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Chainlink Holds Strong With 19% Rally

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Chainlink (CHAIN) has recently experienced a surge in its short-term price action, delivering considerable gains to its holders. The excitement surrounding this upward momentum has been palpable, but astute observers have noticed some intriguing indications that suggest this hike might not necessarily signify the peak for LINK. 

Such a notion is not mere speculation; instead, it finds its foundation in the actions of LINK holders and the patterns observed in trading activity. These compelling insights offer a glimpse into the future trajectory of Chainlink and its possibilities.

LINK Price Surge Fueled By Increased Accumulation, Network Activity

LINK’s recent price surge has been underpinned by a significant token accumulation and notable activity on the Chainlink network. According to a LINK price report referencing Santiment data, the number of addresses holding between 0 to 1 million LINK has seen an incredible increase, potentially playing a pivotal role in driving the token’s value.

Source: Santiment

Coingecko data shows LINK registering an impressive $8.33 price, and a remarkable 24-hour rally of 19.0%. In the last week, the crypto has risen 15.0% in value.

Source: Coingecko

However, the surge appears far from an isolated event, as the accumulation rate has shown no signs of slowing down. Such consistent accumulation often suggests a growing conviction among investors and traders that LINK’s value may be on the verge of another substantial increase.

Insights From Network Activity

A telling metric, the adjusted price to Daily Active Addresses (DAA) divergence, provided intriguing insights into the Chainlink network’s current state.

As the token’s price rose, the number of active addresses decreased. When looking at historical trends, this pattern has indicated previous upswings for the Chainlink network. Consequently, this data hints at the possibility of another impending price upswing for the LINK token.

Bitcoin (BTC) trading at $29,855 today. Chart: TradingView.com

The number of developers actively contributing to the Chainlink network has also experienced a significant increase since the first week of July.

Technical analysts closely scrutinize chart patterns and price movements to identify potential trends and reversals. The recent rally in LINK’s price may have triggered breakout signals and attracted momentum traders, causing the price to surge even further.

These technical indicators and chart patterns can act as self-fulfilling prophecies as traders react to them, potentially leading to a cascading effect on the token’s price.

As the market evolves, tracking these key metrics, understanding market sentiment, and assessing broader market dynamics will be crucial in making informed decisions about LINK’s prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Cavatorta

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Bitcoin Stays Strong above $30,000 as Cathie Wood Offers Support

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The price of Bitcoin is currently trading at $30,095, experiencing a minor drop of less than 0.10% on Wednesday. 

Despite this slight dip, Bitcoin remains resilient above the crucial $30,000 level, bolstered by the assurance from Cathie Wood of further support for BTC.

Notably, US Congressman Ritchie Torres has criticized SEC Chair Gary Gensler for his unfavorable stance on cryptocurrency, highlighting the success of Ripple as a counterargument.

Cathie Wood’s Support and Bitcoin’s Price Outlook

The price of Bitcoin remains above $30,000, and Cathie Wood has expressed her belief that BTC has gained further support. 

According to Wood, Bitcoin is an insurance policy, particularly in light of the March bank failures. 

She praises the asset for its decentralization and transparency, emphasizing how these qualities mitigate the risk of severe recessions like the one experienced in 2008-2009.

In a Bloomberg interview, Cathie Wood revised her price estimate for Bitcoin to $1.5 million by 2030. 

Wood attributes this projection to the growing trust in BTC within Ark Invest and labels it as the bull case, while providing a bear case estimate of $625,000.

Wood’s unwavering faith in Bitcoin’s potential is encouraging despite the excessively optimistic projection. 

As one of the most respected voices in the crypto world, her optimism helps solidify Bitcoin’s status as a revolutionary asset. 

Wood’s remarks have also helped prevent further losses in BTC value.

US Congressman Criticizes SEC Chair’s Approach to Cryptocurrency and Highlights Ripple’s Success

US Congressman Ritchie Torres has criticized SEC Chair Gary Gensler for what he perceives as unjustified attacks on cryptocurrencies. 

Torres specifically pointed to the recent victory by Ripple Labs and urged Gensler to acknowledge the clarity provided by the court decision. 

The congressman believes that the SEC should focus its efforts on targeting bad actors engaged in fraud and market manipulation, rather than pursuing a blanket approach towards cryptocurrency.

Torres commends Judge Analisa Torres for establishing a distinction between securities and commodities, dubbing it the “Torres Doctrine” in honor of the judge. 

He argues that the SEC lacks the legal authority to regulate digital assets unrelated to an actual security offering.

House Majority Whip Tom Emmer joined others in applauding Ripple Labs’ partial victory on July 14, describing it as a “monumental development” and suggesting that it should be enshrined in law.

Meanwhile, Senator Torres has directed the SEC to investigate Elon Musk’s involvement with Tesla and Twitter, creating further scrutiny in the cryptocurrency markets. 

Mixed views on the Ripple Labs v. SEC litigation have impacted the movement of BTC.

Bitcoin Price Prediction 

Bitcoin‘s price outlook for Wednesday suggests that the $29,500 level is currently serving as a critical support level with a $30,000 mark that has a psychological significance. 

Significant price movements may be limited if Bitcoin remains within the $30,200 to $29,550 range. 

A breakout above e $30,200 could target levels around $30,900 or even $31,500.   

Bitcoin Price Chart – Source: Tradingview

Conversely, a bearish breakdown below $29,500 could push Bitcoin toward the $29,000 level. 

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.

This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.

Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

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Surveys Reveal Strong CBDC Skepticism in Canada and UK

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Source: Adobe/Сергей Шиманович

Surveys conducted in Canada and the UK demonstrate that skepticism towards central bank digital currencies (CBDCs) is prevalent across the globe. 

According to recent studies conducted by Trezor and WealthRocket, people in both Canada and the UK have reservations about embracing CBDCs as an alternative to cash. 

Approximately 39% of the 1,500 Canadians surveyed by WealthRocket expressed concerns about losing control over their finances if CBDCs were implemented. 

Many individuals fear that granting the government unilateral control over their money may compromise their financial autonomy. 

The survey further revealed that 59% of Canadians said they were willing to use CBDC for payments, while 25% said they were not willing at all.

It also revealed that Canadians have some other concerns about CBDCs, including the potential for fraud, cyber attacks, and the phasing out of cash. 

However, the Bank of Canada has claimed that that paper bills will continue to be a part of the financial system. 

The potential benefits highlighted by Canadians include safety and convenience. 

The Bank of Canada has said that a CBDC could protect the country’s economy from the rise of cryptocurrencies or CBDCs issued by other nations.

CBDC Awareness in UK Remain Low Despite Government Push for Digital Pound

In the UK, the Bank of England and HM Treasury have been exploring the possibility of a CBDC since 2021. In fact, the UK government has mentioned “digital pound” as a potential CBDC in a recent Consultation Paper.

However, awareness and knowledge about CBDCs among the general public are relatively low compared to the crypto community, the survey conducted by Trezor shows. 

The survey revealed that while 55% of Brits have heard of the digital pound, their understanding of its potential impact remains limited. 

Respondents also raised concerns regarding authorities having control over their funds, expiration of CBDCs, and control over which goods and services can be paid for using the technology.

More specifically, 73% of respondants said they were concerned about giving authorities control of their funds. Additionally, 67% of Brits were troubled by the idea that CBDCs could expire, with funds going away if they’re not spent.

Another 62% of Brtis expressed concern about control over which goods and services could be paid for using CBDCs. 

Political View Influences Attitude Toward CBDCs

The surveys also demonstrate the influence of political leanings on attitudes towards CBDCs. 

Conservative-leaning politicians, such as Canadian Conservative Pierre Poilievre and Republican presidential nominee Ron DeSantis, have expressed their opposition to CBDCs.

As reported, DeSantis has signed a bill banning CBDCs in the state of Florida.  

He has highlighted concerns about the potential use of CBDCs to control and surveil Americans, adding that the government could use CBDCs to stop people from buying gas to combat global warming or track how often someone purchases firearms. DeSantis said:

“Anyone with their eyes open could see the danger this type of an arrangement would mean for Americans who want to exercise their financial independence and would like to be able to conduct business without having the government know every single transaction they’re making in real time.”

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Solana (SOL) Makes A Strong Comeback With 15% Rally

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Solana (SOL) has staged an impressive comeback, igniting renewed momentum in the crypto space with a decent 15% rally. The blockchain platform has been making significant strides as of late, particularly in the realm of non-fungible tokens (NFTs). 

Over the past few weeks, Solana’s NFT trade counts and trade volume have experienced a notable surge, underlining the platform’s growing popularity among artists, collectors, and enthusiasts.

Adding to the excitement, SOL’s price witnessed a significant uptick in the last 24 hours, further fueling investor interest and cementing its position as one of the most promising cryptocurrencies in the market.

The recent surge in NFT activity on Solana reflects the platform’s increasing appeal for digital creators seeking efficient and eco-friendly solutions for tokenizing and trading their unique artworks and digital assets.

Top Solana Projects by Active Users (Last 7D)@MagicEden$RARI @rarible$MEAN @meanfinance$GARI @Chingari_IN$SBR @Saber_HQ$GENE @genopets@solincinerator@SharkyFi$RAY @RaydiumProtocol$TFMC @tapfantasy2021@dappradar #Solana $SOL pic.twitter.com/n4HTxmMcjA

— Solana Daily (@solana_daily) June 28, 2023

Solana’s Magic Eden Triggers Active Users Surge

In a noteworthy update highlighted by Solana Daily, a renowned Twitter account dedicated to sharing updates about the Solana ecosystem, it was revealed that Magic Eden has emerged as the project with the highest number of active users in the past week. This development showcases the growing popularity and adoption of Magic Eden within the Solana community.

The blockchain’s metrics further substantiate this narrative of growth. According to data from Dune, Solana’s NFTs have observed a significant increase in the total number of transaction counts over the recent weeks.

Source: Dune Analytics

The increasing level of transaction activity is matched by a corresponding surge in transaction volume, highlighting the growing enthusiasm and involvement in Solana’s NFT marketplace.

SOL up 15.4% in the last 24 hours. Source: Coingecko

As a result of these positive developments, SOL, the native cryptocurrency of Solana, has experienced a substantial surge of 15.4% within the past 24 hours alone.

CoinGecko reports that SOL’s price has reached $18.63, consolidating its upward momentum. This consistent climb has persisted over the past seven days, with SOL climbing 11.0%.

SOL market cap currently at $7.3 billion. Chart: TradingView.com

Altcoin’s Popularity On The Rise

According to a recent report on SOL’s price, it is evident that the altcoin experienced an increase in popularity over the course of last week. This rise in popularity was reflected in the surge of social volume surrounding the token.

As more users engaged in discussions and shared information about SOL on various social media platforms, it became clear that interest in the altcoin was growing steadily.

Moreover, SOL’s weighted sentiment also witnessed an upward trajectory during the same period. This indicates that the overall sentiment surrounding the token was predominantly positive.

Investors and enthusiasts expressed optimism and confidence in SOL, which contributed to the overall positive sentiment observed in discussions and sentiment analysis.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Unsplash

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Ethereum Price Holds Strong at $1,800

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Ethereum price is holding gains above the $1,800 level against the US Dollar. ETH could gain bullish momentum if it clears the $1,880 resistance zone.

Ethereum is attempting a fresh increase from the $1,820 zone.

The price is trading near $1,865 and the 100-hourly Simple Moving Average.

There was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could rise steadily if it clears the $1,880 resistance in the near term.

Ethereum Price Aims Fresh Increase

Ethereum’s price started a downside correction below the $1,865 support. ETH even spiked below the $1,820 level but the downsides were limited, unlike Bitcoin.

A low is formed near $1,817 and the price is now attempting a fresh increase. There was a break above the $1,840 resistance zone. Besides, there was a break above a connecting bearish trend line with resistance near $1,838 on the hourly chart of ETH/USD.

Ether is now testing the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. It is also trading near $1,865 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,875 level or the 61.8% Fib retracement level of the downward move from the $1,912 swing high to the $1,817 low. The next major resistance is near the $1,900 level. The first breakout level is near the $1,920 level.

Source: ETHUSD on TradingView.com

A close above the $1,920 zone could start a fresh rally. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,875 resistance or $1,880, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.

The next major support is near the $1,840 level. The first major support is near $1,820. If there is a move below $1,820, the price could drop toward $1,790. Any more losses may perhaps send the price toward the $1,740 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,820

Major Resistance Level – $1,880

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BNB Going Strong Short-Term Despite Outflows On Binance

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Binance finds itself entangled in a lawsuit filed by the US Securities and Exchange Commission (SEC), dealing a heavy blow to BNB, the token issued by Binance. The allegations leveled against the crypto exchange suggest its involvement in unlawful activities, specifically multiple violations of securities laws.

Consequently, the impact of these allegations manifested as substantial outflows from the exchange, prompting Changpeng Zhao, the CEO, to disclose an astonishing figure of over $392 million in net outflows in the last 24 hours. It’s worth noting that Binance has dealt with significant outflows before, indicating a history of navigating such challenges.

According to our data, last 24hrs, @Binance net outflow is about $392m.

Our wallet addresses are public. Some 3rd party analytics measure Change in AUM (asset under management) in USD equivalent as outflow. This would include crypto price drops (which decrease AUM) as “outflow”.…

— CZ 🔶 Binance (@cz_binance) June 10, 2023

Meanwhile, in the wake of the SEC filing, Nansen data indicates that Binance witnessed a staggering amount of nearly $3 billion in outflows. The aftermath of the recent lawsuit has caused BNB to plummet in value. Coingecko reports that the token has experienced a drastic decline of over 23% in just the span of a week.

Source: Nansen

Binance Vs. The SEC: What’s The Gist? 

According to the official SEC press release, the company and 13 other entities are being sued for the operation of an unregistered exchange and the commingling of customer funds through companies related to Binance.

The regulatory body also alleges that Binance had knowledge of the regulations regarding exchanges and securities but chose to ignore those laws, putting investor funds at risk just to maximize profits. 

They also highlighted the sale of unregistered securities. The SEC targets the company’s “Simple Earn” and “BNB Vault” crypto-lending products. These products are part of Binance’s staking service and, with the recent crackdown on staking services by the SEC, are considered securities by the regulatory body.

BNB market cap currently at $36.6 billion on the weekend chart: TradingView.com

The SEC also targeted Binance’s failure to restrict the exchange’s services to US citizens. Just this March, the Commodity Futures Trading Commission (CFTC) alleged that the company is breaking various financial laws including the ones intended to stop money laundering. The SEC also remarked that Binance misled customers through “strategic and targeted wash trading”. 

BNB Yet To Make A Comeback

Since then, BNB is the only altcoin that has not rebounded since the general market downturn. However, analysts are still somewhat bullish in the short-term capacity of the coin despite the market’s recent slippage. 

Source - Coingecko

At the token’s current price point of $235, BNB bulls should defend the $234 support level to target higher highs in the short term as long as no bearish news hits the market. But at the moment, it seems that the weight of the bears will defeat any attempt for a bullish breakout. 

However, if the bulls are able to defend this support level, a return to the $300 price point might be possible. Despite the optimism in the market, developments in the lawsuit will surely affect BNB in the long term. 

Featured image from Protos

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Web3 gaming sees strong start to 2023 with on-chain surge

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Key Takeaways

On-chain gaming activity rose by 1.31% to 858,621 dUAW in January.

On average, top gaming tokens’ market caps increased by 122%, with GALA leading at 218% and $384 million.

Sewer Pass generated $44.6M in trading volume and 10,561 sold NFTs in just two weeks as Yuga hosted its Dookey Dash competition.

Investments in blockchain games and metaverse projects totaled $156M.

Trading volume for virtual worlds experienced significant growth in January 2023, reaching $44.5 million, a 114% increase from December 2022.

TreasureDAO emerged as a platform for building metaverse projects, with its unique token MAGIC underpinning a growing network of metaverses and games.

Legions Genesis collection has seen sales skyrocket, with their rarest NFTs going for over 70 ETH.

Blockchain Gaming Report

A new report released by DappRadar has outlined that the web3 gaming industry has had a strong start in 2023, with $156 million raised across ten investments in January.

Among the notable developments, TreasureDAO emerged as a platform for building metaverse projects, Square Enix launched its first NFT game, and Courtside Ventures invested $100 million for its third venture capital fund focused on sports, collectibles, wellness, and gaming. The total value of investments in web3 games and metaverse projects totaled $156M.

The crypto gaming sector has also seen a rise in on-chain activity, with daily active wallet (dUAW) increasing by 1.31% to 858,621 and making up 48% of dApp activity in January. On average, the market cap for top gaming tokens has risen by 122%, with GALA leading the charge at 218%.

Additionally, trading volume for virtual worlds (experiential metaverse) experienced significant growth in January 2023, reaching $44.5 million, a 114% increase from December 2022. The success of metaverse dApps, such as The Sandbox and Decentraland, has contributed to the significant growth in trading volume for virtual worlds, according to the report.

“The surge of the top gaming tokens in January 2023 is a very positive sign for the industry. The on-chain metrics are bullish, and the hype surrounding these coins is only growing.”

Other successes in the sector included the launch of the Sewer Pass from Yuga Labs, which created $44.6 million in trading volume in just two weeks. In addition, the pass granted access to the limited-time game Dookie Dash which holders played to make them “eligible for the summoning.”

Increased web2 interest

Kai Bond, a partner at Courtside Ventures, shared his investment thesis as a part of the report;

“The biggest outcomes always come at the intersection of a new form of distribution and a new type of monetization. The promise of Web3 is in the same space, and Courtside Ventures is well-positioned to capitalize on it.”

Legacy gaming companies, which are not web3 native, have also continued to dip their toes in the crypto water. Japanese game publisher Square Enix is launching its first NFT game, Symbiogenesis, on the Polygon network. The story-driven game features 10,000 NFT characters and turn-based play on a floating continent threatened by a dragon. Players will not be required to hold an NFT to access the game, yet it will add “extra value,” and character NFT holders can create replica NFTs to share story information with other players.

“This move by Square Enix is a clear indication that blockchain gaming is becoming more mainstream and that traditional gaming companies are taking notice[…] The outlook is positive, and we look forward to seeing the blockchain gaming industry continue to grow and innovate in the future. So game on.”

Conclusion

The report concluded that while the web3 gaming industry faced challenges in 2022, the performance in January 2023 shows signs of recovery. Experienced studios are being funded to create quality web3 games, indicating a shift in focus toward longer time horizons from venture capital investors.

In addition, the industry is moving towards “build” mode, prioritizing quality over quantity. Ultimately, the outlook is positive, and the web3 gaming industry is expected to grow and innovate.

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