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Tag: cryptocurrencies

  • Dogecoin (DOGE) literally to the moon or to crash?

    Dogecoin (DOGE) literally to the moon or to crash?

    A Canadian manufacturing and logistics firm Geometric Energy Corporation has announced to launch a payload funded by Dogecoin (DOGE) onto SpaceX’s rocket to the moon. The payload is designed to gather intelligence on the moon with the help of sensors and cameras. The commercial satellite is set to travel to the moon in early 2022 and will be aboard SpaceX Falcon 9 launch vehicle.

    The Vice President of Sales at SpaceX had commented the use of Dogecoin demonstrates the application on cryptocurrencies beyond earth as well. Will Dogecoin really be the first cryptocurrency to literally reach the moon? And what impact will this have on the Dogecoin on earth? Is a price surge to be expected?

    However, it is unclear what role did Dogecoin play in the project. Neither SpaceX nor Geometric Energy has specified the use of funding from Dogecoin or what the funding amounted to. Speculations based on previous missions to the moon place the funding of Dogecoin at $225 million.

    The CEO of SpaceX, Elon Musk, has been designated as the “Dogefather” because of his vocal support of the cryptocurrency. Elon Musk has sent the cryptocurrency surging upwards quite a few times. Musk has also been accused of market manipulation and even threatened with an SEC inquiry, But the CEO had remained undeterred.

    However, there has been a recent shift in the tone of Elon Musk. It appears as though the billionaire CEO has grown tired of the cryptocurrency and has moved away. Recent statements of Musk show that he will no longer be supporting Dogecoin – which is very unpleasant news for the Doge community. Prior to his appearance on Saturday Night Live, Musk told reporters that no more pumping tweets for Dogecoin should be expected from him.

  • Chainlink (LINK) price developments: What to expect?

    Chainlink (LINK) price developments: What to expect?

    Chainlink (LINK) has been amidst strong bullish momentum after the cryptocurrency succumbed to bearish pressures. The surging Chainlink coin established a new all-time high at $52. At the time of publication, Chainlink was trading hands at a price of $51 apiece. The price of the cryptocurrency has increased by 6% in the daily chart while the daily trading volume of Chainlink has gone up by 60%. The decentralized oracle service has proven to be an integral part of the cryptocurrency sphere.

    Chainlink (LINK) technical analysis

    The market sentiment for Chainlink is bullish. Fourteen of the twenty-six technical indicators are giving out a signal of buy with seven standing at a neutral position. Five of the remaining indicators are giving out a signal of sell. The oscillators are bearish with an overall indication of sell while the moving averages are bullish with an overall indication of strong buy.

    A trader has identified Chainlink crypto to have formed a coherent wave count. Per the trader’s analysis, Chainlink has completed the formation of all five waves, portraying strong up and down volatility. While forming the wave count, LINK coin has also established various support levels which are crucial for the cryptocurrency to hold. Currently, Chainlink is on an upside move – an extension of the fifth wave. However, bearish momentum may soon overtake the market as minor retracements usually follow after impulsive moves. In that case, the price level of $46 will prove to be a strong support for Chainlink.

    Chainlink (LINK) price prediction

    Trading Beasts is projecting a gradual increase in the price of Chainlink over the years. The upward trend will result in Chainlink having a price of $61 by the end of 2024. The 2021 predictions for Chainlink are bearish with the year ending at $38. Digital Coin Price predicts Chainlink crypto will end the year with a value of $76 while it is expected to climb up towards $224 by 2028. Wallet Investor has issued a one-year prediction at a price level of $671 with the five-year prediction at $2332

  • Solana (SOL) in bullish mode thanks to recent developments

    Solana (SOL) in bullish mode thanks to recent developments

    Solana (SOL) stands at a price level of $45, at the time of press. The price of Solana coin has been increasing in the past twenty-four hours while the daily trading volume has fallen 30%. The permission-less blockchain-based on providing decentralized finance solution has been surging amidst the DeFi craze. SOL coin established its all-time high at $49 a week ago. Currently, the cryptocurrency is ranked seventeenth in terms of capitalization in the market.

    Solana (SOL) technical analysis

    The market sentiment for Solana is bullish with fifteen of the twenty-six technical indicators giving out a signal of buy. Out of the rest, ten indicators are standing at a neutral position with just one indication of sell. The oscillators are neutral while the moving averages are strongly bullish.

    A trader has identified Solana crypto in an ascending channel formation. The channel has been under formation since February while the bullish trend of Solana has now been continued for a fifth month on the logarithmic view. The trader has also pointed out towards a flag formation inside the channel. The flag formation makes the price level of $43 as strong support for the cryptocurrency. If Solana is able to hold the support level, there is a good chance of an upward break out from the channel which will lead to higher highs for SOL coin.

    Why is Solana (SOL) bullish?

    ChainSwap the cross-chain bridge has partnered with the Solana-based automated market maker and liquidity provided Raydium. The partnership will enable ChainSwap towards a bridge from Solana to EVM. The union will also increase the capabilities of Raydium by allowing liquidity creation on the platform.  The developments are said to lead the way towards the evolution of decentralized finance by leveraging the power of Solana blockchain.

  • Litecoin (LTC) new ATH – What to expect?

    Litecoin (LTC) new ATH – What to expect?

    Litecoin (LTC) has been surging. The cryptocurrency finally broke its all-time high of 2018 by establishing a new ATH at $412. At the time of writing, LTC crypto stands at a price level of $402. The price has increased by 15% in the past twenty-four hours while the daily trading volume has surged up by nearly 100%. Litecoin (LTC) is showing increased bullish divergence which can lead the coin even higher. Litecoin has had almost 550% gains in the yearly timeframe. The crypto has been regarded as the relatively stable one but that may be reversed given its recent surge.

    Litecoin (LTC) technical analysis

    The market sentiment for LTC coin is bullish. Out of the 26 technical indicators, sixteen stand at a position of buy while seven are standing at a neutral position with just three indications of sell. The oscillators are neutral while the moving averages are strongly bullish.

    A trader has set a price target of $450 followed by $500 for Litecoin in his price prediction. The trader has identified various crucial levels for the cryptocurrency which hints towards increased bullish divergence. The trader has identified the price level of $355 as crucial support level. If LTC crypto falls below the level it can enter a support zone in the hopes of stabilization but the fall would entail the rising pressure of the bears. A green zone lies above the price level of $355. The green zone is a signal of strong bullish divergence which could ultimately lead LTC coin towards the set price targets.

    Litecoin (LTC) price prediction

    Trading beasts’ forecasts are not bullish on the cryptocurrency and suggests a price of $260 by the end of the year. However, Wallet Investor has validated the price target of $450 as it is the value expected for LTC coin by the end of 2021. The 5-year forecast places Litecoin at a price level of nearly $700. Digital Coin Price is predicting Litecoin to have a price of $585 in 2021 while the 5-year projection shows Litecoin at $1,838.

  • Citigroup to join the ranks of corporate giants involved in crypto

    Citigroup to join the ranks of corporate giants involved in crypto

    The cryptocurrency industry is surging. The bull run of 2021 has matched that of 2018 – if not surpassed it. The key difference in the current bull run is that of attitudes. Corporate giants had been highly skeptical of cryptocurrency but now given their relevance, institutional are slowing coming to terms with the possibility that cryptocurrencies may, one day, become the mode of payment throughout the world.

    The major development of the current bull run was the pace at which Wallstreet giants have accepted the cryptocurrencies. The institutional interest has also further propelled the bull run of 2021. Although the market appears to be cooling down slightly, the institutional interest is not.

    Citigroup, the financial services firm, is considering dipping its toes into the crypto sphere. The firm’s global head of foreign exchange Italy Tuchman told Financial Times that Citigroup is considering offering cryptocurrency exposure to client. Tuchman furthers that the inevstemtn bank is currently discussing trading, financing and custody services. However, the bank has not finalized anything yet and a decision will be reached only after careful deliberation. Tuchman commented that the firm will tread carefully as to not get into trouble with regulators. The consideration of offering crypto services resulted from an increased client demand.

    Morgan Stanley is offering its wealth management clients access to Bitcoin funds. Goldman Sachs has relaunched its cryptocurrency trading desk. JPMorgan has also launched its own crypto exposure product due to high client demand. Tesla, the electric car maker, has began accepting payments in Bitcoin. Apart from these, MicroStrategy – the business intelligence firm, Meitu – the Chinese selfie app, Jack Dorsey’s Square and many others have also heavily invested in cryptocurrencies. With Citigroup now joining the ranks too, the institutional interest in cryptocurrencies is only increasing.

  • Turkey’s new policy on crypto monitoring

    Turkey’s new policy on crypto monitoring

    The Turkish government has not been a fan of cryptocurrencies – to say the least. The government likes to maintain a strict control over its digital payment ecosystem and any disruptions are not tolerable. The Turkish government had also banned PayPal in the country for the same purpose. Now, the rise of cryptocurrencies has posed a challenge for the government and the regulators in the country.

    The Turkish Minister of Treasury and Finance Lutfi Elvan announced a new policy that forced cryptocurrency exchanges in the country to inform the Financial Crimes Investigation Board (MASAK) about crypto transactions that are valued above $1,200. The country has banned the use of cryptocurrencies as a mode of payment and now the regulatory body, MASAK, is given the power to oversee and audit cryptocurrency exchanges. MASAK has also prepared a detailed guide for crypto exchanges in the country to be followed without exception.

    Regulation of the cryptocurrency sphere has been regarded as a complex task throughout the world but now as the industry is set to become larger than life itself, governments. Have proactively started taking measures to control and regulate the market as much as possible. The South Korean government has been one of the most active in terms of cryptocurrency regulation. A law has been imposed which requires accounts on crypto exchanges to be based only on real names while another law imposes a 20% capital gains tax on cryptocurrency profits.

    The IRS, too, has finally put its approved “John Doe” summons to use. A Federal court in California granted a motion for Kraken to provide client information to the tax regulatory authority. The wave of regulation in the cryptocurrency sphere may only be the beginning of what is to come.

  • Elon Musk turned bearish on Dogecoin (DOGE)?

    Elon Musk turned bearish on Dogecoin (DOGE)?

    Dogecoin (DOGE) the meme cryptocurrency had become an internet sensation partly due to the hype created around it by Tesla CEO Elon Musk. Musk had been named the unofficial ‘Doge father’. The billionaire CEO had been an ardent supporter of the cryptocurrency and had played a key role in the surge of the cryptocurrency.

    Musk had been consistently posting tweets on his Twitter handle which has resulted in volatile surges of Dogecoin. Tweets that depict Doge to the moon have been responsible for the cryptocurrency’s higher highs. Dogecoin had started off as a joke between two engineers and the cryptocurrency was nearly dead prior to the bull run of 2021. But, Dogecoin surged around 14000% in 2021. The upward move of Dogecoin has been regarded as similar to the GameStop fiasco.

    The role of Elon Musk in the hype of Dogecoin had been criticized by many citing Dogecoin does not really have any intrinsic value and Elon Musk and the likes are manipulating the market. Musk had also been advised to take a back seat as his twitter feed may warrant a SEC probe.

    Musk is set to appear on Saturday Night Live (SNL) and the appearance has been regarded as one of the most anticipated moves by the Dogecoin community as Musk is expected to vocalize his support for the cryptocurrency on a more official platform.

    However, the billionaire CEO may have turned bearish on his favorite meme crypto. Hours ahead of his SNL appearance, Musk had reminded the masses that cryptocurrencies are primarily speculative and it is not at all advisable to invest one’s life savings in something mere speculative. The Tesla owner has also commented to not be hoping for any more price pumping posts from him.

  • Filecoin (FIL) may break resistance at $175

    Filecoin (FIL) may break resistance at $175

    Filecoin (FIL) has been amidst market corrections since the end of March when it established its all-time high at $237. The cryptocurrency has had upside pullbacks ever since but none as effective to completely lift it out of the market retracements. At the time of writing, Filecoin is trading hands $151 apiece. The price of the cryptocurrency has fallen by 4% in the past twenty-four hours while the trading volume has declines by 15%. Filecoin currently stands at twenty-one in the market. Filecoin crypto has had a brief period as the top ten cryptocurrencies in the market during its bullish momentum.

    Filecoin (FIL) technical analysis

    The market sentiment for FIL is bullish. Out of the twenty-six technical indicators, ten stand at a neutral position while nine are giving out a signal of buy with just five indications of sell. The oscillators re neutral while the moving averages are strongly bullish.

    A trader has identified Filecoin to be operating in a triangular formation. FIL crypto had begun forming the triangle since April. The trader is waiting for a break out confirmation from the formation in order to validate the target price set for Filecoin. Per the trader the price level of $175 is a strong resistance level for FIL crypto and the next price target. The resistance level has been firmed through the historical price action of FIL coin. If FIL crypto is able to break out of the triangle, then it can be expected to reach towards $175.

    What is Filecoin (FIL)?

    Filecoin is a decentralized storage platform utilizing the blockchain technology. Cloud storage platforms like Amazon have been facing problems because of centralization. The decentralization of Filecoin provides numerous benefits over centralized cloud storages like better security and efficiency.

  • Uniswap (UNI): Heading towards resistance level?

    Uniswap (UNI): Heading towards resistance level?

    Uniswap (UNI) has been hit by market corrections after the cryptocurrency established an all-time high at $44.97. At the time of press, Uniswap stands at a price level of $40.25. The price of UNI coin has fallen by 3% in the past twenty-four hours while the daily trading volume is on a slow rise. Ranked eleventh in the market, the capitalization of the cryptocurrency has also fallen in lieu with the price.

    Uniswap (UNI) technical analysis

    The technical indicators are giving out a buy signal for Uniswap – indicating towards a bullish sentiment in the market. Out of the twenty-six technical indicators, ten bare standing at a neutral position while twelve are giving out a buy signal with only four indications of sell. The oscillators are neutral while the moving averages are strongly bullish.

    In the 45 minutes timeframe, Uniswap has been identified to be operating in a descending channel formation. The descending upper boundary is acting as strong resistance for UNI coin while the lower boundary has been established as strong support. Uniswap has retested the support at the lower boundary and it had held. After falling lower than the 20-day Moving Average and with the 20-MA acting as resistance, UNI coin has, once again, gone above the MA level. Keeping the upward movement in mind, UNI crypto may retest the resistance level at around $43 – or at least head towards that level.

    Could Uniswap break its ATH?

    The recent bullish trend in Uniswap’s market can be accorded to the launch of the V3 update. The V3 was the most anticipated upgrade of the decentralized exchange. The most powerful version to date, V3, provides increased capital efficiency and better infrastructure for traders.

    While the V2 protocol is still live on Ethereum’s blockchain, it is expected that eventually majority of the users will migrate to V3. In just two days after its launch, users have registered complaints primarily about the high gas fees. However, it has also been reported that the V3 has processed more than double the volume that V2 did in its first month. The newer version of the Ethereum-powered automated market maker can take it to newer highs.

  • Another country taking the leap toward CBDC: Kazakhstan

    Another country taking the leap toward CBDC: Kazakhstan

    The National Bank of Kazakhstan, NBRK, has issued a report on a digital tenge pilot and has opened a public consultation on the central bank digital currency.

    The digital tenge is a new kind of money to be issued by the central bank which is designed to increase the efficiency of the payment ecosystem in the country by reducing dependance on cash settlement. The National Bank has stressed that the CBDC is not aimed at replacing cash or the currency of the country. In fact, it is designed to act merely as an aide in the payment ecosystem. The CBDC is to be used an as alternative to conventional payment methods.

    According to NBRK the digital tenge will improve the competitiveness in the market and act to strengthen the financial system in the country. The bank has also paid attention towards privacy and security concerns with the digital tenge.

    China is the first major economy to take a step towards a central bank digital currency. The largest country by population has launched a digital yuan – e-renminbi. The country has successfully run pilot tests and banks are actively promoting the digital yuan. The digital yuan marked a new phase in the digitization of the globe. As the country also likes to maintain strict control over the digital sphere, the digital yuan will also act as a tool for that.

    The Bank of England, BoE, had also been debating the issuance of a central bank digital currency for quite some time now. However, the bank has been hesitant in launching one. Although the bank has not officially stated a decision yet, it has started recruiting for CBDC positions. More countries may soon follow suit with launching their central bank digital currencies.