Polygon Adoption is Exploding- MATIC Price Expected to Exceed $2, Landing in Top 5 Soon!
Polygon is among the platforms which hold immense strong fundamentals regardless of the price movements of its native token ‘MATIC’. The price experienced immense bearish action in recent times but the year 2023 ignited a notable upswing that is believed as a revival of a bullish trend. Despite the bearish interference, some indicators signal the uptrend may not stop until the MATIC price does not reach $2.
The Layer-2 chain has been holding a strong grip over the DeFi space with numerous projects and collaborations. The most recent to join the forces was a decentralized protocol Dopex Finance.
The MATIC price reacted positively and spiked notably which was also fueled by the bullish market sentiments during the past trading week. This comes soon after the chain completed its hard fork to increase the stability, and speed and also reduce the gas fees on the Ethereum chain.
In the meantime, MATIC’s price is displaying strong fundamentals as the positive sentiments prevail with the possibilities of a price continuing to swell in the coming days.
The MATIC price underwent a parabolic recovery to reach the pre-FTX price levels beyond $1.2 and appears to lay down a significant upswing after withstanding a minor bearish pressure. The RSI is maintaining the lower support at 60 and bouncing off at every contact pointing out toward the strength of the bulls and being self-assured of the impending rally towards the north.
Besides, MATIC has surpassed Shiba INU to become the most traded token of the top Ethereum whales, while the TVL of the Polygon chain has also surged notably. The social dominance of the token has also surged with a jump in the transaction volume. Hence considering all the factors, one of the top analysts believed the token to be featured in the top 5 very soon.
Moreover, Mike McGlone, a popular Bloomberg Strategist in his report says that Polygon has the 3rd-largest ecosystem for dApps with more developers compared to that rivals like Avalanche and Fantom. The report also highlights the growing adoption of corporate giants like Nike, Disney Starbucks, Coca-Cola, etc in form of collaboration.
“Based on Polygon’s string of brand-name partnerships in 2H22, this year could be the year of mainstream NFT adoption. The explosion in active users on the network stemmed from several blockbuster corporate partnerships struck by the company behind the network, Polygon Technology,”
Here Are the Top Reasons Why Whales Are Stacking XRP
The bitcoin market is showing signs of profitability in 2023. For the first time in the past year, the total value of the cryptocurrency market has surpassed $1 trillion. Many people are speculating about the potential implications of the outcome of the legal dispute between Ripple and the SEC for the future of XRP and the broader crypto industry.
The 24-hour trading volume for XRP is currently over $1 billion, which is still quite massive. It was significantly below $1 billion at the beginning of January, occasionally falling as low as $400 million.
According to the data, the price of XRP has increased by a staggering 21% over the past 30 days. The price of other significant cryptocurrencies like Cardano (ADA) and Polygon (MATIC) increased by 50% and 53%, respectively, within the same timeframe, thus the traders were unimpressed by this boom.
Ripple released its Q4 2022 XRP Markets Report this week. It showed that demand for its On-Demand Liquidity (ODL) offering is still strong as the company generated net XRP sales of $226.31 million in just that one quarter. Such developments are particularly outstanding considering that Ripple is still involved in a public legal battle with the SEC.
According to a recent tweet by WhaleStats, among the top 100 BSC whales, Ripple (XRP) is now one of the ten most traded cryptocurrencies. XRP has also made it onto the list of the top 10 tokens bought in the previous 24 hours by the biggest BSC whales. The top 100 BSC whales are currently holding XRP worth $29.23 million, or 2.53% of their entire holdings, according to data.
On the flip side…
XRP is the top loser among the top 10 cryptocurrencies based on its performance over the previous 90 days. The price of XRP fell sharply by 17% throughout the aforementioned time. On the other hand, over the last 90 days, the price of bitcoin has increased by almost 10%.
Top Reasons Why Bitcoin Price May Soar Beyond $30,000 this Month
Bitcoin price again faced rejection in an attempt to rise beyond $24,000 for the second consecutive time in the past week, indicating the possibility of a bullish divergence soon. After starting the new year with a 40% upswing, the market participants were quite hopeful of the impending trend. However, after breaking the resistance at $23,300 that it held for nearly a week, the BTC price surged high to mark highs beyond $24,000.
But woefully, the levels quickly dropped, creating a sense of uncertainty among the market participants. However, the current trade setup displays larger possibilities of a bearish divergence but in the longer time frame, a breakout could be imminent.
The Bitcoin price is ranging within an expanding wedge that sets the upper target between $30,000 to $32,000. These resistance levels are extremely important as they carry a confluence of resistance points. Firstly, the crucial resistance zone between $31,100 and $31,800 collides with the upper trend line at $31,117. The formation of a bullish flag pattern may also uphold the possibility of a bullish breakout.
Moreover, the possibility of a continued upswing is believed to prevail for an extended period ahead. As the bull run which has been ignited just a moments ago is believed to mark their highs somewhere in September 2025 as predicted by a popular analyst TAnalyst
The analyst here offers substantial grounds to support his claims to the upcoming bull run that could resin for 2.5 years ahead. However, as per the prediction, the bear market is believed to kick in soon after the rally marks new highs for 2023 at around $45,000.
Top Analyst Predicts Bitcoin Price Tumbling to $20,000 Before the Week Ends
Some industry analysts continue to hold the view that Bitcoin’s price will continue to fall, despite the fact that it has just dropped below the well-publicized level of $23,000 and is now trading at $22,922.
What the Expert Says
Michael van de Poppe, a prominent crypto expert, started his prediction by pointing out that Bitcoin’s price dropped a bit over the weekend. This week sees the release of important economic statistics as well as earnings reports from top tech businesses, both of which will most likely have some kind of impact on the price of the king currency.
The expert predicts that Bitcoin will likely continue to soar up for a short period of time but that the token will then return back to its downturn and drop $20,000, imitating a scenario that was witnessed in 2021.
If bears are successful in driving the price below $22,800, the decline might extend to the 20-day exponential moving average, which is now at $21,716, and then to the psychological support level of $20,000 from there.
On the other hand, if the price manages to bounce back up after touching $23,000, this would indicate that the bulls have successfully turned the level into support. This might bring the probability of a rebound up to $25,211.
If the price of bitcoin and US dollar futures breaks through the level of $25,211, it is possible that it will surge into the region between $30,000 and $32,000. As a result, sellers are likely to protect this level with all their might.
Top Reasons Why Crypto Market is Down Today
The four-week crypto relief rally has lacked upward momentum in the past two days. According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively. As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.
“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist. “The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.”
The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales. Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market?
The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike. While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.
Notably, over $160 million has been liquidated in the crypto market in the past 24 hours. Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.
Why Crypto Market Dropped Suddenly? Here Are The Top Reasons
The Bitcoin price saw a modest increase over the weekend, reaching near $24k, however, these gains were short-lived and were erased during the European trading session as the price fell to around $23k.
The crypto market saw a liquidation of over $116 million in the past 24 hours. According to the latest market update from Coingecko, the total crypto market capitalization has decreased by 2% to $1.087 trillion.
The decline in Bitcoin price is indicative of a dip in the entire crypto market, as expected. Ethereum is currently trading at around $1,578, a 2% decrease from its value earlier today.
Among meme coins, Floki Inu experienced the largest decline, dropping 17% and trading at around $0.00002375.
Factors Attributing To BTC’s Price Crash
The fluctuations in Bitcoin’s market can be attributed to various macroeconomic factors, including the upcoming statement from the Federal Reserve on interest rates.
Most analysts anticipate the Fed to raise interest rates by over 25 basis points, which Mathew Dixon, CEO of Evai.io, believes will drive the Bitcoin price upward.
Additionally, a declining dollar is seen as a positive for Bitcoin, which is widely considered as a hedge against inflation.
Despite this, there have been ongoing discussions about a potential correction in Bitcoin’s price.
Binance has been accused of manipulating the market by pumping up the price using its BUSD market. As a result, it is expected that short-term holders and miners will outnumber the whale buyers, leading to a correction.
As January 2023 draws to a close, crypto analysts will closely monitor the monthly close. According to popular analyst Rekt Capital, a close above $23.4k on the monthly candle would indicate bullish sentiment.
Meanwhile, long-term Bitcoin attributes indicate a possible multi-week consolidation towards next year’s halving event. Most analysts expect Bitcoin to retest ATH and enter the price discovery region after the 2024 halving.
As the crypto market continues to evolve, it will be interesting to see how the industry reacts to the latest developments. Do you think Bitcoin will bounce back or continue its downward trend? Let us know your predictions.
Top Analysts Say Bitcoin May Rise to $25,500 in the Next 48 Hours
Bitcoin prices have been displaying bullish momentum which appears to have intensified in the past few days. The price which was stuck around $22,500 and $22,900, broke out of the narrow consolidation to mark interim highs around $23,960. In the meantime, the token appears to have formed one of the rare patterns that may rise the price levels by another 10% soon.
A popular analyst and a veteran commodity trader, Petter Brandt say that the star crypto has formed a ‘double-walled’ fulcrum pattern which is largely considered as bullish. The analyst also predicts the BTC price to rise by 2x to reach above $25K soon.
The Fulcrum pattern which was developed by the analyst himself is basically a reversal pattern similar to the double top or double bottom pattern whenever the chart is pushing the price upwards or downwards. It also indicates the potential turning point due to the exhaustion of either the bears or the bulls.
The analyst believes that Bitcoin has to reach the desired target very quickly else severe testing of the fulcrum could occur. Well, the analyst has been bullish on Bitcoin for quiet a long time and also maintains his $25,000 BTC price prediction until now.
Woefully, the ATR, or the Average True Range that displays the volatility of the asset has been trading flat while the ADX or the Average Directional Index that indicates the strength of the rally is forming constant lower highs and lows. Therefore, with the continued trend, even if the prices rise beyond $25,500, it may face a notable rejection ahead.
Crypto Market Analysis: Top Predictions for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) for February 2023
Bitcoin (BTC) Price Analysis
Bitcoin appears to accumulate gains as the price levels have been hovering around $23,000 for nearly a week. The RSI is displaying a bearish divergence while the MACD is about to flash a bearish crossover. Therefore, the BTC price is expected to face a minor rejection during the weekend that may trigger a bullish close for the month ahead.
The BTC price is manifesting both the possibilities of rising beyond the interim resistance at $24,400 and surging below $21,800. An equal bullish and bearish impact is been recorded due to which the volatility of the asset has been slashed hard.
However, the upcoming weekend may turn the tables for the BTC price and either of the targets may be achieved. Meanwhile, a bearish outcome is more likely which may slash the price below $21,000 but the upcoming week could be bullish.
Ethereum (ETH) Price Analysis
The Ethereum price in constantly trading along the resistance of the falling wedge for more than a week now. The price slightly deviates towards the south and hence the bears are slowly gaining strength and may display a giant action during the weekend. Moreover, the Bolinger Bands are also displaying a contraction which reduces the bullish possibilities to a larger extent.
The current trade setup displays the possibility of a minor pullback and plunges down. However, in case of an extended bearish action, the price may find a base to rebound at 200-day MA which is located at $1424. This may trigger a notable upswing that could uplift the price levels beyond the upper resistance and reclaim the crucial levels at $1767 in the coming month.
Ripple (XRP) Price Analysis
Ripple price broke above the bearish trade set up after the first fortnight of 2023 and began to consolidate heavily around the resistance. The price just made a failed attempt to rise beyond $0.43 intensifying bearish action and slashing the levels close to $0.41 at the moment. However, the upcoming weekend is believed to be highly volatile that may display a giant price action.
The XRP price is testing the crucial resistance levels and displays huge possibilities of a bearish breakout in the next 24 to 48 hours. While the lower support levels are fragile and hence may not hold the rally. However, the bulls may not allow the price to drop heavily as they appear to be well in a position to defend the gained levels. Therefore, after a brief consolidation, the XRP price is believed to rebound finely to reclaim levels above $0.45 soon.
Top Cryptos With the Most Potential For Massive Growth in February
As the entire crypto market continues to be in what has been mostly a bull market for the past four weeks, the crypto community is ecstatic to see what February brings and which cryptocurrencies have the most potential to see a huge surge.
Bitcoin (BTC)
The world’s largest cryptocurrency has been seeing some cool bullish action. After breaching $23,000 sometime a week ago, the king coin came down below the support level and staggered around $22,500 for a couple of days, but as of the time this article was written, BTC has once again crossed over to $23,090, as it makes it way to $25,000.
Analysts continue to be pessimistic, and Bitcoin continues to prove them wrong. Recall that BTC left 2022 hovering around $14,800, therefore it has increased by around 40% in just four weeks. On-chain signals have mostly been bullish throughout the month, and they remain so even at press time. I’d say Bitcoin has the most potential for massive growth next month as adoption continues to be on the rise.
Cardano (ADA)
It is worth mentioning that ADA is the best-performing crypto among the top 10 over the past week. The Hoskinson-founded token has risen by 4.2% in the last twenty-four hours, bringing its price to $0.398 at press time and it seems to be heading directly for $1. While I can’t say for sure that the key level will be breached in February, ADA does show signs of massive growth over the coming month.
Polygon (MATIC)
Over the past thirty days, MATIC has increased by nearly 45%, from $0.7 to $1.12 at press time. The token has a lot of potential for huge growth in the near future as on-chain signals and analyses indicate a bullish run for the token.
Ethereum (ETH)
Like Bitcoin, Ether has also been maintaining strong bullish movements. Although the largest altcoin has been lounging at the comfortable resistance level of $1,500 the entire month, several analysts seem to believe ETH will spike to $3,000 or more before the middle of the year. Notably, the token has increased by 36% in the past thirty days seeing as it bid farewell to 2022 at barely $1,200. Before the end of February, the token has the potential to surge past $2,000.
Top Reasons Why Aptos May Resume Rising Towards the North Soon!
Aptos price surged from the ranges around $3.5 to mark the yearly highs beyond $20, attracting immense bearish activity at the moment. The extended consolidation has however raised the speculation of a massive sell-off for the crypto is fast approaching. However, regardless of the current trade set-up, the APT price continues to flash extremely bullish signals that may set off a fresh upswing very soon.
The APT price marked a new ATH of $20.39 after surging by more than 400% since the beginning of 2023. The rally is speculated to shed all of its gains due to the weak fundamentals and an increase in negative market sentiments. However, below mentioned are some of the reasons that indicate the Aptos rally may resume any time from now.
Facebook’s Brain Child
Aptos is the end result of Facebook’s attempt with the Libra Blockchain which failed to receive a regulatory nod due to which it was forfeited mid-way. The team behind Libra further found Aptos which is a decentralized version of the abandoned project. Also, the platform raised a $300 million fund in 2022 which was followed by Binance investing to help boost the ecosystem.
Constant Developments
The network was launched at the beginning of Q4 2022 and is still in the early stages of its development. Presently, there are only a few countable projects and smart contract activity on the chain. The APT transfers currently record more than 95% of the blockchain transactions at the moment. However, the development activity has been surging as the number of developers on Aptos has now surpassed Avalanche and Tezos but continues to be behind Solana, Polkadot, Cardano and Ethereum.
Mounted Bullish Momentum
With the sudden rise in the APT price, many continue to remain in disbelief that Aptos’s market cap surged beyond $2.8 billion and the token marked an entry into the top 30. However, now that the bullish sentiments have mounted, going against the trend may not be a good idea for traders. However, the APT shorts is also surging as the price is marking new highs. This may further create an opportunity for a short squeeze that may swell the price soon.
Selling Pressure May Not Mount
The Aptos tokenomics has been built in such a way that the selling pressure is limited for the first year from its launch in October 2022. The APT remains locked with the investor for a period of a year until October 2023 after which the circulating supply of APT could be raised significantly. Until the tokens are unlocked, traders receive their staking rewards which is the only way to inflate the prices as of now.
APT Kimchi Premium
The Kimchi premium is nothing but the gap between the crypto prices in South Korean exchanges and the other global exchanges. The buying interest for APT is flooding through the Korean exchanges with the won pair on the UpBit exchange. The exchanges are recording nearly 40% of Apto’s trading volume and the APT prices are also traded 1% to 3% at higher prices compared to the other exchanges.
A Massive Sell Off For Aptos Ahead, Claims Top Analyst
The year 2023 has so far been a positive one for cryptocurrencies, especially the twenty sixth cryptocurrency, Aptos which has offered 10x profit to investors. Aptos which was launched in mid-Oct 2022 has managed to gain more than 400% since 2023. The altcoin also hit an all-time high of $19.61 on January 26, 2023.
At the time of reporting, Aptos is trading at $17.87 with a fall of 0.51% over the last 24hrs.
Aptos To Face A Huge Sell Off
While Aptos investors are enjoying their profits, most of the industry experts believe it to be a pump and dump event which will see a pull back soon. One such crypto analyst known with an anonymous name, Kaleo. The analyst is trying to inform his 559,500 Twitter followers that this smart contract-enabled blockchain will soon see a sell off against the US dollar.
Kaleo claims that when Aptos is compared with Bitcoin which is about to form an upward movement, Aptos will most likely see a massive sell off.
However, it is also important to note that Aptos, which started the year 2023 at $3.45, managed to hit an all-time high of $19.61 just a day ago. This phenomenon points towards the currency’s massive bull run.
Bitcoin At $45K
On the other hand, Kaleo also spoke about Bitcoin’s price action where he claimed that the flagship currency will soon overpower altcoins. Further the analyst believes that Bitcoin might soon move towards $45,000 level before sliding below $30,000 this year.
At the time of writing, Bitcoin is valued at $23,104 after a surge of 1.25% over the last 24hrs.
Top Altcoins For February – These 5 Cryptos May Print Exceptional Journey in Volatile Market
As the crypto market continues to be unpredictable and has brought high volatility in the last few hours, investors and traders remain confused about whether a bull market is on the horizon or a bearish bloodbath is waiting for them in February.
Bitcoin Price Analysis
BTC has lost its crucial price level of $23K and made a minor downward retracement to its 23.6% Fib channel. As of writing, Bitcoin hovers around $22.6K, declining nearly 1% from yesterday’s performance.
According to a prominent crypto analyst, Transparent-fx, the rejection at $23K may plunge Bitcoin to the bottom price range of $21.2K-$21.6K. However, BTC price may again aim for a breakout above $23K by the next week after a bearish consolidation near $21.5K.
Ethereum Price Analysis
The crypto market has undergone a downtrend as bears get a wake-up call to put selling pressure on the price chart. ETH price has been experiencing a severe bearish trend as it sparks a downside correction at $1,600.
TradingShot, a well-known crypto trader, predicts that the Ethereum price may shoot up in February. The analyst stated that ETH price has formed a ‘cup-handle’ pattern and may take support at $1,440, from which it can rebound to its September high of $1,795.
XRP Price Analysis
XRP has become a favorite altcoin in the market with the anticipation of Ripple’s winning against the SEC and its total market cap surpasses $1 billion in the last 24 hours.
A well-known altcoin analyst, Murkser, predicts that XRP will moon soon if it breaks above $0.044. The analyst noticed a similar price trend in 2017, which may boost the token if it follows the historic breakout. It is predicted that the XRP price may retest its resistance near $0.4321 next week to confirm a bullish trend in February.
ADA Price Analysis
Due to the anticipation of the stablecoin launch DJED, Cardano has been performing relatively well among other altcoins as it has taken support near $0.3468. However, Cardano may remain bearish if the altcoin market does not recover from the current trend. A breakout above its 23.6% Fib level may push the ADA price to trade at $0.42.
SHIB Price Analysis
Shiba Inu’s price is predicted to rise as its volume does not seem to slow down. MadWhale, a famous altcoin analyst, predicts that SHIB price may surge to $0.00003 by the first week of February.
Aptos (APT) Price Skyrockets 120% – Discover The Top Reasons Behind The surge
As expected, the altcoin market, led by Aptos (APT), has rallied higher compared to Bitcoin in the past few weeks. Short-term holders and crypto miners have been reported taking profits after a year-long bear market. According to aggregate data provided by Coinglass, over $109 million has been liquidated in the crypto market and APT is the third largest after Ethereum and Bitcoin.
Reportedly, over $14.5 million has been liquidated by APT traders in the past 24 hours after the asset retested an ATH set immediately after launching. The psychological resistance level coincides with an overbought RSI indicator that signals an imminent retrace.
Closer Look at Aptos (APT) Market Outlook
The newly launched layer 1 blockchain has attracted huge crypto investors’ attention in the past few weeks. According to our latest crypto price oracles, APT has rebounded from $3.2 to a high of around $20 in the past four weeks. The APT price action is well bolstered by the institutional investors including Binance that have supported the projects.
Most importantly, on-chain data shows that Aptos’ top 20 investors hold a total of 155,576,835 $APT worth approximately $2.76 billion. As a result, these APT whales account for about 15.3 percent of the total supply.
Interestingly, the top address “Aptos 1” received a total of 729,000 APT worth approximately $12.78 million in the past 24 hours. However, the address sent out over $13.44 million in the same period.
Notably, Aptos undertook several fundraising to support its Web3 development projects. Moreover, the Aptos project involved over 350 blockchain developers in the past two years before launching. The crypto project raised over $350 million last year from key investors like Andreesen Horowitz, Coinbase Ventures, and Paxos, among others.
Top 3 Altcoins to Splash Out in February 2023-Do You Have Some in your Portfolio?
The post Top 3 Altcoins to Splash Out in February 2023-Do You Have Some in your Portfolio? appeared first on Coinpedia Fintech News
The crypto space has geared up due to which a significant bullish momentum has piled up within the markets. As long as Bitcoin price continues to sustain above the gained levels, altcoins are believed to thrive and showcase a notable upswing in the coming month. The large-cap altcoins are supposed to surge as BTC price marks its highs beyond the next resistance, which is above $24,500.
Ethereum (ETH)
- The Ethereum price has been trading within a falling wedge pattern which is largely considered bullish in the near future
- The token is believed to undergo rejection and reach the lower support beyond which a giant price action may be triggered following a rebound
- Woefully, the price is displaying a bearish divergence by facing rejection at the resistance, due to which the bulls may remain passive until the price squeezes out a little.
- Therefore, the price may now reenter the wedge and shed some of its gains to attract the bulls who may uplift the price beyond $1800 soon
Cardano (ADA)
- The Cardano (ADA) price is trading within a descending parallel channel but holding the average levels of the channel
- Presently, the price has risen significantly and testing the upper resistance of the channel and may probably face a major rejection to drop hard
- In such case, the price could retest the lower support that resides around the average levels of the channel, beyond which a notable upswing may follow
- If the bulls regain strength and ignite a rebound, then the price could resume with a notable upswing and may even breach the upper resistance of the channel and surge high
Ripple (XRP)
- XRP price has been manifesting enough strength since the beginning of the month and despite significant bearish interference, the trend continues to remain elevated
- Presently, the price is facing rejection after testing the immediate resistance and heading toward the south
- Moreover, an extended bearish action may even drag the prices lower below $0.4 in the coming days which may attract more liquidity to the platform
- With a rebound, the price may quickly rise beyond $0.45 and head towards $0.5, facing a significant bearish action at frequent intervals.
Top Reasons Why Bitcoin Price Lost Its $23K Resistance
The crypto market kicked off the year 2023 on a positive note and majority of the cryptocurrencies landed on a high trading area. However, now it looks like the market has taken a U-turn as most of the currencies including Bitcoin, Ethereum, XRP, Cardano, Solana and other large cap currencies have registered a loss. The Bitcoin price has shed nearly 1.5% in the last 24hrs while the lead altcoin, Ethereum, has lost its $1,600 level.
At the time of publication, Bitcoin is selling at $22,656 after a drop of 1.2% in the last 24hrs. Also Ethereum has lost 4.57% in the span of a day and is now trading at $1,553.
Why Is Bitcoin Price Down ?
The last three weeks of January have been exceptionally good for cryptocurrencies. Nevertheless, now as the flagship currency, Bitcoin gradually makes a downward movement which is considered to be highly unusual considering its last few days performance. This also points towards investors who have become less optimistic towards bitcoin’s price action.
It’s a known fact that Bitcoin and other large cap cryptocurrencies are highly correlated with tech stocks. Hence, this becomes one of the reasons for Bitcoin and other cryptocurrencies to register a loss today.
Secondly, the crypto market might be reacting to the upcoming US fourth-quarter gross domestic product (GDP) which is set to be released Thursday.
Thirdly, the market experts point towards the entry of hedge funds into short positions. Next, the volatility in the crypto market could be due to Microsoft’s cloud outage which has affected investors’ sentiment. Lastly, traders anticipating ease in the monetary policy in the coming days might have caused crypto market volatility.
However, next week’s Fed meeting is expected to give these cryptocurrencies a much required push if the inflation rate is decreasing.
Why Bitcoin Price is Down Today? Here Are The Top Reasons
The crypto market has undergone a predicted correction following a three-week rally, with total market capitalization declining by 3% in the past 24 hours. The second largest digital asset, Ethereum (ETH), has dropped approximately 5% in the last day, trading at around $1,554 on Wednesday.
Additionally, over $227 million has been liquidated in the crypto market in the past 24 hours. However, on-chain data suggests that there may be further pain in the near-term future.
According to on-chain analytics firm Glassnode, short-term holders and Bitcoin miners are heavily selling their positions during the relief rally. Despite this, long-term holders are experiencing all-time high levels of Bitcoin accumulation, leading to a fierce tug-of-war between bulls and bears.
Reportedly, on-chain data shows a significant resemblance between the 2018/2019 bear market to the 2022 one. Nonetheless, the macroeconomic factors have significantly changed and the crypto market is no longer reliant on the speculative aspects.
“The recent surge in Bitcoin price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis. A sustained duration above these key psychological levels would be considered constructive,” Glassnode indicated.
What is the point of return for the crypto markets?
Following the recent crypto rally, many coins have regained their pre-FTX trading levels. However, the impact of the FTX and Alameda collapse is still being felt, as evidenced by Genesis Trading, a subsidiary of Digital Currency Group (DCG), recently succumbing to the losses.
Popular market economist Peter Schiff predicts that the Bitcoin price will soon fall below previous low levels. Schiff believes that the crypto market, including Bitcoin, is headed for a prolonged period of decline.
Top Analyst Updates Targets For XRP, Bitcoin And Another Altcoin
After registering a bullish momentum for nearly a month, the crypto market is now dwindling between bears and bulls. The first born cryptocurrency Bitcoin which had regained its long lost $23K level, has now been pulled back towards the $22K area. The similar pattern is followed by Ethereum, BNB, XRP, Cardano, Solana and other large cap altcoins.
At the time of publication, Bitcoin is valued at $22,669 with a plunge of 1.30% over the last 24hrs.
XRP To Spike In The Coming Days
While major cryptocurrencies face the heat of negative pull back, a popular crypto analyst and trader is forecasting a bullish target for Bitcoin, XRP and SYN. The analyst who is anonymously known as Cantering Clark informs his 159,200 Twitter followers that Ripple’s XRP is all set to see a massive upward movement.
As per the above chart, the analyst is trying to convey that XRP has surpassed its high volume node range along with maintaining its trade above $0.422. However, at present the altcoin has lost its $0.42 level.
Currently, XRP is changing its hands at $0.407 after a loss of 4% over the last 24hrs.
Bitcoin’s Bull Run To End In FOMO
Next the strategist shifts his focus towards Bitcoin where he claims that the flagship currency is yet to complete its bull run. He then hopes that Bitcoin’s bull run will end with fomo (fear of missing out).
Synapse (SYN) To Surge 115%
Lastly, the analyst concludes his analysis with Synapse (SYN) which is a platform that allows transfer of digital assets between blockchains. According to Clark, Synapse is set to spike nearly 115% once SYN moves beyond $0.70 level.
At the time of writing, Synapse is trading at $0.797 with a pull back of 9.71% in the last 24hrs.
Top Altcoin to Watch: With a 50x rally, this Layer-1 Token May Soon Outperform Bitcoin and Ethereum!
As the markets are turning a little bullish some of the altcoins are gaining significant gains. Among them is Avalanche (AVAX) which is believed to explode in the coming days. Crypto Bull and CIO of Morgan Creek Capital, Mark Yusko says Avalance (AVAX) has the potential to skyrocket by 50x in the next bull market.
In an interview, the veteran says that the popular smart contract platform may even outperform the entire crypto space.
“The key to investing in this ecosystem is diversification. Don’t pull all your eggs in one basket. You want to have a big chunk in Bitcoin. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop.
Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today-even if you go to $4 trillion, that’s a 10-bagger. Ethereum is at almost $200 billion – if it gets to $4 trillion that’s almost twice as much.
But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum..it could be maybe 50x.”
Avalanche (AVAX) price is currently trading at $17.30 with a massive drop of 6.89% in the past 24 hours.
The AVAX price which was trading within a rising wedge, dropped down slicing through the lower support of the wedge. However, after undergoing a minor bearish action, the price has ignited a notable correction phase. As a result, the bearish influence is expected to fade quickly, but it may remain valid until the price rises above $18.
Top Crypto News Today-Traders Invest in Small Cap Altcoins, Is Bitcoin’s Party Over?
As the crypto markets gained some momentum, Bitcoin, Ethereum, and other Altcoins also surged, recovering from the losses incurred after the FTX collapse. BTC’s price surged above $23,000, while Ethereum headed towards $1700. Woefully, both failed to hold a tight grip over the rally that plunge below their respective levels.
In the meantime, traders after gaining significant profit appear to diversify their portfolio and hence gain interest in the small-cap altcoins. As per the data from Santiment, the investors are now moving out of the large-cap tokens like Cardano, Solana, etc, and investing in the other tokens within the top 200.
The platform lists a steep raise in the daily active addresses of the altcoins with a market cap below $300M like Chianbing (CBG), Morpheus Labs (MITX), Monetha (MTH), Polytrade (TRADE), PlusPad(PLSPAD), Ribbon Finance (RBN), etc and many more. The money has flown from the large caps like Cardano (ADA), Solana (SOL), Polkadot (DOT), etc which had made huge headlines in the first 3 weeks of January.
These altcoins are pretty small and hence the money flown from larger alts may draw a huge impact. Therefore, if the rotation on money continues, then these small-cap altcoins may witness a positive upswing in the coming days. On the contrary, these altcoins may also plunge hard if the traders wish to extract their profits.
However, new token exploration is always risky but is also equally important to distribute the dominance within the markets.
Lark Davis’ Top DeFi Picks: Keep An Eye Out For These Upcoming Improvements & Catalysts
The blockchain industry is about to see the arrival of several significant DeFi improvements and catalysts in the near future.
Lark Davis, a crypto expert, outlines the most significant ones to keep an eye out for. Let’s explore.
Curve Finance: Curve Finance, which is the largest stable swap protocol and the fourth largest DeFi network, is launching its own stablecoin called CRVUSD. This coin has the potential to offer new revenue to holders of CRV, so it’s definitely worth looking out for.
Shibarium: Next on his list is Shiba Inu’s eagerly awaited Shibarium, a Layer 2 blockchain that has the goals of accelerating transaction times and reducing transaction costs in order to facilitate the expansion of the Shiba Inu ecosystem.
Aave: is all set to deploy its V protocol, which is anticipated to provide more efficiency, decreased gas prices, improved layer two support, and simpler cross-chain liquidity to the platform.
Synthetix (SNX): is releasing its V3 governance module. According to reports, the newly added module would make it simpler for the network to make governance choices with a reduced number of personnel. This is a reaction to difficulties with voting that Synthetix has encountered in the past.
Woo X: The exchange is working on implementing perpetual swaps, has burned a significant amount of tokens and is researching other tokenomics models.
GMX: Last but not least, GMX is mulling an expansion to BNB Chain, which would be its third expansion after Abriturm and AVAX respectively. It has already presented a plan that details the manner in which it intends to integrate the platform with BNB.
Because the cryptocurrency industry is in a state of perpetual flux, it is quite expected that new technologies and applications will be developed in the near future. These advancements could alter the way we think about and interact with the blockchain.
Top Analyst Predict Bullish Continuations for XRP, APT & FTM- Is This the Beginning of Altseason or a Bull Trap?
The crypto markets traded sideways throughout the past weekend as the price of the major tokens appears to have been fluctuating within a range. The BTC price is also unable to breach the crucial resistance at $23,000, which was expected to be cleared quickly after clearing the pivotal zones at around $22,800.
However, some of the altcoins are displaying immense potential to rise beyond the resistance and maintain a notable upswing in the coming days. A popular analyst, Micheal van de Poppe, believes these tokens may maintain bullish momentum and clear the barrier soon.
Here’s his outlook on the key altcoins you need to keep a watch on for now.
Ripple (XRP)
Ripple has been showing significant strength which led to a 30% upswing in the past couple of weeks and uplifted the price beyond the crucial levels of $0.42. After the fresh upswing, the XRP price is believed to experience a minor pullback below $0.4 regions which may further trigger a strong recovery.
“That worked out for XRP
Now, I’d like to see $0.395 and hold as support
It not, then I’d be looking at $0.35 next,”
Fantom (FTM)
The Fantom price surpassed the main target by close to $0.25 and surged heavily to reach $0.4. Currently, the asset is facing some bearish action, which is preventing the price from rising above the highs.
However, the bulls are resilient and have been able to hold the price close to $0.4 which elevates the possibility of a bullish breakout in the next few hours.
“ This one should provide continuation in the coming week, but preferably I’d be cautious here too.
Aggro entry zone is around $0.34, which is a must-hold. Did give a bounce already.
Conservative long approach around $0.305,”
Aptos (APT)
Aptos price, after a massive start in November, maintained a descending trend and within a very narrow range. The trading volume also remained extremely low due to which the price maintained involatile. However, the trend flipped heavily since the start of 2023. The bullish volume exploded and the momentum remained elevated.
“ This one has been accelerating quiet fast and I’m getting comments whether it can reach $360 this year.
Time to be conservative on this asset.
Aggro entry approach-$11.25
Defensive entry approach- $8.25 – $9.
Going to be incredibly interesting market,”
CIP-30 To be Activated on Cardano Soon, Solana Re-Enters Top 10 Digital Asset, Snowfall Protocol Early Investors To Profit Over 5000%
The crypto market has been in a positive cycle lately, with many tokens seeing instant price gains. However, it is yet to be seen if tokens such as Cardano (ADA) and Solana (SOL) will be able to maintain their high growth rates for a long time. On the other hand, some newly launched tokens like Snowfall Protocol (SNW) have been growing consistently since launch. In this article, we will discuss what makes Snowfall Protocol (SNW) stand out from pre-existing and well-known tokens like Solana (SOL) and Cardano (ADA).
Cardano (ADA) developer discloses plans of CIP-30
A developer and contributor to the Cardano (ADA) crypto ecosystem, Adam Dean, has shared the specifics of his work on CIP-30. To connect crypto asset storage with decentralized applications, hot wallets based on Cardano (ADA) need the functionality of web page interaction, which may be achieved with the help of the proposed Cardano (ADA) enhancement. WooCommerce is the most popular e-commerce platform, and now Cardano (ADA) Mercury can be used as a direct payment channel between customers and business owners.
On the price front, Cardano’s (ADA) recent analysis shows that after a strong bullish period, Cardano (ADA) is trading at $0.36. After a few days of ups and downs, the price is 11% higher than it was earlier this week when it hit a high of $0.31. However, technical analysis suggests that the price might fall in the foreseeable future. Cardano (ADA) is still 78% below its price in January 2022, and it will take a long time for the cryptocurrency to recover.
Solana’s (SOL) dramatic price increase may fade soon
After a seven-day surge that saw its value increase by more than 70%, Solana (SOL) got ahead of Polygon on January 15, pushing it to the tenth spot on CoinMarketCap’s list of top crypto assets by market cap. Solana (SOL) returned to the list pushing other well-performing tokens below, especially after the FTX collapse of 2022. The sentiment toward Solana (SOL) appears to have turned positive again, as its price has increased by roughly 135% since the start of 2023.
In the past week, the market value of Solana (SOL) has risen from $5 billion to nearly $9 billion. Further, Mamba, the co-founder of the Solana (SOL) project, stated that believers in the token’s progress bought the coins, leading to a dramatic price increase in just 15 days. The growth of Solana’s (SOL) ecosystem was paralleled by the birth of a new meme coin, Bonk Inu. Solana (SOL) is still much behind its all-time highs and the token’s future depends upon the overall investor interest, which may fade over time.
Snowfall Protocol (SNW) wins in terms of price gains
Though the market was experiencing a dip, Snowfall Protocol’s (SNW) value has been steadily increasing. Snowfall Protocol (SNW) has performed very well since it was launched in the crypto market, and investors have been keen on finding what’s next for the revolutionary token. Despite the decentralized system not yet being live, investors of Snowfall Protocol (SNW) have seen remarkable returns of 500% since the token’s first presale phase.
The final Stage of Snowfall Protocol’s (SNW) presale is presently active, and the token is being offered at a 400% premium over its Stage 2 prices. Snowfall Protocol (SNW) is an attractive investment due to its low price of $0.191, and the benefits it provides its users. Snowfall Protocol (SNW) is set to launch on February 3. In the months following the coin’s launch, investors may witness profits exceeding 5000% of their initial investment.
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Comparing The Top Decentralized Exchanges
Nearly everyone in the crypto space agrees that decentralized exchanges (DEX) are the future of crypto trading. That is because, even now, in 2023, trading digital assets on centralized crypto exchanges can be a headache.
Let us dive deep into the finer details of these three top decentralized exchanges: UniSwap, Chainlink, and BudBlockz. After reading this overview, you will understand how the best-decentralized exchange technologies work.
UniSwap (UNI)
Uniswap is a completely different type of exchange that is fully decentralized – meaning it is not owned and operated by a single entity – and uses a relatively new trading model called an automated liquidity protocol.
The Uniswap platform was built on top of the Ethereum blockchain, the world’s second-largest cryptocurrency project by market capitalization. It makes it compatible with all ERC-20 tokens and infrastructure, such as wallet services like MetaMask and MyEtherWallet.
Uniswap is also completely open source, meaning anyone can copy the code to create decentralized exchanges. It even allows users to list tokens in the exchange for free.
Because Uniswap is a decentralized exchange (DEX), users always maintain control of their funds as opposed to a centralized exchange that requires traders to give up control of their private keys.
Retaining control of private keys eliminates the risk of losing assets if the exchange is ever hacked.
According to the latest figures, Uniswap is currently the fourth-largest decentralized finance (DeFi) platform in the world and has over $3 billion worth of crypto assets locked away on its protocol.
Chainlink (LINK)
Chainlink (LINK) is a crypto and technology platform that enables non-blockchain enterprises to connect with blockchain platforms securely. It is middleware that connects blockchain-based smart contracts with external data, such as stock prices or baseball scores.
Chainlink’s $LINK token pays Chainlink network operators and collateralizes the network’s smart contract agreements.
Chainlink is known as a blockchain abstraction layer or decentralized oracle network. It uses blockchain technology to securely enable computations on and off the chain, supporting what it calls hybrid smart contracts.
Enterprises using Chainlink can access any major blockchain network, including Ethereum and Solana. The Chainlink blockchain is built on the Ethereum platform, which uses the proof-of-stake operating protocol.
In addition, Chainlink is an open-source blockchain project, meaning anyone can view the project’s code and contribute.
BudBlockz (BLUNT)
BudBlockz (BLUNT) is the world’s first decentralized online eCommerce for cannabis users and investors to access the global cannabis markets securely and privately.
The platform aims to aid users in purchasing digital and physical cannabis products and dispensaries in legalized jurisdictions. BudBlockz will add privacy to this process through decentralization in an open and traded environment.
BudBlockz is planning to feature an extensive NFT marketplace where its users can buy and sell NFTs. In addition, the platform will list a 10,000 NFT collection known as Ganja Guruz on the Opensea platform.
Holders of Ganja Guruz NFTs will be eligible to enjoy membership in global cannabis dispensaries and access fractional ownership.
BudBlockz will expose users and investors to many innovative solutions to aid them in getting involved with the cannabis industry, including a decentralized NFT marketplace, decentralized digital trading, decentralized Ecommerce, and more.
The project’s smart contract has been audited by Solidity Finance Audit and SolidProof to provide investors with the highest assurance and protection.
BudBlockz has announced that its fourth presale stage is ongoing, and investors are rushing to get the token at a low price since it shows significant growth potential in the coming months.
Use promocode: BUYBLUNT for a 20% bonus on your purchase. Valid until January 31st
Top Crypto Predictions for January 2023- Bitcoin (BTC) & Ethereum (ETH) May Hit These Levels in the Coming Week!
Bitcoin price is going up today and the major altcoins have also absorbed a significant bullish momentum. During the past weekend, BTC prices surged by nearly 15%, inciting a strong bullish trend for the rest of the week.
Although the tokens witnessed a minor pullback with some consolidation, the trend continues to remain bullish. Presently, the markets are about to encounter another weekend with the possibility of producing another bullish wave during the upcoming weekend.
Will Bitcoin (BTC) Price Hit $24,500?
Bitcoin price is failing to surpass $23,000 as the bears are hindering the rally at $22,900. The past few hours witnessed significant selling pressure accumulated that was observed a couple of days ago that slashed the price by 5% then.
Moving ahead, the bears were exhausted to some extent which helped the bulls to uplift the price beyond the crucial resistance at $21,410. Further, the prices exploded and marked highs beyond $22,500 for the first time in the past 4 months.
The BTC price after rebounding from $20,500, sliced through the crucial resistance levels at $21,500 and soared beyond $22,500 marking new highs for 2023. Now the bulls appear to be perplexed as the assets are being impacted with minor bearish pressure. However, the upcoming weekend may witness a breakout after experiencing excessive price compression.
A breakout may lead the price to rise beyond $24,000 while in case of rejection, the price may test the lower support at $22,500. If failed to sustain at these levels then a drop to $20,550 may be imminent.
Ethereum (ETH) Price Poised to Hit $1700 this Weekend
After facing a rejection of $1780, Ethereum’s price dropped heavily to mark the bottom just above $1000. However, since the start of 2023, the price maintained a significant upswing and rose above $1650. Presently, the second-largest crypto is facing notable bearish pressure which may be overcome during the upcoming weekend.
The ETH price is currently trading close to one of the important resistance levels at $1657 and facing bearish actions. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and ignite a rebound. However, the next price zone to cross could be between $1750 to $1770 which may clear the path toward $1800.
Bitcoin’s Short Squeeze Is Imminent, Claims Top Analyst
From trading around $20,900, the world’s largest cryptocurrency Bitcoin has surpassed $22,000 in just 24 hrs. This whooping upward movement has pushed other currencies like Ethereum, Cardano, XRP, Solana among other altcoins. The moment has resulted in the global crypto market cap gaining its $1 trillion mark again.
At the time of writing, Bitcoin is changing hands at $22,723 with a surge of 8.47% over the last 24 hrs.
Bitcoin Price At $30K ?
Meanwhile, as the flagship currency has broken its crucial resistance of $21,000, most of the industry experts are predicting more price rally ahead. Among these is the well-known crypto analyst, Crypto Kaleo who is targeting for BTC’s next bull run. The analyst informs his 550,000 followers over Twitter saying Bitcoin is all set to hit its next major resistance of $30,000 which was last seen in June 2022.
However, he believes that before Bitcoin makes a move towards the said target, the King currency will see some pull backs. If that happens, Kaleo claims that Bitcoin will tumble below $20,000 before reaching $30K. The analyst addresses this phenomenon as a short squeeze.
Short squeeze is when a trader purchases an asset for a particular price so that he can sell them at a lower price and keep the difference. Here the overleveraged short positions are used in the future markets. However, when the market rallies against their predictions, these traders will be forced to buy the borrowed assets.
Now, as Bitcoin has spiked more than 23% in the last one week, Kaleo strongly believes that a short squeeze is approaching.
On the other hand, as per the data the Bitcoin Fear and Greed Index indicator has dropped to neutral which indicates increased trading volume. Bitcoin’s trading volume has hit $10.8 billion after a surge of 114% in the last seven days. Hence, an increasing trading volume often leads to price volatility and this is the reason traders should make their next move cautiously
Solana Entered the Top 10 While Aptos Price Leads the Top Gainers! Has AltSeason Began?
The global market capitalization has just reclaimed the $1 trillion mark with a massive jump of 6.31% compared to the last trading day. Bitcoin price soared beyond $22,500, while Ethereum price is heading towards $1700. With the bullish sentiments mounting within the crypto space, many of the altcoins have also begun with a notable upswing.
Solana price, which was presumed to be dead, has now reclaimed the top 10th spot with a massive surge of more than 200% from its lows. Meanwhile, Aptos (APT) surged iconically by nearly 50% in the past few hours which raised the possibility of the trend being at the initial stage of a healthy Altseason.
The APT price ever since the beginning of the year ignited a gigantic rally and surged by nearly 270% to rise from $3.6 to as high as $12.9 and still counting. However, the price consolidated after marking the levels at $8 for a while and rose by nearly 60% in the past 24 hours to form new highs for the year 2023. The bullish volume has accumulated and hence fewer possibilities of a pullback may be expected.
Besides, Solana’s price jumped above $25 with a notable upswing of more than 20% as the trading volume jumped by more than 143% marking $1.78 billion. The market capitalization also surged by 20.27% which is currently hovering at $9.34 billion, displaying its potential to go long slicing through the negative market sentiments.
Solana’s price marked its bottom soon after the FTX fallout as it suffered the highest exposure to the event. Many believed the SOL token may not rise again, but the giant price action which began at the start of 2023, shed a ray of hope. Presently, the SOL price is undergoing a parabolic recovery and with frequent upswing is assumed to reach beyond crucial resistance at $35 by the end of January 2023.
Collectively, the bullish momentum is believed to prevail for a while, which may keep up the prices to some extent. The upcoming weekend can be considered pivotal as the trend tends to change quickly. Hence, if Solana (SOL) & Aptos (APT) prices close the weekly trade above the gained levels, then the upcoming trend may mark multiple bullish candles ahead.
Top 5 Indicators Suggest Bitcoin Bull Run, BTC Above $21K Soon ?
The year 2023 has turned out to be one of the most favorable years, especially for the crypto industry. The pioneering cryptocurrency, Bitcoin, claimed its trade above $21K for the first time since November 2022. Bitcoin has turned its major resistance of $20K into support as of now. This phenomenon also pushed the global crypto market cap above $1 trillion before sliding down a bit.
At the time of publication, Bitcoin is valued at $20,771 after a fall of 2.11% over the last 24hrs
Meanwhile, an on-chain data platform, CryptoQuant affirms that the Bitcoin has stepped into early bull run and BTC is set to spike in the coming days. As per the data, there are 5 indicators that point towards the positive side of Bitcoin movement.
Bitcoin Indicators Pointing Bull Run
The first is there is an increased movement of Bitcoin among spot to derivatives exchanges which suggest that investors are taking risk now. Usually, investors opt to dump their BTC to derivatives to make maximum profits during market recovery.
Secondly, MVRV Ratio which flashes whether Bitcoin is undervalued or overvalued. The MVRV Ratio is obtained when Bitcoin’s market cap is divided by its actual market cap. At present, the currency’s MVRV is 1.07 and the indicator is crawling near the 365-day moving average pointing towards bull run.
Next is the Net Unrealized Profit/Loss through which Bitcoin holders average profit margin is known. Even this indicator is very much close to the 365-day moving average, meaning a bull run ahead.
Fourth indicator that is pointing towards the Bitcoin bull run is the Puell Multiple. This indicator displays the ratio between daily dollar worth of new BTC and 1 yr moving average. Currently, the indicator is above its 356-day moving average indicating bullish days ahead.
Lastly, CryptoQuant’s P&L Index indicator that also includes MVRV Ratio, Net Unrealized Profit/Loss and LTH/STH SOPR. This indicator is pointing towards early Bitcoin bull market and is a few figures away from surpassing the 365-day moving average.
Top Challenges To Incorporate Fiat Currency In Cryptocurrency Gambling Sites
Introduction
The casino industry has seen impressive growth over the past few years, including introducing new goods, marketing strategies, payment methods, and other innovations. The adoption of cryptocurrencies by consumers, acceptance by financial institutions and other businesses, and overall market impact, footprint, and significance have all increased significantly in the FinTech sector.
Additionally, cryptocurrency enables more effective payment methods and appeals to younger, tech-savvy consumers. This has given rise to the new era of crypto gambling.
Top Factors to limit the Acceptance of Fiat Currency
Almost every crypto gambling site accepts fiat currencies. Accepting fiat currency on crypto-supported gambling sites does raise a few issues. Some of them are:
Volatility
The volatility of the cryptocurrency market is significant. As a result of the high volatility, participants face greater risk because the value of cryptocurrencies might change at any time. It can be challenging for you to choose which coin to use because the industry is very volatile.
Both fiat money and cryptocurrencies are volatile, and several events can cause abrupt price changes. For instance, macroeconomic issues frequently contributed to volatility in the case of fiat money, as seen by traders. Similar to how geopolitical tension and worries have an immediate effect on currency values, they can also result in potentially seismic shifts as international relations continue to evolve.
Fiat currencies and cryptocurrencies are prone to value swings, which may affect how profitable crypto gaming sites are. For websites that offer games with predetermined odds or rewards, this might need to be revised.
Fees
The use of conventional payment processors, which can be expensive and occasionally unavailable to cryptocurrency gambling sites, is typically required in order to accept fiat currency. Crypto gambling platforms that use fiat money may have to pay fees for handling transactions or exchanging currencies, which can hurt their bottom line.
Regulations
Crypto gambling sites that take fiat money might be governed by a number of laws, such as anti-money laundering laws, Know Your Customer (KYC) specifications, and other laws. Compliance with these rules may be difficult and expensive, and failure to do so may result in fines or other consequences.
Online gambling is governed by a variety of laws around the world, and accepting fiat money can make it more challenging for cryptocurrency gambling sites to adhere to these laws.
Only a small number of nations regulate cryptocurrency gambling, even though most nations have official laws regarding online gambling. They include Greece, Poland, the Netherlands, the United Kingdom, Italy, and Belgium.
Bitcoin shouldn’t be used in gambling because it is not currently accepted as a payment method in many nations. Different nations require more clarification on that issue. The most notable example is probably Japan, where the estimated $15.8 billion gambling industry outpaces Nevada’s by over $4 billion.
Fraud
Fiat-accepting cryptocurrency gaming platforms run the risk of fraud, including chargebacks and unlawful transactions. The website may suffer financial losses as well as reputational harm as a result of this.
Additionally, if cybercriminals steal their money, they cannot recover their lost funds. For instance, hackers may empty the entire bank amount if they gain access to an account. Additionally, the majority of cryptocurrency transactions are anonymous. Therefore, there is no way to track the theft in case it happens.
Competition
There is significant competition in the crypto-gambling industry, as many different online crypto casinos are available. These sites offer various gambling options, including casino games, sports betting, and online lotteries. The competition among these sites is intense, as they all strive to attract and retain customers by offering attractive bonuses, promotions, and various games. Additionally, newer crypto-gambling sites are entering the market regularly, adding to the competition. To stand out and succeed in this competitive industry, crypto gambling sites must offer a high-quality user experience and maintain a strong reputation for fairness and security. The competition from sites that solely accept cryptocurrencies, which can have lower costs and fewer regulatory restrictions, could be a threat to cryptocurrency gaming sites that accept fiat cash.
Conclusion
Any payment method, money transfer, or value representation—especially cash—can be used illegally. Virtual currency is by no means an exception and can come with special hazards that require new methods of compliance and transparency.
A casino must adjust to these risks as it is exposed to them, whether directly or indirectly, and customize its compliance program. Accepting fiat money might be difficult for cryptocurrency gaming sites. Therefore, they must thoroughly weigh the advantages and disadvantages of doing so. Accepting fiat currency for crypto gambling sites can be challenging, but it can also open up new markets and customers. Therefore, it’s important for crypto-gambling sites to carefully consider the benefits and drawbacks of accepting fiat currency before deciding to do so.
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Top Crypto News Today- This is Why Crypto Market is Going Down!
The crypto markets are down today! Reason-the FTX-contagion spreads. The crypto community is well aware of the collapse of the popular exchange FTX, which caused significant market turbulence. The bullish push that began with the start of the 2023 trade was expected to keep the bearish trend at bay for a long time, as many tokens had recovered their losses from the FTX debacle.
However, the bears again regain their strength as the contagion spreads, compelling a well-known crypto lending platform, Genesis is proceeding to file for Chapter 11 bankruptcy.
Bitcoin prices slashed hard below $21,000 but currently holding the crucial levels at $20,800. Despite the prices showing some sign of stability, the bankruptcy filing may make the token extremely brittle. Adding icing to the cake, the miners may make the bear’s job much easy as they too appear to be preparing to sell BTC that they accumulated till now.
The miners had been constantly accumulating BTC since the beginning of 2021 and continued to hold until the market trembled due to the FTX fallout. This was when they began to liquidate which compressed the BTC price below $17,000. However, the miners stopped selling and started accumulating again at the beginning of the 2023 trade which propelled Bitcoin prices close to $21,500.
Woefully, this upswing appeared to be just a short-lived one as the bears are intensifying their actions. Besides, the miners are now started selling their reserves which may add to the mounting selling pressure ignited by the rounds of Genesis bankruptcy filing.
As per the fresh data provided by Crypto Quant, the BTC miners are flipping their positions oflet. A couple of huge outflows from their wallets of 4089 and 2500 BTC were recorded on 14th January and 17th January respectively. In a recent update, nearly 669 BTC were sent to the exchanges on 18th January 2023. Hence, this kind of miner behavior is increasing the selling pressure on the market.
Cryptocurrency News Today: Decentraland (MANA) To Reclaim the NFT Top Spot, But Will it Hit $1 in January 2023?
The Decentraland (MANA) price has seen a significant increase since the beginning of the year, indicating its potential for further growth. The price had been heavily trading within a descending trend since the market collapsed in May 2020.
However, after reaching a bottom below $0.3 just before the end of 2022, the MANA price broke through the crucial resistance at $0.6 and reached yearly highs around $0.758.
The upward trend was initially fueled by bullish market sentiment as the Bitcoin price rebounded, along with a significant increase in GitHub activity. Additionally, a major boost came from the announcement of a collaboration between the “Australian Open” tennis tournament and Decentraland.
With the current upward trend in the Decentraland price, the question remains whether the bullish momentum will be sustained and reach the next target of above $1.
The price has broken above the descending trend line it had been following throughout the second half of 2022 and is currently trading within these gained levels, leaving little room for bearish actions.
The bullish pressure has accumulated heavily due to which the price may maintain a notable upswing to reach the initial target close to $1 very soon.
In the meantime, the whale accumulation has intensified which had dropped heavily soon after the collapse of the FTX exchange. Whales holding tokens in the range of 100 million to 1 billion have become active.
However, it should be noted that a significant portion of the supply, around 50% around 1.23 billion, is held by whales who have been accumulating since December 2022. These whales hold nearly 1% of the entire circulating supply and may have a major impact on the upcoming MANA price rally.
This means that a pullback may be expected if these large holders begin to liquidate their holdings, as they did following the collapse of the FTX exchange. Therefore, the possibility of a short-term bounce appears high, which may trap bulls for a longer period in the coming days.