Crypto Shuttle News

Tag: Bullish

  • Ethereum Whales Signal Bullish Run With $40 Million Bet

    Ethereum Whales Signal Bullish Run With $40 Million Bet

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    Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is experiencing a surge in optimism in the cryptocurrency market. The emergence of two new whales, according to crypto tracking platform Spot On Chain, further adds to the bullish sentiment surrounding Ethereum.

    These whales have collectively withdrawn a substantial amount of ETH, totaling nearly 11,700 coins, worth approximately $40 million, from leading cryptocurrency exchange Binance.

    Their significant purchase, made when ETH was priced around $3,450, indicates their confidence in the potential for further price appreciation.

    Ethereum Trading Volume Soars

    The cryptocurrency market is experiencing a surge in optimism, fueled by a strong performance from Ethereum (ETH) and the looming Bitcoin halving event.

    ETH has seen its price jump nearly 10% in the past 24 hours, reaching $3,679 as of today. This impressive gain is accompanied by a significant rise in trading volume, which has spiked by nearly 70%, surpassing $15 billion.

    Source: Coingecko

    Meanwhile, Ethereum’s impressive rally is not an isolated event. The broader cryptocurrency market is experiencing a period of bullish momentum. Bitcoin, the undisputed leader, has also witnessed a significant surge, climbing above the $72,000 mark. This upward trend is largely attributed to the anticipation surrounding the upcoming Bitcoin halving, scheduled for approximately 11 days from now.

    The Bitcoin halving is a pre-programmed event that occurs roughly every four years. It reduces the number of new Bitcoins awarded to miners for verifying transactions on the network.

    Historically, these halving events have been followed by substantial price increases for Bitcoin, as the reduced supply often leads to increased demand and scarcity. Investors are hoping for a similar outcome this time around, contributing to the current marketwide rally.

    Renewed Optimism Grips Crypto Investors

    The recent surge in prices and trading volumes across the cryptocurrency market suggests renewed optimism and bullish sentiment among investors. Analysts and experts are anticipating further price gains for both Ethereum and Bitcoin in the coming days and weeks.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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  • GameFi Market Bullish on $DEP as PlayMining Launches Devilman Manga NFTs with JobTribes Collab | by BitMedia Buzz

    GameFi Market Bullish on $DEP as PlayMining Launches Devilman Manga NFTs with JobTribes Collab | by BitMedia Buzz

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    BitMedia Buzz
    InsiderFinance Wire

    The PlayMining GameFi platform’s DEAPcoin ($DEP) token is performing very bullishly following the announcement of an NFT collaboration with the popular Devilman manga and anime series. At the time of this writing, DEP is currently a top-5 gaming token on Coinmarketcap by 7 day % change, with a 13% seven-day price increase and over 20% growth in market cap.

    DEP’s bullish market performance comes at a time when other top-tier gaming tokens are experiencing a bearish slump — Guild of Guardians ($GOG), Oasys ($OAS), Immutable ($IMX) and Axie Infinity ($AXS) are all now dipping on the market charts. Meanwhile, DEP is still going strong, boasting one-month price and market cap increases of 41% and 49%, and respective three-month increases of 120% and 168%.

    Major Brand Collab Driving Traction

    Devilman is a well-known top-60 manga and anime franchise, having sold over 50 million manga copies since it first launched in 1972. Most serious fans of Japanese manga and anime will be familiar with the title, and PlayMining has a significant user base in Japan — making this new partnership a particularly prominent one in the Japanese GameFi space.

    For PlayMining’s collaboration with the Devilman franchise, a new limited edition Devilman NFT collection is being integrated with the popular PlayMining card battle game JobTribes. Collectors can purchase limited quantities of six different Devilman NFT styles on the PlayMining NFT market until Jan. 31, after which the remaining cards will be raffled off over the following two weeks (or until supplies last). ‘Premium Recruitment’ raffle tickets can be purchased from within JobTribes from Jan. 31 until Valentine’s Day.

    As a special bonus, whoever draws the very last Devilman NFT during the Premium Recruitment raffle period will receive a special one-of-a-kind Legendary “Rage of Fire Devilman” NFT as a prize.

    JobTribes also has a “Devilman’s Invasion!” event prepared, which will run during the Premium Recruitment period. During this event, players will be able to win another kind of Legendary NFT depicting Devilman’s amulet, as well as other useful game items.

    High-Profile #GamifyingWork Partnerships Bolstering DEP Token Rally

    DEP’s rebound began three months ago, directly following an official PlayMining announcement of multiple high-level partnerships and a new business model that PlayMining calls #GamifyingWork. Under this new initiative, PlayMining is helping real-world companies from any industry outsource various work tasks to gamers, who can perform the tasks remotely as in-game quests and be rewarded with DEP for their ‘work’.

    Kozo Yamada, co-CEO of PlayMining owner Digital Entertainment Asset, said that the new Gamifying Work solution is addressing a severe labor shortage crisis that is affecting many industries across the world. In fact, as many as four out of five companies may be affected globally, according to research by ManpowerGroup. But under PlayMining’s new initiative, companies that are not even traditionally part of the digital space, such as heavy industries, can remotely fill this labor demand in innovative ways.

    PlayMining has a pilot project launching this spring in collaboration with the world’s fourth-largest electric power company, TEPCO Power Grid. The new PlayMining game will send teams of players out into their communities to photograph aging utility poles, with DEP tokens allocated to the teams that connect the most power lines in their game. As a result, TEPCO, which has been suffering from a lack of power pole inspectors, can now more efficiently maintain their aging power infrastructure.

    A similar project is also underway to fill labor demands at waste processing facilities — this time via a highly innovative game in which players can remotely operate real-life waste-sorting robots. Japan’s second-largest telecom operator, KDDI, invested in DEA last summer to promote more such Gamifying Work projects. PlayMining went on to announce a slew of new collaboration partnerships in October, addressing numerous industries and social good goals including CO2 reduction, disaster prevention, animal welfare, local revitalization, inheritance, elderly quality-of-life and employment for people with disabilities.

    For more information about PlayMining, visit their official website and follow them on social media.

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  • Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

    Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

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    Billionaire Bill Miller, a seasoned billionaire investor, explains why he believes the current crypto outlook is very positive for Bitcoin.

    Miller likens Bitcoin to digital gold when it comes to the digital currency. Other cryptos are simply “adventure investments” since they lack the uniqueness of Bitcoin, he said.

    A fund manager, Miller highlighted that nearly half of Russia’s reserves are held in currencies controlled by individuals seeking to do them damage.

    Miller, a co-founder of Miller Value Partners, spoke on the future of crypto in the face of Russia’s ongoing invasion of Ukraine.

    Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report

    Crypto Outlook Favorable For Stakeholders

    “The rest of crypto is a different story,” he said. The remainder of the cryptos could be called “adventure investments” since he believes they are all attempting to tackle different challenges.

    The renowned value investor has been a long-term advocate of bitcoin. Last month, he revealed he had “a substantial” amount of bitcoin, and compared it to digital gold as a hedge against inflation.

    He also referred to the current crypto outlook and Bitcoin as “insurance against financial disaster.”

    Miller’s deep knowledge of investing and the stock market holds weight because of his vast business experience.

    BTC total market cap at $740.14 billion in the daily chart | Source: TradingView.com

    Russian Sanctions Good For Bitcoin?

    Russia has 16% of its $640 billion in reserves in dollars, with 32% of assets denominated in euros.

    According to Miller, they have 22% of their reserves in gold, which is the only component other nations cannot seize. He said:

    “I believe this is very bullish for bitcoin.”

    Several nations have slapped Russia with all sorts of sanctions since it attacked Ukraine.

    As a result, the Russian currency and the stock prices of Russian enterprises listed on foreign exchanges have fallen precipitously.

    European Union Commission President Ursula von der Leyen did not mince words, last week:

    “We will paralyze the assets of Russia’s central bank,”

    This announcement is expected to result in transactions being suspended and, in effect, will render the central bank unable to dispose of its assets.

    War Drives Bitcoin Up: Devere CEO

    Meanwhile, the CEO of Devere Group, Nigel Green, also shares the same level of optimism and has predicted that bitcoin’s price will reach $50,000 by the end of this month if the current outlook for the crypto is to be the gauge.

    Bitcoin is now trading at $39,007. Green believes that the dollar’s standing as a global reserve currency might be threatened if viable and practical alternatives, such as cryptocurrency, emerge.

    Related Article | Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

    He said that the conflict between Russia and Ukraine has prompted people, corporations, and government agencies throughout the world to explore “alternatives to traditional systems” in response to the war.

    According to Green, Bitcoin is now the 14th most valuable currency in the world, and he thinks it will rise much higher in the rankings in the coming months.

    He said:

    “Smart investors recognize this and will increase their exposure to cryptocurrencies before prices further climb.”

    The Devere boss believes geopolitical tensions and institutional investors are driving the price of the (still) most sought-after crypto in the world.

    Featured image from Bitcoin News, chart from TradingView.com

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  • Ethereum Prints Bullish Technical Pattern, Why Close Above $3,200 Is Critical

    Ethereum Prints Bullish Technical Pattern, Why Close Above $3,200 Is Critical

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    Ethereum fell to $2,930 before correcting higher against the US Dollar. ETH price is rising and a close above $3,200 could spark a strong recovery.

    • Ethereum extended decline and broke the $3,000 support zone.
    • The price is trading below $3,200 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a major recovery wave if there is a close above $3,200.

    Ethereum Price Eyes Steady Recovery

    Ethereum failed to climb above $3,200 and extended its decline. ETH declined below the $3,050 and $3,000 support levels to move further into a bearish zone.

    The price spiked towards $2,920 and traded as low as $2,931. Recently, there was a sharp upside correction above the $3,000 and $3,050 levels. Besides, there was a break above a major bearish trend line with resistance near $3,110 on the hourly chart of ETH/USD.

    Ether price settled above the 61.8% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. It is now consolidating above the $3,100 level.

    On the upside, an immediate resistance is near the $3,145 level. It is near the 76.4% Fib retracement level of the downward move from the $3,210 swing high to $2,931 low. The next major resistance is near the $3,200 level and the 100 hourly simple moving average.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    A clear upside break above the $3,200 level could spark a decent recovery wave. The next key resistance is near the $3,300 level. Any more gains could send the price towards the $3,420 level in the near term.

    Fresh Decline in ETH?

    If ethereum fails to start a fresh increase above the $3,200 level, it could start another decline. An initial support on the downside is near the $3,060 level.

    The first key support is now forming near the $3,000 level. A downside break below the $3,000 level might put a lot of pressure on the bulls. In the stated case, there is a risk of a new monthly low below the $2,931 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is above the 50 level.

    Major Support Level – $3,060

    Major Resistance Level – $3,200

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  • Why 2022 Could Be The Best Year For Cardano, Top Bullish Predictions

    Why 2022 Could Be The Best Year For Cardano, Top Bullish Predictions

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    Cardano (ADA) experienced a major downtrend in the past months as the crypto market took another swing for the lows. The sixth cryptocurrency by market cap has seen a year in the green as it managed to complete several upgrades on its mainnet.

    Related Reading | Biggest Cardano Based Cross-Chain NFT Marketplace Verlux kicks Off Pre-sale

    First, Cardano successfully transitioned to a Proof-of-Stake consensus in 2020, shortly after the D parameter reached “0” signaling the full decentralization of block production. The network went from a federate consensus to a community-based consensus as the latter control most stake pools producing blocks on the network.

    Later, the start of a new era with the first of 3 major Hard Fork Combinator (HFC) events with the implementation of “Allegra”, followed by “Mary”. These upgrades brought new capabilities to the Cardano mainnet which were completed with “Alonzo” that introduced smart contract capabilities into the blockchain.

    This ecosystem has already seen a surge in projects, as developers and users rush in to build and leverage the benefits of its UTXO model. In that sense, community member ADA Whale shared his top predictions that could boost another rally for the underlying cryptocurrency of the Cardano network.

    ADA Whale mentioned the potential increase in the number of transactions and active addresses for Cardano. The investor believes these fundamentals could increase by a factor of 5 leading into a massive wave of adoption in 2023.

    Cardano remains one of the most actively used networks. Scaling happens via different streams, first gradually to keep up w growth, exponentially in 2023.

    This new wave of adoption for this network could translate into more projects. The investors estimated that by the end of 2022, there could be more than 250 decentralized applications, DeFi platforms, launchpad and more on the network. The investor added:

    Cardano DeFi starts slowly but TVL >$10bn eoy. Dapp store with levels of certification goes live. Ease of use sees people replace banking stack with Cardano DeFi. Digital Identity projects thrive connecting DeFi w/ real world. UTXO DeFi will be different, and better

    Cardano And Its Potential For The Coming Years

    In addition to its security, according to ADA Whale, Cardano offers low fees, energy efficiency with a green footprint, and has been adopted by companies and projects with a global impact. This includes World Mobile, Singularity, and others.

    The aforementioned collaborations place the ecosystem in different sectors with close deals with governments in growing economies. Cardano will strengthen its partnerships in the coming years as it attempts to provide people with an open, decentralized, and accessible network to manage and support a variety of basic services.

    In the meantime, the network develops interoperable capabilities. ADA Whale mentioned Milkomeda, a second layer solution for Cardano with EVM compatibility. This types of solutions will help onboard more users and developers.

    Related Reading | Cardano Project Flickto Surpasses 1.5 Million ADA Staked One Month After Launch

    As of press time, ADA trades at $1,36 with sideways movement in the past day.

    Cardano ADA ADAUSDT
    ADA trends to the downside in the 4-hour chart. Source: ADAUSDT Tradingview



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  • 3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL

    3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL

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    Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange. 

    One project that has seen a significant amount of adoption thanks to its focus on creating a truly decentralized ecosystem and asset-backed stablecoin is the Abracadabra.money DeFi protocol and its native SPELL token.

    Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.0114 on Oct. 15, the price of SPELL rallied 178.55% to establish a new record high at $0.035 on Nov. 1 as its 24-hour trading volume spiked to $109.82 million.

    SPELL/USD 4-hour chart. Source: TradingView

    Three reasons why SPELL is attracting the attention of DeFi users are the growth of Magic Internet Money (MIM) as a fully decentralized, cross-chain capable stablecoin, numerous cross-chain integrations that have expanded the MIM and SPELL’s reach throughout the ecosystem and the token’s governance and tokenomic structure.

    Decentralized stablecoin growth

    One of the biggest factors attracting the attention of active DeFi users is Abracadabra’s native Magic Internet Money stablecoin which is a fully collateralized and minted by depositing interest-bearing assets on the DeFi protocol.

    The growing popularity and adoption of MIM can be seen by the increasing total value locked on Abracadabra, which reached a record $4.15 billion on Nov. 1 according to data from Defi Llama.

    Total value locked on Abracadabra.money. Source: Defi Llama

    There has also been steady growth MIM’s circulating supply, which stands at $1.933 billion according to data from CoinMarketCap. The most recent expansion is in large part due to the expansion of assets that can be pledged as collateral to mint MIM, which now includes popular tokens like Shiba Inu (SHIB), FTX Token (FTT), wrapped Olympus (OHM) and Fantom (FTM).

    Cross-chain integrations extend SPELL’s reach

    A second reason inv are taking a closer look at SPELL is its expanding ecosystem which has recently added cross-chain support for multiple blockchain networks including Fantom and the Binance Smart Chain (BSC).

    BSC is the most recent addition to the Abracadabra ecosystem after the community voted to add support for the network in a vote that closed on Oct. 30.

    Other blockchain protocols currently supported by Abracadabra include Ethereum (ETH), Arbitrum and Avalanche (AVAX), and the platform also benefits from multiple cross-protocol partnerships including integrations with Convex Finance (CVX), Yearn Finance (YFI), Curve Finance (CRV) and SushiSwap (SUSHI).

    Related: Magic Internet Money races past $1B, sets sights on MakerDao

    Favorable tokenomics and a decreasing circulating supply

    Another factor catching the eye of DeFi investors is the tokenomic structure of SPELL which includes governance votes on emissions to control inflation.

    The team behind SPELL regularly monitors the emission schedule across the various DeFi pools in its ecosystem to ensure that new tokens are being minted and utilized in the most beneficial way for the protocol and holders.

    Due to increasing adoption and the uptick in price price, a large number of tokens originally set to be minted are no longer needed so the team decided to decrease the emission schedule by 20% beginning on Nov. 1. This effectively removed 8.7 billion SPELL tokens from the current circulating supply.

    Going forward, the outlook for the project remains bullish and the team also has plans to further integrate SPELL and MIM to the Fantom ecosystem and also offer new staking opportunities in Arbitrum and Avalanche. 

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.