CoinChapter https://coinchapter.com/ Your #1 Source for Cryptocurrency. Get the Latest Crypto News and Current Prices. Sun, 04 Dec 2022 04:21:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://coinchapter.com/wp-content/uploads/2022/04/cropped-favicon-310x310-1-32x32.png CoinChapter https://coinchapter.com/ 32 32 Orbeon Protocol (ORBN) Presale sees soaring demand; Set to overtake Metacade (MCADE) And ApeCoin (APE) https://coinchapter.com/orbeon-protocol-orbn-presale-sees-soaring-demand-set-to-overtake-metacade-mcade-and-apecoin-ape/ https://coinchapter.com/orbeon-protocol-orbn-presale-sees-soaring-demand-set-to-overtake-metacade-mcade-and-apecoin-ape/#respond Mon, 05 Dec 2022 07:00:22 +0000 https://coinchapter.com/?p=246556 Existing meme coin projects like Apecoin and Metacade have seen significant hype over the years. However, their lack of utility led to a lackluster performance that led investors to search for greener pastures in innovative projects like Orbeon Protocol. Orbeon Protocol is a decentralized hub of crowdfunding and investment opportunities. It aims to connect investors […]

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Orbeon Protocol (ORBN) Presale sees soaring demand; Set to overtake Metacade (MCADE) And ApeCoin (APE)

Existing meme coin projects like Apecoin and Metacade have seen significant hype over the years. However, their lack of utility led to a lackluster performance that led investors to search for greener pastures in innovative projects like Orbeon Protocol.

Orbeon Protocol is a decentralized hub of crowdfunding and investment opportunities. It aims to connect investors to vetted unicorn businesses at their early stages. Its native token, ORBN, is currently in the presale stage, and analysts are expecting a 60x rise soon.

Here’s why the Orbeon Protocol (ORBN) token can easily surpass Apecoin and Metacade.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Unlike the Metacade and Apecoin meme coins, the ORBN token is the native token of Orbeon Protocol, an innovative blockchain-based investment and venture capital platform. The uniqueness of the ORBN token comes from the ingenious importance of Orbeon Protocol in disrupting the venture capital and crowdfunding landscape. 

Orbeon Protocol paves the way for businesses to build a community by rewarding investors and providing investment opportunities easily. It also allows anyone to easily invest in vetted unicorn startups at their early stages. What distinguishes Orbeon Protocol from its peers is its unique, innovative, user-driven missions and security.

The platform uses equity-based NFTs to represent the investment opportunities of new companies or businesses. This way, users can buy these NFTs in fractions via F-NFTs to have an immutable claim over a part of the company’s equity, from as low as $1. 

You now have a glimpse of the importance of the Orbeon Protocol token. But that is not all. The ORBN token powers economic activities within the Orbeon Protocol. Holders gain the right to exclusive perks like governance rights, staking rights, and access to earn incentives like discounts and cashback. Token holders will also freely access the upcoming Orbeon metaverse and other DeFi products in Orbeon Protocol.

This is why analysts predict the ORBN token will surpass meme coins. The token was available for $0.004 in the first presale stage. Analysts speculated that its price will rise by 6,000% to $0.24, and ORBN is now trading at $0.0144

>>BUY ORBEON TOKENS HERE<<

Metacade (MCADE)

Metacade is another new project. However, unlike the Orbeon Protocol, it started as a meme coin. Metacade differs from other meme coins like Apecoin or Shiba Inu because it was created to build a web3-focused gaming ecosystem where players can earn for playing fun games.

Metacade is a decentralized ecosystem where players control their generated content and assets. Apart from this, they will have unrestricted access to immersive games while building a vibrant community where everyone can connect.

The Metacade token will serve as the reward and governance token. It also features a buyback mechanism aimed at improving MCADE token value.

ApeCoin (APE) 

Since its release on March 17th, Apecoin has struggled to find a true utility and identity. The token powers the APE ecosystem DAO and allows holders to gain decision-making rights and cast votes. Aside from that, it lacks any real-world use or identifiable purpose. 

However, Yuga Labs is already creating more utility around the token. This includes the Otherside metaverse, play-to-earn games, activities like events, services, and resources within Otherside, and so on.

Apecoin has lost more than 85% of its value and has proven unsustainable since its launch. Experts think the upcoming projects may breathe new life into the meme coin.

Why You Should Invest in Orbeon Protocol

Apecoin and Metacade are low-utility tokens, but investors are looking for cryptocurrencies with more utility, viability, and potential. As the market downturn continues, Apecoin and Metacade prices appear to stagnate. Therefore, it is easy to side with Orbeon Protocol, a project with innovative functionality. This is evident in its increasing demand and price, having already seen a 260% price surge in presale.

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol

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Oryen Network Finds Firm Footing with +300%, Sad News For Fantom And Atom Holders Who Don’t Benefit https://coinchapter.com/oryen-network-finds-firm-footing-with-300-sad-news-for-fantom-and-atom-holders-who-dont-benefit/ https://coinchapter.com/oryen-network-finds-firm-footing-with-300-sad-news-for-fantom-and-atom-holders-who-dont-benefit/#respond Sun, 04 Dec 2022 09:00:28 +0000 https://coinchapter.com/?p=246564 While the crypto market is undoubtedly in crypto winter, some projects are still getting crypto investors’ attention. One of these projects is Fantom. The Fantom platform was designed as a scalable smart contract platform that can run the Ethereum Virtual Machine (EVM). Its mainnnet, called Fantom Opera, is built on the Fantom consensus mechanism called […]

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Oryen Network Finds Firm Footing with +300%, Sad News For Fantom And Atom Holders Who Don't Benefit

While the crypto market is undoubtedly in crypto winter, some projects are still getting crypto investors’ attention. One of these projects is Fantom.

The Fantom platform was designed as a scalable smart contract platform that can run the Ethereum Virtual Machine (EVM). Its mainnnet, called Fantom Opera, is built on the Fantom consensus mechanism called Lachesis. The project is asynchronous and byzantine fault tolerant. The Lachesis mechanism allows Fantom to deliver high-speed, low-cost transactions with deterministic finality. It does so while still being open-source, decentralized, and permissionless.

The Fantom network was designed as an alternative to Ethereum. To compete with Ethereum, it offers better scalability at lower costs. Every dApp on Fantom has the chain’s security, speed, and finality. Fantom uses the Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus mechanism to preserve network security.

The Fantom ecosystem is powered by the native FTM token, which is how most people gain exposure to the network. FTM is used for payments, governance, staking, and fees. The FTM token is also available as an ERC20 token on Ethereum.

Another promising project is Cosmos, with the native token ATOM. Cosmos is often called the internet of blockchains. Its goal is to create a bridge between all blockchains. The ATOM token is the government token of the ecosystem.

Its focus is on interoperability. Instead of focusing on creating a network, it aims to build an ecosystem where networks can share data and tokens without a centralized party. Each blockchain on Cosmons is called a zone and is tethered to Cosmos Hub, which maintains a record of each zone.

Oryen Network Outperforms ATOM and FANTOM

Investors in Fantom and Atom are sure to make profits in the long term. However, their investments have not been immune to the crypto winter. FTM and ATOM tokens have suffered during this bear market, with prices dropping dramatically.

The ORY tokens of the Oryen Network have defied all expectations and performed exceptionally well. Thus far, their price has climbed 300%, with further gains expected. Many investors from the ATOM and FTM communities have been left disappointed. They feel sad for failing to identify Oryen Network early enough to benefit from the 300% gains.

While they missed the early investment opportunities that would have seen their investment grow threefold, there is still hope. The Oryen Network is still in the presale phase. Once the mainnet goes live, all gains made during the presale will seem like a speck of dust in an ocean of sand.

Summary

Due to its great value proposition, Oryen Network is poised to become one of the best-performing tokens in the recent future. Its performance could help to end the current bear market, making ORY investors rich beyond their wildest dreams. Join today to be part of the revolution!

For More Information:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

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Analysts Recommend Orbeon Protocol (ORBN), Tamadoge (TAMA), And Dash 2 Trade (D2T) https://coinchapter.com/analysts-recommend-orbeon-protocol-orbn-tamadoge-tama-and-dash-2-trade-d2t/ https://coinchapter.com/analysts-recommend-orbeon-protocol-orbn-tamadoge-tama-and-dash-2-trade-d2t/#respond Sun, 04 Dec 2022 07:00:54 +0000 https://coinchapter.com/?p=246551 Predict the next big stars in the crypto sector, invest early, and you could make a fortune. Here are three exciting new prospects: trading platform Orbeon Protocol (ORBN), currently in Phase 2 of its presale following a 260% price increase; meme coin and P2E player Tamadoge (TAMA); and market analysis/trading tool Dash 2 Trade (D2T). […]

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Analysts Recommend Orbeon Protocol (ORBN), Tamadoge (TAMA), And Dash 2 Trade (D2T)

Predict the next big stars in the crypto sector, invest early, and you could make a fortune. Here are three exciting new prospects: trading platform Orbeon Protocol (ORBN), currently in Phase 2 of its presale following a 260% price increase; meme coin and P2E player Tamadoge (TAMA); and market analysis/trading tool Dash 2 Trade (D2T). Read on to find out why everyone is buying them!

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN): the revolutionary new investment platform

Orbeon Protocol (ORBN) is attracting huge interest because of its market-disrupting vision to open up crowdfunding and venture capital opportunities to every investor, large or small. 

Orbeon Protocol achieves this by minting new business ventures into equity-backed NFTs. These NFTs are then fractionalized and made available for as little as $1. This approach also allows start-ups to access funding quickly and easily and build productive relationships with their investors, while the everyday investor can now access the venture capital industry.

Investors in Orbeon Protocol benefit from an all-encompassing and secure trading platform, with all new business ventures thoroughly vetted and a practical “fill or kill” mechanism to ensure funds are returned if the target amount is missed. 

The ecosystem of Orbeon Protocol is powered by ownership of its native token, ORBN. Holders enjoy various benefits, including exclusive access to funding rounds, the ability to stake tokens to earn passive income, and even governance. 

With a sold-out Phase 1 presale priced at $0.004 behind it, Orbeon Protocol (ORBN) has moved on to Phase 2 at $0.014. With a projected launch price of $0.24, it’s no wonder investors are flocking to Orbeon Protocol (ORBN) to capitalize on 6000% returns

>>BUY ORBEON TOKENS HERE<<

Tamadoge (TAMA): great return on Play to Earn!

In the crowded meme coin sector, Tamadoge (TAMA) stands out by offering P2E functionality. While it’s too late now to invest in the Tamadoge presale, that winning meme coin and P2E combination continues to make the company so attractive to investors.

Anyone who invested in Tamadoge during its presale would have made a tidy profit selling at the post-launch high of $0.1917. Although that figure has since slipped back to $0.0022 – Tamadoge succeeded during one of the most challenging eras in crypto history.

Tamadoge has ambitious plans for the future, especially in the gaming metaverse arena. If Tamadoge (TAMA) can crack that nut, it should open the door to spectacular returns – and that’s why so many investors still see Tamadoge as such an enticing proposition. 

Dash 2 Trade (D2T) cuts a dash

Dash 2 Trade (D2T) aims to provide investors with the expert analysis, research, data, statistics, tools and informed opinions they need to succeed in the crypto market. Information is king, and that’s why Dash 2 Trade (D2T) is ruling the market in its presale!

Dash 2 Trade (D2T) is currently 75% through presale Stage 3 of 9. The Stage 3 price of $0.0513 is a small premium over the two initial phases which both sold out quickly.

The credibility and track record of the founding team both count when it comes to investing in new ventures. Dash 2 Trade (D2T) scores highly in that respect, with founders from the long- established educator Learn 2 Trade. Add that to a genuinely innovative, useful and secure platform, and you can understand why investors are dashing to invest in Dash 2 Trade. 

Early mover advantage is no secret when it comes to investment. The trick is to see through the hype, identify the best genuine prospects, and avoid the losers and non-starters. The success of Orbeon Protocol, Tamadoge, and Dash 2 Trade proves that investors have faith in these projects – and you can still get a piece of the prelaunch action with Orbeon Protocol (ORBN) and Dash 2 Trade (D2T).

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

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Crypto Price Analysis: BTC, ETH, AVAX, BTS https://coinchapter.com/crypto-price-analysis-btc-eth-avax-bts/ https://coinchapter.com/crypto-price-analysis-btc-eth-avax-bts/#respond Sun, 04 Dec 2022 04:21:01 +0000 https://coinchapter.com/?p=246599 Crypto price remained in the red on Dec 4. However, BTC, ETH, AVAX, and BTS are mounting an effort to recover from Dec 3's losses.

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Crypto Price of BTC, ETH, AVAX, BTS
The cryptocurrency market’s recovery rally seems to have halted. Image from Pixabay

NEW DELHI (CoinChapter.com) — The cryptocurrency markets recovery rally seems to have fizzled out on Dec 3, with several crypto tokens like BTC, ETH, AVAX, and BTS registered minor to significant losses.

Non-farm payrolls in the US surpassed analysts expectations after rising by 263,000 in Nov. However, the numbers might not be enough for the Federal Reserve to slow down its policy of aggressive rate hikes.

Additionally, after the payrolls data, investors would become cautious and wait for the Fed’s comments in its Dec 13 and 14 meetings before entering the crypto market.

1. Bitcoin (BTC) Price Prediction

Bitcoin (BTC) price failed to break above multi-month descending trendline resistance, with the BTC to USD exchange rate dropping below $17,000. As a result, BTC price dropped 1.64% to a low of $16,868 on Dec 3.

However, bulls helped the BTC token needle above $17,000 on Dec 4, but the trendline resistance has impaired chances of further gains.

If the token continues falling, BTC price might break below its 20-day EMA (red wave) to test support near $16,600. The upcoming Fed decision might result in more sell-off for Bitcoin, resulting in the BTC to USD exchange rate testing support near $15,740 before recovering.

BTC to USD daily chart with RSI
BTC to USD daily chart with RSI. Source: Tradingview.com

However, if buyers manage to sustain BTC price above the 20-day EMA (red wave), the token might needle above the descending trendline to challenge resistance near $17,200.

Breaking and consolidating above immediate resistance could attract buyers back into the market, helping the token’s price rise to $18,100 before downside corrections pare gains.

Meanwhile, the RSI for BTC remains neutral, clocking at 47.55 on the daily chart.

2. Ethereum (ETH) Price Prediction

Ethereum (ETH) price dropped along side Bitcoin price, but the fall in ETH to USD exchange rate was higher for the prime altcoin. Ether price dropped more than 5% to a low of $1,237.8 on Dec 3. On Dec 4, Ether price started moving up in the early hours, jumping to a high of $1,263.

ETH bulls would likely try to reclaim the 20-day EMA (red wave) as support to start a rally. If Ether price remains above the EMA, the prime altcoin might rise to challenge resistance from 50-day EMA (purple wave) near $1,300.

Also Read: ApeCoin to rally fizzle out before staking goes live?

Moreover, a break and hold above immediate resistance could help raise the ETH to USD exchange rate to target resistance from its 100-day EMA (blue wave) near $1,400 before downside corrections pare gains.

ETH to USD daily price chart with MACD
ETH to USD daily price chart with MACD. Source: Tradingview.com

Meanwhile, the momentum-oscillator MACD might be turning bearish for the Ether token. Positive bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day EMA) moves towards from the MACD signal line (9-day EMA of MACD).

Contracting MACD histogram bars suggest declining bullishness for ETH price.

If ETH’s downtrend continues, the Ether to USD conversion rate could fall to test support from its 20-day EMA (red wave) near $1,230. Additionally, breaching below immediate support might force ETH price shed 6.4% to drop to $1,160 before recovering.

3. Avalanche (AVAX) Price Prediction

AVAX price fell to a low of $13.3 on Dec 3, dropping 4.4% from the day’s high of $13.9. The 20-day EMA (red wave) helped arrest the AVAX crypto price’s fall. If bulls push off from the EMA support, AVAX token price might rise to resistance near $14.1.

Furthemore, breaking and consolidating above immediate resistance might help AVAX price move above its 50-day EMA (purple wave) to reach $15 before retreaing.

AVAX to USD daily chart with RSI
AVAXUSD daily chart with RSI. Source: Tradingview.com

However, the upper wick on recent daily candles highlight the bearish pressure the AVAX token. If the selling pressure increases, AVAX crypto price might needle below the 20-day EMA support to test support near $13.1.

Moreover, breaching below the immediate support level might force the AVAX price to fall to support near $12.2 before recovering. Meanwhile, the relative strength index for AVAX remains neutral. Currently, AVAX’s RSI is clocking at 49.84 on the daily charts.

4. BitShares (BTS) Price Prediction

BitShares native token BTS spiked more than 76% on Dec 2 to reach a high of $0.155 before corrections pared gains. The downside movement continued on Dec 3, with BTS crypto price closing the day down by nearly 10%.

However, bulls moved in on Dec 4, helping push the BTS token price up by nearly 6% to a high of $0.012. If the uptrend continues, BTS price might rise to $0.012. Breaking above immediate resistance might help BTS token rise to challenge resistance from its 200-day EMA (green wave) near $0.0129 before retreating.

BTSUSD daily chart with RSI
BTSUSD daily chart with RSI. Source: Tradingview.com

Conversely, if traders continue to book profits, the BTS crypto price might fall to support near $0.0108. Breaching below the immediate support level could induce more sell-offs, resulting in the BTS token dropping to test support near $0.0099 before recovering.

Meanwhile, the RSI for BTS returned from overbought levels on Dec 3. Currently, the relative strength index is neutral for the BTS token, with a value of 64.29 on the daily charts.

Wondering about impact of Russian oil sanctions on US energy stocks? Read here to know more.

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WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy https://coinchapter.com/wahed-projects-donates-5-million-wahed-coins-to-fund-autism-research-and-therapy/ https://coinchapter.com/wahed-projects-donates-5-million-wahed-coins-to-fund-autism-research-and-therapy/#respond Sat, 03 Dec 2022 16:46:05 +0000 https://coinchapter.com/?p=246597 Cranfield, England, 3rd December, 2022, Chainwire Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. FEAC is an Italian non-profit organization focused on awareness, education and research to improve the care given to children and adolescents on […]

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Cranfield, England, 3rd December, 2022, Chainwire

Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. FEAC is an Italian non-profit organization focused on awareness, education and research to improve the care given to children and adolescents on the autism spectrum. 

In attendance at the Rome event were leadership figures from the WAHED and FEAC organizations. WAHED Chairman Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa and FEAC President Eros Cenci were joined by prominent members of their teams. 

  • Sergio Torromino, former Italian Member of Parliament and current WAHED Board Member 
  • Dr. Salvatore Alberto Turiano, staff vascular surgeon at the University Hospital Policlinico-San Marco in Catania, Italy
  • Dr. Luigi Lidonnici, FEAC member and owner of an autism therapy center in Calabria
  • Giuseppe Scuderi from the Scientific and Technological Park of Sicily

Following a locked-in vesting period, 5% of the donated WAHED Coin will be released after 1 year. All appreciation in the token value during this time will stand to benefit FEAC, and the limited unlocking will ensure limited volatility in token price. 

This donation to FEAC aligns with the WAHED vision of supporting companies and organizations that are improving the quality of life around the world. The ease of transacting cryptocurrency globally makes it a perfect vehicle for charitable and philanthropic activities, and sets the stage for a future where everyone can contribute to causes that they believe in. 



About FEAC
Despite rapid advancement in medical technology improving the quality of life all over the world, there is plenty of work still to be done. Questions about the causes, prevention and management of many diseases still remain, and autism, despite affecting millions around the world, is still misunderstood. The FEAC provides researchers and medical professionals with the funds they need to help improve both the lives of individuals on the autism spectrum and their care circles. 

The first major project in FEAC’s vision is a therapeutic clinic in Calabria in collaboration with the Lidonnici family. The 1200 square-meter space will bring education and awareness of the realities and challenges of daily life faced by individuals with autism. The clinic will also provide access to therapy, providing aid and guidance to ensure quality care when managing the condition. Making expert care available to all who need it is a vital part of the FEAC vision, and the center in Calabria is the first of many. 

About WAHED
WAHED is an investment and philanthropy hub that is powered by WAHED Coin. Serving as the blockchain partner for several ambitious projects around the world, WAHED aims to use technology to scale operations and enrich more lives. 

Established in the United Kingdom, WAHED is led by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, former Undersecretary to the Ministry of Housing in Bahrain. Bringing decades of experience in industries ranging from oil, banking and commodities, the WAHED founding team has identified the array of advantages that blockchains can bring to traditional systems. WAHED Coin provides access to innovative ideas to retail investors and cryptocurrency enthusiasts from all over the world.

WAHED Coin will be available for trading on LBANK exchange from the 5th of December 2022.
To learn more about the WAHED Ecosystem, visit the WAHED website.
Become part of the global WAHED community on Discord, Facebook, Instagram and Twitter.

Contact

Wahed Projects Team
marketing@wahedprojects.org

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EU asks the USA to stop bullying it against China https://coinchapter.com/eu-asks-usa-stop-bullying-against-china/ https://coinchapter.com/eu-asks-usa-stop-bullying-against-china/#respond Sat, 03 Dec 2022 09:12:11 +0000 https://coinchapter.com/?p=246538 The United States (US) wants its European partners to impose trade limitations on China. The EU is too dependent on China to follow the US

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The United States (USA) wants its European partners to impose trade limitations on China. The EU is too dependent on China to follow the US
The United States expects the EU to impose trade restrictions on China. Photo by Christian Lue 

YEREVAN (CoinChapter.com) — The United States (USA) is going after China and wants its partners in Europe to join in. However, President Joe Biden’s attempts to create a larger alliance against the Asian giant may eventually fail. The European Union (EU) is too dependent on China. It simply can’t back the USA against it.

Ever since he took power, President Biden has ramped up the anti-China rhetoric coming from the country. Several US officials have voiced concerns that US companies may eventually suffer heavy losses owing to the competition coming from China. 

European countries do not dispute that the world’s second-largest economy is a threat. Many point out that the continent’s dependence on Russia for its energy security needs has been a large mistake. Since the Kremlin’s invasion of Ukraine, the continent is paying a heavy price for having granted Russia so much leverage. 

To many people, Europe’s dependence on China, which is also an authoritarian regime, is equally bad. Calls to reassess trade relations with Beijing have since intensified. 

However, EU economic obligations suggest that a move away from China will not be easy. Even if it comes at the cost of a strained relationship with the United States, EU countries will continue to have strong ties with the country and its Communist regime. 

European Union (EU) economy in crisis

The economy of the European Union is in shambles. The Covid-19 pandemic, which disrupted global supply chains thanks to the lockdowns, inflicted huge blows on the Eurozone. 

The ongoing war in Europe, caused by Russia’s aggression on Ukraine, has made matters much worse. 

In its latest report, the European Commission (EC) slashed its growth forecasts for 2023 to 0.3% in both the EU and the euro area. This is a significant drop from its summer forecast of 1.5%.   

The commission also predicted a technical recession in the EU, owing to economic troubles. 

Annual inflation in the Euro area is expected to be 10.0% in November 2022.

Inflation in October reached a record high in the 19 eurozone countries. In Germany, among the hardest hit, inflation reached 11.6%. Italy and France were also impacted, with each recording price hikes at 12.8% and 7.1% respectively.

“The contraction of economic activity is set to continue in the first quarter of next year. The EU and euro area, and most Member States, are therefore expected to experience a technical recession this winter,” 

the report reads. 

Energy prices jumped 41.9% while food, alcohol, and tobacco registered a 13.1% price growth. 

Meanwhile, there seems to be no respite in sight. The European Commission expects inflation to remain high. According to the executive body, prices in the EU will rise 9.3% year-on-year and will stay high at 7% in 2023. This is up from the previous forecasts of 8.3% and 4.6% respectively. Unemployment in the EU will also reach 6.5% in 2023.

Recommended: With the UK economy gone to the dogs, people in the country are eating pet food to survive

Sorry USA- the EU is too dependent on China

The European Union in particular, and Europe at large, has become too reliant on China for trade. Many EU companies look for opportunities to invest in the country’s economy. 

In the import and export sector, the interdependence of the EU and China is immense.

China is the EU’s biggest import partner. 22% of all imports into the European Union come from China, according to 2021 statistics. Moreover, the Asian economic powerhouse is the third-largest importer of EU goods, amounting to 10% of the total imports. 

European Union's goods trade with China is vital for the EU economy. It cannot back the steps of of the United States (USA) against China
European Union’s goods trade with China is vital for the EU economy. Graph from Eurostat

According to the United Nations COMTRADE database on international trade, EU exports to China amounted to $260.61 Billion in 2021. 

Meanwhile, the United States has imposed fresh sanctions on its tech exports to China. As the self-styled leader of the Western alliance, it now wants the EU to do the same.

While acknowledging the Asian giant’s ever-growing influence, the European Commission knows well that “China matters to the EU“.

“On the international stage China is now a heavyweight, both economically and financially. China is the EU’s second biggest trading partner. As a consequence, China’s political, economic and social development matter to the EU more than ever,” 

the EC website reads

Recommended: Xi Jinping’s Third Term is a Complete Failure

Crumbling alliance over China

The demands of the United States from its EU partners are selfish and insensitive. Europe has already paid a heavy price by joining the US-led alliance against Russia. 

By pressurizing EU countries not to compensate for their losses by doing business with China, the US is pushing them to commit suicide.

However, the message from the EU has been clear. They will not give a cold shoulder to Beijing. 

At the Brussels Indo-Pacific Forum last week, Josep Borrell, the High Representative of the Union for Foreign Affairs and Security Policy, did not mince his words. 

“The truth is also that a vast majority of Indo-Pacific and European countries do not want to be trapped into an impossible choice. They don’t want to have to choose either the US or China. We don’t want a world that is split into two camps,” 

Borrell said regarding Washington’s expectations. 

The influence of the US on the EU is waning. The President of the European Council, Charles Michel, traveled to Beijing on 1 December to meet with Chinese President Xi Jinping. This is the first in-person meeting in around 4 years. 

The President of the European Council, Charles Michel met Xi Jinping in Beijing as the EU tries to avoid pressure from the United States to sideline China
The President of the European Council, Charles Michel met Xi Jinping in Beijing

The visit comes a month after German Chancellor Olaf Scholz visited Beijing despite widespread criticism. Under huge economic pressure and amid anti-government protests, Europe is looking to China to bail them out. 

The rift comes amid accusations coming from Europe that the USA is profiting from the war in Ukraine. In an interview with POLITICO, Josep Borrell blamed Washington for making decisions that are disastrous for the EU. 

“Americans take decisions which have an economic impact on us,

Borrell told reporters.

There is an element of truth in Borrell’s words. The US is being self-centered in expecting its European partners to forgo their interests. It is clear, that the EU is too dependent on China to back the US in this.

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Oryen Network is Trending amid a 250% Price Surge during Presale, alongside Celo and Curve https://coinchapter.com/oryen-network-is-trending-amid-a-250-price-surge-during-presale-alongside-celo-and-curve/ https://coinchapter.com/oryen-network-is-trending-amid-a-250-price-surge-during-presale-alongside-celo-and-curve/#respond Sat, 03 Dec 2022 09:00:54 +0000 https://coinchapter.com/?p=246560 The cryptocurrency investment world is abuzz with the recent surge of Oryen Network’s ORY token. Oryen is a crypto project focused on providing a secure and reliable earning and trading experience for users. The project is also set to implement a decentralized exchange (DEX). Crypto whales are speaking out about this project. For example, Steven […]

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Oryen Network is Trending amid a 250% Price Surge during Presale, alongside Celo and Curve

The cryptocurrency investment world is abuzz with the recent surge of Oryen Network’s ORY token. Oryen is a crypto project focused on providing a secure and reliable earning and trading experience for users. The project is also set to implement a decentralized exchange (DEX). Crypto whales are speaking out about this project. For example, Steven Clarke talked about it in a recent YouTube video. Reddit community members are also openly discussing the project, arriving at the conclusion that Oryen introduces one of the most ground-breaking tokens in recent history.

Oryen Network (ORY)

The Oryen Network is a brand-new crypto project that could change the game for passive income generation. This project guarantees a daily return on investment (ROI) of 0.177%. Over the course of a year, this ROI compounds to a fantastic 90% annual percentage yield (APY). 

With the proper features in place, the project assures all investors of these returns. The project implements the Oryen Autostaking Technic (OAT), which is a revolutionary staking protocol generating the highest and quickest returns for crypto entrepreneurs. The OAT system works in tandem with a rebase reward system to deliver returns directly to the investors’ wallets every 60 minutes. With a Risk-Free Value (RFV) wallet and a Treasury, the protocol also has a sturdy safety net in case the market fluctuates.

Given its guaranteed returns, many analysts and whales are keen to have a slice of the Oryen pie. As such, Business2Community has included ORY as one of the 13 best altcoins to buy this year. It could rise exponentially in the cryptocurrency rankings, standing alongside Celo and Curve (CRV).

Celo

Celo is another cryptocurrency project considered by analysts to be one of the best cryptos to buy this month. Celo is a global payment infrastructure and financial system that is focused on offering mobile platforms. It is a comprehensive stack of blockchain software for users to build decentralized applications for liquidity and rewards. One of its most well-known features is simplifying public keys, enabling users to send digital currencies to names of contacts instead of 42-character codes.

Curve (CRV)

The development of Oryen could also catch up to the Curve project, which is a decentralized exchange (DEX) platform using CRV as its native token. Launched in January 2020, the Curve project allows users to adopt an automated market maker (AMM) to manage liquidity and trade stablecoins. For anyone interested in yield farming, liquidity mining, and other DeFi services, the Curve platform is a solid option.

Final thought

The volatile nature of the crypto market has been so prevalent this year. Investors need to pick the right digital assets to kick off 2023 on the right foot. With Oryen scheduled to launch at the end of December, early investors can maximize their money by betting on ORY’s guaranteed growth.

For More Information:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

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ApeCoin to rally fizzle out before staking goes live? https://coinchapter.com/apecoin-rally-fizzle-out-before-staking-goes-live/ https://coinchapter.com/apecoin-rally-fizzle-out-before-staking-goes-live/#respond Sat, 03 Dec 2022 02:10:38 +0000 https://coinchapter.com/?p=246521 Lucknow(CoinChapter): ApeCoin’s price soared last week following a risk-on broader market and positive sentiment owing to the launch of staking capabilities. However, the token’s price might face some resistance to move higher this week amid weakening fundamentals. Since November 25, APE has risen by as much as 41%, notching a near 1-month high at $4.48. […]

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ApeCoin to rally fizzle out before staking goes live?
Image Credit: BAYC

Lucknow(CoinChapter): ApeCoin’s price soared last week following a risk-on broader market and positive sentiment owing to the launch of staking capabilities. However, the token’s price might face some resistance to move higher this week amid weakening fundamentals.

APE/USD Daily Price Chart
Apecoin(APE/USD) Daily Price Chart, Source: TradingView

Since November 25, APE has risen by as much as 41%, notching a near 1-month high at $4.48. The recent spree of gains has made APE one of the best-performing crypto’s since the FTX debacle.

Although a recovering Bitcoin has helped underprop crypto prices, APE’s success has primarily revolved around the official launch of staking capabilities.

Back in November, blockchain developers Horizen Labs said that it’s working on a staking system for ApeCoin holders. It announced that apestake.io would launch on December 5 while reward accrual will begin on December 12.

ape staking technical series
Source: https://twitter.com/HorizenLabs/status/1595575458891907074

In crypto, staking allows holders to lock their tokens in a smart contract and earn passive income. Over the years, staking has become a popular means of investment for those looking at stable long-term returns compared to extreme price changes in the crypto market.

As per Horizen Labs, there are four different staking pools that will allow participants to get returns on their staked assets. Each pool contains a different limit on the permissible maximum stake.

APE fundamentals point to inorganic growth

APE Large Holders NetFlow
APE Large Holders NetFlow, Source: IntoTheBlock

Leading up to its staking launch, large holders (those with more than 1% of its circulating supply) began to add more APE tokens to their portfolio. This was evident by a spike in large holders NetFlow between November 25-30, which rose to its highest level this year.

However, a subsequent drop in this ratio indicated that large holders had since cashed out their gains. This coincided with a minor drop in price as well.

APE Daily Active Addresses
APE Daily Active Addresses, Source: IntoTheBlock

Elsewhere, the number of daily active addresses dipped to 1.41K from 1.7K in the past week. The decline showed that fewer users were actively transferring tokens on the blockchain, indicating a reduction in demand.

Technical Analysis

APE/USD Daily Price Chart
APE/USD Daily Price Chart, Source: TradingView

From a technical perspective, there were signs that APE’s rally could be nearing its end. The daily RSI closed in on a stiff resistance at 60. The last four times APE’s daily RSI has touched this level, a price decline has followed.

Furthermore, the daily 50 Simple Moving Average looked to deny a breakout, suggesting that bearishness had increased over the past few days.

If a downward move follows, APE would be at the risk of a 24-35% drawdown to $3-$2.6, a region where bulls have known to lend assistance to ailing prices.

On the flip side, should Bitcoin trend upwards, APE’s rally could extend on the charts. The best-case scenario would be an 33% surge to its daily 200 Simple Moving Average.

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Will BudBlockz (BLUNT) Grow as Fast as Polygon (MATIC) In 2023? https://coinchapter.com/will-budblockz-blunt-grow-as-fast-as-polygon-matic-in-2023/ https://coinchapter.com/will-budblockz-blunt-grow-as-fast-as-polygon-matic-in-2023/#respond Fri, 02 Dec 2022 17:00:57 +0000 https://coinchapter.com/?p=246360 During a crypto project’s early days, plenty of factors may influence its growth. In the case of projects like Polygon (MATIC), factors like surging transaction loads on the Ethereum blockchain encouraged growth as people sought scalability for their apps.  But what about budding projects like BudBlockz? Are there any contextual similarities that could see BudBlockz’s […]

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Will BudBlockz (BLUNT) Grow as Fast as Polygon (MATIC) In 2023?

During a crypto project’s early days, plenty of factors may influence its growth. In the case of projects like Polygon (MATIC), factors like surging transaction loads on the Ethereum blockchain encouraged growth as people sought scalability for their apps. 

But what about budding projects like BudBlockz? Are there any contextual similarities that could see BudBlockz’s BLUNT token grow as fast as Polygon in 2023? Let’s discuss the possible trajectory for BLUNT:

Accessibility

One of the major growth drivers for any token is the ability to buy it on a CEX or DEX. If a token is listed on a popular token exchange platform it gains exposure and people with money can easily get their hands on it. That said, BudBlockz will soon launch BLUNT on Uniswap, the most used decentralized exchange globally, bringing massive liquidity and spurring growth. 

BudBlockz also has an adequate amount of tokens in a liquidity wallet, just in case there’s another imminent exchange listing. The quicker the token can go from a thinly-traded one to having more trading volume, the broader the audience segment that will find it attractive. 

Scarcity

While people need to be able to buy a project’s tokens, there should be a limit to how many tokens can be instantly dumped in a single move or a few quick consecutive trades. In that regard, BudBlockz has a prolonged lock-up period for tokens allocated to the team, partners and advisors. 

This encourages commitment to the long-term development of functionality within the ecosystem, thereby increasing the percentage of token purchases fuelled by acknowledged intrinsic value instead of pure speculation. 

Diverse income generators

The marijuana trade alone offers excellent utility for the BLUNT token as a medium of exchange, especially since there are already several weed-friendly regions across the U.S. and Europe. As more customers in the Cannabis industry start using the token, the price can rise in response to demand. And considering the occasional discounts and promotions associated with using the BLUNT token to purchase Cannabis products, this token could be very sought-after in 2023. 

In addition to facilitating the Cannabis trade, the BudBlockz ecosystem also intersects with NFTs and play-to-earn gaming. These additional activities encourage BLUNT token holders to stake their tokens and earn rewards, which also contributes to scarcity. And as this activity mushrooms, more people want to buy the tokens and stake them, increasing demand and boosting growth. 

The BLUNT token is also a gateway into fractional ownership of BudBlockz farms, dispensaries and other products. This gives it an additional layer of profitability outside of on-chain activity. It is an attractive quality for traditional investors conversant with how real-world ventures like farms and retail outlets work. 

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

Use the promo code “CYBERWEEK” to receive a 20% bonus on your $BLUNT purchase before 5 December 2022.

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What Happens to US Energy Stocks After Sanctions on Russian Oil? https://coinchapter.com/what-happens-us-energy-stocks/ https://coinchapter.com/what-happens-us-energy-stocks/#respond Fri, 02 Dec 2022 15:47:52 +0000 https://coinchapter.com/?p=246453 It is an interesting period for the US economy as oil sanctions on Russia are days away from going into effect. Here's how a potential change in oil prices could affect inflation, energy stocks, and even crypto.

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What Happens to US Energy Stocks After Sanctions on Russian Oil?
What Happens to US Energy Stocks After Sanctions on Russian Oil?

NEW DELHI (CoinChapter.com) — It is an interesting period for the US economy as oil sanctions on Russia are days away from going into effect. Here’s how a potential change in oil prices could affect inflation, energy stocks, and even crypto.

EU Applies Sanctions on Russian Oil

In April, 27 countries in the European Union announced oil sanctions on Russia to disrupt its invasion of Ukraine.

However, the parties are yet to come to a final agreement. Moreover, an outright ban would damage energy markets because of high crude oil prices. This led G-7 to consider setting a cap on the amount it would pay for Russian oil.

The final cap is still being deliberated but could be decided before the sanctions go into effect on Dec 5.

In response, Russia has remained nonchalant. Kremlin officials have indicated that the country will choose not to sell oil to those countries that have implemented a price cap. The stance comes amidst hopes that India and China will fill in the gap, both of which remain the largest consumers of Russian oil.

As per the International Energy Agency, Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia.

Energy Stocks Up

Following Russia’s attack on Ukraine in Feb 2022, fears of a decrease in global oil supply have sent prices soaring to new peaks. Between February-May, crude oil futures climbed by nearly 40% to $133.4 – its highest-ever value.

Even though prices corrected over the next few months, crude oil futures were still up by 6% since the beginning of the year.

CRUDEOIL/USD Monthly Price Chart, Source: TradingView

Energy stocks, which share a positive correlation with oil prices, have benefitted from this increase. As a result, by the end of Q3 2022, energy was the best-performing sector on the S&P 500, offering returns of 30.7%. In comparison, the S&P 500 was down 23.9% for the year.

Analysts project that a few energy stocks are even instead of more than 100% gains in the coming stocks, an expected surge that is uncommon in the stock market.

Correction Incoming?

While the long-term prospects for energy stocks look healthy, the near-term is slightly cloudy. Even though sanctions on Russian oil would increase crude oil prices, many suspect that the energy sector would not reflect these gains.

CRUDEOIL/USD Daily Price Chart Vs. ENERGY/USD Daily Price Chart, Source: TradingView

Research firm SeekingAlpha noted that energy stocks had recently outperformed the oil price itself, which is the underlying commodity. However, it added that such divergences are usually short-lived, following which a correction is observed. Excerpts:

“Should this relationship continue to hold, then there is clear potential for a bit of catch-up or catch-down type move in the coming months… my base case is that these two probably meet somewhere in the middle whereby the stocks correct and the commodity gains”.

Impacts on inflation and personal spending

Meanwhile, expectations of higher oil prices amid Russian sanctions might affect inflation and decrease consumer spending.

Since oil is a key ingredient in petrochemicals used to make plastic, higher oil prices would increase the prices of many products made with plastic. A similar effect would also lead to higher transportation costs. As a result, consumer spending would likely decline.

In March 2022, Federal Reserve Chair Jerome Powell outlined how higher oil prices impact the economy. He said that every $10 per barrel increase in the price of crude oil raises inflation by 0.2% and sets back economic growth by 0.1%.

Notably, the consumer price index, which tracks inflation, jumped by 7.7% year-on-year in October. Even though this was the smallest percentage increase in 12 months, the figure is still at its highest since the early 1980s.

Crypto remains uncertain

While Bitcoin does not share a direct correlation with oil prices, it’s difficult to judge how variations in crude oil prices will affect crypto investors.

However, judging by returns offered by energy stocks and those by Bitcoin, investors may be tempted to cash out of crypto and prioritize their energy investments. Such a development would only add more clout to the fate of crypto, which many say hangs by a thread.

On Dec 2, Bitcoin traded slightly below the $17K mark, down by 0.8% over the last 24 hours. Its year-to-date loss sits around 63.4%, according to MarketWatch.

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Rasta Beach Club – The Free Mint NFT collection expected to light up the Ethereum Blockchain https://coinchapter.com/rasta-beach-club-the-free-mint-nft-collection-expected-to-light-up-the-ethereum-blockchain/ https://coinchapter.com/rasta-beach-club-the-free-mint-nft-collection-expected-to-light-up-the-ethereum-blockchain/#respond Fri, 02 Dec 2022 15:25:01 +0000 https://coinchapter.com/?p=246578 Rasta Beach Club is a generative NFT Art collection. The bright & vibrant collection combines over 140 individual traits, each assembling in variety to form 10,000 unique Rasta characters. The collection is a community-centric project focused on good art & good vibes. The Rasta Beach Club has become increasingly popular amongst investors in the industry […]

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Rasta Beach Club is a generative NFT Art collection. The bright & vibrant collection combines over 140 individual traits, each assembling in variety to form 10,000 unique Rasta characters. The collection is a community-centric project focused on good art & good vibes.

The Rasta Beach Club has become increasingly popular amongst investors in the industry given it’s strong foundations, clear vision and also due to the fact it is a free mint!

The Market

Rasta Beach Club hope to be the next of these case studies providing further reassurance that the NFT space has a bright future ahead.

Metaverse & the future

Aside from the existing features of the project, the team have also announced their plans to build multiple immersive Metaverse experiences that will be exclusive to Rasta Beach Club NFT holders. 

The Mint 

The Rasta Beach Club NFT’s are available to mint now – Free! 

For full details, head to the website below where you will find instructions of how you can get involved.

Website – artek.al/rbc

Twitter – https://twitter.com/rastabeachclub

Contact – Mitch Lees

Email – sanderson@artekal.com

 

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Hooked Protocol (HOOK) launched on Binance with a 2,800% rally https://coinchapter.com/hooked-protocol-hook-launched-binance/ https://coinchapter.com/hooked-protocol-hook-launched-binance/#respond Fri, 02 Dec 2022 12:05:00 +0000 https://coinchapter.com/?p=246454 YEREVAN (CoinChapter.com) – Hooked Protocol, a new addition to the Binance Launchpad, saw its token HOOK price rally 2,800% in 24 hours and stood at $2.68 ahead of the London session on Dec 2. According to Binance charts, the digital asset jumped from $0.08 to nearly $3.0 within an hour after opening on Dec 1. […]

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Hooked Protocol (HOOK) launched on Binance with a 2,800% rally

YEREVAN (CoinChapter.com) – Hooked Protocol, a new addition to the Binance Launchpad, saw its token HOOK price rally 2,800% in 24 hours and stood at $2.68 ahead of the London session on Dec 2. According to Binance charts, the digital asset jumped from $0.08 to nearly $3.0 within an hour after opening on Dec 1.

Hooked Protocol (HOOK) price action on Dec 2.
Hooked Protocol (HOOK) price action on Dec 2. Source: Binance.com

As of Dec 2, HOOK’s market cap reached $133 million, ensuring the token’s foray into the top 250 tokens, ranking #220. The daily trading volume stood at $586 million.

However, the chart above clearly shows a sideways consolidation after the spike. While an increase in buying pressure is possible, it is doubtful that HOOK can pull off another such rally.

In detail, Hooked Protocol was the 29th project on Binance Launchpad. “Binance has completed the subscription format Launchpad for Hooked Protocol, and the final token allocation results are now showing on the Hooked Protocol Launchpad Page,” announced Binance on Dec 1.

Also read: DeFi Protocol Ankr Loses $5M to Hack — Many Tokens Affected.

The project’s Launchpad start

According to the exchange, a total of approximately 115 thousand participants committed roughly 9 million BNB during the subscription period with a mild oversubscription of 1,066x.

3 participants reached the 150,000 HOOK hard cap, resulting in the participants’ allocation being passed down to the remaining users. For further information on how this is calculated, refer to a detailed guide here.

detailed Binance.

Depending on the number of BNB tokens committed by users, Binance allocated a certain amount of HOOK, with the deduction of fees.

The corresponding BNB tokens will be deducted from your already-locked BNB balance within 60 minutes of this announcement. Once deducted, your HOOK and remaining BNB tokens will both be transferred to your spot wallet.

read the announcement.

What is Hooked Protocol all about?

According to the website, Hooked Protocol is “building the on-ramp layer for massive Web3 adoption.” It provides “tailored Learn & Earn products and onboarding infrastructures for users & businesses to enter the new world of web3.”

Furthermore, the project will release the HOOK token gradually within a month. Thus, the total token supply of 500 million HOOK will be out by Dec 29, according to the website’s schedule.

HOOK token release schedule.
HOOK token release schedule. Source: hooked.io

In H1 2023, the project expects “more diverse gamified learning experiences.” Additionally, Hooked expects “collaboration and partnership with more Web3 projects, as well as wallet solution integration.”

According to CoinMarketCap, HOOK is currently available on several exchanges other than Binance: CoinW, BingX, MEXC, and Bitrue.

Click here to keep up with the ever-changing crypto market and never miss the scoop!

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DeFi Protocol Ankr Loses $5M to Hack — Many Tokens Affected https://coinchapter.com/defi-protocol-ankr-loses-over-5-million/ https://coinchapter.com/defi-protocol-ankr-loses-over-5-million/#respond Fri, 02 Dec 2022 11:21:16 +0000 https://coinchapter.com/?p=246485 According to blockchain security research firm PeckShield, a bug in Ankr's code was behind the exploit. It allegedly allowed users to mint an unlimited amount of tokens arbitrarily. As a result, the hacker minted six quadrillions of the Ankr Reward Bearing Staked BNB (aBNBc) token.

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DeFi Protocol Ankr Loses $5M to Hack — Many Tokens Affected
DeFi Protocol Ankr Loses $5M to Hack — Many Tokens Affected

YEREVAN (CoinChapter.com) — Decentralized finance (DeFi) protocol Ankr is the latest victim of a massive exploit. According to reports, attackers drained the Binance (BNB) Chain-based platform of $5 million. 

Ankr is a decentralized Web3 infrastructure provider that connects developers, decentralized applications, and stakers on several blockchains. It allows users to set up and run nodes remotely and provides various staking options.

Users can also mint ANKR, the platform’s native token, by contributing their idle computing power to the network.

According to blockchain security research firm PeckShield, a bug in Ankr’s code was behind the exploit. It allegedly allowed users to mint an unlimited amount of tokens arbitrarily. As a result, the hacker minted six quadrillions of the Ankr Reward Bearing Staked BNB (aBNBc) token.

Blockchain security firm PeckShield alerted about the hack on Binance chain-based DeFi Protocol Ankr
Blockchain security firm PeckShield alerted about the hack DeFi Protocol Ankr

The attacker then used the decentralized cryptocurrency tumbler Tornado Cash to cover his tracks. However, some users pointed out that the hacker swapped the stolen BNB tokens for 5 million USDC.

Ankr Protocol, Binance Confirm the Hack

After news of the possible exploit spread, Ankr protocol took to Twitter to confirm the hack. According to the platform, they had already contacted exchanges to stop the trade of the compromised tokens. 

“Our aBNB token has been exploited… We have been in touch with the DEXes and told them to block trading. We will reissue tokens in the future after we assess the situation,” 

Ankr protocol wrote
Ankr protocol confirmed the hack on its protocol after exploiters run away with $5 million
BNB chain-based DeFi protocol Ank confirmed the hack on its protocol

The platform also promised that they are “currently drafting a plan and are committed to compensating affected users.” 

Largest cryptocurrency exchange Binance, on whose platform the Ankr protocol functions, also confirmed the hack. However, it also clarified that all funds on the exchange remain safe.

“We are aware of the attack targeting ankr’s aBNBc token. Our team is engaged with the relevant parties and BNBCHAIN to investigate further. This is not an attack against Binance, and your funds are SAFU on our exchange,” 

Binance informed
 Binance CEO Changpeng Zhao also confirmed DeFi Protocol Ankr hack
Binance CEO Changpeng Zhao also confirmed the hack on DeFi Protocol Ankr

The crypto exchange’s CEO Changpeng Zhao also posted about the exploit. According to him, the hacker used the stolen aBNBc to borrow $16 million of the HAY stablecoin. He then converted this stablecoin into BUSD.

Recommended: Another DeFi Hack! Solana’s Solend Suffers $1.26M exploit

aBNBc, HAY, and BNB Tokens Tank

According to data available on CoinMarketCap, the exploited aBNBc token is on a freefall. It has plunged over 99.5%, crashing from around $311 per token before the exploit to $1.5 at the time of writing. 

aBNBc, the exploited token in the  Binance chain-based  Ankr protocol hack, tanked over 99%
aBNBc, the exploited token in the Ankr protocol hack, tanked over 99%. Source: CoinMarketCap

Meanwhile, the little-known BNB-back HAY stablecoin has also lost its peg. As a result, the development fell to as low as 20 cents per token. However, it has since recovered and is trading at $0.65 per token. 

BNB, the native token of Binance, also suffered slight losses. As the CoinMarketCap charts reveal, it fell nearly 5% due to the hack, going from $300 to $286. The reassurance from Binance, however, seems to have worked, preventing a larger drop in its price.

As CoinChapter earlier reported, hacks on DeFi protocols have become commonplace. With the crypto industry facing backlash over Sam Bankman-Fried’s FTX fiasco, hacks like this further harm the growing sector’s reputation. 

Worried about crypto hacks? Click here to read our extensive report on how to keep your tokens safe from hackers.

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Introducing the very first Negative Tax token on the Binance Smart Chain https://coinchapter.com/introducing-the-very-first-negative-tax-token-on-the-binance-smart-chain/ https://coinchapter.com/introducing-the-very-first-negative-tax-token-on-the-binance-smart-chain/#respond Fri, 02 Dec 2022 10:30:01 +0000 https://coinchapter.com/?p=246585 NETA emerges as the first leading negative token on the Binance Smart Chain. In the revolutionary journey of new smart chain contracts, NETA incentives financial backers to buy and hold their bought tokens. Its unique contract works through a 1% tax on each purchase which gets converted into BUSD rewards for holders. So, as the […]

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NETA emerges as the first leading negative token on the Binance Smart Chain. In the revolutionary journey of new smart chain contracts, NETA incentives financial backers to buy and hold their bought tokens. Its unique contract works through a 1% tax on each purchase which gets converted into BUSD rewards for holders. So, as the same transaction, financial backers will get an extra 1.5% additional tokens. The financial backers not only get a profit of 0.5% additional tokens on their purchase but also receive 1% in rewards of BUSD. NETA’s ecosystem includes a unique staking pool, swap, and blockchain.

Negative Tax (NETA) enables the $NETA holders to stake their tokens for variable APY with the local token as a reward. NETA offers a unique staking proposal that contrasts with other projects. The staking ecosystem contains:

  • 2% deposit fee, which is consumed

  • 15% early withdrawal fee. 5% consumed, 5% redistributed to the holders, and 55 back to the staking pool.

  • These reflections are distributed to the holders once a day.

The staking protocol principle ensures the financial backers who keep their tokens staked will earn additional tokens from the early withdrawal. NETA also implemented a burning feature to ensure that the entire supply is going down and so that it counters token inflation.

Along with staking pools, NETA offers a unique swap for the financial backers to utilize. It allows the users to manually set gas at their ideal desire and swap to get their position in any crypto coin quickly. NETA swap includes charting, limit order, stop losses, and more.

One of the exclusive functions of swap is a 0.2% swap fee. The whole swap fee will auto buyback and consume $NETA tokens. Overall the swap provides a high benefit to the projects and ensures it acquires volume and decreases the total supply over time. The auto buyback occurs after a specific amount of BNB has been accumulated. Moreover, NETA swap performs exchanges in a decentralized and autonomous manner.

NETAswap via smart contracts and executes exchanges at high speed according to the user’s requirement.

NETAchain creates technology that reduces the gaps between traditional and decentralized finance. It also developed a blockchain framework that offers interoperability and the ability to deal with the volume of exchanges acquired for decentralized finance (DeFi), monetary institutions, and governments to change into the future. NETAchain also created a pure proof of stake foundational blockchain.

Additionally, NETA will be the next generation of financial products, protocols, and value exchange.

Further details about the project can be found on the official website, or interested investors can read the official whitepaper to know more about the project.

WebsiteTelegramTwitter

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Here’s Why Oryen Network Is Better Than Compound and Curve https://coinchapter.com/heres-why-oryen-network-is-better-than-compound-and-curve/ https://coinchapter.com/heres-why-oryen-network-is-better-than-compound-and-curve/#respond Fri, 02 Dec 2022 09:00:38 +0000 https://coinchapter.com/?p=246368 The DeFi industry is garnering a lot of traction from investors. With the bear market in full swing, it’s hard to find a project that can be trusted and will pay its users an interest rate that’s worth investing in. Oryen Network is one of the most promising DeFi projects in the current bear market, […]

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Here's Why Oryen Network Is Better Than Compound and Curve

The DeFi industry is garnering a lot of traction from investors. With the bear market in full swing, it’s hard to find a project that can be trusted and will pay its users an interest rate that’s worth investing in.

Oryen Network is one of the most promising DeFi projects in the current bear market, and it’s on track to surpass Compound and Curve in terms of the user base. Its rise in the market is captured by crypto analyst Steven Clarke in his recent video review.

With all of this happening in the crypto space right now, it’s clear that there is much more than meets the eye when building one of the best new crypto coins for 2022.

What is the Oryen Network?

Oryen is a staking platform changing investors’ perceptions of the DeFi industry. One outstanding feature of the staking platform is its high fixed APY that provides an easy and safe way for investors to earn passive income.

Oryen’s performance in the market is something out of the ordinary. Currently, it is at its sixth presale, with prices surging up to 250% compared to Compound (COMP) and Curve (CRV).

The continued success of the Oryen network during its presale phases is a testimony of the demand in the market for such a trajectory by investors. Moreover, Oryen is backed by a strong development team plus a wide set of features to set it apart from its competitors.

For example, Oryen uses an innovative Oryen Autostaking Technic (OAT) for its holders’ easy and secure staking. In addition, holders can buy-hold-earn after purchasing their tokens. Moreover, holders earn rebase rewards that directly appear in their wallets.

Compound (COMP)

Compound (COMP) is an Ethereum-based decentralized lending platform that allows users to supply and borrow Ethereum tokens at different interest rates.

It features a program that matches the lenders and receivers with an algorithm, thus eliminating the need for a middleman. A common feature of the platform is liquidity mining, which rewards users for lending their cryptocurrency.

Curve (CRV)

Curve is a place for investors who are looking to trade with stablecoins. The platform uses an automated market model that focuses specifically on stablecoins. Moreover, it allows for liquidity for providers to earn swap fees. This is without risking an imminent loss.

Unfortunately, an incident in August saw the platform lose up to $500,000 from its platform. It is an incident that deterred many investors from associating with the platform. Thus, its prices plunged in the market.

Final Thoughts

Overall, Oryen Network is a promising platform for investment and has investors flocking to get as much ORY as possible. So what can you do? If you want to invest in such a project, hurry up and make sure you join the 6th presale stage!

Learn more here:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

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Axie Infinity (AXS) Prices Down, Orbeon Protocol (ORBN) Set for 6000% Surge In Presale https://coinchapter.com/axie-infinity-axs-prices-down-orbeon-protocol-orbn-set-for-6000-surge-in-presale/ https://coinchapter.com/axie-infinity-axs-prices-down-orbeon-protocol-orbn-set-for-6000-surge-in-presale/#respond Fri, 02 Dec 2022 07:00:40 +0000 https://coinchapter.com/?p=246314 The cryptocurrency market tends to rise and fall as one, but this isn’t always the case. Gaming and metaverse tokens have been obliterated over the past year, while some projects have done very well coming out of presale. In this article, we’ll go over the fate of Axie Infinity (AXS) and then discuss Orbeon Protocol […]

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Axie Infinity (AXS) Prices Down, Orbeon Protocol (ORBN) Set for 6000% Surge In Presale

The cryptocurrency market tends to rise and fall as one, but this isn’t always the case. Gaming and metaverse tokens have been obliterated over the past year, while some projects have done very well coming out of presale. In this article, we’ll go over the fate of Axie Infinity (AXS) and then discuss Orbeon Protocol (ORBN), which is still in its presale phase and is expected to 60x or more in the weeks to come

>>BUY ORBEON TOKENS HERE<<

Axie Infinity (AXS)

Axie Infinity is an online video game that uses non-fungible tokens or NFTs. The game was developed by Vietnamese studio Sky Mavis, known for its in-game economy, which uses Ethereum-based cryptocurrencies. In Axie Infinity, players collect and mint NFTs which represent axolotl-inspired digital pets known as Axies. 

With an all-time high of $165 in November 2021, Axie Infinity has seen over 95% of its value washed away. Axie Infinity is still the #59 project by market cap, and Axie Infinity might recover one day, but it’s definitely been a rough year for AXS. These days, Axie Infinity has a long way to go to recover its lost value. 

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN) 

Orbeon Protocol, on the other hand, is shaking up the crowdfunding industry with its ability to mint the equity of promising companies as NFTs (Non-Fungible Tokens). These NFTs are fractionalized, which can then be bought and traded by everyday investors for as little as $1. This revolutionary approach removes the gatekeepers that typically keep people out of the venture capital industry. Now, even the smallest investor can be a venture capitalist and benefit from the same percentage of gains. 

Investors now have a marketplace where they can find vetted, real-world businesses and crypto projects that are looking to raise capital. Orbeon Protocol also stands out with its “Fill or Kill” mechanism. This mechanism automatically returns NFTs to investors if a round of fundraising fails, removing some of the risks from the process. Too many platforms shrug their shoulders when fundraising fails, but not Orbeon Protocol. The feature is built right into the smart contract and will not be circumvented. 

The ORBN token fuels the Orbeon Ecosystem (wallet, exchange, metaverse, and swap). ORBN holders enjoy perks that include governance rights, access to funding rounds, and discounts on trading fees. 

Orbeon Protocol’s ORBN tokens can be bought at $0.014 at the time of this writing but that price might not last long as experts anticipate a 6000% overall increase in price by the end of the presale phase. This potential 60x would take Orbeon Protocol (ORBN) in the opposite direction of Axie Infinity (AXS), if the last year is any indication. Still, a high tide raises all ships, and it’s possible that both projects can do well in 2023. 

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

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ETH/BTC: Ethereum Price Aims Fresh Surge Vs Bitcoin https://coinchapter.com/eth-btc-ethereum-price-aims-fresh-surge/ https://coinchapter.com/eth-btc-ethereum-price-aims-fresh-surge/#respond Fri, 02 Dec 2022 06:21:23 +0000 https://coinchapter.com/?p=246435 New Delhi(Coinchapter.com): Ethereum’s ETH price is rising above the 0.0740BTC zone. There could be a strong surge if the bulls push it above the 0.0755BTC resistance. Ethereum (ETH) Price Bullish Vs Bitcoin In the last ethereum vs bitcoin analysis, we discussed a possible bullish breakout. ETH/BTC remained supported above the 0.0680 zone and slowly moved […]

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Ethereum (ETH) Price Bullish Vs Bitcoin
ETH/BTC Ethereum (ETH) Price Bullish Vs Bitcoin | Photo by Zoltan Tasi on Unsplash

New Delhi(Coinchapter.com): Ethereum’s ETH price is rising above the 0.0740BTC zone. There could be a strong surge if the bulls push it above the 0.0755BTC resistance.

Ethereum (ETH) Price Bullish Vs Bitcoin

In the last ethereum vs bitcoin analysis, we discussed a possible bullish breakout. ETH/BTC remained supported above the 0.0680 zone and slowly moved higher.

However, the key upside break is still in progress. After trading as low as 0.0658, the price started a fresh increase. There was a clear move above 0.070 and 0.072 resistance levels. The bulls even pumped the price above the 61.8% Fib retracement level of the key decline from the 0.0792 swing high to 0.0658 low.

Etheruem’s price daily chart
Etheruem’s price daily chart | Source: ETH/BTC on TradingView.com

The price is now trading comfortably above the 0.0732 resistance zone and the 50-day simple moving average (blue). On the upside, ether seems to be facing resistance near the 0.0755 level.

There is also a major bearish trend line with resistance near 0.0755BTC on the daily chart. The trend line is close to the 76.4% Fib retracement level of the key decline from the 0.0792 swing high to 0.0658 low. A clear upside break above the trend line resistance and 0.0760 may perhaps start a steady increase.

In the stated case, the price may perhaps rise towards the 0.0792 high. Any more gains might open the doors for a move towards the 0.0850 zone or even 0.0880.

Ethereum Dips Limited?

If there is no upside break above 0.0755BTC, ether price might correct lower. On the downside, there is a strong support forming near 0.0725 and the 50-day simple moving average (blue).

The main support seems to be forming near the 0.0700 level and a connecting bullish trend line. If there is a downside break below the 0.0700 support, the price might start a bearish wave. The next major support could be near the 0.0655 level, below which the price may perhaps decline towards the 0.0600 support area.

Overall, ether price is showing positive signs above the 0.072 support zone versus bitcoin. If there is a clear upside break above the 0.0755 resistance, ETH could start a fresh surge. Conversely, there might be a fresh decline towards the 0.0700 support zone or even 0.0655.

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With the UK economy gone to the dogs, people in the country are eating pet food to survive https://coinchapter.com/uk-economy-crisis-people-eat-pet-food-survive/ https://coinchapter.com/uk-economy-crisis-people-eat-pet-food-survive/#respond Thu, 01 Dec 2022 23:26:20 +0000 https://coinchapter.com/?p=246387 The UK economy is in shambles. Several people are eating pet food to fight the growing inflation in the country.

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The UK economy is in shambles. Several people are eating pet food to fight the growing inflation in the country.
Some citizens in Wales are eating pet food to fight the growing food prices. Photo by Nick Fewings

YEREVAN (CoinChapter.com) — People in the United Kingdom have it going hard for them thanks to the crashing economy. The growing inflation has forced many to revisit their living habits. However, some are forced to go to extremes. According to a recent BBC report, residents of Cardiff are eating pet food in an attempt to live on a tight budget.

Cardiff is the capital of Wales and the largest city in the country. Besides eating pet food, its residents have resorted to heating their meals on candles. 

The national broadcaster of the United Kingdom quoted a community worker to highlight the incident. 

“I’m still shocked by the fact that we have people who are eating pet food, people who are trying to heat their food on a candle or a radiator. These are shocking kind of stories that are the truth, we know from trusted people that have ended up sharing this in tears with us – it shouldn’t happen,”  

Mark Steed, who runs a community food project in Trowbridge, Cardiff’s Stowbridge area, told the BBC.

People in Wales (as in many parts of the UK) do not make enough to sustain themselves. This is despite them putting in extra hours. 

According to the Department for Work and Pensions (DWP), 34% of children in Wales live in poverty. Among the four countries of the UK, Wales has the highest number of children in relative income poverty.

In the UK, people fall in the relative poverty category if they are living in a household with income below 60% of the median household income in that year. 

As a result of the crisis, many citizens are abandoning their pets or looking for alternative housing for them. With hardly enough to maintain themselves, looking after pets has become a luxury.

Recommended: Brits believe Brexit was a mistake; UK economy agrees

UK food price inflation hits new record high. UK economy in shambles

Food price inflation in the United Kingdom reached a new record high of 12.4% in November, up from 11.6% in the previous month. Prices of everyday use such as eggs, dairy products, and coffee have gone over the roof.

That is the biggest inflation rate in the food category since records began in 2005. Overall shop price inflation rose to 7.4% in November from 6.6% in October, according to the British Retail Consortium (BRC).

Data from the Office for National Statistics indicate food price inflation in the year to October hit 16.2%, up from 14.5% in September.

Food inflation in the UK is above 16%, according to reports
Food inflation in the UK is above 16%, according to reports

As CoinChapter earlier reported, several UK Citizens have turned to food banks to beat the increasing living costs. 

As per a May 2022 survey by the Independent Food Aid Network (IFAN), 93% of organizations representing food banks in the UK reported an increase in the need for their services since the start of 2022.

Amid growing inflation, independent food banks have seen increases in the need for their services since the Autumn of 2021. UK economy in shambles
Amid growing inflation, independent food banks have seen increases in the need for their services since the Autumn of 2021: IFAN

A recent report by the Trades Union Congress (TUC) suggests stagnated wages and growing inflation in the UK will result in an income loss of 6.2% over the next two years. This averages to £1,750 (about $2,150), the tightest contraction among all G7 countries.

Is Brexit behind people in the UK eating pet food?

According to researchers at the London School of Economics, one can trace the financial voes of the UK to Brexit. 

The country’s exit from the European Union (EU) has added almost £6 billion (over $7.3 billion) to consumers’ food bills, increasing them by an average of £210 ($260) in the two years to the end of 2021. 

The over 6% increase in the prices of products has hurt the poorest in the country.

“In leaving the EU, the UK swapped a deep trade relationship with few impediments to trade for one where a wide range of checks, forms and steps are required before goods can cross the border. Firms faced higher costs and passed most of these onto consumers,”  

 Bristol University professor and study co-author Richard Davies said in a note.
Is Brexit behind people in the UK eating pet food and economy crisis?
Many blame Brexit for the current condition of the UK economy

Bank of England (BOE) chief economist Huw Pill also shared similar sentiments. According to him, Brexit will cost the UK 3% in permanently lost national output within 15 years. 

While addressing a panel organized by the Institute of Chartered Accountants in England and Wales, Pill argued that leaving the EU caused job shortages and strengthened pricing pressure among firms. This, in turn, has weakened UK’s economy. 

According to reports, a third of single parents in the UK are even skipping meals to be able to sustain themselves. As one UK-based family researcher told CoinChapter, “People are chosing between eating and heating”, thanks to inflation. 

With the Financial crisis in the UK deepening and no end to the Russian invasion of Ukraine in sight, one should expect more worrying reports from the country. 

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BlackRock Lost 24M in FTX Collapse: (NYSE:BLK) Stock Crashes 21% https://coinchapter.com/blackrock-lost-24m-ftx-collapse/ https://coinchapter.com/blackrock-lost-24m-ftx-collapse/#respond Thu, 01 Dec 2022 23:00:56 +0000 https://coinchapter.com/?p=246328 Lucknow(Coinchapter.com): The FTX meltdown has not even spared world’s largest asset manager, BlackRock. Speaking to New York Times, Larry Fink, CEO of BlackRock, said that the firm lost $24 Million once the FTX platform collapsed. Although Fink confirmed that Blackrock did its due diligence before investing in FTX, he also claimed that FTX might have […]

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BlackRock Lost 24M in FTX Collapse: (NYSE:BLK) Stock Crashes 21%
BlackRock (NYSE:BLK) Stock Crashes 21% amid 24M lost in FTX Collapse:

Lucknow(Coinchapter.com): The FTX meltdown has not even spared world’s largest asset manager, BlackRock.

Blackrock lost $24M due to FTX
Source: https://twitter.com/WhaleChart/status/1597975529755652096

Speaking to New York Times, Larry Fink, CEO of BlackRock, said that the firm lost $24 Million once the FTX platform collapsed. Although Fink confirmed that Blackrock did its due diligence before investing in FTX, he also claimed that FTX might have engaged in “some misbehaviors of major consequences”.

Fink also claimed that U.S.-based venture capital firm Sequoia was in a similar situation like Blackrock.

“I am sure they did the due diligence…Could they have been misled? Could they have done other things? Could we have been misled? Sure… but until we have more facts I’m not gonna speculate” said Fink to NY Time’s Andrew Ross Sorkin.

BlackRock takes time with crypto play

BlackRock, a fund manager with over $10 trillion in assets, has grown significantly over the past few years. The firm provides asset and risk management services to clients and also helps clients by connecting them to various investment products.

However, it was seemingly late to jump on the crypto bandwagon. Its first real crypto venture (barring a partnership with Coinbase) came only in April 2022 following the launch of an exchange traded fund (ETF) which tracks U.S. and non-U.S. companies involved with blockchain technology.

Since then, BlackRock has poured more chips into its crypto pot. A month later, the fund manager launched a similar ETF targeting European customers. A private spot Bitcoin trust was even announced in August with the aim of connecting crypto to more traditional investors.

However, many businesses, including BlackRock, have had to cope with losses following their crypto play. A bear cycle has engulfed Bitcoin since late 2021 and the same has weighed heavily on the prices of other coins in the market. Furthermore, incidents such as LUNA’s downfall and the FTX collapse have exposed many cracks present in the crypto industry.

Meanwhile, the FTX contagion has spread thick and fast. Exchanges like BlockFi have descended into bankruptcy while those like Genesis Global Capital are struggling to make ends meet.

Outside of crypto, many firms are struggling to cope amidst a tight U.S. economy. BlackRock itself has been a culprit of stock market losses this year. Its third-quarter results were mixed, obtaining lower revenues and offering a lower EPS year-on-year. An analyst at research firm SeekingAlpha said

“The outlook is also not favorable (for BlackRock). The yield spread is currently negative, pointing to a recession within now and 1 year”

Fate of crypto?

Despite the many issues prevalent for crypto, many industry leaders, even those investing in traditional assets, say that the future remains bright nonetheless.

Despite BlackRock’s crypto losses, Fink said he considers the technology behind crypto to be ‘very important’. He added: “I believe the next generation for markets and next generation for securities will be tokenization of securities.”

Meanwhile, crypto advocates have advised the community to remain headstrong and wait for the bear cycle to pass. Those like Changpeng Zhao (CZ), CEO of Binance, have vowed to restore confidence among both investors by taking steps to ensure that other companies do not meet the same fate as FTX. In November 2022, CZ Binance had announced a recovery fund to help projects in liquidity crisis.

CZ Binance on FTX Crisis
Source: https://twitter.com/cz_binance/status/1592044496174612482

On December 2, Bitcoin’s eased from $17k following a daily gain of 4.5% on the prior day. The king coin’s price has risen earlier following Federal Reserve Chair Jerome Powell’s hawkish stance on the U.S. economy.

BTC/USD Daily Price Chart
BTC/USD Daily Price Chart, Source: TradingView

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GMX price spikes over 30% as the DEX overtakes Uniswap in daily revenue https://coinchapter.com/gmx-price-spikes-over-30-as-the-dex-overtakes-uniswap-in-daily-revenue/ https://coinchapter.com/gmx-price-spikes-over-30-as-the-dex-overtakes-uniswap-in-daily-revenue/#respond Thu, 01 Dec 2022 21:08:20 +0000 https://coinchapter.com/?p=246365 GMX exchange usurped Uniswap in terms of daily fees for the first time in record. Meanwhile, GMX's namesake token faces sell-off risks.

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Decentralized exchange GMX enjoyed increased growth following the collapse of FTX.
Decentralized exchange GMX enjoyed increased growth following the collapse of FTX.

NEW DELHI (CoinChapter.com) — Decentralized crypto exchange GMX has witnessed serious growth following the collapse of FTX, resulting in the developing firm emerging as a serious competitor to established industry leaders.

Per a report from Delphi Digital, on Nov 28, GMX usurped Uniswap in terms of daily trading fees. GMX raked in more than $1.15 million, about 9% more than Uniswap’s $1.06 million.

Delphi Digital noted that GMX surpassed Unisex for the first time on record
Delphi Digital noted that GMX surpassed Unisex for the first time on record.

GMX allows users to trade perpetuals with no expiry and without an intermediary. The exchange likely benefitted from a shift of investors’ focus on perpetual-centric decentralized exchanges.

The exchange came live in Sept 2021, offering crypto perpetuals trading, which Binance and the now defunct FTX exchange dominated earlier.

Also Read: Cryptocurrency Price Prediction: Shiba Inu, Dogecoin, ADA, CREAM, ALGO

GMX is seventh in terms of fees collected over the last 30 days, with its fee rising by nearly 107.2% month on month in Nov.

MACD Bullish For GMX, But Bears Maintain Selling Pressure

The native namesake token of the exchange, GMX, recorded its highest daily gain in three weeks on Nov 30 as the crypto token price jumped more than 20% to reach a high of $49.7. On Dec 1, GMX price rose to $53.8 on Dec 1, resulting in the token spiking 30% from Nov 30’s low of $41.4.

However, the GMX crypto later pared gains to drop to a low of $47.7 on Dec 1, with the long upper wick on the day’s candle highlighting the strong bearish pressure on the token. If the sell-off continues, GMX price might fall to immediate support near $45.1.

Moreover, breaching below immediate support might force the crypto token to test support near $40.2 before prices recover.

GMX daily chart with MACD
GMXUSD daily chart with MACD. Source: Tradingview.com

Meanwhile, the momentum-oscillator MACD forecasts a bullish signal for the token. Additionally, positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).

Expanding positive bars indicate increasing bullish momentum for GMX price.

If traders start a buying spree, the GMX token price might rise to challenge resistance near $52. Moreover, a break and hold above immediate resistance could provide the crypto token price the momentum needed to rise to tackle resistance near $58.5 before downside corrections pare gains.

The protests in China highlight the failure of Xi Jinping’s third term. Read here to know more

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Xi Jinping’s Third Term is Complete Failure https://coinchapter.com/xi-jinpings-third-term-is-complete-failure-heres-why/ https://coinchapter.com/xi-jinpings-third-term-is-complete-failure-heres-why/#respond Thu, 01 Dec 2022 18:25:57 +0000 https://coinchapter.com/?p=246345 The third term of Chinese President Xi Jinping is a complete failure. The Chinese economy is in shambles amid and growing protest in China.

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The third term of Chinese President Xi Jinping is a complete failure. The Chinese economy is in shambles amid and growing protest in China.
Chinese President Xi Jinping has failed to contain the crisis in his country.

YEREVAN (CoinChapter.com) — President Xi Jinping continues to lead the country.

He secured his third term after scoring a total victory at the 20th Party Congress in mid-October to remain the general secretary of the Chinese Communist Party (CCP). However, his term has been a complete failure, as the Chinese economy will indicate. 

Since he retained office, Chinese citizens have voiced their concerns about the country’s situation. Several protests and large-scale demonstrations indicate that Xi Jinping’s empire is crumbling. 

Calls for Xi Jinping to resign 

Xi Jinping has been the most powerful leader in China since the 1980s. Yet, until recently, his rule has largely gone unchallenged. 

Earlier this year, reports suggesting he was kept under house arrest to prevent his return to power made global headlines. However, Xi was able to wiggle himself out of the crisis and once again positioned himself as the leader of his party. 

But now he faces a bigger challenge from a force larger than the CCP. The public in China wants Xi to step down. 

As CoinChapter earlier reported, the country’s Zero Covid policy has resulted in the deaths of many citizens, including children. In addition, Xi’s government’s prolonged lockdown and senseless, regressive policies have hurt the Chinese economy. 

Protests have broken out against Xi’s rule in several Chinese cities, resulting in harsh crackdowns by law enforcement agencies. Amid all this, the Government decided to extend the lockdown after several new cases of Covid 19 emerged. 

Several protestors in various cities are calling on Xi Jinping to resign.
Several protestors in various cities are calling on Xi Jinping to resign.

The decision caused widespread discontent. In the southern city of Guangzhou, protesters took matters into their hands. They defied the lockdown and flooded the streets. Videos emerging from the city show angry citizens clashing with health workers. 

A building fire on November 24 in Urumqi, the capital of the far western region of Xinjiang, killed at least ten people and injured many residents. The Chinese once again blamed the regressive lockdown measures which had delayed firefighters from reaching the victims.

In Shanghai, police used pepper sprays to drive away protestors and resorted to mass arrests. In videos that emerged from the protests, demonstrators can be heard shouting, “Xi Jinping, Step down. CCP, Step down.”

Xi Jinping’s embarrassing failure has also highlighted the cracks emerging from centralized control. 

Xi Jinping’s China faces an unemployment crisis

For the authoritarian leader of China, his grip on power seems more important than improving the situation in his country. Inflation in the United States and Europe, major importers of Chinese goods, is already hurting Beijing. 

As consumers cut spending in anticipation of a prolonged recession, Chinese exports are taking a hit. As a result, the country’s exports to the European Union fell by 9% in October after registering a slight growth in the previous month. 

Within the same period, China’s exports of household appliances fell by more than 20%. The world’s second-largest economy also registered an 18% drop in toy exports and an additional 11% in that of shoes, according to CNBC. 

“High inflation erodes the purchasing power of consumers overseas. As monetary policy will go deeper into restrictive territory, the risk of economic recession overseas will rise, considerably weighing on global demand. Thus, China’s exports may come under pressure,” 

 CNBC quoted Hao Zhou, chief economist at Guotai Junan International, saying. 

Barclays cut its forecast for China’s economic growth in early November 2023. According to its analysts, China’s exports will drop by 2% to 5% next year. This would bring the GDP forecast to 3.8%. In September, the bank had cut its forecast to 4.5%.

Data from Trading Economics shows that unemployment remained at 5.5% in October.

Unemployment, especially among the youth, is Xi Jinping's most urgent problems
Unemployment, especially among the youth, is Xi Jinping’s most urgent problems

According to Jörg Wuttke, president of the EU Chamber of Commerce in China, as many as 16 million jobs depend on the European market. So the drop in export to Europe threatens Xi Jinping with a massive unemployment crisis. 

If the Communist Party Leader does not implement temporary measures, the next wave of protests might sweep power off his hands. 

The unemployment crisis is particularly severe among the youth. There are as many as 21 million unemployed youths in various towns and cities of the country.

China faces a major debt crisis, and the property market crash

The Chinese housing crisis, coupled with the Zero Covid policy, has plunged the local Government into unprecedented debt. 

According to reports, local administrations face up to $8 trillion of debt. The amount is a result of the Local Government Financing Vehicles (LGFV), which China has used to pay for infrastructure projects. 

However, the economic slump caused by Covid-19, and the subsequent government clampdown on excessive borrowing by developers, has left local Governments with large debts. 

According to Dealogic, more than 60 property groups in China will have to pay about $13.3 billion in bond payments before the end of 2022. The Financial Times reported that this is equivalent to 13% of their over $100 billion outstanding obligations to international bondholders.

Evergrande Group, China’s largest real estate developer, has already defaulted on its bonds. The company had borrowed over $300 billion and has since promised a restructuring of the company. 

In Summer, another Chinese real estate company, Shimao Group, defaulted on $1 billion. 

About 4,000 small and medium-sized banks in China, with nearly $14 trillion in assets, risk facing a meltdown. 

“If a large number of small banks fail together, such an event could produce a chain reaction threatening the stability of the financial sector. Their counterparties and lenders, especially bigger banks, could suffer massive losses,”  

political scientist and China expert Minxin Pei argued in a piece for Nikkei Asia.

CoinChapter reported that China’s economy faces a fiscal shortfall of $1 trillion. 

Job cuts in the Chinese tech sector

Xi Jinping’s draconian crackdowns and zero-COVID policy have hurt the country’s tech sector. As a result, giants such as Alibaba Group and Tencent Holdings have resorted to major layoffs to save funds.

Smaller tech companies, such as Xiaohongshu, have also fired many employees amid the crisis.

In August, Tencent disclosed it had fired over 6000 employees. Earlier last month, the company announced a fresh round of layoffs.

According to local reports, many workers from the sector are now changing careers. An alarming rate of professional workers is now forced to work as street vendors. Many sell dumplings as means of earning a living.

Several tech giants are cutting jobs in the country, indicating that Xi Jinping's third term is a complete failure
Several tech giants are cutting jobs in the country

The job cut in the tech sector is not without cause. Major global investors have begun pulling their funds out of China. Tencent, for example, saw its investors withdraw more than $7bn worth in the second half of this year alone.

Japan’s Softbank also pulled out a large amount of cash from Alibaba. In addition, Berkshire Hathaway, Warren Buffet’s firm, announced it is selling its stake in electric vehicle maker BYD.

The fact that the United States is also cracking down on Chinese firms does not help Xi Jinping in the ongoing crisis.

With the drop in the country’s exports already snatching away many jobs, the cuts from the tech sector reveal Xi Jinping’s failures as he tries to assert himself in his third term.

Recommended: China’s real estate implosion leads to ‘toxic nationalism’ divergence.

China is losing its manufacturing dominance

Xi’s Zero Covid policies have hurt the backbone of the Chinese economy. It has slowly begun losing its manufacturing dominance as the prolonged lockdown has hurt its ability to meet global demand. As a result, other Asian neighbors have begun biting into its global market share.

According to data from transport economics firm MDS Transmodal, which CNBC quoted in a recent report, the country has lost ground in key consumer categories, including clothing and accessories, footwear, furniture, and travel goods. In addition, its share in exports from minerals and office technology has also declined.

Data released by the National Bureau of Statistics (NBS) revealed China’s industrial profits fell 3.0% in the first ten months of 2022 from a year earlier.

Chinese trade has dropped as demand slows thanks to global inflation. Can Xi Jinping recover?
Chinese trade has dropped as demand slows thanks to global inflation

In the first ten months of 2022, profits for manufacturers fell a whopping 13.4%. According to the NBS, the official manufacturing purchasing managers’ index (PMI) came in at 48.0 for November. This figure was 49.2 in October.

The economic prospects of the country seem bleak. In September, Goldman Sachs cut its 2023 GDP growth forecast for China to 4.5% from 5.3%. The Japanese financial giant Nomura also cut its forecast to 4.3% from 5.1%.

In the third quarter of 2022, China’s economy managed a meager growth of 3% despite the official target of around 5.5%.

Under Xi Jinping, China's economy is in a freefall, growing by just 3% in the third quarter despite the target of 5.5%
The Chinese economy is in a freefall, growing by just 3% in the third quarter despite the target of 5.5%

Severe drought and extreme heat waves have also impacted the economy. Factories are unable to run air conditioners and have to cut down work hours. In addition, the electricity grids in various parts of the country cannot meet such high demands.

The Chinese economy is bleeding from all sides. So even if Xi Jinping ends the Zero Covid policy today, it will be many months before the Chinese economy can recover.

Since he took power for his third term, he has done nothing to alleviate the situation. On the contrary, with civic unrest growing daily and the economy in shambles, experts would argue that he has already failed.

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PlanetCats combats deforestation through its new crypto venture. https://coinchapter.com/planetcats-combats-deforestation-through-its-new-crypto-venture/ https://coinchapter.com/planetcats-combats-deforestation-through-its-new-crypto-venture/#respond Thu, 01 Dec 2022 18:00:01 +0000 https://coinchapter.com/?p=246456 PlanetCats establishes itself as a blockchain and crypto platform. In the latest development, the company introduces sustainable solutions to save rainforests and earn Passive Income while fighting deforestation. The blockchain platform promotes environmental awareness in the rainforests and wants to build solutions that draw attention to the lungs of planet earth and mass adopt blockchain […]

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PlanetCats establishes itself as a blockchain and crypto platform. In the latest development, the company introduces sustainable solutions to save rainforests and earn Passive Income while fighting deforestation. The blockchain platform promotes environmental awareness in the rainforests and wants to build solutions that draw attention to the lungs of planet earth and mass adopt blockchain solutions to give its investors a revenue stream.

The platform uses blockchain technology with a community of supporters and investors that want to save Earth while developing solutions so that preserving becomes more valuable than slash and burning. The newly formed crypto features that are designed to combat deforestation are as follows:

  1. Deflationary Token with a burn mechanism based on the latest deforestation numbers

  2. BUSD Rewards and Staking for Passive Income

  3. Charity activities

  4. Education & Awareness

  5. Bridge & DAO

  6. Collectible & Utility NFTs 

  7. Generate Carbon Certificates to Sell on Voluntary Carbon Market.

In addition, PlanetCoins considers trees one of the essential resources, and they are being destroyed at an alarming rate. Therefore, the platform strives to change this by creating a tokenized ecosystem that will save rainforests through blockchain technology.

They realize that trees are crucial to the planet’s survival and need humanity’s help. That’s why PlanetCats are working on tokenizing trees to prevent deforestation and protect animal habitats and Indigenous people. Also, it strives to reduce pollution and greenhouse gases and to avoid erosion of topsoil and nutrients from leaving soil surfaces.

The founders believe that saving these precious resources can reduce global warming and preserve their environment for future generations. PlanetCats also aims to empower local communities by giving them incentives to grow trees in their area while also allowing them to earn money from selling these trees using their tokens.

The PlanetCats platform enables its users to invest in protecting and conserving wildlife while also receiving passive income from their investments. They’re not just trying to save the planet. They’re trying to make it profitable, as this is the only way to scale the business to create real impact.

About the Company – PlanetCats 

PlanetCats is a blockchain initiative dedicated to saving rainforests by creating a business model that allows investors to generate income. They believe trees are the lungs of planet earth, and they aim to protect them by tokenizing them.

PlanetCats aims to create an ecosystem that will allow people to buy and sell carbon credits in an open and transparent marketplace. The project is built on top of the Binance Smart Chain, which helps create a trustless system where no one controls another person’s funds or data.

On December 1st, PlanetCats $CATOIN will be available for purchase on GemPad. Users who want to be the first to get in on the action can check out their whitelist competition now. The project is supposed to be listed on the exchange PancakeSwap on December 4th.

Intending users can visit the following links for further information:

Whitelist Competition | Website | Twitter | Telegram

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Cryptocurrency Price Prediction: Shiba Inu, Dogecoin, ADA, CREAM, ALGO https://coinchapter.com/cryptocurrency-price-shib-doge-ada-cream-algo/ https://coinchapter.com/cryptocurrency-price-shib-doge-ada-cream-algo/#respond Thu, 01 Dec 2022 15:52:10 +0000 https://coinchapter.com/?p=246236 Crypto market continued its recovery, but SHIB, DOGE, ADA, and ALGO witnessed sell-offs, while CREAM started 2022's last month on a high note.

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Cryptocurrency Price Prediction of Shiba Inu, Dogecoin, ADA, CREAM, ALGO
The cryptocurrency market continued its minor recovery rally as trading entered Dec.

NEW DELHI (CoinChapter.com) — The cryptocurrency market continued its recovery, but low-cap crypto tokens like SHIB, DOGE, ADA, and ALGO witnessed sell-offs. However, Cream Finance’s CREAM token started 2022’s last month on a high note.

Bitcoin’s (BTC) price ended Nov after closing above $17,000 after nearly three weeks of struggling with the price level. The price increase might indicate that the selling pressure from the FTX contagion might be waning.

Bitcoin shrimps have been accumulating to take advantage of the low BTC prices.
Bitcoin shrimps have been accumulating to take advantage of the low BTC prices.

Moreover, Bitcoin’s small investors have not dumped their holdings but have been accumulating since the FTX collapse. According to Glassnode data, small retail investors with fewer than 1 BTC bought 96,200 BTC tokens since the FTX crash.

In addition, wallets holding 1 to 10 BTC tokens bought more than 191,600 BTC in the past month. However, despite the buying spree, it is unlikely BTC price would mount a steep recovery.

The US CPI data and the Federal Reserve policy decision, due in the second week of Dec, might cast bearish headwinds for the crypto markets.

1. Shiba Inu (SHIB) Price Prediction

Meme token Shiba Inu’s native token SHIB price continues to struggle against its 20-day EMA (red wave). As a result, SHIB price dropped 2% to the day’s low of $0.00000919 on Dec 1, after the 20-day EMA resistance near $0.00000943.

If the sell-off continues, the SHIB crypto price might drop to test support near $0.0000089. Moreover, breaching below the immediate resistance could force the Shiba Inu token to $0.0000084 before recovering.

SHIB Price Prediction
SHIBUSD daily chart with MACD. Source: Tradingview.com

Meanwhile, the momentum-oscillator MACD forecasts a bullish signal for the Shiba Inu crypto token. Positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).

Expanding positive bars indicate increasing bullish momentum for the SHIB price.

However, for SHIB to mount an uptrend, the crypto token would need to break and hold above immediate resistance from its 20-day EMA before SHIB price can target resistance from its 50-day EMA (purple wave) near $0.00001 before downside corrections pare gains.

2. Dogecoin (DOGE) Price Prediction

The prime memecoin, DOGE, had been on a nine-day uptrend between Nov 22 and 30. However, the canine-themed crypto token started Dec on a bearish note as the DOGE price fell 5.4% to a low of $0.1021 on Dec 1.

However, the lower wick on the day’s daily candle indicates DOGE bulls remained active near the lower price levels. If DOGE bulls continue pushing prices upward, the Dogecoin crypto token might break above immediate resistance near $0.108.

Additionally, consolidating above immediate resistance could help DOGE rise to challenge resistance near $0.117 before downside corrections pare gains.

DOGE Price Prediction
DOGEUSD daily chart with RSI and a potential golden cross. Source: Tradingview.com

Another bullish cue for the Dogecoin crypto might come if the token’s 50-day EMA (purple wave) needles above 200-day EMA (green wave) to form a bullish pattern called the golden cross. Traders consider the pattern an indicator of positive market sentiment.

Also Read: XRP Price Breaking This Confluence Resistance Could Spark Strong Surge

Meanwhile, the relative strength index for DOGE remains neutral, with a value of 61.41 on the daily chart. Though currently neutral, the RSI is near the overbought threshold of 70. An overbought RSI often precedes a bearish trend reversal.

Thus, if traders start selling, the Dogecoin crypto price might drop to test support near $0.102. Breaching below immediate support could result in the DOGE price falling more than 10% to reach $0.93 before recovering.

3. Cardano (ADA) Price Prediction

Cardano’s native token, ADA, tested multi-month descending trendline support for the eighth time since May 2022. As a result, ADA price rose 3.24% on Nov 30 but failed to flip the 20-day EMA (red wave) resistance near $0.33.

Moreover, on Dec 1, ADA price dropped nearly 2% to reach a low of $0.314 before bulls recovered some ground. However, the Cardano crypto token would need to break above its 20-day EMA resistance to start an uptrend.

Breaking above the immediate resistance might help ADA price challenge resistance from its 50-day EMA (purple wave) near $0.36.

Cardano  Price Prediction
ADAUSD daily chart with MACD. Source: Tradingview.com

Meanwhile, the momentum-oscillator MACD continues to be bullish for the Cardano crypto token. Positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).

Expanding positive bars indicate increasing bullish momentum for ADA price.

However, the negative slope of the EMA trendlines highlights the bearish pressure against the Cardano token. If the bears continue to sell, ADA might be forced to re-test support from the descending trendline near $0.31.

Breaking below the trendline support might induce a sell-off that could see the Cardano token drop to $0.285 before recovering.

4. Cream Finance (CREAM) Price Prediction

Cream Finance’s native token CREAM started Dec by jumping 68.4% to a high of $21.5 before downside corrections pared gains. In addition, the Cream Finance crypto token rose more than 73% to reach a high of $18.1 before bears started to book profits.

The CREAM token’s recent price action left its 20-day EMA (red wave) poised to needle above its 50-day EMA (purple wave) and form a bullish pattern called the golden cross. Buyers usually enter the market once the pattern forms, considering the golden cross a positive market sentiment indicator.

If the CREAM price rises, the crypto token might break above its immediate resistance near $17.7 before moving to challenge resistance from its 200-day EMA (green wave) near $21.3 before downside corrections pare gains.

Cream Finance Price Prediction
CREAMUSD daily chart with RSI and a potential golden cross. Source: Tradingview.com

Meanwhile, the RSI for CREAM remains bullish, with a value of 66.1 on the daily charts. However, the RSI trendline is dangerously close to crossing into overbought territory, which might result in traders starting to sell, anticipating an impending trend reversal.

Also Read: Cryptocurrency Billionaire Died in a Suspicious Helicopter Crash Outside Monaco

The sell-off might force the CREAM price to test support from its 100-day EMA (blue wave) near $13.8.

Additionally, breaking below the 100-day EMA support might result in the Cream Finance token falling to test the support confluence of 20-day EMA (red wave) and 50-day EMA (purple wave) near $10.7 before recovering.

5. Algorand (ALGO) Price Prediction

ALGO price fell nearly 3.6% to a low of $0.24 on Dec 1. The Algorand crypto token has been crabbing since Nov 22.

Meanwhile, the momentum-oscillator MACD charted a bullish crossover for the Algorand crypto token. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) needles above the MACD signal line (9-day EMA of MACD).

Moreover, expanding positive bars indicate increasing bullish momentum for the ALGO price.

Algorand Price Prediction
ALGOUSD daily chart with MACD. Source: Tradingview.com

If buyers enter the market, ALGO’s price might challenge resistance near $0.25. A break and hold above immediate resistance might help the Algorand crypto price target resistance from its 20-day EMA (red wave) near $0.27 before retreating.

Conversely, if bears continue selling, the Algorand token might fall to test support near $0.233. Moreover, breaching below the immediate support level could see the ALGO price drop more than 10% to reach $0.215 before recovering.

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Is US Creating Economic Sinkhole By Aiding Ukraine? https://coinchapter.com/us-creating-economic-sinkhole-aiding-ukraine/ https://coinchapter.com/us-creating-economic-sinkhole-aiding-ukraine/#respond Thu, 01 Dec 2022 15:09:26 +0000 https://coinchapter.com/?p=246225 The US has always been an economic powerhouse, especially since the end of World War II. The country alone accounts for a quarter of the world's global wealth, innovation, and military spending.

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Is US Creating Economic Sinkhole By Aiding Ukraine?

NEW DELHI (CoinChapter.com) — The US has always been an economic powerhouse, especially since the end of World War II. The country alone accounts for a quarter of the world’s global wealth, innovation, and military spending.

Leaders have often leveraged the nation’s supremacy to aid other ailing economies for humanitarian, moral, ethical, or financial benefits. However, with the onset of COVID-19, the US’s piggy bank is not as cash-heavy as it once was.

The US has Paid Ukraine $13.5B in Grants

Analysts claim that piling debt and rising inflation could all weigh on the US economy and lead to an eventual economic meltdown. This is why many pundits have raised concerns about whether foreign aid is necessary during a potential economic turmoil.

Source: Twitter

Recently, Reuters reported that the US had commissioned a grant of $53 million to war-torn Ukraine. The aid aims to help Kyiv defend its energy infrastructure, which Russian troops have targeted via airstrikes.

As a result, the total US grant to Ukraine stands at around $13.5 billion from January 2021. So does the US’s sheer relentlessness to counter Russia’s military regime in Ukraine come at a cost?

There are arguments on both sides.

The Micro Picture

US Federal Reserve Chair Jerome Powell provided a momentary relief to markets on Nov 30 by calling for lower interest rate hikes. Yet, Powell’s speech carried a subtle warning, with him saying:

“Despite some promising developments, we have a long way to go in restoring price stability”

Since the beginning of 2022, the US has initiated five rate hikes to fight soaring inflation. At one point, inflation rose 9.1% year-on-year to its highest level in 40 years.

The same has gorged a hole into Americans’ average weekly pay in the past year. Nbcnews reported that Americans have ‘effectively experienced’ a 12-month pay cut of $0.31 per hour based on data from the US Bureau of Labor Statistics.

The report further added that a decrease in hours worked, Americans’ inflation-adjusted average weekly pay has decreased by only $13.20 from one year ago.

“I’ve had to take a serious look at my budget and find places to cut back,” a concerned American citizen told Boston’s wbur. Another remarked:

“My wife going to be working full time, and it’s going to cost us about 1,400 dollars a month to put just two of my kids in the childcare facility.”

Macro scale

However, on a macro level, the US economy is improving.

In a recent report, third-quarter GDP growth was revised to 2.9% from 2.6%. Although job openings decreased during October, they were considered healthy overall. It was the 16th straight month that job openings remained above 10 million.

According to Reuters, the US labor market battles rising inflation, which helps support the economy.

Yet, the government’s balance sheet is a growing issue. The fiscal deficit for the year ended 2023 climbed to $88 billion, contributing to a national debt of $31.24 Trillion through October 2022. This is the highest debt figure the US has ever recorded.

Republicans raise concerns

There are several ways of analyzing the economic state of the US. First, even though the economy looks healthy on the outside, the situation is different at the ground level. This has led to some voices being raised from within the country.

“Under Republicans, not another penny will go to Ukraine”; “Our country comes first,” said Marjorie Taylor Greene in early November, adding:

“We must stop letting Zelensky demand money & weapons from US taxpayers while he is trying to drag us into WW3. No more money to Ukraine. It’s time to end this war and demand peace.

Source: Twitter

A recent poll also showed that the number of Republicans who feel the US is doing too much for Ukraine rose from 6% in March 2023 to 30% of all Americas at the end of October.

Counterarguments add that as the world’s largest economy, it is the US’s moral and ethical duty to help Ukraine. Others argue that the US is in a proxy war with Russia and that any economic benefit provided to Ukraine would cripple Russia’s global strength.

They also say that aid to Ukraine had a negligible impact on total federal spending and the US economy.

There are different ways of looking at the scenario, and neither would be in the wrong. However, only time will tell whether the US’s efforts will pay off in the grand scheme.

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Ripple vs SEC Update: Ruling on summary judgment will come first, says expert https://coinchapter.com/ripple-vs-sec-update-ruling/ https://coinchapter.com/ripple-vs-sec-update-ruling/#respond Thu, 01 Dec 2022 14:24:34 +0000 https://coinchapter.com/?p=246267 The Ripple vs SEC (Securities and Exchange Commission) case has dragged on since Dec 2020, while thousands of XRP holders hope for the final ruling to arrive in 2023. James K. Filan, an attorney, consistently providing followers with details on the case, asserted that Magistrate Judge Torres is likely to "work backward."

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Ripple vs SEC Update: Ruling on summary judgment will come first, says expert

YEREVAN (CoinChapter.com) – The Ripple vs SEC (Securities and Exchange Commission) case has dragged on since Dec 2020, while thousands of XRP holders hope for the final ruling to arrive in 2023. James K. Filan, an attorney, consistently providing followers with details on the case, asserted that Magistrate Judge Torres is likely to “work backward.”

I.e., the judge is likely to deliver a ruling on the summary judgment before the ruling on the sealing of expert materials and the Hinman documents.

What Judge Torres relies on in making her decision on the summary judgment motions will likely dictate what she will unseal. If the Judge relies on a document in her decision, that document is considered a “judicial document,” and then it would be disclosed.

says Filan in a recent tweet.

Filan also noted that there are currently three major outstanding issues: summary judgment motions, expert challenges, and sealing issues regarding the Hinman documents and other materials relied on by the SEC and Ripple. But before discussing the current proceedings, a small flashback into the case is warranted.

XRP vs SEC: A Small Flashback

As mentioned, the SEC filed the said lawsuit in Dec 2020, accusing Ripple of selling $1.3 billion worth of its native token XRP as unregistered securities. Since then, both parties have worked out several angles of prosecution and defense.

The SEC has earlier declared ALL of XRP transactions since the ICO (initial coin offering) in violation of the US investment law. Ripple fired back, accusing the agency of bias towards XRP. The company claimed that as SEC signed both Bitcoin and Ethereum off as cryptocurrencies as early as 2018, there is no evidence to suggest XRP should get the short end of the stick.

Summary Judgment Ruling

In detail, the motion of summary judgment means that the SEC requested the court to reach a verdict based on the available pieces of evidence, drawing the lawsuit to a close. Notably, both sides have previously filed the said motion, claiming that the evidence they have already presented would be enough for a ruling.

Judge Torres has not yet reached a conclusion on any of the summary judgment motions. However, Ripple’s defense team was confident that the agency had no leg to stand on. They latched on to a quote by the SEC lawyers that claimed: “an agency may not bootstrap itself into an area in which it has no jurisdiction.”

In its Motion for Summary Judgment, the SEC is trying to do just that. After nearly two years of pleadings, discovery, and motion practice, the SEC still has no viable legal theory to support its central claim that the Defendants had to register XRP as a security under the Securities Act of 1933.

read the Defendant’s preliminary statement.

Sealing of Expert Materials

During the proceedings, both SEC and Ripple provided expert opinions on the case, but the SEC motioned to keep them sealed. As CoinChapter reported previously, “Judge Torres has granted in part and denied in part the Parties’ requests to seal documents.” The said documents are in connection with the “amici Motion to Participate in the Daubert proceedings.”

In detail, the Douberg Proceedings permit the parties to examine the challenged expert in open court to develop his or her testimony. In plain English, this means that the mentioned expert opinions will be open to the public, which brings us to the Hinman Speech.

Hinman Documents

Ripple’s defense cited what is now referred to as the “Hinman Speech” to prove their point. William Hinman is the former Director of the Corporation Finance Division at the SEC. In his June 2018 speech, Mr. Hinman voiced his position on defining digital assets.

Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.said the former official.

said Hinman

Notably, there are several documents related to Hinman himself, his deposition, and expert consults that were provided to him at the time.

James K. Filan’s prediction

Fast forward to Filan’s prediction, the expert noted that Judge Torres “will not reference” the Hinman documents in the upcoming rulings. He is sure that “the SEC will redact those references as they have done in the past.”

I also don’t think that Judge Torres will rule on sealing issues soon after January 9 because it’s probably isn’t how Judge Torres is going to approach the remainder of this case.

added the expert.

Click here to keep up with the ever-changing crypto market and never miss the scoop!

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