Will the Bull Run Continue for AGIX and FET?

Audy Castañeda
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<strong>Will the Bull Run Continue for AGIX and FET?</strong>

While AGIX’s price rally has stalled recently, FetchAI continues to rise.

The native tokens AGIX from SingularityNET and FET from FetchAI were once again among the best-performing cryptocurrencies this week.

The FET price is up 6.76% in the last 24 hours, and the coin is currently trading at $0.2828. That’s a price increase of more than 200% since the start of the year.

SingularityNET is currently trading at $0.2143. The price change in the last 24 hours is around 1%, but it is down 6% as measured by the BTC-FET rate. Still, this cryptocurrency has rallied around 468% from its lowest point this year.

Why Have SingularityNET and Fetch Prices Raised That Much?

Most cryptocurrencies have traded in a tight range this week, as last week’s momentum faltered. Bitcoin has since fallen from the previous year’s high of $21,400 to around $20,000. Similarly, the price of Ethereum initially fell as well.

Meanwhile, the two largest coins by market cap have erased those losses and renewed their highs this year: Bitcoin is currently trading at $22,617 and Ether at $1,653.

This development comes as fears of a recession mount. The top news of the week was about huge tech companies that are incredibly profitable announcing major staff cuts.

Major US companies also released worrisome fourth-quarter financial results. Banks including Goldman Sachs, Citigroup, and Wells Fargo said their profits fell more than 30%.

Meanwhile, there was no news related to SingularityNET and FetchAI this week. This suggests that its uptrend is mainly due to the general situation in the crypto market.

FET Price Prediction

The FetchAI (FET) price has reached new highs this week. However, a closer look at the trading volume shows that the uptrend may fade soon. In most cases, the decline in volume is a sign that the original trend is coming to an end. Additionally, a formation that looks like a shooting star candlestick has emerged.

However, on the upside, the current price is holding above the 50-day exponential moving average. Therefore, at this point, it would be prudent for the buyers to start taking profits and trim their positions. The bearish view will be refuted if the coin manages to move above this week’s high of $0.29.

AGIX Price Prediction

Like FetchAI, the AGIX price has also been on an uptrend of late. On the price chart, it can be seen that the coin has started to form a rising wedge, which is shown in red. This is usually one of the most accurate bearish signals. At the same time, volume flows have started to recede. Therefore, the price of SingularityNET is likely to break out soon.

By Audy Castaneda

The Price of Bitcoin (BTC) According to Fibonacci and Elliot Waves

Audy Castañeda
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<strong>The Price of Bitcoin (BTC) According to Fibonacci and Elliot Waves</strong>

For followers of Elliot wave theory and Fibonacci extensions, a bright future is coming for bitcoin (BTC).

Bitcoin (BTC) is currently hovering around $21,000. For the past few months, the flagship crypto has struggled to really break through this level. However, analysts remain formal. A significant breakout of this price range would be an important first step toward the bull market that players in the sector have been waiting for.

$161,800, New Goal for Bitcoin (BTC)?

According to a new prediction from Coin Chartist based on the Fibonacci tool, bitcoin (BTC) could soon hit $161,800 in tokens. In fact, the Fibonacci tool has always been part of the top-tier arsenal of cryptocurrency traders. It is used very often to determine the appropriate levels of investment and profit in the market.

It is important to note that the bitcoin (BTC) price always tends to gravitate around key Fibonacci levels.

Elliot Waves Confirmation

Fibonacci extensions were not the only analytical tool to predict bitcoin (BTC) at $161,800. Elliott Wave Theory also provides confirmation in this direction. That is why Coin Chartist used it as part of the analysis of the cryptocurrencies price.

It should be remembered that Elliott’s theory is based on the fact that the rise and fall of crowd psychology always have the same repetitive patterns. The up-and-down swings in price are called “waves.”. Elliot Wave Theory helps to understand market cycles by identifying five main waves.

Since bitcoin (BTC) is a cyclical asset, this theory allows for very good predictions about the flagship crypto. Also, Fibonacci correlations are ubiquitous. Bullish impulse waves tend to extend into Fibonacci extensions. As for the corrective waves, they end at the Fibonacci retracement levels.

According to this theory, bitcoin (BTC) is currently at the end of the second corrective wave. This corresponds to a Fibonacci level and the potential start of the third impulsive wave. The theoretical target for this wave is also the $161,800 level.

To sum up, the effectiveness of cryptographic analyzes based on Fibonacci spreads and Elliot wave theory cannot be denied. However, it is clear that bitcoin (BTC) is influenced by factors that can distort such analyses.

In any event, technical analysis using Fibonacci or Elliot Waves is not a perfect art. They are based on the probabilities of human psychology at the time, as well as the chances that similar patterns will be repeated in the future. There are no guarantees. Critics and academics propose that technical analysis is useless, that markets move randomly, so analytical tools cannot predict future prices. There are plenty of traders with huge bank accounts who wouldn’t think so. The best advice is to conduct your own research before making major decisions.

By Audy Castaneda

Three Reasons Why Ethereum Is Going Up Again

Audy Castañeda
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<strong>Three Reasons Why Ethereum Is Going Up Again</strong>

Over the past 24 hours, Ethereum has gained 6.7% to trade around $1,650.

The Ethereum (ETH) price rallied again on Saturday morning. That’s an impressive comeback considering the price plunged below $1,000 last year. Since then, the price has outperformed the Nasdaq 100 and the Dow Jones.

Listed below are some of the reasons why the Ethereum price has risen so much.

Liquidation of Short Positions

The first major reason behind the increase in the ETH price is short liquidations. A short position is essentially a bet that the price of an asset will fall. Short sellers profit when market prices fall. In recent months, shorting of Ethereum and other cryptocurrencies has increased, as the cryptocurrency industry has taken a hard hit.

Therefore, a probable reason behind the Ethereum price surge is that many short sellers decided to liquidate their positions. Thus, the initial rally was part of a bit of a squeeze. There are data to support this view.

For example, statistics compiled by CoinGlass show that the liquidation of short positions is at its highest level in months. The chart also shows that bullish liquidations spiked as Ether prices plunged.

Hope for a Looser Monetary Policy by the Fed

The other reason why the Ethereum price has performed so well recently is macroeconomics. Recent economic data has sent mixed signals about the economy. The US unemployment rate fell to 3.5% in December, while wage inflation eased to 4.7%.

At the same time, the consumer price index (CPI) fell to 6.5% in December, from a high of 9% in June. Core inflation fell to 5.7%. The Producer Price Index (IPP) also decreased in December. Additional data showed that US retail sales declined slightly.

On the other hand, the latest business results published by large US companies could be interpreted as a warning sign for the US economy. Wall Street banks like Goldman Sachs and JP Morgan posted weak results. As a result, Goldman Sachs laid off more than 3,200 employees.

On Friday, Google’s parent company Alphabet announced that 12,000 employees would be laid off. Other companies like Netflix, Salesforce, and Meta Platforms have also announced layoffs. Bankers have warned of a slight recession.

Overall, there is hope that the US Federal Reserve will reconsider its tight monetary policy and loosen it this year. Therefore, investors assume that interest rates will not be as high. As a result, the prices of stocks and cryptocurrencies like Ethereum are now rising.

Possible FTX Reset

Finally, there is a catalyst for the recent bull run in the crypto market. There are signs that the FTX cryptocurrency exchange may resume operations. Bankruptcy trustee John Ray III has already identified more than $5 billion in liquid assets. If the crypto rally continues, it could mean that the company will be able to close the gap between assets and liabilities.

In his first interview this week, John Ray III said his team is working to restart the company. If it did happen, it would bode well for cryptocurrencies like Bitcoin and Ether.

By Audy Castaneda

Central Bank of Argentina Creates a New Savings and Investment Instrument

Audy Castañeda
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0
<strong>Central Bank of Argentina Creates a New Savings and Investment Instrument</strong>

It is an electronic fixed term that can be divided, transferred, and used as a payment method.

Aiming at encouraging savings and investment instruments in pesos, as well as in digital financial tools, the Board of Directors of the Central Bank of the Argentine Republic (BCRA) approved the creation of an electronic fixed term. This is a mechanism that seeks to increase the functionality of deposits and term investments made through home banking and mobile banking.

Among the novelties that stand out, it was known that the tool facilitates its division and transfer. It can even be used as a form of payment. In this way, the fixed deadlines carried out digitally are equated with those that are carried out in person.

As shared via Twitter, the BCRA created “the Electronic Fixed Term, which will be transferable, compensable and divisible. The Electronic Certificate for Term Deposits and Investments (CEDIP, its acronym in Spanish) will facilitate the fractioning and transfer of placements in pesos, Purchasing Value Unit (PVU), and dollars.”

To access such a possibility, the saver must manage an Electronic Certificate for Term Deposits and Investments (CEDIP). It will be a completely digital instrument that will have a record of all its transmissions with a certain date, and it will be fully traceable. It will be valid from July this year.

Through CEDIP, term placements, both those made in pesos, including those expressed in PVU, and in dollars- may be transferred electronically. In turn, they may be divided into lower-value placements and compensated, which will allow their use as a means of payment and financing.

The Central Bank explained in a statement the spirit of the resolution.

“Any placement achieved will have its corresponding CEDIP, which must be generated by the financial institution at the time of capturing the funds from the deposit or term investment.”

Functionalities

The brand new instrument will offer the possibility of various actions. These are functionalities that today could not meet the fixed deadlines made electronically because they could not change ownership. Nor could they be used as a means of payment. The main features are mentioned below.

The functionalities of fractioning, transmission for trading in the stock market, and the collection window should only be operational from November 1, 2023.

The BCRA explained that the delay in its implementation is due to the time necessary “to develop the systems that guarantee the traceability of the entire operation.”

The novelty announced by the BCRA seeks to favor access to liquidity for savers. Only if the fixed term is made in a branch, they give the voucher to the saver that they can endorse.

By Audy Castaneda

Jim Cramer Doesn’t Think Crypto Market Will Recover, Alleges Manipulation

Audy Castañeda
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<strong>Jim Cramer Doesn’t Think Crypto Market Will Recover, Alleges Manipulation</strong>

Cramer has recently made several questionable calls in regard to the cryptocurrency markets. His comments are often wrong; therefore, investors have created inverted indicators

The recent turnaround of the crypto markets has American media personality Jim Cramer calling it a foul, even though his statements often turn out to be false.

Signs have begun to emerge over the last month of a thaw in the bear market last year. So far in January, Bitcoin is up 30%, from $17,000 to $21,000.

Ethereum is also up more than 30%, while the total crypto market capitalization has once again surpassed $1 trillion. Even non-fungible tokens (NFTs) saw a spike in sales volume in December.

However, rather than acknowledging any of these developments, skeptical Cramer attributes these gains to market manipulation. He tweeted that “the manipulation higher of crypto shows you this is truly a sham market.”  The financial media personality’s pronouncements, though, have been known to miss the mark.

Cramer’s Questionable Calls

Since the FTX crash, the most recent turning point for crypto markets, Cramer has made some questionable calls about crypto. First, it was his take on Sam Bankman-Fried.

As the crisis unfolded, Cramer made several disparaging comments about Bankman-Fried, implying that crypto investors had been foolish to trust him. Yet just a few months earlier, like most other media outlets, he had been praising Bankman-Fried, calling him “the new JP Morgan.”

Like others, Cramer also believed that the collapse would trigger a broader crackdown by the authorities, who would soon conduct a “sweep.” By his estimate, this had started on January 12, with Genesis and Gemini, which he described as “a fabulous short run”.

However, Cramer made another prediction about crypto companies that turned out to be patently false. Earlier this month, Cramer said that the SEC would not allow Binance to buy Voyager’s assets.

He argued that the SEC “is VERY concerned that Binance will prove to be more chimerical than we thought.” Later, a United States bankruptcy court. approved Voyager Digital’s proposed $1 billion sale of its assets to US Binance.

Inverse Cramer

In fact, Cramer’s comments have been known to be so off the mark that investors have created inverted indicators. Last year, the host of CNBC’s Mad Money had a couple of ETFs named after him.

While a fund will follow his advice, the “Inverse Cramer” fund will do the opposite. Inverse Cramer’s concept has also hit social media, with a dedicated page highlighting his constant missteps. Inverse Cramer’s motto, as shared via Twitter, is “Tracking Jim Cramer’s stock picks so you can do the opposite.”

By Audy Castaneda

Crypto company Genesis Files for Bankruptcy

Audy Castañeda
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0
<strong>Crypto company Genesis Files for Bankruptcy</strong>

Genesis joins other crypto lending platforms, in the context of a long-running crypto winter.

Saddled with huge debts, including $900 million to cryptocurrency exchange Gemini, cryptocurrency lending platform Genesis officially files for bankruptcy.

In a press release, Genesis indicates that it has entered into a Chapter 11 restructuring in order to “advance ongoing discussions with stakeholders and optimize results for Genesis clients and Gemini Earn users.”

Chapter 11 protects a company from its creditors during a bankruptcy filing and restructuring proceeding to save the company from total liquidation.

To avoid bankruptcy, Genesis interim CEO Derar Islim had recently asked his clients for more time to find a solution.

Thus, Genesis joins other crypto lending platforms, such as the Celsius Network, BlockFi, or Voyager Digital, which have also filed for bankruptcy in recent months, against the backdrop of a long-running crypto winter.

In its announcement, Genesis mentions a restructuring plan aimed at finding a solution that could result in a sale, capital increase, and/or shareholding.

Genesis Announcement Highlights

As part of its Chapter 11 filing, Genesis has proposed a roadmap for an exit that includes a Chapter 11 plan (the “Plan”) that calls for a framework for the comprehensive resolution of all claims and the creation of a trust. distribute the assets. to creditors.

The plan envisions a two-way process in seeking a sale transaction, capital increase, and/or shareholding that would allow the company to emerge under new ownership.

The company will initiate a marketing and sales process to monetize GGH’s assets or otherwise raise capital, using the transaction proceeds to pay creditors fairly and equitably.

If the marketing process does not result in a sale or capital increase, creditors will receive shares in the reorganized GGH. reads the Genesis press release.

It remains to be seen now what is the exact amount of Genesis’s debts, which is estimated between 1 and 10 billion dollars, according to the documents presented by the bankrupt crypto company.

Derar Islim Tweeted, then Deleted Account

Derar Islim, interim CEO of Genesis, who recently deleted his Twitter account, stated the following:

“While we have made significant progress in refining our business plans to address liquidity concerns caused by recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, a restructuring in court presents the most effective route by which to preserve assets and create the best possible outcome for all Genesis stakeholders. We deeply appreciate our clients’ continued patience and cooperation as we work to find an equitable solution.”

All eyes are now on the Price of Bitcoin (BTC), which could be affected to the downside by the bankruptcy announcement of Genesis, a subsidiary of Digital Currency Group (DCG), also Grayscale’s parent company.

By Audy Castaneda

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