Schlagwort: crypto markets

Veröffentlicht am

You can now buy CHEDDA, the biggest winner of the day: here’s where

CHEDDA is a decentralized culture token created on the Ethereum blockchain as an ERC20 token. It began to surge on news of an upcoming listing on ZTexchange and has gained 66% just today.

If you want to know more about CHEDDA, including whether it’s worth investing in and the best places to buy CHEDDA, you’ve come to the right place.  

Top places to buy CHEDDA now

As CHEDDA is such a new asset, it’s yet to be listed on major exchanges. You can still purchase CHEDDA using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy CHEDDA right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for CHEDDA

Now that you’re connected, you’ll be able to swap for 100s of coins including CHEDDA.

What is CHEDDA?

The ERC20 token has a 3% fee on every transaction. 1% is burned forever and the other 2% is distributed to the CHEDDA team for continual development of the project. Burning tokens on every transaction makes CHEDDA a deflationary asset.

There will never be as many CHEDDA in circulation as there is now. By burning half the supply and 1% of every transaction, the total supply of CHEDDA will decrease over time.

This gives holders an incentive to hold their tokens long-term as the circulating supply lowers and the price of the token increases.

Should I buy CHEDDA today?

CHEDDA is performing very well at the moment, but do market research and observe trends before committing to an investment. Take all advice with a grain of salt.  

CHEDDA price prediction

CHEDDA has outperformed price predictions by Digital Coin Price, Coin Data Flow, and many other analysts. Generally, a price of $0.002 was predicted a year from now. CHEDDA is currently trading for three times that.   

CHEDDA on social media

The post You can now buy CHEDDA, the biggest winner of the day: here’s where appeared first on Coin Journal.

Veröffentlicht am

Morgan Stanley: Bitcoin’s 50% correction “within historical norms”

  • Analysts at the bank say Bitcoin has corrected by 50% or higher on 15 occasions since 2009.

  • They say a breakdown to $28,000 is possible as this is 2021’s floor, while $45,000 remains a crucial resistance zone.

Bitcoin’s bounce from recent lows could be hindered if the flagship cryptocurrency slides below $37,000 again, with further losses likely given the potential for fresh sell-off pressure across traditional financial markets.

In such a scenario, Bitcoin’s price could retreat towards major demand zones in the $35k- $33K and see its cumulative losses since reaching an all-time peak hit +50%.

While the slump could be a worrying signal for the benchmark crypto, analysts at Morgan Stanley say this won’t be anything out of the ordinary.

Sheena Shah, the head of research for crypto at the bank said acknowledged in the report that it’s not easy to estimate what the fair value of a crypto asset is, especially given the speculative nature of the asset class.

Per the research note, Bitcoin’s correction is still within the perimeters of bear market crashes seen in previous cycles. Historical data shows Bitcoin price has tanked massively in about 15 bear markets in its life with the latest decline of 50% or more, not an isolated case.

The bank points to $28k as the key price level in this market cycle as it represents the coin’s 52-week low. If a bounceback strengthens and BTC/USD breaks and holds $45k, then the market can look to more gains amid a potential rally.

But Morgan Stanley thinks investors should keenly watch the markets, with the likely scenario being crypt assets remain in a correction amid macro trends.

Crypto analyst Rekt Capital thinks as much, noting on Monday as Bitcoin retreated from highs of $38,300 that BTC/USD could yet see a fake breakout. He says it would be important to take note of such a scenario, where Bitcoin sees an upward flip only to retreat sharply.

Trader and crypto analyst Ali Martinez points to on-chain data from IntotheBlock to suggest Bitcoin is facing stiff resistance around $37,500-$38,500.

“Breaking such a critical supply barrier could allow BTC to advance towards $42,300,” he noted.

The post Morgan Stanley: Bitcoin’s 50% correction “within historical norms” appeared first on Coin Journal.

Veröffentlicht am

Here is why Ripple (XRP) has been dropping in the last three months

Over the last few months, many of the cryptocurrencies have been bearish, with major ones like Bitcoin and Ethereum also nosedive.

At the time of writing, Ripple price was had dropped by about 5.27% with a hitting a high of $0.6185 and a low of $0.5828 in the last 24 hours.

Now let’s take a look at the reasons behind the nosedive.

What is Ripple?

Before we delve into the recent bearish trend, it’s important we first explain what Ripple is for those coming across it for the first time.

Ripple is a company that runs a digital blockchain-based payment platform called RippleNet that uses XRP as its native cryptocurrency.

Despite having issues with the US SEC, Ripple has partnered with a number of financial service providers to make cross-border transactions seamless, traceable, and affordable,

What has caused the long Ripple (XRP) price drop?

Most investors are bearish on XRP following a three months-long nose dive.

However, although Ripple has been the most controversial blockchain-based project for a while, the token has remained in the top ten position cryptocurrency in the market.

According to CoinMarketCap, the trading volume was up 6.72% despite a 5.31% drop by market cap. The surge in the trading volume is mainly attributed to an increase in the selling volume as the token price drops.

Ripple had attempted a bull run at the beginning of October after a partnership between Nelnet and Ripple to lower the impact of cryptocurrencies on the environment. But the Bull Run was very short-lived. It only took days for XRP to turn bearish.

Today, XRP has hit a high of $0.6021 and a daily low of $0.58 which is being attributed to the increased selling pressure.

The post Here is why Ripple (XRP) has been dropping in the last three months appeared first on Coin Journal.

Veröffentlicht am

Here is why Decentraland (MANA) token started the week with a surge

As the crypto markets starts recovering and trade sideways this week, Decentraland token jumped 25% and it’s still green.

At the time of writing, it was up 10.09% according to CoinMarketCap. It hit a high of $2.61 and a low of $2.36 in the last 24 hours.

But why is the MANA coin rallying, let’s take a deep dive to examine what is behind the current MANA price hike.

What is Decentraland?

Decentraland is a virtual reality platform built on the Ethereum blockchain with a Unity game engine to enable players to access exclusive experiences and purchase various NFTs.

Decentraland has two tokens, that is, MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens.

Decentraland has featured a number of experiences like the games and Casinos making it the most popular platform for users integrated with the latest crypto trends such as Play-to-earn, Defi, GameFi, and NFTs.

Why is Decentralnad (MANA) price rallying?

The current Decentraland (MANA) price surge is being attributed to the news of the Australian Open (AOMetaverse) closing party today that will feature Steve Aoki, a world-class artist.

Australian Open is one of the largest tennis tournaments in the world that is held annually in Australia at Melbourne Park.   The budget of the tournament for the year 2022 was $75 million

This year’s winner was Rafael Nadal, who broke a three-way tie with Novak Djokovic and Roger Federer, and claimed his 21st Calendar Slam where he won all the four major championships in the same sport and in the same calendar year.

You may be wondering what the connection between a tennis tournament and Decentraland is. But this year the Decentraland had been selected as the host for the Australian Open Tournament closing party. This shows a significant pivoting towards the Metaverse.

The whole event has brought massive attention towards MANA; something attributed to the current bullish momentum.

The post Here is why Decentraland (MANA) token started the week with a surge appeared first on Coin Journal.

Veröffentlicht am

GameStop, AMC stocks remain ‘dangerously overvalued’: Analyst

  • AMC Entertainment Holdings and GameStop Corp. were among the most popular meme stocks last year, with prices driven up by retail buyers

  • GameStop is miles off its 2021 peak of $483, while shares of AMC Entertainment are similarly off the highs of $72.62.

Shares of “meme stocks” GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc. (NYSE: AMC) are down roughly 36% and 44% year to date after a brutal few weeks in the markets.

While the stocks saw a huge bounce on Friday, an analyst says the sell-off witnessed since the market frenzy of 2021 isn’t over for these stocks.

He predicts more pain amid investor pivot into profitable companies or other investment niches like metaverse and NFTs.

No profits and “untethered from reality”

Meme stocks exploded onto the scene in 2021, rallying to massive heights alongside Bitcoin and other cryptocurrencies. As crypto has tanked, the stocks have tumbled too- with more losses to come according to analysts.

David Trainer, the CEO of investment research firm New Constructs says GameStop and AMC are set for more selling, with the companies unlikely to be profitable over the next two years.

Trainer explains that investors might look elsewhere for profitable deals as they steer away from stocks that put portfolios at the unnecessary risk of devastating declines.

According to the analyst, while investors might want to look at the valuation of companies they invest in versus their profitability, the metric doesn’t really apply to most meme stocks.

He notes that investors are likely to see no problem in paying a premium to get an investment in a company with strong profits. Pointing out GameStop and AMC Entertainment as two of the most popular, he said the two have valuations that “remain untethered from reality.”

“Meme stocks like GameStop and AMC Entertainment remain dangerously overvalued and don’t generate anywhere near the profits necessary to justify their current valuations,” he added.

Potential investment trends to see more inflows as investors continue to rotate out of meme stocks are metaverse and NFT linked companies.

Wall Street targets for GME and AMC stocks

The GameStop stock closed at $97.91, up 4.8% on Friday while AMC shares traded up 3.7% to $15.06. While positive on the day, a look at the monthly logs shows the extent of the stocks’ declines.

Data from MarketWatch shows GME is down 69% in the past twelve months, while AMC is sharply down year to date at -44% to cut yearly gains to just 13%. Over the past 30 days, GME prices are down nearly 37% as AMC’s have shed nearly 48%.

Wall Street has an average price target of $8.17 for AMC Entertainment, representing a 45.75% downside from current levels. 

TipRanks also shows that 4 analysts have an average price target of $34.00 for GME, suggesting an expected 65.27% drawdown from Friday’s close of $97.91.

The post GameStop, AMC stocks remain ‘dangerously overvalued’: Analyst appeared first on Coin Journal.