Category: NEWS

The Chief Executive Officer of deVerge Group believes that long-term investors are crucial to the performance of the crypto market in the long run.

The CEO of deVerge Group, Nigel Green, discussed the importance of long-term investors in the cryptocurrency market in a recent interview.

With its headquarters in Dubai, the United Arabs Emirates, deVerge Group is a leading independent financial advisory, asset management and fintech organisation.

Green said long-term investors play an important role in the cryptocurrency market. He said;

“Markets are now predicting that policymakers at major central banks, including the U.S. Federal Reserve and Bank of England, are likely to remain resolute in pumping up interest rates in their battle to beat down unexpectedly stubborn inflation.

Five powerful officials of the world’s most influential central bank, the Fed, in comments made on Thursday, maintained a hawkish theme that inflation remains far too high and they won’t be put off raising rates. We expect a 75 basis-point hike when they gather 1-2 November.”

With more market volatility expected over the coming months, Green said long-term investors would have the opportunity to purchase cryptocurrencies at low rates. He added that;

“Given Bitcoin and Ether’s current correlation with stock markets, we anticipate further, perhaps heightened, volatility in the crypto market before the end of 2022. However, for serious investors, this will not necessarily be seen as a bad thing.”

Green added that major investors would treat the volatility the same way they treat such incidences in other financial markets. The deVerge CEO further explained that;

“The major investors, including institutional ones, will treat it in the same way as turbulence in any other market. 

Some of the world’s best investors consistently use market volatility as a major buying opportunity in traditional financial markets – and the cryptocurrency market is now no different.

When used effectively and efficiently, volatility can be an extremely powerful investment strategy.”

Green said that despite the current market volatility, Bitcoin had remained the best-performing asset in the world in recent years. He said;

“Bitcoin remains the best-performing asset class in the world and has consistently ranked amongst the best for both traditional and crypto investment sectors over the last few years.

Savvy, long-term crypto investors will be looking to benefit from panic-sellers by buying their digital currencies ‘on the cheap’ to enhance their investment portfolios. Serious investors will not be spooked by further volatility. This isn’t their first rodeo.”

Bitcoin is up by less than 1% in the last 24 hours and is currently trading just above the $19k support level. 

Sovryn will use the funds raised to build its global financial ecosystem for individual sovereignty. 

Sovryn, a Bitcoin-native, decentralised trading and lending platform, announced via a press release on Wednesday, October 12th, that it has raised $5.4 million in its latest funding round.

According to the press release shared with Coinjournal, the funding round was led by General Catalyst. The firm would use the proceeds from the funding round to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world. 

Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan, were some of the other investors in the latest funding round. 

While commenting on this funding round, General Catalyst managing director Kyle Doherty said:

“We believe the team at Sovryn has the technical ability and community to build products that will actually fulfill the promise of DeFi by bringing it to the dominant network, Bitcoin. We are philosophically aligned with the goals of the Bitcoin and Sovryn networks to empower people, promote individual freedom, and achieve broader financial inclusion”.  

Sovryn explained that the funding round comes ahead of the public launch of its Zero protocol. Zero is a highly innovative lending product that will allow users to take out 0% interest loans using their bitcoin as collateral, with no repayment or maturity date against the loan. The loans are interest-free in perpetuity, and users decide when to pay them back, if ever. The waitlist for early access to Zero is now open, Sovryn added.

Sovryn’s core contributor, Edan Yago, added that;

“Sovryn is a user-owned cooperative developing open-source code to enhance the freedom of individuals around the world. There is no corporation, foundation or non-profit behind Sovryn – so it’s remarkable that established funds, like GC, are changing the way they invest in order to support the Sovryn mission”.

This cryptocurrency news comes as the bear market continues to affect the prices of most coins and tokens. Sovryn added that raising the funds during the current bear market demonstrates the confidence these investors have in Sovryn’s ability to grow the capabilities of Bitcoin beyond simply a store of value and to create tools for financial sovereignty.

Doherty further said;

“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and become useful members of the Sovryn community. We think we have much to offer and are excited to get started. There is an incredible opportunity to pursue investments that enable and build upon Bitcoin and Satoshi’s original vision. Bitcoin is the longest-running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is fulfilling that appetite on Bitcoin to provide people with financial control over their lives.”  

Sovryn is a Bitcoin-native DeFi platform that is owned and governed by the community. The DeFi platform is built on the Bitcoin blockchain and uses BTC as its primary trading currency, and delivers decentralised and autonomous finance at scale. 

The new spot bitcoin ETP will list and trade on Nasdaq Dubai, 21Shares said in a press release.

21Shares, a leading provider of cryptocurrency exchange traded products (ETPs), has expanded its product range to the Middle East, the company said in a press release on Wednesday.

The ETP issuer’s entry into the fast-growing Middle East market comes with the launch of 21Shares Bitcoin ETP, the region’s first physically-backed Bitcoin ETP.

21Shares continues expansion

21Shares’s new spot BTC exchange traded product will trade on Nasdaq Dubai under the ticker ABTC and will have the same characteristics as the 21Shares Bitcoin ETP Europe, according to the announcement.

“Our expansion into the UAE is a major milestone in 21Shares’ international growth plans. Coming from the Middle East myself, the region is exceptionally important to me and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products,” Hany Rashwan, CEO and co-founder of 21Shares said in a statement.

21Shares’ move into the Middle East comes a few weeks after parent company 21.co launched and raised $25 million at a $2 billion valuation to become the largest crypto unicorn in Switzerland.

“Cryptocurrencies are fast becoming the asset of the future for investors and wealth managers around the world, as global crypto adoption and investment levels continue to accelerate at pace – and the Middle East is a major accelerator of this growth,” said Sherif El-Haddad, the Head of Middle East for 21Shares.

As CoinJournal reported, EL-Haddad joined 21Shares in August as the crypto ETP issuer expanded its reach across Europe and the Middle East.

Over the past year, and despite the crypto winter, 21Shares has expanded its innovative products suite, with launches including the world’s first USD Yield ETP, crypto exchange traded funds (ETFs) in Australia and pioneered the  and the Bitcoin and Gold ETP on the SIX Swiss Exchange.

In June, 21Shares unveiled its Crypto Winter Suite, which as CoinJournal also reported, offered a product set tailored to help investors navigate the bear market.

Bitcoin could drop below the $19k support level over the coming hours as the leading cryptocurrency has been underperforming so far today.

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. BTC has lost less than 1% of its value over the past few hours.

The poor performance comes despite the broader cryptocurrency market recording gains in the past 24 hours. The total cryptocurrency market cap is above $920 billion, as the market has added more than 4% to its value so far today.

Ether, the second-largest cryptocurrency by market cap, is also down by more than 1% and is now trading below $1,300 per coin.

With Bitcoin currently experiencing losses, the leading cryptocurrency could slip below the $19k level for the first time this month.

Key levels to watch

The BTC/USD 4-hour chart is bearish, as Bitcoin has been underperforming over the last few days. BTC has lost more than 4% of its value in the last seven days and could record further losses over the next few hours and days. 

BTC/USD Chart By TradingView

The MACD line has been below the neutral zone since Friday, October 7th, indicating that the bears are currently in control of the Bitcoin market.

The 14-day RSI of 31 shows that BTC could soon enter the oversold region if the bearish trend continues.

At press time, Bitcoin is trading at $19,111. If the bearish trend is sustained, BTC could drop below the first major support level at $18,945 before the end of the day.

In the event of an extended bearish run, Bitcoin could trade around $18,700 for the first time in a month.

However, the broader market is bullish, and that could affect Bitcoin’s performance in the near term. If that happens, Bitcoin could make a move toward the $20k resistance level over the next few hours or days. 

Where to buy now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

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• Bitcoin has fallen back to $19,000 after strong job numbers.

• Economist Alex Krüger says Bitcoin is flashing a key volatility index that precedes major moves.

• Bitcoin trades at a support, and price action will depend on price data.

Bitcoin BTC/USD has flashed a key indicator that, historically, can predict explosive market moves. The views are according to renowned economist Alex Krüger. He has 146,200 followers on Twitter, making him one of the most followed economists. It is for this reason that his recent sentiments around Bitcoin draw attention.

Krüger has been monitoring the Bitcoin volatility index or BVOL. The index uses a weighted average price to measure Bitcoin’s volatility on a 30-day annualised basis. The economist says that a huge Bitcoin move happens each time BVOL closes below 25. With the key indicator flashing, Krüger expects a huge Bitcoin move.

The comments come when Bitcoin has slid back to below $19,500. The decline follows a job report last, which showed robust payrolls. The job report calls for faster Fed action, which slowed markets. The next in sight will be the inflation data on Thursday. Krüger says the consumer price index will spark the next wave of BTC’s volatility in either direction.

Bitcoin trades below the midpoint amid weak sentiment

eToro

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Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

Source – TradingView

On the technical side, Bitcoin trades at its psychological support of around $19,000. The bulls have defended the level for quite a while. However, an RSI reading below the midpoint shows there are more sellers.

Concluding thoughts

While the street sentiment is that Bitcoin is in a compelling buy zone, sentiment remains weak. Investors are also cautious ahead of the inflation data on Thursday. Bitcoin could oscillate around the support zone ahead of the CPI data. However, $19,000 remains an attractive zone, and a potential reversal is a possibility.

Bitcoin has performed well over the last few days but has failed to surge past the resistance level above $21k.

Bitcoin, the world’s leading cryptocurrency, has been performing well over the last few days. The coin has added more than 4% to its value in the last 24 hours and is now trading above $20k for the first time this month.

The positive performance coincides with that of the broader cryptocurrency market. The crypto market has been in a bullish trend since the start of the week, with the total crypto market cap now closing in on the $975 billion mark.

Bitcoin has been trading above the $20k level for the last 48 hours and has failed to mount a rally towards the $21,368 resistance level. 

BTC is down by less than 1% in the last 24 hours and could dip below the $20k support level in the coming hours if the bulls don’t take control of the market.

Key levels to watch 

The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the last few hours. However, the technical indicators show that Bitcoin could become bearish if the current momentum is maintained.

BTC/USD Chart By TradingView

The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day RSI of 62 also shows that Bitcoin could enter the overbought region if a sustainable rally can be achieved.

At press time, BTC is trading at $20,205 per coin. If the bulls don’t take control of the market, Bitcoin could slip below the first major support level at $19,581 before the end of the day.

However, the second major support level at $19,026 should cap further downward movement in the near term. 

The bulls could regain control of the market and push BTC towards the $20,819 resistance level. In the event of an extended rally, BTC could surge past the $21,368 resistance level in the short term. 

Where to buy now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

As most coins in the crypto market continue to slump, Immutable X (IMX) has been posting incredible gains over the last week or so. Recent chain news has driven much of this surge but can IMX keep this going? Here are some highlights:

• Immutable X (IMX) announced it had raised $200 million to fund the expansion of its ecosystem.
• Despite the rally, Immutable X (IMX) still remains significantly lower compared to its ATH
• At press time, the coin was trading at around $1.8.

Data Source: Tradingview

Immutable X (IMX) – Price prediction

The recent 50% surge for Immutable X (IMX) came as a welcome surprise for investors. The market over the last few days has been very volatile and it’s been harder every day to find some good news across the board. But despite this, we expect IMX to pull back slightly. 

In fact, at the time of writing, the coin had lost around 5% over the last 24 hours, trading at $1.85. The most important thing to watch right now is the $1.95 mark. If indeed, IMX can find enough bullish uptrend to test or even cross that threshold, then we could see more gains coming in the near term. 

But there still remains a significant risk of a sell-off. When coins rally like this, they will plateau at some point. For IMX, it seems that the point is $1.8. A break below that could lead to more losses.

Is Immutable X (IMX) worth it?

There is no doubt that Immutable X (IMX) has fallen sharply since it reached all-time highs a few months back. The coin has also been on a bearish trend for the most part of this year. 

While this can be a problem for the short term, from a long-term point of view, Immutable X (IMX) still remains a decent buy with significant potential.

• MicroStrategy wants to hire a Bitcoin software engineer to build a software-as-a-service (SaaS) platform on the Lightning Network.

MicroStrategy, a top business intelligence firm that’s the largest corporate holder of Bitcoin (BTC), is looking to hire a software engineer to help build a Lightning Network-based enterprise platform.

Bitcoin software engineer to build SaaS platform 

On Friday, the US-based technology company announced it was on the hunt for an individual who will be tasked with developing a software-as-a-service (SaaS) platform. 

According to the firm, the new platform will offer innovative solutions around cyber-security challenges to enterprises as well as enable new e-commerce use-cases.

“The engineers at MicroStrategy are working on some exciting new Lightning apps to help our enterprise customers secure networks, monetize websites, and deploy wallets en masse using Bitcoin,” MicroStrategy Executive Chairman Michael Saylor tweeted, urging those interested in joining the team to apply for the position.

Among other qualifications, one is required to have experience in developing software solutions that leverage the Bitcoin blockchain and Lightning Network, or decentralised finance (DeFi) technologies.

Saylor left his role as MicroStrategy CEO early last month to become the Executive Chairman, stating at the time that he was taking the step to focus more on the company’s Bitcoin strategy. 

Just this month, the company purchased an additional 301 bitcoins to bring its total holdings to 130,000.