Connect with us

Blockchain

Expert Tells Investors To Be Careful In The Cryptocurrency Rally, Why’s That?

Avatar Of Rajesh Khanna

Published

on

Expert Alerts Investors To Be Careful In The Cryptocurrency Rally, Why'S That?

A crypto influencer, Alfonso Peccatiello, expressed his thoughts as regards the recent cryptocurrency rally. He stated that the current crypto rally is not a yardstick for investors to raise their hopes too high. This was revealed following the increase in certain digital currencies such as Bitcoin and Ethereum in the last 24 hours.

A recent crypto market watch showed a 24-hour price appreciation of Bitcoin of more than 9%. Currently, BTC trades at a price of over $23,000.

Meanwhile, Ethereum, the second largest digital currency, has also experienced a rise in its price. Its 24 hours price increase got over 13%. Presently, the token trades at a price above $1,600.

The surge in the prices of these cryptocurrencies followed the Fed’s decision to hike its interest rate by about 75 bps.

Alfonso’s Thoughts On The Current Rally

A renowned crypto expert and author of The Macro Compass, Alfonso Peccatiello, gave his thoughts concerning the current crypto rally. According to Peccatiello, the recent digital currency surge should not be a reason for investors to be excited. He stated this, backing it up with an explanation.

Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

Peccatiello first admitted that the speech of the Fed chair, Jerome Powell, triggered the rise in the prices of cryptocurrencies. But, there is a need for his speech to be guided. He added that if his speech lacks a backup, it will be a cause for alarm in the crypto market.

Furthermore, he uncovered his portfolio, stating that he has little interest in risky assets. One of such risky assets is digital currencies.

Trigger For Cryptocurrency Rally

Drawing from Peccatiello’s speech, the increase in the prices of these digital tokens commenced after Powell’s statement. He added that Powell stated a relationship between inflation and neutral interest rates.

Powell also cited that the Fed’s operations will base more on data. This results from the recent hikes of about 75 basis points.

According to Peccatiello, the Federal Reserve would be a dreadful zone if it repeats its interest rate hike over time.

Powell is more careful now that the Fed feels they reached neutral rates: why?

Because every time the Fed hiked above that (restrictive policy) it ended up breaking something.

Every single time. pic.twitter.com/OkQ51xzipB

— Alf (@MacroAlf) July 28, 2022

Then, Powell made another statement, which happens to be a good cause for concern. He cited that there is another alarming increase that could be the trigger for the next meeting of the FOMC, scheduled for September.

Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1

His final statement pointed to the fate of digital currencies and their yields. He revealed that there is a need for the Fed to carry out an aggressive tightening. Peccatiello stated that this action is necessary to prevent the decline of actual yields.

Moreover, with reduced yields comes low performance in the crypto market and other risk-driven assets.

Cryptocurrency market rebounds firmly | Source: Crypto Total Market Cap on TradingView.com
Featured image from Pexels, chart from TradingView.com

Advertisement

Blockchain

Nakamoto Games Host Tank Battle Tournament on UpOnly Platform

Avatar Of Rajesh Khanna

Published

on

Nakamoto Games Host Tank Battle Tournament On Uponly Platform
  • Tank Battle competition announced by UpOnly and Nakamoto Games.
  • It is planned for the competition to begin on August 22 and last for three days.

The debut of the upcoming tournament, which will include the blockchain gaming studio Nakamoto Games most recent game, Battle Tank, has been revealed. The Battle Tank competition will be held on UpOnly, a platform for Tournament as a Service (TaaS).

UpOnly, a pioneering data directory, provides in-depth and practical knowledge on the move-to-earn, play-to-earn, and Metaverse gaming businesses. To maximize their performance and locate the greatest play-to-earn opportunities, UpOnly wants to be the go-to resource for gamers worldwide.

With blockchain-based games, Nakamoto Games provides players all around the world with significant earning opportunities. The dynamic ecosystem provides a wide selection of cutting-edge games and frequently holds international championships.  

Insights From the Contest 

The competition is slated to start on August 22 and last for three days. Players who want to access Tank Battle must first connect their Web3 wallet to the Nakamoto Games platform. Then, to complete the tournament registration, players must connect the same wallet to UpOnly. The total prize pool is about 2250 $USDT, and there is also a further 60,000 $UPO up for grabs.

The suggested price for game players is substantial, and the ultimate winner will get $1,000. The second-place finisher in the tournament will receive $750 in prizes, while the third-place finisher will receive $500.  And also the native token $UPO of UpOnly can be used by participants and spectators to wager on the results of the competition.

Continue Reading

Blockchain

How Much Risk Will the Upcoming Ethereum Merge?

Avatar Of Rajesh Khanna

Published

on

How Much Risk Will The Upcoming Ethereum Merge?
  • Ethereum’s much-awaited ‘merge’ is set for around mid-September.
  • In the upcoming days, the ETH price may experience severe short-term volatility.

The most widely used blockchain platform, Ethereum, is currently going through a significant transformation. Ethereum’s much-awaited ‘merge’ is set for around mid-September, and will shift from PoW (proof-of-work) to PoS (proof-of-stake). The upcoming functionality will provide more security, speed and scalability, and low energy consumption. However, the Ethereum merge will have its possible risks and flaws. 

Risk Factors Regarding the Merge

The Merge is a significant update to a very complicated system. Based on this merger, Ethereum may operate slowly or possibly stop altogether. In this process, other unanticipated mistakes also might arise. Also, Ethereum’s overall security may change, as a result of the Merge. When transferred to proof-of-stake, new technical challenges and unexpected problems might occur. 

Based on the merging process, in the upcoming days, Ethereum’s price may experience severe short-term volatility. In the long run, there is also a possibility that Ethereum could lose its dominance as the cryptocurrency of choice for smart contracts. The most likely outcome is that several programmable cryptocurrencies will take the lead rather than just one. 

There’s a potential that the fork will become more popular than Ethereum itself. However, if you own ETH or an ERC-20 token on Ethereum, you will most likely own them in any Ethereum fork because these forks are simply replicas of the network. It is up to each user to pick which fork to support and what to do with their assets.

While Ethereum supporters and developers would argue that the move to PoS makes Ethereum significantly more decentralized and resistant to hostile assault, the actual data shows that staking centralization is growing, which can cause some significant issues.

 Additionally, the merger has already seen numerous delays. So, there is also a chance for further delay in the merge. 

Disclaimer: 

TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Recommended For You: 

Continue Reading

Blockchain

Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

Avatar Of Rajesh Khanna

Published

on

Ethereum

Ethereum extended losses below the $1,820 support against the US Dollar. ETH could decline further if it fails to start a recovery wave above the $1,900 level.

  • Ethereum started a fresh decline and traded below the $1,900 level.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,800 level.

Ethereum Price Turns Red

Ethereum followed a bearish path after it settled below the $1,900 level. ETH traded below the $1,850 support zone and increased pressure on the bulls.

The bears even pushed the price below the $1,820 level, but the price stayed above the $1,800 level. A low is formed near $1,806 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,840 level. It is near the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

The first major resistance is now forming near the $1,880 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near the $1,920 level, above which the price may perhaps move into a positive zone.

More Losses in ETH?

If ethereum fails to rise above the $1,880 resistance, it could continue to move down. An initial support on the downside is near the $1,800 zone.

The next major support is near $1,780, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,750 level. Any more losses may perhaps open the doors for a move towards the $1,650 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,800

Major Resistance Level – $1,880

Continue Reading

Blockchain

Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins

Avatar Of Rajesh Khanna

Published

on

Crypto Exchanges In Ontario Have A $30K Annual Cap On Buying Altcoins