Category: Crypto News

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Axie Infinity Binance Crypto News Litecoin Market Analysis Trading

Top 3 Coins to Watch Today: BNB, LTC, AXS – July 25 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$263.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 55% decline from Q2, BNB has ranged between $198 and $270. The recent price recovery was approaching probable resistance near $296 but could be aiming for stops above the relatively equal highs near $326. Continuation of the trend could target the daily gap near $354.

Aggressive bulls might add to positions near $260 and $254. Price action near $240 – if it gets there – may be more likely to provide support during any retracements.

Relatively equal lows clustered around $235 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $219.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 20th cryptocurrency globally and the current price is US$58.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, LTC kicked off a with recovery trend to break the weekly highs. The following 75% plummet found support near $42.36, sweeping under the 40 EMA into the 63.8% retracement level before bouncing to resistance beginning at $60.73.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $64.12, where aggressive bulls might begin bidding. The level near $70.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $78.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $50.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $43.65 may also give support and see the start of a new bullish cycle after retesting these support levels.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 39th cryptocurrency globally and the current price is US$17.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 23% range could suggest that a recovery is setting up in July.

Aggressive bulls could look for entries at the most recent area of support formed near $15.34. However, equal lows near $14.32 make a tempting target for a stop run into this support. This move could reach support near $12.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $11.80, possibly reaching support at an old swing high and a daily gap near $11.00.

A recent level near $19.84 provided resistance and caused a swing high to form near $21.88, offering first targets. A move through this high may arrive at new monthly high levels near $23.40 and $25.13.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Gaming NFTs

Minecraft Bans NFTs and Blockchain Integrations

Minecraft has announced it will be banning the use of NFTs and blockchain technology on its servers. The highly popular sandbox game also seeks to prevent the creation of NFT projects based on its assets.

Mojang, Minecraft’s creator, has justified the decision by stating that NFTs are not inclusive of its full community. The bans are being met with mixed feelings on social media:

Mojang Goes It Alone

Mojang, the developer behind the hit video game Minecraft, seems to have little interest in allowing its property to operate in conjunction with independent NFT projects.

Blockchain technology on independent game servers (operated by fans and creators) that utilise any aspect of Minecraft imagery to create NFT projects will be prohibited. The notice issued by Minecraft claims that the decision was made based on ensuring players would “have a safe and inclusive experience”.

The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering, which we think is inconsistent with the long-term joy and success of our players”

Mojang statement

However, NFT Worlds, a Web3 gaming project specifically focused on third-party blockchain and NFT Minecraft integrations, has made the bold statement that it won’t be leaving. The announcement has caused prices for the project’s NFTs to plummet by 70 percent, and its native token (WRLD) to also drop by 65 percent. Regardless, it seems the developers have no intention of leaving the community:

However, Mojang has not definitively ruled out blockchain tech for its future, stating that it plans to monitor the evolution of the space.

Initial NFT and Web3 Integration

Last year saw Minecraft introduce NFTs to the game, permitting players to collect in-game digital assets which then granted them access to special quests and other benefits. The NFTs were to be powered by a project called Enjin (ENJ), which allowed digital assets to be stored on the blockchain. Players were then required to scan a QR code which transferred the NFT automatically to their Enjin. The wallet could then be linked to the cross-platform gaming network MyMetaVerse.

Then, in March 2022, the game decided to make the move into Web3. ‘NFT Worlds’ was set to be the blockchain layer added to third-party Minecraft servers, alongside a Polygon-based overlay and an Ethereum sidechain offering gas-free transactions. The announcement drew an overwhelmingly positive reaction across social media at the time.

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Crypto News Cryptocurrency Law Terra TerraUSD

Terra Drama Continues as Authorities Raid Exchanges Linked to the Collapse

South Korean authorities are raiding crypto exchanges linked to Terraform Labs’ collapse in May, according to report this week by News1 Korea:

‘At Least’ 15 Exchanges Raided

The Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors’ Office raided the offices of at least 15 entities, including Bithumb, Upbit, Coinone and Korbit. Prosecutors are seizing all materials that can work as evidence if Terraform Labs CEO Do Kwon or any other executive is found guilty of causing Terra’s meltdown.

A month ago, claims surfaced on Twitter accusing Do Kwon of cashing out over US$80 million a month prior to the LUNA collapse, which caused a domino effect on the stablecoin market.

Shortly after, Korean authorities launched a full-scale investigation targeting Terraform Labs staff. The company’s employees, who have been prohibited from exiting the country, were summonsed by prosecutors to testify as to their involvement with the project.

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Bitcoin Crypto News

Tesla Offloads $936 Million Worth of Bitcoin Due to Negative Second Quarter

Last February, Tesla bought US$1.5 billion worth of bitcoin for its balance sheet. After selling 10 percent two months later to “test liquidity”, the inimitable car manufacturer has now sold US$926 billion following a poor second quarter.

According to Tesla’s financial statements, “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency”, adding, “Conversions [bitcoin] in Q2 added $936 million of cash to our balance sheet.”

The quarterly report noted that Tesla’s Bitcoin holdings remained largely stable for three consecutive quarters, however by the end of March, its digital assets were worth just U$1.261 billion. Following the most recent sale, Tesla is now said to have just 25 percent of the bitcoin it originally acquired, valued at around US$218 million.

On the earnings call, Tesla CEO Elon Musk, who recently became embroiled in a legal tussle with Twitter, explained the reason for selling three-quarters of its bitcoin holdings:

The reason we sold a bunch of our Bitcoin holdings was that we were uncertain when the COVID lockdowns in China would alleviate, so it was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China.

Elon Musk, Tesla Inc, CEO

“Neither Here Nor There On Crypto”

Despite the sale, Musk make it clear that the company remain opened to increasing its holdings in the future:

This should not be taken as some verdict on Bitcoin.

Elon Musk, Tesla Inc, CEO

He then responded to a subsequent question, where he called crypto “a sideshow to the sideshow” and not the something the business spends any real time on, “We’re neither here nor there on cryptocurrency,” he said.

While some were quick to criticise Musk for having “paper hands”, others said that he could come back anytime knowing that “everyone gets the price they deserve”.

However from a pragmatic perspective, it seems as if Tesla had little choice if they wished to avoid a horrific quarterly result. As one commentator noted, in the absence of the bitcoin sale, Tesla’s cashflow would have been negative:

Categories
Australia Crypto Art Crypto News NFTs

Australia’s First NFT Gallery Opens on the Sunshine Coast

Australia’s first non-fungible token (NFT) gallery has opened at Baringa – a new suburb near Caloundra – on the Sunshine Coast, with the goal of making the Queensland holiday region a hub for digital artists and tech enthusiasts:

According to Kenny Lienhard, chief executive of the METACOLLECT Gallery, the global NFT community – now worth billions of dollars, although its total value has slipped amid the current bear market – is poised to extend across business, sport and the wider community once market conditions improve.

Ideal Timing for an NFT Gallery

“Crypto artists now have the ability to sell their art and make a living via a global platform on their own terms,” Lienhard says. And with Australia ranking second in the world in terms of interest in NFTs, the timing of project makes perfect sense.

“We’ve developed our own NFT marketplace and publication, both focused on undiscovered Web3 artists while also providing the opportunity for the general public to easily mint NFTs and broadcast them directly onto gallery frames,” Lienhard adds.

METACOLLECT was co-founded by Lienhard and Sean Ballent, who in 2018 also jointly launched Cryptowriter, a blockchain-agnostic, community-driven crypto publication. “We decided our publication needed a brand mascot and our first NFT product was born.”

METACOLLECT’s John Williamson, Kenny Lienhard (centre) and Jimmy McRae at the gallery.

Two sold-out NFT collections later, the pair also designed an NFT art brand that would become UNDRGRND, formulated to discover and support underappreciated NFT artists.

Artist Publication Morphs into Gallery, Token and Marketplace

The UNDRGRND publication was launched in November 2021 and the next logical step for Lienhard and Ballent was to deliver their $COLLECT token, NFT marketplace and Web3 IRL gallery, under the collective banner of METACOLLECT.

The gallery is open to the public every Saturday from 10am-4pm. The address is Unit 11/9-13 Matheson St, Baringa.

Hand in glove with the country’s inaugural NFT gallery, Australia’s first NFT-ticketed music festival, The Grass Is Greener, will also take place later this year in several east coast locations plus Canberra.

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Crypto Exchange Crypto News Zipmex

Zipmex Exchange Halts User Withdrawals Citing ‘Circumstances Beyond Our Control’

Southeast Asian digital assets exchange Zipmex has paused customer withdrawals due to “circumstances beyond our control and the resulting financial difficulties of our key business partners”:

Withdrawals ‘Expected to Resume’

With offices in Australia, Indonesia and Thailand, Zipmex describes itself as Asia’s leading cryptocurrency exchange, offering users a long list of crypto products and services. It has extended its maintenance period for Trade Wallet until July 22, the exchange tweeted. Withdrawals are expected to resume afterwards.

Marcus Lim, founder of Zipmex, denied rumours of the firm facing financial turbulence as a result of the crypto market crash and after Coinbase pulled out from its acquisition plan on June 9. He subsequently penned a letter to customers to apprise them of the situation:

Zipmex letter to customers. Source: Zipmex

While Coinbase didn’t acquire the exchange, it poured in an undisclosed amount of strategic financing after the acquisition deal fell through. In August last year, Zipmex separately raised over US$40 million.

Crypto Contagion Spreads

Zipmex is the latest of the numerous crypto-focused companies that have had to suspend withdrawals and other services amid current crypto market turmoil, causing contagion across the industry.

Two weeks ago, Crypto News Australia reported that Singaporean crypto lender Vauld had frozen withdrawals, trading and deposits on its platform.

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Chromia Crypto News Curve DAO Token Hedera Market Analysis Trading

Top 3 Coins to Watch Today: HBAR, CRV, CHR – July 22 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Hedera (HBAR)

Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.

HBAR Price Analysis

At the time of writing, HBAR is ranked the 38th cryptocurrency globally and the current price is US$0.07122. Let’s take a look at the chart below for price analysis:

Source: TradingView

HBAR‘s 60% Q1 run retraced almost to its origin, narrowly missing probable support near $0.5980 before bears swatted down the bounce near resistance around $0.07689.

With the daily gap between $0.06312 and $0.06054 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.05923 and $0.05573, which would also sweep the lows of last week’s bounce.

The relatively equal highs near $0.07824 provide a likely first target on lower timeframes. However, the resistance beginning at $0.08215 may initially suppress a further move up.

A clean break through this resistance will need to contend with the next resistance near $0.08692, under the last swing high. This swing high at $0.08950 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.09546.

2. Curve DAO Token (CRV)

Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.

CRV Price Analysis

At the time of writing, CRV is ranked the 63rd cryptocurrency globally and the current price is US$1.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

This month, traders enjoyed 28% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $1.40.

The 4-Hour chart shows that support may be forming between $1.25 and $1.15, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $1.12 and $1.02 after a sweep of the current consolidation’s swing lows.

The last swing high near $1.50 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $1.60 and the 2.0 extension near $1.75 and $1.83 may provide the next major targets.

3. Chromia (CHR)

Chromia CHR is an open-source public blockchain conceived by Swedish company Chromaway AB. The Chroma token CHR was launched in May 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a standalone Layer-1 blockchain and EVM compatible Layer-2 enhancement for Binance Smart Chain and Ethereum. It is designed to enhance existing dApps and allow for the creation of next-generation dApps by providing scalability, improved data handling, and customisable fee structures.

CHR Price Analysis

At the time of writing, CHR is ranked the 178th cryptocurrency globally and the current price is US$0.2143. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHR‘s chart paints a different picture than those of many other altcoins, with the Q2 high leading to a massive range before setting a low near $0.1544 in June.

The beginning of July makes immediate bids questionable. However, the price may be finding support near $0.1962 and possibly near $0.1721. Since the price swept the impulse’s high at $0.2459, bulls might be waiting to enter near the swing low and gap near $0.1645, or slightly lower near $0.1598.

Little resistance lies overhead, although there may be some between $0.2573 and approximately $0.2622, just above the current price. A sweep and rejection of the high near $0.3057 would make most areas of possible support highly suspect and could mark the end of the bullish trend.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Audius Blockchain Crypto News DeFi NFTs Tokens

Now You Can Tip Your Favourite Musician Through Blockchain Streaming Service ‘Audius’

Blockchain-based music streaming service Audius is enabling fans to tip artists using $AUDIO token, the platform’s native cryptocurrency.

More Forms of Monetisation to Come

“We’re creating new ways for our seven million active monthly users to show their favourite artists how much they appreciate their work,” Audius co-founder and CEO Roneil Rumburg said in a statement. “But this is just the first piece of monetisation – in the coming weeks and months we look forward to expanding on monetisation with more options for fans and artists alike.”

The company also plans to introduce “ways to tip that do not require tokens”. The platform already offers fans the opportunity to bankroll their favourite artists by harnessing the power of DeFi. They can also benefit from music sales as part copyright owners, thanks to NFTs.

Launched in 2018, Audius hosts over 250,000 artists who have released a combined one million tracks on the platform. “A lot of experiments have been run over the years to evolve the music industry’s business model,” said Rumburg. “But we’ve yet to see a platform that strikes the right balance, improving the music experience for the parties that matter most – artists and their fans. 

Audius is laying the groundwork for a new era where artists reclaim control over their work and their earning potential, all the while giving fans a closer relationship to the music they love. Tipping is a small first step in this direction.

Roneil Rumburg, co-founder and CEO, Audius

Artists including Katy Perry, Nas, Jason Derulo, Pusha T, the Chainsmokers and Steve Aoki have all invested in Audius. “Everyone who uploads to Audius can be an owner; you can’t say that about any other music streaming platform,” says rapper/entrepreneur Nas.

Categories
Crypto News NFTs OpenSea Solana

OpenSea Launches Sol-Based NFT Product for Creators to Mint New Projects from Scratch

Three months after OpenSea enabled support for Solana, the non-fungible token marketplace is kicking off its Solana launchpad to allow users to mint new projects from scratch.

According to an official blog post, OpenSea is looking forward to a “multi-chain future” with the introduction of the Solana launchpad. The platform will reportedly guide users throughout the process of pre-mint activity, allowlist minting for early supporters, and post-mint and secondary sales:

Multi-Chain Future for OpenSea Users

Most members of the OpenSea community were excited to see the integration of Solana into the marketplace, considering NFTs on the Solana ecosystem are popular and have generated considerable sales volumes in the past few months.

We believe in a multi-chain future where people on OpenSea have access to NFTs across a vast number of blockchains. In the last year, Solana has emerged among the top blockchains for NFTs, and we share their vision of a scalable and inclusive NFT ecosystem.

OpenSea blog post

On April 29, Solana-based NFT collection Okay Bears generated over US$18 million in trading volume, flipping Any Rivals volume on its first day.

There are already a handful of Sol-based NFT projects on OpenSea’s launchpad available for minting, including Zoonies and Monkai NFTs:

Categories
Celsius Crypto News

Insolvent Crypto Lender ‘Celsius’ Claims Ownership of Customer Deposits in Court

When deeply indebted crypto lender Celsius filed for bankruptcy last week, it was well known that the company had taken enormous risks with user deposits.

Now, in an astounding twist, Celsius’ lawyers have laid claim to most of these deposits, arguing that they were theirs all along:

Writing on the Wall

Prior to Celsius declaring bankruptcy, a report by The Wall Street Journal found that the lender carried more than twice the risk of a traditional bank, reflected in an assets-to-equity ratio of 19:1, compared to the median of North American banks, which is closer to 9:1.

Put differently, Celsius had more than double the liabilities of a traditional bank, making it intrinsically more risky. Couple that with a business model predicated on material leverage and one is left with little margin for error when the tide turns (as the crypto market has in 2022).

At the time, many were ringing the alarm bells, with one prominent crypto sceptic commenting in a piece titled “Why Celsius Network’s depositors won’t get their money back”:

Celsius is not an asset manager, it’s a shadow bank. And deposits in banks aren’t even ‘customer assets’, let alone ‘assets under management’. Celsius’ terms of use make it completely clear that customers who deposit funds in its interest-bearing accounts are lending their funds to Celsius to do with as it pleases. And it specifically says that in the event of bankruptcy, customers might not get all – or indeed any – of their money back.

Frances Coppola, financial journalist

Not Your Keys, Not Your Coins

Unfortunately for Celsius customers, Coppola’s assessment appears to have largely hit the mark, at least according to arguments being made by the Celsius legal team.

Three key segments of Celsius’ retail business were identified – “Earn”,
Borrow”, and “Custody”. Of these, 77 percent were in the “Earn” program, whereas just 4 percent were in the “Custody” program. In the case of insolvency, these differences are significant.

In terms of the company’s terms and conditions, “Earn” users effectively handed over ownership of their crypto to Celsius, who seemingly could do as it wished. Specifically, the wording provided that: “title to coins is transferred to Celsius, and Celsius is entitled to use, sell, pledge, and rehypothecate those coins”.

While the position of “Borrow” users is unclear, “Custody” users are said to retain ownership in their crypto, which sadly accounts for just 4 percent of users.

Attorney David Silver offered a scathing account of day one in Celsius’ insolvency proceedings, commenting:

Creative destruction is inevitable in all free markets, which necessarily entails pain (and, hopefully, some useful lessons for the future). Arguably, one of the key takeaways from this cycle is that the benefits of yield programs were vastly overstated, and the risks significantly misunderstood and understated.