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Here Are Today’s ICO Winners: Status (SNT) and Coindash (CDT)

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Here at Global Coin Report, we like to take a look at some of the biggest movers in the ICO space on a daily basis in an attempt to try and highlight any near-term opportunities for our shorter-term cryptocurrency trading readers.

In line with this, here is a look at two of the biggest gainers in the space over the last 24 hours with a discussion of what’s moving each and where we expect the coins in question to go near term.

The two coins we are focusing on today are Status (SNT) and Coindash (CDT).

First up, then, Status.

This one is a pretty interesting one. The company designed itself as an open source messenger service built on the Ethereum platform as a decentralized application (Dapp) and, subsequent to its creation, launched an initial coin offering (ICO) that saw it target a total raise of 300,000 ETH. However, due to a huge influx of unexpected buying activity, the Ethereum network essentially collapsed at the point at which 1.68 billion SNT tokens had been issued and the collapse now is looked back on as one of the first major tests (and, subsequently, failures) of the Ethereum network and software.

Things have been resolved since then, however, and Status has grown into what is now regarded as a relatively stable and well-positioned entity, with an alpha release in place that’s working towards a beta and public release near term.

So what’s driving the action at the moment?

The company just updated markets as to the progress of its development as per this release and progress looks strong. This is one of a number of companies in this space developing on an open-source basis and it’s this approach that has allowed it to progress in a completely transparent way – something that is rare for these sorts of decentralized application efforts, especially those that formed part of the major ICO wave earlier this year.

So what’s next?

The token is currently trading for an 80% premium to its price just 24 hours ago and a close to 100% premium on its price this time last week. We may see a near-term correction as the short-term operators pull profits off the table but, moving forward, we expect this coin will continue to appreciate as development matures towards beta.

Moving on, Coindash.

This one is famous for a botched ICO as well but in a very different way. At the time of the company’s token issue, a hacker managed to change the Ethereum address to which participants were supposed to send ETH (and, in return, to receive CDT tokens) and this led to more than $10 million in ETH being transferred to the false address.

Coindash was able to claw back some degree of credibility after it announced that it would issue CDT to all those who sent ETH to the wrong address (prior to the shutting down of its website) but the issue remains something of a sore point for the community and it has weighed on sentiment over the last three or four months subsequent to the event.

This week, however, markets seem to be turning around somewhat and CDT is trading for a 35% premium on its 24-hour pricing and is currently up nearly 71% on its ICO price.

So what’s driving the latest run?

This company bills itself as an operating system for cryptocurrency assets, which exposes it to any ups and downs in the underlying majors – BTC, ETH and LTC. With BTC currently up way above $10,000 right now, having broken this level last night, CDT is riding high on this key resistance level toppling.

So long as BTC remains above $10,000, we expect this one will continue to gain strength. If BTC falls back below this level, however, we may see a near-term correction on the recent run.

We will be updating our subscribers as soon as we know more. For the latest updates on SNT and CDT, sign up below!

Image courtesy of waferboard via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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