat to the lower trendline, with today’s rot pushing it below the channel’s midline support.

According to crypto trader and technical analyst il Capo, bulls are unlikely to hold above the support line. He suggests that Fantom price might dip to new support at $0.47-$0.52.

Fantom could drop to $0.47 according to il Capo.

Comparing FTM/USD chart outlook this week to that seen in February, he noted:

“As you can see, there were bounces in between, but the target has been reached. I don’t think this level will hold for long though. Main target for FTM is $0.47-0.52.”

The analyst’s comments came earlier in the week, following Fantom’s retest of the $1.00 area.

Looking at the rest of the market, total market capitalization is down 4.1%, while Bitcoin and Ethereum have declined 4.5% and 5.3% respectively at the time of writing. BTC is trading around $38,560 and Ether is trying to hold the $2,800 support zone.

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Binance, the world’s largest cryptocurrency exchange and trading platform, has suspended withdrawals on the Solana (SOL) network, according to a notice given to its users on Friday afternoon.

Per the notice, the suspension of SOL withdrawals follows high volumes of transaction failures. The exchange explained that the problem has been experienced a number of times since 25 April.

“Withdrawals on the Solana (SOL) network have been suspended for a few times since 2022-04-25 (UTC). This is due to high withdrawal volume generated with blank transaction IDs,” the notice read.

Binance added that the failures start on-chain (on Solana) and thus affect the withdrawals.

“Once it is confirmed that the on-chain transactions failed, the corresponding withdrawal requests would be rejected. The entire process takes at least four hours.”

The exchange says it’s collaborating with Solana to find a “stable, long-term solution” to the problem.  Users will be notified once there are updates on this, the Binance team added.

Solana is currently the sixth-largest cryptocurrency by market cap at $31.7 billion. 

In the past 24 hours, it has recorded a trading volume of over $1 billion, with more than $160 million of that in the SOL/USDT pair on Binance.

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Samsung, the largest asset management in Korea, is planning to list its first crypto exchange-traded fund (ETF) which has been experiencing traction since January 2022. Besides, other major industries are also eyeing to join the crypto EFT.

Samsung dominates the crypto industries 

According to a local media report, the listing will be the first Asia ETF to include actual cryptos as the capital market company tries to make itself readily available to the globally growing blockchain market.

However, this will indirectly involve digital assets as a there might be a delay in its domestic listing similar to this week’s Australia delay as they launched 3 crypto-related ETFs.

The management had recently purchased a 20% stock worth $30 million in AmplFi, a US-based management firm, gaining AmpliFi EFT sales in Asia.

Besides, there were speculations that the much-anticipated launch of ETF will use the same structure as the AmpliFi. A firm is required to invest a minimum of 80% of its net asset in the equity securities of the blockchain companies.

The issue of investing in crypto-related companies is becoming famous day by day. Some of these companies include NVIDIA which makes GPUs for Bitcoin (BTC) mining and Silvergate which offers banking services, in addition, there are other financing organizations like Coinbase, Galaxy Digital Holdings, and many more.

However, the current trends of Crypto ETFs are one of the ways that are being carried out today to invest in the digital assets with Samsung asset management listing Crude oil EFTs, FANG+, and many more on the Hong Kong stock exchange.

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Bitcoin has failed to strengthen above the $40K again after yesterday’s brief upside that pushed it to highs of $40,280. Today’s market action has seen BTC retreat to lows of $38,750, although the benchmark crypto currently trades just above $39,000 according to data from crypto price tracker CoinGecko.

The negative flip is also being witnessed across the rest of the market, with total market capitalisation down 1.8%. Ethereum, the second-ranked cryptocurrency by market cap is off 1.5% in the past 24 hours.

Recession fears could aid risk assets

Current struggles for Bitcoin also align with a slowdown in stocks on Friday as shares of tech giants Amazon and Apple fell after their respective earnings reports a day earlier.  The S&P 500 was 1% down in early morning trading, while the Dow Jones Industrial Average had opened 0.4% lower and Nasdaq Composite was losing by 0.7%.

The surge in volatility is likely to elevate further losses amid concerns around US Federal Reserve’s tighter monetary policies. The Fed, which meets next week, is expected to increase interest rates by 50 basis points; a factor that market observers say could impact economic recovery.

Marcus Sotiriou, an analyst at digital asset broker GlobalBlock suggests the possibility that a higher rate hike and overtightening from the Fed could steepen economic decline might present a bullish signal for Bitcoin.

In a note shared via email on Friday, Sotiriou said:

“US GDP contracted by 1.4% in Q1 2022 as recession fears heighten. This is bullish for risk assets like Bitcoin and equities in my opinion, as the Federal Reserve may become less hawkish to avoid a recession.”

The 1.4% year-over-year contraction in the first quarter of 2022 is the first time GDP has shrunk this much since Q2, 2020.

Bitcoin’s immediate outlook

Noteworthy for investors though is that the correlation between Bitcoin and stocks has increased over the past several months.

As such, declines across the equity markets arising from jitters around geopolitical turmoil and fresh COVID outbreaks could pull BTC lower. 

On the flip side, a spike in upside momentum in the stock market could also help Bitcoin break above immediate resistance levels.

The post Analyst: Recession fears could be bullish for Bitcoin (BTC) appeared first on Coin Journal.

ApeCoin has rallied over 10% amid a surge in purchases by investors and whales and the rising popularity of Yuga Labs’ metaverse project, the Otherside.

At the time of writing, ApeCoin was trading at $22.86, up 13.39% after dropping from a daily high of $26.91.

The cancelation of the Otherside Auction by Yuga Labs has been the greatest reason why the price of ApeCoin, a cryptocurrency launched by Yuga Labs, is rising today.

Otherside Auction cancellation by Yuga Labs

Yuga Labs Otherside metaverse project has called off its planned Dutch auction for the Otherside metaverse project land sale. The decision was reached after they failed to get a balance between the gas fees and the demand for NFTs.

During Dutch auction-style sales, prices are determined after analyzing all the possibilities of the total offering reaching the highest price.

Otherside announced via Twitter that the gas fee war had increased with Dutch sales. There was also speculation that the high demand for Otherdeed (BAYC’s new project) NFT mint, would drive the gas fees even higher as the number of NFTs minted increases.

Dutch auctions are actually bullshit, so Otherdeeds will be sold for a flat price of 305 ApeCoin 🧵.

— OthersideMeta (@OthersideMeta) April 29, 2022

Reducing gas fee of Otherdeed NFTs 

To reduce the massive gas fee, there is a need to reduce the high gas fee without lowering the wide distribution of the NFTs, therefore there will be a limit of minting only 2 NFTs per wallet when the sale starts but the rate will be increased as the minting process continues.

The cost of each Otherdeed NFT will be 305 ApeCoin (APE) and 55000 Otherdeed will be made available for purchase by Know Your Customer (KYC) wallets, however, users will have to complete the KYC to participate in the sale.

The price of each NFT was also featured in the Otherside teaser video, the ‘’305’’ figure is also the code for Miami.

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