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Tezos Clears $4 a Token in 17% Uptick

The proof-of-stake blockchain is on the up.

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The price of Tezos (XTZ) has risen by 17% in the past 24 hours, according to data from metrics site Nomics. One XTZ token is now worth $4.07 and the blockchain’s market cap is $3.4 billion.

Tezos started to rise at about 6:40 pm (EST) last night, when it began its climb from about $3.3. It has risen ever since, peaking at highs of $4.12.

In the same time period, daily trading volume has more than tripled, according to data from CoinGecko, from $108 million to $322 million. Tezos token’s most recent upswing is its first since early May, when XTZ hit highs of about $8.27.

Tezos launched in 2018 as one of the first proof-of-stake coins. Proof-of-stake coins are mined (“baked” and “staked” are also popular equivalents) by people who pledge lots of coins. This contrasts with proof-of-work, which has miners run energy-intensive software to process transactions.

Proof-of-work fell out of favor last month after Elon Musk, CEO of Tesla and one-time Bitcoin bull, slammed Bitcoin for using this mining mechanism. 

Musk, one of the richest men in the world, vowed to support energy-efficient projects. Though he has not mentioned Tezos, the blockchain carries none of the baggage that its proof-of-work rivals do. 

Since Tezos does not rely on computationally intensive mining, it is also unaffected by crackdowns on mining anticipated to come out of China. The government crashed the price of Bitcoin when a state committee added Bitcoin mining and trading to a laundry list of dirty industries it intends to monitor. 

This past month, NFTs have also thrived on Tezos, boasting cheaper transaction fees and faster validation times than Ethereum. In May, Tezos-based NFT project Hic Et Nunc surpassed volume on OpenSea, a popular marketplace for Ethereum NFTs, reported Art News.

“Tezos is home to the largest and fastest-growing NFT community and a booming DeFi ecosystem: factor in its on-chain governance where conversations on upgrades give a glimpse of what’s ahead, no wonder people are finally waking up to the sleeping giant that is Tezos,” Reid Yager,  head of communications at BlokHaus, told Decrypt.

Yesterday, Sergio “Checo” Perez won the Grand Prix in Azerbaijan in a car featuring a Tezos logo. No matter the cause, XTZ holders are riding this latest bullish wave for all it is worth. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/72935/tezos-clears-4-a-token-in-17-uptick

Blockchain

VanEck to Launch a Mutual Fund that Invests in BTC Futures

Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures.

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Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries. 

VanEck to Initiate a Mutual Fund That Invests in BTC Futures

The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:

“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”

In addition to this, it has already been reported that the global investment manager VanEck has filed requisitions for both Bitcoin and Ethereum ETFs earlier this year.

However, the United States Securities and Exchange have not approved any of them as of yet. 

Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.

Mike Novogratz Comments on China Crypto Crackdown

The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.

Novogratz took it to Twitter and said:

“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”

Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.

READ  Block.One Social Media Platform Voice Announces its Launch

#BTC futures #Mutual Fund #VanEck

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/vaneck-to-launch-a-mutual-fund-that-invests-in-btc-futures

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Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

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Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

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The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  Retail Use OF Bitcoin By Merchants Is On Rise: BitPay and Coinbase Data

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

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Chainlink (LINK) and AAVE Technical Analysis: What to Expect?

AAVE and Chainlink prices are bleeding. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

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AAVE and Chainlink prices are bleeding as sellers double down. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Chainlink (LINK)

LINK is the token behind the world’s most adopted oracle service provider in crypto.

Past Performance of LINK

The crypto market brutality continues, and LINK is no exception.

June 21 bear candlestick defines price action this week.

As we advance, how prices react at spot levels would either see LINK/USDT dump or reverse sharp losses.

Presently, LINK is down 30 percent week-to-date and losing roughly six percent on the last trading day alone.

READ  Ripple Client TransferGo Hits Over $3 Billion in International Cash Flows

Day-Ahead and what to Expect

Reading from the daily chart, the middle BB is the primary liquidation line.

LINK/USDT prices are down below $20 as sellers double down, unwinding gains of May 24—canceling bullish prospects.

Confirmation of June 21 losses would see LINK chart in a new trajectory, placing sellers firmly in the driving seat.

LINK/USDT Technical Analysis

LINK Price Daily Chart for June 22

LINK prices are trending below the middle BB as bears press lower.

There might have been gains on the tail end of June 21. Still, confirmation of yesterday’s bar is enough to shock the market, forcing more sellers into action.

In that case, LINK/USDT prices may dump to the Q1 2021 lows of around $10.

AAVE

The CertiK-certified borrowing and lending DeFi protocol uses AAVE as its primary token.

READ  Bitcoin Holders Not Buzzed By Bitcoin’s 10000 USD Rally

Past Performance of AAVE

From the daily chart, AAVE is under immense pressure, trading within a bear breakout pattern. The immediate resistance and buy trigger line lie at $300.

At the time of writing, AAVE is down 12 percent against the USD.

Day-Ahead and what to Expect

In a bear breakout pattern, AAVE/USDT is free-falling.

Sellers are stepping up as fear grips the market.

Notably, AAVE bear bars—like June 21, for example—are banding along the lower BB. It, therefore, means the underlying sell momentum is stronger.

As such, every pullback could present a selling opportunity for aggressive traders.

AAVE/USDT Technical Analysis

AAVE Price Daily Chart for June 22

AAVE is free-falling in a sell breakout pattern to confirm the double-bar bear pattern of May 18 and 19.

Following June 21 high-volume sell bar, traders may unload on pullback targeting $150 in the immediate term.

READ  DappRadar Announced $5 million Raise in Series A Funding

Sharp gains unwinding June 21 losses may shift fortunes in favor of bulls. However, risk-averse traders should wait for conclusive gains above $300.

#AAVE #AAVE/USDT #Chainlink #DeFi #LINK #LINK USDT

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/chainlink-link-and-aave-technical-analysis-what-to-expect

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