Crypto News

Crypto Firm Socios.com Announces Partnership With Football Star Lionel Messi

The foray of crypto players into the sports space has been obvious and quite fast-paced. It is no surprise that crypto seems to have found a natural home in this arena given it is a fan-driven space. That has been behind the success of many fan tokens in the past months. Fan Token is a token created by crypto firm Socios.com which has been favorably received by both sports and crypto fans around the world. This time around, Socios.com has taken this one step further with a new partnership. The company recently announced that it was partnering with football star Lionel Messi. This new partnership has opened up new horizons for crypto and sports fans and what they can do with these tokens. Building The Future Of Crypto In a recent announcement posted to its website, Socios.com officially welcomed Lionel Messi aboard the ship. The footballer is taking part in a campaign as a brand ambassador with the slogan “Be more”. This aligns with what Socios.com states as its agenda going forward. It explains that with the new partnership, they hope “to build a more inclusive, exciting and rewarding future for fans across the world.” Related Reading | Data Shows Bitcoin Investors Afraid To Take Risk As Leverage Remains Low Lionel Messi who is a brand in himself is no doubt an excellent addition to the Socios.com brand. With multiple world records to his name, the footballer is loved by millions of adoring fans all over the world. It is obvious that Socios.com is looking to tap into this immense fan base and pull millions more into crypto through the footballer’s fame. Socios.com revealed that the partnership with Messi would be for an initial period of three years. This wording leaves room for interpretation meaning that Socios.com may have plans to extend its partnership with the footballer at the end of this three-year period. Crypto market cap touches $2 trillion | Source: Crypto Total Market Cap on TradingView.com As for Lionel Messi, he states his reasons for the partnership to be for fans to get the recognition they deserve for their support of the sport. One of these ways is being able to have a say in what their favorite teams do by being involved in these fan tokens. “Since I played my first professional game the passion of the fans has been a driving force that has helped inspire me to be my very best. Fans deserve to be recognized for their support. They deserve opportunities to influence the teams they love,” Messi said. “Socios.com exists to enhance the fan experience, to enable fans to ‘be more’.  I’m proud to join Socios.com’s mission to  create a more connected and rewarding future for fans around the world.” As for Socios.com, it is a welcome development which Alexandre Dreyfus, CEO of Socios.com, explained. He added that the company is trying to make fans feel valued and that their support of the players/game matters. Related Reading | Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion “We are delighted to announce Lionel Messi as our new Global Brand Ambassador and look forward to building a more inclusive, exciting and rewarding future for fans across the world together. We have taken great strides forward in the last few years, but, if football fans know one thing, it’s that with Lionel Messi on your side anything is possible.” – Alexandre Dreyfus, CEO of Socios.com. Lionel Messi is one of the most decorated footballers of all time. He currently holds seven Ballon d’Ors and a total of six Golden Boots, more than any other footballer in the history of the game. Most notable has been the fierce rivalry between Messi and Ronaldo, both of which have continued to compete for the title of the greatest footballer even into their 30s. Featured image from UEFA.com, chart from TradingView.com

Crypto News Ethereum

Ethereum “Diamond Hands” Filled Their Bigs Through The Dip

Ethereum holders have been filling up their bags while the broader market had panicked through the dip it seems. The digital asset which had suffered from crashes and dips that had hit the market had seen its value fall as low as $2,500. However, these ‘diamond hands’ holders had remained unfazed given that data showed that they continued to accumulate ETH tokens all through the market dip. Ethereum Holders Load Up Ethereum holders, especially those who have held for longer, are more likely to add coins to their holdings while the market is in a downtrend. This was the case during the last downtrend given that these holders had continuously added to their bags this time around. In the more than three months that Ethereum saw its value continue to decline, these investors just continued to purchase ETH. Related Reading | Research Explains Bitcoin Mining Could Be Helpful For US Energy Independence Data from IntoTheBlock showed that long-term holders of the digital asset had purchased more than 4 million ETH during this time. The whole lot came out to a total of about $12 billion that these holders had picked up. In the report, it is noted that these were holders that had previously held their ETH tokens for more than a year. With each dip, these investors had accumulated more tokens, successfully pushing their collective holdings to a new yearly high. Although the amount held by these wallets has dropped in the past few days, they still hold the majority of the supply. A total of 59% of all ETH supply are held by wallets that have had their tokens for more than a year. What Is Driving This? One of the most obvious reasons that have sparked renewed interest in Ethereum ownership has been the “Merge”. This important upgrade is expected to take place sometime this year and will completely change the way the Ethereum network currently operates. Moving from proof of work to proof of stake, the network will not only become safer and more scalable, but it will significantly cut down the amount of energy that is required to carry out mining activities on the network. This will drastically reduce the carbon footprint of the network. ETH price breaks above $3,400 | Source: ETHUSD on TradingView.com As the Merge draws near, more investors are filling up their bags in wait for what is expected to be an inevitable uptick in the value of the digital asset. Related Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000 Ethereum has now been on an uptrend since this week, meaning the investors who purchased tokens during the downtrend are now in profit. Investor sentiment towards the upcoming merge has grown increasingly positive. Featured image from EU Reporter, chart from TradingView.com

Crypto News

Price Analysis: Dogecoin Appreciates, Where’s It Headed Next?

As the bulls regained strength over the past few days, major cryptocurrencies witnessed considerable respite. Following impressive gains, Dogecoin has soared a substantial 8% over the last 24 hours. The coin was changing hands at $0.151 at the time of writing. Market movers were seen trading in the green, as a reason altcoins also jumped north on their charts. Following bullish sentiments across the market, the global cryptocurrency market cap stood at $2.26 Trillion after a 6.7% positive change. Bitcoin was trading at $47,800, which marked a multi-month high for the coin, and Ethereum was priced at $3400, a level it last touched in the month of January. Related Reading | Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target? Dogecoin Price Analysis: Four Hour Chart Dogecoin was seen trading within an ascending channel (white), which is considered to be bullish. Over the past week, Doge has surged close to 26%. The meme-coin was further fueled by Elon Musk’s Tweet which spoke of how he found the idea of replacing Twitter’s logo with that of Doge’s impressive. This comment was in line with Musk’s recent tweet which suggested that Twitter isn’t a platform that lets users exercise their freedom of speech. Post these tweets, Dogecoin registered another double-digit jump in a matter of a day. The volume traded in the previous session was also in green suggesting that the price action was positive. The overhead resistance for the coin stood at $0.160, the meme-coin last traded near that level in the month of February. Continued push from the bulls could cause the coin to revisit the above-mentioned resistance line. On the flip side, a price retraction would mean Doge trade near the $0.143 and then $0.134 support levels respectively.  Technical Analysis Dogecoin has been traveling back and forth from the overbought territory. With the bulls strengthening with each passing day, the meme-coin has continued to secure more and more buyers. The Relative Strength Index which is indicative of buying strength was parked above the 80-mark. This reading symbolizes overvalued tendencies. Correspondingly, the price of the coin was seen trading above the 20-SMA line which signified a bullish stance. This meant that the buyers in the market were responsible for driving the price momentum at the moment. Dogecoin could continue to move in a northbound direction further, given the cup and handle pattern (indicated in white) that the coin has formed on its charts. The cup and handle pattern is spotted when the market is extremely bullish. The meme-coin could attempt to trade above its immediate resistance of the $0.160 price level. Related Reading | Short Traders Get the Short End Of The Stick As Bitcoin Breaks $47,000 MACD indicates the market momentum of a particular coin. In regards to the other indicators, Dogecoin displayed a chance of moving further up which is characterized by a bullish momentum in the market. If Doge manages to break past the $0.153 price mark, the bulls might not fade out just yet. On the four-hour chart, MACD experienced a bullish crossover and the indicator displayed amplified green histograms suggesting that the market momentum was still bullish at the time of writing.

Altcoins

This Mid-Cap Altcoin Could Easily Witness 400% Gains, According to Coin Bureau

A closely followed crypto analyst is giving a bullish forecast for a popular crypto project centered around decentralized data storage. In a new video, pseudonymous Coin Bureau host Guy tells his 1.99 million YouTube subscribers about the rising demand to protect the world’s information from being tampered with.  The analyst says that Arweave (AR), a […]

The post This Mid-Cap Altcoin Could Easily Witness 400% Gains, According to Coin Bureau appeared first on The Daily Hodl.

Crypto News Ethereum

Ethereum Could Grow More Than $6,000, Bloomberg Analyst Says

Ethereum had always had its price be a strong bone of contention among investors. While some may believe that the digital asset is overvalued, others believe that the cryptocurrency is yet to fulfill its potential. One of those is Bloomberg analyst Jamie Coutts, who has revealed a very bullish forecast for the digital asset, saying it would grow more than 100% from its current price. Ethereum At $6,000? Coutts has expressed a very positive outlook for the second-largest cryptocurrency, Ethereum. Like others before him, the Bloomberg analyst sees the cryptocurrency’s utility and real-world uses as the argument for this very high valuation. This is why Coutts has said that he sees the price of the digital asset growing to more than $8,300, over a 100% increase from where it is currently trading. Related Reading | Ethereum Will Continue To Outperform Bitcoin, Here’s The Indicator That Says So The Bloomberg analyst referred to the cryptocurrency as a “unique blend of equity, commodity, and monetary characteristics,” a school of thought not at all scarce among investors and supporters of Ethereum. Using the discounted cash flow model that was created by Bloomberg, it is expected that the value of ETH tokens could rise as high as $6,128, more than doubling in price even after the recent surge. What Is Driving This? Besides Ethereum being one of the cryptocurrencies with the most utility, it has also made it onto the radar of big investors due to the upgrades being performed on the network. One of these upgrades is the move to the Ethereum consensus layer that will finally move the network from using the proof of work mechanism to utilizing the proof of stake mechanism already employed by a number of blockchains. Related Reading | TA: Bitcoin Gains Momentum, Indicators Point Strong Move To $45K This upgrade will not only upgrade the network in terms of security but it would help with scalability. By doing this, the network can allow for an even larger volume of transactions to be carried out. ETH trading above $3,000 | Source: ETHUSD on TradingView.com It is expected that with the final “Merge” will come more demand for Ethereum. If this is the case, then with the higher demand will come higher network use. This will inadvertently lead to higher fees on transactions, meaning higher returns for network validators. Furthermore, predicted growth like this will see more people lock their ETH to become validators. Following this trend, Ethereum will likely surge in value as more investors clamor to get their hands on the cryptocurrency. And with the EIP-1559 burn making it a deflationary token, the surge predicted by Bloomberg seems more realistic than it is optimistic. Featured image from DataDrivenInvestor, chart from TradingView.com

Bitcoin Crypto News

Bitcoin Worth $1.2B Left Coinbase In Sign Of Continuous Institutional Adoption

Despite the four-month bearish price action, institutions continue to pile drive bitcoin, which might have scared away retail leverage traders. This is because institutions are focusing on longer-term horizons and see the potential for big profits in BTC’s growth over time. The recent large outflow of coins from the U.S.-based crypto exchange Coinbase is evident, according to blockchain analytics firm Glassnode. Related Reading | 82% Of Bitcoin Short-Term Holder Supply Now In Loss, Capitulation Ahead? The recent highly volatile markets have sent bitcoin prices tumbling, with a total of 31,130 bitcoin leaving Coinbase last week. This is the highest single-week outflow since 2017, data tracked by Glassnode. In a weekly newsletter published Monday, Glassnode said;  Large outflows like this one are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years. As the largest exchange by BTC balance, and a preferred venue for U.S.-based institutions, this further supports the adoption of bitcoin as a macro asset by larger institutions. The crypto markets have experienced drought over the past week. The Nasdaq-listed exchange’s holding in bitcoin has dropped a four-year low of 649,500 BTC for just the second time since 2018. In addition, the amount of bitcoins held by all centralized exchanges has decreased to 2,519,403 BTC, the lowest number since November 2018. Withdrawal Bitcoins Moved To Inactive Wallets The Coinbase withdrawal may be driving up the price of Bitcoin. The declining exchange balance means fewer coins are available for liquidations on exchanges, which could lead to an increase in demand and push prices higher still – especially since those withdrawals have moved into largely inactive wallets. Additionally, Glassnode said; If we look at the Illiquid Supply Shock Ratio (ISSR), we can see a significant uptick this week. Suggesting that these withdrawn coins have been moved into a wallet with little-to-no history of spending. The ISSR is on an upwards trend, suggesting that these withdrawn coins transferred into a wallet with little-to-no history of spending. Related Reading | Bitcoin Detractor Peter Schiff Lays On What Will Trigger Bitcoin Recovery The current amount of supply held in Illiquid wallets is 3.2x larger than Liquid and Highly-Liquid combined. Meaning that many coins are still trapped there despite the recent bear market conditions. A similar metric to what we saw during the 2018 – 2020’s bear market. Major cryptocurrencies registered mostly small losses on Monday. As the European Parliament’s Committee on Economic and Monetary Affairs voted down a bill. That bill could have outlawed proof-of-work in EU territory. The markets were volatile yesterday as investors waited to hear what the Federal Reserve would do with today’s policy meeting. The NASDAQ100 fell 2%, while SPX500 Index dropped 0.75%. DJ30 closed flat following these declines in stock prices.  The crypto market experienced a mild correction, with Ethereum, BNB, Solana, and XRP losing 2%. Bitcoin also fell slightly 1.6% in value and trading under $40,000 at the time of writing. Featured image from Flickr, chart from Tradingview.com  

Bitcoin Crypto News Ethereum

Where Ethereum and Bitcoin Headed After Musk’s Tweet

Bitcoin, Ethereum and even Dogecoin registered a spike in prices following Elon Musk’s tweet. The world’s richest person, Tesla and SpaceX Chief Executive Officer Elon Musk has been quite influential in terms of driving the price action of cryptocurrencies. In his recent tweet, Musk stated that he would not be selling his Bitcoin, Ethereum and Dogecoin and that he still continues to own them. This tweet came after Elon Musk asked a question about the expected rate of inflation in the next few years. Soon after that particular tweet, Bitcoin, Ethereum and even Dogecoin registered upward price movements on their respective charts. BTC was up by 3%, while Ethereum gained a little above 2% and Dogecoin zoomed up by 4%. Despite a positive price sentiment, cryptocurrency’s prices remain quite volatile. At press time these coins reversed some of the recent gains. Related Reading | Bitcoin MPI Rises To Highest Value Since March 2021, Bull Rally Soon? Bitcoin Price Analysis: Four Hour Chart Bitcoin was priced at $38,428 at the time of writing. It lost 0.8% of its market value. It is safe to say that BTC was consolidating as the coin has been struggling to move past the $39k mark. Strong support for the coin stood at the $37k mark, however, sharp resistance awaited the token at $40k. In case BTC breaks on the upside and manages to climb over the $39k mark, the next stop would be around the $42k-$43k region. On the flip side, a breakthrough at the $37k support mark would push BTC to trade in between the $37k-$34k price levels. Bitcoin Technical Analysis The technical outlook however suggests bearish pressure in the market. The volume of Bitcoin was seen declining as the previous sessions closed in the red. The Relative Strength Index also corresponded with the bears hence sellers re-entered the market. Awesome Oscillator that depicts market momentum. The indicator was seen turning green which meant that market momentum could change directions over the upcoming trading sessions. Bollinger Band indicate volatility and it flashed a squeeze which meant that prices could witness sharp fluctuations in the next trading sessions. Ethereum Price Analysis: Four Hour Chart Ethereum was trading for $2528 at the time of writing. Prices were seen trading laterally and the coin depreciated slightly by a per cent after noting gains in the past 24 hours. Overhead price ceiling was at $2614, following which the coin could encounter strong resistance at $2722. On the other hand, ETH’s local support was at $2450. Ethereum Technical Analysis The volume of Ethereum traded has declined which is correlated to a fall in the number of buyers in the market. The technical outlook painted a bearish pull. Ethereum was seen below the 20-SMA line and that corresponds to sellers taking charge of the current price momentum. Bollinger Bands tightened and that is a sign of sharp price volatility. Although ETH was trading sideways, prices could either swing up or down sharply over the next trading sessions. The Relative Strength Index was below the half-line indicating more number of sellers. Related Reading | QuickSwap Asks The Community, To Split or Not to Split QUICK Token?