Lưu trữ hàng tháng: Tháng 6 2024

Bitcoin

Best crypto to buy now: June 2024

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The crypto market is heating up, with the overall market cap rising by 12% over the last month. So what’s the best crypto to buy right now?

The answer, as always, is that it depends. Your risk appetite, goals, and the balance of your overall portfolio will likely inform your choice. We can, however, show you some interesting options!

How to choose the best crypto to buy right now

Here are a few common factors we take a look at when assessing the best altcoins to buy now.

  • Market Capitalization
  • Recent Performance
  • Technological Advancements
  • Upcoming Catalysts
  • Community Support

This isn’t a straightforward case of picking projects with higher market caps or great recent price performance. Sometimes an investor prefers to find a small-cap project to invest in, although these are higher risk. Some investors may also prefer crypto with poor recent price performance due to the perception that it may be undervalued.

Top cryptos to buy now

Let’s kick, things off and check out our list of cryptos!

1. Ethereum (ETH)

Ethereum will very often make the list of best cryptos to invest in no matter who’s making it. Ethereum is the leading blockchain network underpinning the flourishing Web3 and DeFi industries, with countless potential use cases.

Potential Price Catalyst

  • ETF Approval: The SEC’s recent approval of Ethereum ETFs is expected to drive significant capital inflows.
  • Scalability Upgrades: Upcoming Layer 2 solutions could increase the number of transactions Ethereum can handle while also reducing fees.

Should I buy Ethereum now?

With institutional investments on the rise and continuous technological improvements, Ethereum could be poised for significant growth. Its ongoing upgrades and the potential price surge from ETF trading make it an attractive candidate to interested investors, while issues like a lack of regulatory compliance or a wider market downturn could negatively impact the price.

2. Bitcoin (BTC)

Needing no introduction, Bitcoin is the world’s first cryptocurrency and remains the largest with a huge market cap of .3 trillion, dominating the market.

Potential Price Catalyst

  • Bitcoin Halving: Recent halving events have historically coincided with price increases.
  • ETF Approval: Like Ethereum, Bitcoin ETFs have recently been approved, attracting more institutional investment.

Should I buy Bitcoin now?

Bitcoin is an interesting prospect. It was literally the best performing asset class in the world throughout 2024 and the previous year, outshining stocks and commodities alike. For that reason, a BTC investment may be a double-edged sword.

It’s appealing due to the impressive price history, but the fact that BTC is near an all-time price high may put some investors off, with many preferring to buy in at what they feel is a lower point in the future price trajectory.

3. Binance Coin (BNB)

BNB is the native token to the Binance exchange and Binance Smart Chain, offering discounts on trading fees to users and thus providing quite a lot of practical utility.

Potential Price Catalyst

  • DeFi Integration: BNB’s integration with Binance Smart Chain supports numerous DeFi projects.
  • User Benefits: BNB holders enjoy reduced trading fees and exclusive token sales.

Should I buy Binance Coin now?

Binance Coin saw a fairly hefty 27% price fluctuation this past week, with high trading volume and volatility providing plenty of swing trading opportunities for savvy investors.

Of course, the coin is also being held by long-term investors. BNB has a very valuable use case, but is also vulnerable to the successes and failures of the Binance exchange which has recently been embroiled in a money-laundering scandal.

4. Solana (SOL)

No list would be complete without at least one contender for the Ethereum throne, and here we’re going with Solana. The network allows for rapid transactions and low fees, giving it a potential advantage over Ethereum if upcoming Ethereum network updates prove underwhelming.

Regardless, Solana is building out its own community and projects, with a growing number of developers creating apps on the platform.

Potential Price Catalyst

  • Cross-Chain Integration: Integration with LayerZero for cross-chain transfers enhances its functionality.
  • Stablecoin Launch: PayPal’s stablecoin launch on Solana highlights its growing ecosystem.

Should I buy Solana now?

Solana has remained relatively flat price-wise over the last month, with a 10% increase in 30 days and a 1% drop over the last week as the price continues to bounce off of established levels of support and resistance.

5. Polkadot (DOT)

Polkadot is a major project working on something crucial to the success of the blockchain industry, namely interoperability. The goal of the project is to enable multiple blockchains to work together and transfer information and funds between each other with full compatibility.

Potential Price Catalyst

  • Parachain Technology: Unique technology supporting scalability and interoperability.
  • Developer Community: Strong support from developers ensures ongoing innovation.

Should I buy Polkadot now?

Polkadot prices are down almost 8% in the last week, and it is now trading at .57 and battling to stay above crucial levels of resistance at .40. This presents an interesting case for traders looking to buy potentially undervalued projects, although of course, timing the bottom is no easy feat.

Final thoughts on the best crypto to buy now

Ethereum and Bitcoin remain the top choices for many analysts throughout the industry due to the popularity and functionality of these household-name cryptos. However, Solana, Binance Coin, and Polkadot are also interesting contenders at the moment due to a mixture of the unique price action and possible price catalysts exhibited by each coin.

At the end of the day, risk management is key. When choosing the best crypto to buy today, investors typically set specific price targets and stick to a strict set of rules when it comes to their profit-loss ratio and other best practices of crypto trading.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Ethena (ENA) price prediction as the crypto fear and greed index slips

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Ethena price has been in a strong freefall this week as a sense of fear spread in the crypto industry.

ENA has recorded losses for eight consecutive days, marking its longest losing streak on record. It plummeted to a low of .07400 on Tuesday, reaching its lowest point since May 20th. It has lost over half of its value from its highest level this year.

Crypto fear and greed index slips

Ethena has joined other cryptocurrencies that have crashed hard in the past few days. Bitcoin, the biggest crypto in the world, has dropped from this month’s high of near ,000 to ,000. Ethereum has also slipped to ,500 while the market cap of all digital coins has slipped to .4 trillion.

This retreat has contributed to a decline in the crypto fear and greed index, which has fallen from this week’s high of 64 to the greed zone of 60. 

There has been no direct catalyst for this sell-off since Bitcoin ETFs have continued to accumulate assets in the past few weeks. Therefore, investors are likely anticipating a hawkish Federal Reserve when it concludes its meeting on Wednesday.

Ethena price has dropped even as its ecosystem remains steady. According to DeFi Llama, the total value locked in the ecosystem has jumped to a record high of over .38 billion as demand for the Ethena USDe stablecoin jumped.

USDe has now grown to become the fourth-biggest stablecoin in the industry after Tether, USD Coin, and Dai. Its holders have jumped to over 212k as they chase its 27.5% yield. That is a bigger yield than Terra Luna used to offer in its prime.

There are a few concerns about USDe. First, a US legislation proposed by Cynthia Lummis would ban algorithmic stablecoins in the country. Second, there is a risk that the stablecoin will lose its peg in case of substantial volatility in the crypto industry. 

Third, unlike stablecoins like Tether and USDC, USDe is not backed by fiat currency. Instead, the developers have described its mechanism as a “delta-neutral synthetic dollar backed by assets outside the banking system.” It achieves its stability by hedging the spot assets’ delta during the minting process.

Ethena price forecast

Ethena’s hourly chart

The 4H chart shows that the Ethena token price has been in a strong bearish trend after peaking at .0800 last week. It has now slipped below the 50-period moving average while the MACD indicator has dropped below the neutral level. 

The Relative Strength Index (RSI) has also moved from the overbought level of 75 to the current 30. Therefore, the path of the least resistance for the token is bearish, with the next point to watch being at .6550, its lowest swing on March 16th.

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Theo Crypto News

Bitcoin

Tucker Carlson interviews Nayib Bukele. Did they talk crypto?

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Generally speaking, Tucker Carlson’s interviews tend to generate more light than heat — with guests who are carefully chosen because they align to his world view.

Tucker Carlson has established himself as one of the world’s most divisive right-wing pundits.

Since abruptly leaving Fox News, he’s performed cozy interviews with some of the world’s biggest autocrats — Russia’s Vladimir Putin and Hungary’s Viktor Orban among them.

Another now joins the list: El Salvador’s Nayib Bukele.

Bukele has won plaudits in crypto circles after his Central American nation became the first to adopt Bitcoin as legal tender in September 2021. But it’s been a pretty bumpy ride.

According to the University of Central America’s Public Opinion Institute, just 12% of Salvadorans actually transacted in BTC last year. The adoption rate for remittances, where foreign workers send funds home to their loved ones, is even lower at 1%.

And though Bukele made a huge splash about creating “Bitcoin City” at the base of a volcano, as the 2021 bull market hit its dizzying peak, the crypto-inspired metropolis hasn’t materialized.

The one bright spot of the president’s audacious bet? El Salvador’s stockpile of BTC has skyrocketed in value after spending many months in the red. According to NayibTracker.com, the country now owns 5,777 BTC worth 9.9 million, with paper profits of million.

Source: NayibTracker.com

Bitcoiners were enthralled in the early days of Bukele’s experiment when he would announce huge new BTC buys in a Michael Saylor-esque fashion.

But those announcements started to dry up around July 2022 after the markets tanked, with BTC having suffered a stomach-churning drop from ,000 to ,000 in just nine months.

November of that year marked the start of a more subtle, less showy crypto strategy: instead, the president declared that El Salvador would now start buying one Bitcoin every day. 

Records from the wallet’s address show that Bukele has persevered with this strategy — and the balance has incrementally grown by 1 BTC on a daily basis right up until now.

Source: mempool.space

But for Bukele fans hoping for a grand Bitcoin update in his Tucker Carlson interview, they were to be left bitterly disappointed. Why? Because the cryptocurrency wasn’t even mentioned once.

Instead — the main themes of the discussion had names like “Bukele’s mission to save El Salvador”, “Bukele’s three-point economic plan” and “Is Western civilization dying?”

Generally speaking, Carlson’s interviews tend to generate more light than heat — with guests who are carefully chosen because they align to his world view.

Bukele was given a platform to reiterate claims from Salvadoran security officials that the homicide rate has plunged to 2.4 per 100,000 people — much lower than the U.S.

But independent observers have questioned these figures and claim this data is “not truthful” because violent deaths across the nation are “highly underreported.” 

A state of emergency was also imposed by Bukele to tackle gangs and reduce crime on the streets, a policy that has been rated highly among the population.

However, there are allegations that many of the 76,000 arrests were made so with little evidence — and in a detailed report, Amnesty International documented “the systematic use of torture and other abuse against prisoners.” This wasn’t mentioned in the interview.

Carlson also approvingly described Bukele as “literally the most popular elected leader in the world,” but this doesn’t tell the entire story either.

El Salvador’s constitution had long declared that presidents can only serve one consecutive term. But judges in the country’s top court were sacked, with newly appointed justices then deciding that Bukele could run again. A landslide victory later followed, and the president has already hinted a third term may be on the horizon.

Overall, this was an hour-long interview that was light on nuance and hard questions and extremely heavy on compliments for Bukele’s leadership. But there’s a much bigger picture here, as opposition politicians and everyday Salvadorans would tell you.

Equally, in the world of crypto, it can be very easy to be full of praise for Bukele — who has openly described himself as “the world’s coolest dictator” — because of his passion for Bitcoin.

But this is one small element of what defines Bukele and his leadership of a country where 27% of the population is in poverty.

As a Bitcoiner would say to someone worried about a sudden drop in price, it’s important to zoom out.

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Theo Crypto News

Phân tích

Beercoin (BEER) price analysis as the number of holders surge

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Beercoin price is soaring while Bitcoin and major altcoins are dumping. The $BEER token soared to a record high of .000572 and is up more than 700% from its lowest point last week. This surge has brought its market cap to over 6 million, making it one of the top Solana meme coins.

Beercoin holders are growing

Beercoin, a recently launched Solana meme coin, is doing well as the number of holders jump. According to the developers, there are now over 40,000 holders and the number is growing by the day even as sentiment in the cryptocurrency industry weakens.

Beercoin’s token has also jumped as more centralised exchanges are listing the coin. It is now available at major platforms, including Bitget, Gate, ByBit, and MexC. In addition, it is available in decentralised exchanges (DEX) like Raydium and Jupiter. 

As a result, the daily volume of the $BEER token has jumped sharply in the past few days. Data by CoinGecko shows that the volume soared to over 3 million on Tuesday from million on Monday.

Beercoin has joined other Solana meme coins that have done well this year. Dogwifhat has seen its market cap jump to over .6 billion, making it the fourth-biggest meme coin in the world after Dogecoin, Shiba Inu, and Pepe.

Bonk, which was launched in December 2022, has a market cap of over .89 billion while Book of Meme (BOME) is valued at 2 million. Cat in a Dogs World and Popcat are the other fast-growing Solana meme coins. 

Developers are selecting Solana to launch their meme coins because of its superior speed and transaction costs compared to Ethereum. Its DEX networks like Raydium, Orca, and Jupiter have also gained substantial market share in the industry.

Beercoin, which describes itself as liquid gold, completed its token sale recently and raised millions of dollars from investors.

Beercoin price analysis

Beercoin price chart

The hourly chart shows that the BEER token price has been in a bull run in the past few days. It soared to a high of .000572, where it has struggled to move above since June 5th. It has also remained slightly above the 50-period moving average and the red ascending trendline.

Beercoin has also remained between the Woodie pivot point and the first resistance point. Therefore, the outlook for the token is neutral for now.

More upside will only be confirmed if the token crosses the important level at .000572. If this happens, the next point to watch will be at .0007, the first resistance of the Woodie pivot point. The alternative scenario is where it starts retreating as investors start to take profits.

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Theo Crypto News

Altcoin

Polygon commits 35 million MATIC to nurture projects building on its network

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Polygon has unveiled Season 01 of its Community Grants Program to bolster projects building within the Polygon and Ethereum ecosystems. 

According to a press release shared with crypto.news, starting Jun. 11, the project will allocate 35 million MATIC to developers working on Polygon.

For the first season, the funds would be distributed in MATIC due to the network’s ongoing token upgrade to POL. Subsequently, future grants will be distributed in POL.

For projects to be eligible, they must either be building on Polygon or willing to migrate to the network. One of the goals of the grant is to ensure long-term commitment to the network.

The grant approval would have an average turnaround time of four weeks, with applications being reviewed on a rolling basis. Every project can secure between 5,000 to over 50,000 MATIC in funding.

In the first season, up to 35 million MATIC will be injected into the network. Grant payouts would be scheduled for the first of each month following approval.

Applications would be categorized into two, namely, the General Grant Track and the Consumer Crypto Track.

The general grant track would be applicable for a wide range of projects and doesn’t have any serious limitations.

“For anyone, anywhere, building whatever on Polygon—this is for you,” the announcement said.

Projects in this category would focus on key areas like developer tooling, protocol infrastructure, and decentralized applications (dApps).

The consumer crypto track, on the other hand, will focus on projects driving consumer adoption of cryptocurrency. Key areas of focus include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, NFT innovations, etc.

This categorization makes the application process streamlined and ensures appropriate support is provided to every applicant.

All allocations would be overseen by the Community Treasury Board, an independent body in charge of the allocation of funds from the Community Treasury. The board was introduced in April, with proposed members including Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation.

The board will be responsible for conducting monthly reviews of projects selected for the grant.

The Community Treasury will allocate approximately 100 million POL annually over a ten-year period, totaling 1 billion POL.

Several projects have already received funding from Polygon. Notable names include QuickSwap, a decentralized exchange on Polygon, which received a million grant in 2021. 

Polygon’s Community Grants Program comes days after it acquired blockchain startup Toposware. With this acquisition, the entity behind MATIC aims to bolster its Zero-knowledge development.

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Theo Crypto News

DeFi

Analyst projects steeper Ethereum dips if futures market trend does not improve

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As Ethereum (ETH) retests the ,500 low amid the market-wide drop, CryptoQuant analyst ShayanBTC suggests the asset could face further declines if current trends in the futures market do not improve.

The recent market turbulence has driven multiple altcoins to their lowest levels in weeks. Notably, Ethereum recently slumped to the lower spectrum of the ,500 threshold for the first time in over three weeks, retesting the ,503 low earlier today. 

Amid the bearish conditions, investor anxiety has returned. Data from the futures market indicates that market participants have turned bearish, betting on steeper declines and a sustenance of the turbulence. 

In a recent analysis, ShayanBTC called attention to the Taker Buy Sell Ratio, which measures the aggressiveness of buyers versus sellers in the futures market. A ratio above one indicates that buyers are dominating, while a ratio below one suggests that sellers are more aggressive.

According to market data, the seven-day moving average of this ratio has been dropping recently, failing to climb above one. This downward trend indicates that most futures traders are selling Ethereum aggressively. 

Such behavior could be driven by speculation or profit-taking amid the current market conditions. ShayanBTC argues that the significant decline in this ratio serves as a bearish signal, suggesting that the downward trend in Ethereum’s price could continue if this selling pressure persists.

ETH price – June 11 | Source: Trading View

Meanwhile, despite derivatives volume spiking 131% to a record .8 billion, Ethereum’s long/short ratio, which measures the ratio of long (bullish) to short (bearish) positions, has witnessed a massive drop. This ratio has collapsed to 0.8921, suggesting a dominance of short positions, per Coinglass data.

Ethereum is currently trading at ,537 following a mild recovery from the ,503 floor price recorded earlier this morning. Despite a 3.58% drop today, the crypto asset trades above the 200-day EMA (,945) and 50-day EMA (,381).

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Theo Crypto News

DeFi

U.S. Federal Trade Commission warns of crypto romance scams

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The United States Federal Trade Commission (FTC) has warned the public of the rise in romance scams that often involve cryptocurrencies.

In a Monday notice, the FTC advised Americans on how they can handle the situation if their online romantic interest is offering them investment advice.

“No one thinks their online love interest is going to scam them, but scammers are good at what they do,” the FTC noted.

Romance scams, often dubbed as pig butchering scams, involve attackers befriending victims under the guise of their potential love interest. Ultimately, the victims are tricked into making fraudulent cryptocurrency investments, and the scammers disappear.

Such scams have become a norm in the cryptocurrency sector. A recent study by the University of Texas revealed that over billion was lost to these schemes in between January 2020 and February 2024.

As such, the advisory, authored by Colleen Tressler of the Division of Consumer and Business Education, delved into the detective tactics employed by bad actors to execute these scams.

According to the FTC, the attackers “establish an emotional connection” to convince victims into believing that they are “experts in cryptocurrency.”

The commission noted these scammers often promise high returns that are possibly risk-free. However, it added that all such investments carry risks and the guarantees on profits are false.

Further, the FTC stressed that these scammers usually do a background check on the victims. This helps them convince the victim and allows them to “say the right things” to gain their trust, “and before you know it, your new friend is talking money,” the FTC added.

The regulator also advised against transferring any funds, be it fiat or crypto, if requested by such parties, “if you think someone you met on social media is a scammer, cut off contact.”

The notice also urged users to file a report with the FTC if affected by such a scam.

Romance scams have made the headlines on several occasions. 

Back in February 2024, a Philadelphia woman lost 0,000 in cryptocurrency to these bad actors. Scammers befriended the woman and pitched a fraudulent crypto trading app, ultimately convincing her to drain her savings.

The growing prominence of these attacks has prompted regulatory intervention from the likes of the Federal Bureau of Investigation (FBI) and the Commodity Futures Trading Commission (CFTC).

The CFTC charged crypto exchange Debiex on Jan. 20, alleging the firm’s insiders of duping its customers by establishing amicable and “intimate” relationships. These individuals were then tricked into opening trading accounts with the exchange.

Debiex allegedly solicited .3 million from five customers.

Meanwhile, the FBI had also issued a warning before the 2023 Valentine’s day about the surge in romance scams. 

In April 2024, the Brooklyn District Attorney’s Office managed to crack down on a similar scam that duped several individuals across the United States. 

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Theo Crypto News

DeFi

AKT gains 9% as Akash Network unveils future roadmap at decentralized AI event

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Akash Network, a leading player in the decentralized cloud computing sector, has seen its native token, AKT, emerge as one of the top gainers among the top 100 cryptocurrencies,

At the time of writing, AKT is still up 9% in the last 24 hours, trading at around .48 per coin. In the same time frame, the token experienced a daily trading volume of .7 million, up 495%. The crypto asset’s market cap has also climbed to .07 billion, making it the 76th-largest cryptocurrency.

AKT 24-hour price chart | Source: CoinMarketCap

Despite the recent price rally, AKT is still down by 40% from its all-time high of .41 reached on April 8, 2021.

AKT’s price surge comes as Akash Network hosted its inaugural full-day summit, Akash Accelerate, focusing on the expansion of permissionless computing and decentralized AI (DeAI).

The event, held in Austin, TX, gathered hundreds of participants from across the decentralized computing space, spotlighting the network’s growth and its evolving ecosystem of projects, companies, and protocols.

The summit featured key collaborations and presentations that highlighted the capabilities and advantages of using Akash’s Supercloud for high-performance computing.

Prominent institutions like the University of Texas at Austin and leading AI companies such as Nous Research, Brev.dev, and Morpheus participated in the summit, discussing the practical applications of decentralized infrastructures.

The University of Texas at Austin, for example, is leveraging Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, which are essential for cutting-edge research in AI, without the limitations and high costs associated with traditional cloud providers.

Further, the event unveiled a roadmap for Akash’s development over the coming years, presented by CEO Greg Osuri.

His keynote addressed the strategic direction and anticipated enhancements to Akash’s platform, which are expected to further improve its infrastructure and solidify its position in the decentralized cloud market.

This announcement has likely contributed to the renewed investor interest and optimism surrounding AKT, as it showcases Akash’s commitment to scaling and improving its services.

AKT’s surge comes at a time when the global cryptocurrency market is experiencing a downturn, with a 3% drop bringing its market cap to .45 trillion.

Bitcoin, the pioneering cryptocurrency, has also experienced a similar drop, currently exchanging hands at ,206.

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Theo Crypto News

Pháp Lý

Thai regulators revoke Zipmex’s crypto license

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Beleaguered crypto exchange Zipmex has lost its business license after the Thai authorities found that the exchange had repeatedly failed to comply with orders.

Thai cryptocurrency exchange Zipmex has lost its business license after the Securities and Exchange Commission (SEC) found that the exchange had repeatedly failed to comply with regulatory orders.

In a Jun. 11 press release, the SEC announced that Zipmex’s license revocation followed concerns over the company’s financial instability and inadequate management. Despite several directives to rectify these issues, Zipmex failed to comply within the given timeframe, prompting the SEC to recommend that Thailand’s Ministry of Finance revoke the company’s license.

The Ministry’s decision requires Zipmex to cease crypto operations immediately and transfer customers’ assets back to them within 15 days. If customers don’t claim their assets within the period, Zipmex must store the assets within 30 days and report each step of the process to the SEC. As of press time, Zipmex made no public statements on the matter.

Founded in 2018, Singapore-headquartered Zipmex halted its trading business in Thailand in November 2023, facing penalties from the SEC for alleged misuse of a crypto custodian service and for funneling customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest. Zipmex also operates in Australia and Indonesia.

Beyond its regulatory difficulties in Thailand, Zipmex’s rehabilitation plan has stalled following significant losses exceeding million due to its exposure to the bankruptcies of Babel Finance and Celsius Network in 2022.

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Theo Crypto News