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  • Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

    Crypto volatility back to FTX levels, with $791 million of liquidations in 4 days as SVB collapse rocks market

    Key Takeaways

    • Crypto volatility is back up to levels last seen when FTX collapsed in November
    • $791 million of liquidations rocked investors between Thursday and Sunday
    • $383 million of longs were liquidated on Thursday and Friday, the largest 48-hour number of the year
    • News that deposits will be made whole at SVB propelled the market upwards late on Sunday, with $150 million of short sellers liquidated as Bitcoin retook $22,000
    • Despite Fed move stablising prices and 2023 showing a bounceback, the long-term implications for the crypto market are negative here and should concern investors

    For once, it’s not crypto doing the collapsing. Trad-fi was feeling left out of the party, evidently, as the banking sector wobbled in a big way this weekend. 

    Silicon Valley Bank (SVB) is no more, in what amounts to the largest collapse of a US bank since 2008, when Lehman Brothers pulled its best Satoshi Nakamoto impression and disappeared into the ether (pun not intended). 

    While the drama may have centred in trad-fi, crypto bounced around aggressively over the weekend as a variety of knock-on effects rumbled. SVB was a crypto-friendly bank, as was Silvergate, which was announced to also be winding down last night. 

    This, as well as the fact that the entire financial markets wobbled, meant crypto faced a storm. We have dug into some of the movements here at https://coinjournal.net/ to sum up the carnage. 

    Liquidations 

    With violent price swings, liquidations were inevitable. Longs got caught out badly on Thursday and Friday, as the Bitcoin price fell south of $20,000. 

    There were $249 million of long liquidations across exchanges on Thursday, with Friday bringing an additional $134 million. The $383 million of long liquidations was the most in any 48 hour period this year. 

    Volatility

    Obviously, liquidations stem from volatility. Looking at Bitcoin to dissect the extent of the movements, the volatility is now back up to levels last seen when FTX collapsed in November. 

    The chart below shows that the metric had been rising steadily, before SVB going poof kicked it back up to a mark 3-Day volatility mark of 50%, last seen when Sam Bankman-Fried’s fun and games were revealed to the public.

    “We have been seeing relatively muted action in the crypto markets since the FTX collapse last November” said Max Coupland, Director of CoinJournal. “The SVB event served to kick volatility back up to levels we last saw amid all the crypto scandals of last year – not only FTX, but Celsius, LUNA etc. The difference with this event is that the crash was sparked in trad-fi for a change”.

    Crypto bounces back

    But all is well that ends well. Or something along those lines, as despite SVB going under, the Fed announced last night, after a weekend of chaos, that all deposits at SVB would be made whole. 

    The bail-out (if you can call it that, as SVB is still going under) quelled up fear in the markets that the issue could become systemic. Crypto roared back, with Bitcoin spiking back up to $22,000 at time of writing. And this time, it was shorts who got caught offside, with $150 million liquidated across the market Sunday. 

    Perhaps the biggest winner of all was the world’s second-biggest stablecoin, USDC. 25% of the stablecoin’s reserves are backed by cash. Crucially, 8.25% ($3.3 billion) of reserves were (are) trapped in SVB, with the stablecoin dipping below 90 cents on several major exchanges over the weekend. 

    At press time, the peg has been largely restored as the crypto market bounces upward, with Bitcoin north of $24,000.  

    What next for crypto?

    And so, the immediate storm appears to have been weathered in cryptoland. 

    Nonetheless, the past few days present as yet another crushing blow. Three of the big crypto banks – SVB, Silvergate and Signature – are now no more. These banks allowed crypto firms to offer on-ramping from fiat into crypto 24/7 through their settlement services, in contrast to the regular banking hours of the banking sector. 

    Liquidity and volume thus may dip even further in the crypto market, after a year that has already seen volumes, prices and interest in the space freefall. 

    Despite the Fed stepping in to shore up deposits and hence stabilising the stablecoin market and wider crypto prices, the long-term future of the cryptocurrency industry in the US has taken another heavy body blow this weekend. And with the US being the biggest financial market in the world, that is very bad news. 

    Coupled with the regulatory clampdown by the SEC in the last few months, 2023 has followed 2022 in creating a more hostile and bearish environment for the sector at large. 

    So crypto investors may have seen a bounceback in prices in the last few months, but this appears to be largely macro-driven correlation with the stock market, as the underlying events in the industry – regulation, more bankruptcies, and crypto-friendly banks shuttering – have not been positive. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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  • Bullish Bitcoin Price Indicates Crypto Market Recovery

    Bullish Bitcoin Price Indicates Crypto Market Recovery

    With Bitcoin’s price making a resurgence, investors are gearing up for a bull market in 2023. Crypto signal providers are seeing renewed interest thanks to their ability to save investors time and money by pinpointing the best entries. Many savvy traders continue to recommend AltSignals as the go-to platform.

    Thanks to its sterling reputation, AltSignals’ recently announced ASI token presale is expected to be huge. In this article, you’ll find out why AltSignals is so highly regarded and why its ASI token could elevate the online trading experience for investors all across the globe. 

    Bitcoin Price Revitalized, Prompting Investors To Check Out AltSignals

    It seems like a risk-on mood is back in the markets. With the Fed expected to slow down or reverse interest rate hikes this year, investors have been loading up on crypto before the next bull cycle begins. 

    Since the start of 2023, Bitcoin’s price has risen almost 47% from around $16,500 to a high of approximately $24,250 in early February. This rapid ascension in Bitcoin’s price has accompanied a surge in interest in online trading, leading many investors to start looking for the best crypto signal providers to boost their profits. One name that has regularly cropped up is AltSignals. 

    What Is AltSignals?

    AltSignals is a leading name in the crypto signals industry, established in 2017. It uses a team of market experts and professional traders to combine technical and fundamental analysis with its in-house algorithm, AltAlgo™. As a result, AltSignals has earned a reputation as one of the most reliable and profitable signal providers out there. 

    This reputation is quickly validated when looking over their stats. Over 52,000 traders rely on the 3,700 trade calls it has produced since its launch, with the platform holding a 4.9/5 rating on Trustpilot after receiving nearly 500 positive reviews. The actual trading results speak for themselves: AltSignals has returned over 10,000% in 19 out of 32 months on record.

    AltSignals’ ASI token is projected to attract a new wave of attention to the AltSignals platform. This is due to the excellent benefits ASI will offer holders that will help them make the most out of their online trading journey. 

    How Is ASI Expected To Change the Online Trading Game?

    ASI is an Ethereum-based token that will act as the fuel for the AltSignals ecosystem. Its primary use case will be to access and receive signals from the upcoming ActualizeAI algorithm. This algorithm will boost AltSignals’ accuracy further thanks to a comprehensive AI stack, which includes machine learning, predictive modelling, and sentiment analysis. For ASI holders, they’ll be the first in line to experience the power of this new algorithm. 

    Holding ASI will also grant exclusive entry into the ActualizeAI Club, where users can play an active role in giving feedback and helping to test the ActualizeAI algorithm in return for early access to the latest upgrades and earning ASI tokens. In the process, they’ll work directly with the AltSignals team to improve their products and optimize the signals produced. 

    ASI will become the platform’s governance token, allowing users to vote on new upgrades, partnerships, and more. They’ll also be able to set the token’s buyback and burn rate, which will help to restrict the supply of ASI over several years and potentially lead to price appreciation.

    The Long-Term Outlook for ASI

    The ASI token is predicted to see exceptionally high demand, with many projecting that the ASI presale will sell out rapidly. Traders are expected to flock to the token when they find out it grants access to the ActualizeAI algorithm and Club.

    This group alone could easily send ASI skyrocketing as traders rush to become part of an elite group dedicated to building one of the greatest trading algorithms the world has ever seen.  This spirit of collaboration and mutual support will set AltSignals apart from other signal providers and is set to be a major contributing factor in the success of the ASI token.

    Consequently, several analysts predict that ASI will climb well beyond its final presale price of $0.02274, with some forecasting that $0.50 is easily achievable by the end of 2023. If $0.50 is reached, investors could be up almost 2,100% in just under a year – far beyond what any Bitcoin price prediction could hope to attain. 

    Should You Invest in ASI?

    As Bitcoin’s price continues to grow and the bull market heats up, AltSignals will likely see a massive surge in interest. Thanks to the ActualizeAI algorithm and the platform’s proven reputation, its ASI token will likely be one of the lucky few that return life-changing gains in 2023. 

    The beta sale price of $0.012 seems exceptionally undervalued, so expect this first phase to sell out quickly. If you’re thinking of getting involved, be sure to visit their presale website. 

    You can participate in the AltSignals presale here.

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  • Dogecoin |DOGE Continues Making Strides in the Crypto Market

    Dogecoin |DOGE Continues Making Strides in the Crypto Market

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  • Dogecoin (DOGE)-Top Ten Cryptocurrency By Market Cap

    Dogecoin (DOGE)-Top Ten Cryptocurrency By Market Cap

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  • Bitcoin sees $23.3K amid market reaction to US jobs report

    Bitcoin sees $23.3K amid market reaction to US jobs report

    • Bitcoin price fell slightly to retest support near $23,250 on Friday.
    • The top cryptocurrency’s price action mirrored early trades on Wall Street as the market reacted to US economic data.
    • The US added 517,000 jobs, against an estimated 188,000 and unemployment fell to 53-year low of 3.4%.

    Bitcoin responded to Friday’s US jobs report by swinging nearly 2% lower to trade around $23,250 early morning. As CoinJournal reported, Bitcoin fell against the US dollar after it briefly touched highs of $24,086. 

    Across crypto, Ethereum had slipped towards $1,600 with about 1.4% in losses.

    Bitcoin and stocks react to US jobs data

    As noted, early action across cryptocurrency prices mirrored the opening on Wall Street, where the three major US indices swung lower after the January jobs report showed a higher-than-expected rise in nonfarm payroll.

    Data released by the US Bureau of Labor Statistics showed the labour market added 517,000 jobs in the first month of 2023. The statistic indicated an unexpected growth, exceeding the 188,000 estimated by economists.

    The US economy added far more jobs in January than the 223,000 managed in December, with the unemployment rate falling to its lowest level in over half a century. Per the data, unemployment is now down to 3.4%, the lowest level for the US since 1969. Economists expected the unemployment rate at 3.5%

    The market’s reaction to the economic data, together with sentiment around disappointing earnings results from across Big Tech, fueled an early sell-off on Wall Street. It’s also likely down to nervousness over what this means for the Fed’s inflation outlook.

    The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average declined by 100 points before regaining some footing. The Nasdaq Composite, impacted by a decline across tech stocks, shed more than 1.3% in early trading.

    The major indices are trying to recoup the early losses, as is Bitcoin that is trading near $23,500 as of 10.25 am ET. If bulls regain the upside momentum, BTC is likely to retest its intraday highs just above $24,000.

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  • The market saw over 340,000 NFT buyers as crypto rallied

    The market saw over 340,000 NFT buyers as crypto rallied

    • NFT buyers last week rose to 348,426, about 41% up on the previuos week.
    • NFT sales volume also rose, with more than $244 million in sales last week representing a 5.4% increase.
    • Sales (USD) volume and buyers increased in tandem with Bitcoin price hitting levels above $23,000.

    Non-fungible token (NFT) data from last week shows the market attracted 348,426 buyers, roughly 41% higher than the previous week.

    According to NFT data platform CryptoSlam, the buyer count of nearly 350,000 corresponds to a 40.99% this past week. 

    As of Tuesday morning, 24 January, 2023, there had been over 419,000 unique buyers year-to-date. The uptick coincides with a rally across crypto, with volatility pushing Bitcoin price above $23,000 and Ethereum above $1,600 for the first time since early November 2022.

    Indeed, as data from CoinGecko shows, Bitcoin’s price is currently up more than 7% this past week. Over the last two weeks, the flagship cryptocurrency’s value has soared 35%. 

    Among top blockchains with most buyers on the 7-day timeframe, Ethereum leads with 146,380 (36% increase) and Solana is second with over 89,800 NFT buyers at 73% increase this past week. Cardano is third while BNB Chain ranks 7th but with a 74% spike in buyer participation.

    NFT sales jumped 5% last week

    At the same time, the global NFT sales volume in the past seven days indicates a 5.4% increase, with more than $244 million worth of NFTs traded in that time. 

    The most sales volume was on Ethereum at almost $200 million, while Solana, Cardano, Immutable X and Polygon complete the top five as of 24 January.

    Among the top 10, the WAX blockchain saw the most increase in NFT sales with 82%. Meanwhile, Solana and BNB Chain recorded the largest decline over the past week as NFT sales on these blockchains fell 20% and 33% respectively.

    NFTs sales stood at $623,439,866 for the month, data from CryptoSlam showed ( as of 24 January 2023), with total NFT transactions year-to-date at nearly 4.2 million (it was 4.7 million for December 2022).

    While there has been a slight decline in the metric compared to the previous week, the statistics suggest the NFTs market has seen trading volume and buyer participation swing alongside movements in the broader crypto market.

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  • Bitcoin’s recovery will depend on a lot of macro-activities affecting the market, says Dan Ashmore

    Bitcoin’s recovery will depend on a lot of macro-activities affecting the market, says Dan Ashmore

    • Coinjournal’s Dan Ashmore says numerous factors, including inflation and rate hikes, have affected the prices of most cryptocurrencies.

    • He told CNBC that Bitcoin’s recovery would depend on numerous macro events affecting the market.

    • Bitcoin and the broader crypto market have lost more than 65% of their value since the all-time high of November 2021.

    Bitcoin’s recovery will not happen overnight

    Dan Ashmore, a cryptocurrency analyst at Coinjournal, told CNBC in a recent interview that the price recovery of cryptocurrencies will not happen overnight. When commenting about the price collapse last year, Ashmore said;

    “Entering 2022, we were at the tail-end of one of the longest and most explosive Bull Runs in recent memory. And then the world is gripped by this inflation crisis post-pandemic. We also experienced one of the swiftest rate hike cycles in recent memories. That sucked the liquidity out of all these risky assets. It is not overly surprising that we have seen this massive pullback.”

    The macro climate will play a role in market recovery 

    At press time, the price of Bitcoin stands at $21,163, down by more than 60% from the all-time high. While commenting on the possibility of price recovery, Ashmore said the macro climate would play a huge role in that regard. He said;

    “In the last month or so, we have seen slightly more positive readings. It still has a long way to go, but it is brighter than it looked a month or two ago. We still have a long way to go before we get back to that $69,000 all-time high. This is not going to be an overnight process.”

    He added that the rise depends on a whole range of variables in the macro climate going our way. Furthermore, the avoidance of incidents such as the LUNA, FTX, and Celsius crashes could help boost the market in the long term.

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  • The coin of choice for traders in the market

    The coin of choice for traders in the market

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  • Is PancakeSwap (CAKE/USD) bullish market over?

    Is PancakeSwap (CAKE/USD) bullish market over?

    • PancakeSwap was bullish up to November, doubling in price

    • PancakeSwap token has been weighed by the risk contingencies of the FTX sage

    • The cryptocurrency remains on a downtrend and risks a lower low

    It seems that PancakeSwap (CAKE/USD) will have to end 2022 on a low note. CAKE was among a handful of cryptocurrencies that looked strong in the face of a bear market. However, it couldn’t last beyond November. The aftermath of the FTX collapse has taken a toll on the cryptocurrency. Why has this so yet tokens of decentralised exchange or DEX surged post-FTX saga?

    The decline in CAKE happens potentially due to its connection with Binance. The cryptocurrency is based on the Binance Smart Chain. Thus, the confidence crisis facing centralised exchanges, including Binance, may have infiltrated PancakeSwap. It does not necessarily mean that is the case, though, as the bear market is also ravaging crypto markets.

    With CAKE touching a crucial resistance at $5.0 in early November, investors could have exited positions. That, of course, was inspired by the FTX collapse that sent most crypto tokens tumbling. Investors would not have risked the profits they had made since CAKE had already doubled in value since the June lows. Based on these, CAKE’s bullish market is over, at least in the meantime. 

    CAKE’s technical outlook is bearish as price retests resistance

    CAKE/USD Chart by TradingView

    A technical outlook shows CAKE retesting a resistance at $3.5. The price has stalled since touching the level, suggesting a possibility of a correction to the downside. 

    The MACD indicator is very bearish for cryptocurrency. The RSI reading has slightly improved since touching oversold conditions as the CAKE price fell to $3.1. The reading remains below the midpoint, indicating that bears are in control.

    What is the likely next price of CAKE?

    CAKE price will stay bearish unless bulls recover above the $3.5 level. The next potential price level for the cryptocurrency lies at $2.8 and $2.6. Investors should keep off until the bearish movement subsides and should buy CAKE on a bullish reversal confirmation.

    Where to buy CAKE

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy CAKE with Binance today

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy CAKE with Swapzone today

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  • Learn about OKT, a Cosmos-based altcoin now defying a bear market

    Learn about OKT, a Cosmos-based altcoin now defying a bear market

    • OKT token rose by double digits last week

    • The cryptocurrency has been boosted by new partnerships

    • OKT is correcting but remains on an uptrend

    OKT, the cryptocurrency native to the OKX Chain, made headlines last week. The cryptocurrency rose by double digits to end the week at $27 after trading at just $17 seven days earlier. OKT has since cooled and traded at $22 as of press time. A spot technical check shows that the token has been on an uptrend for more than a month. What has been boosting the price?

    OKX is a Cosmos IBC-linked blockchain. It is EVM-compatible and focuses on true interoperability for high performance. The blockchain dubs itself the next-gen platform for decentralised applications. OKX Chain’s Web3 wallet allows users to manage their portfolio of NFTs and tokens. 

    OKT’s gains come on the back of positive cryptocurrency news of the OKX Chain. The blockchain announced partnerships with social gaming platform Candy Club, DEX network Lovely Swap, and meme asset Chihuahua Chain. The other firm in the latest wave of collaborations was market analytics firm Nansen. The collaborations increase the utility of OKT since the cryptocurrency will be employed in a number of related use cases. Investors have been taking note and buying the little-known token.

    OKT corrects after meeting resistance at $27

    OKT/USDT Chart by TradingView

    A technical outlook shows OKT on a clear uptrend but currently correcting. The moving averages are bullish for the cryptocurrency and provide support. The RSI hit the overbought levels but shows a correction underway. The reading is still above the midpoint. 

    Will OKT continue rising?

    The future price action for OKT will depend on how the key collaborations will continue to drive it. It should be remembered that the broader market sentiment is bearish. So, OKT should be looked at with the bearish sentiment in mind. 

    For investors looking to buy OKT, the level around $19 should be watched. The formation of bullish signals at the level could attract buyers and push the price higher again.

    Where to buy OKT

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