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STG Price Soars as Stargate Finance’s Token Forms Double-Top

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STG price surged to a high of $0.7566 this week as interest in DeFi tokens jumped. Stargate Finance’s native token has risen by over 85% from the lowest point in 2022. So, what is Stargate and why is the token soaring?

What is Stargate Finance?

DeFi has emerged as one of the most important areas in the blockchain industry. In fact, with the metaverse and NFTs struggling, it is the only bastion of hope for the sector. While the amount of assets held in DeFi has dropped recently, it is still worth about $70 billion. And DEX protocols like dYdX and Uniswap are handling hundreds of millions of dollars every day.

Stargate Finance is a little-known platform in the DeFi industry. It exists in numerous blockchains like Ethereum, Avalanche, BNB Chain, Arbitrum, and Optimism. Like most cross-chain blockchains, Ethereum is the most dominant player in Stargate, where it has a TVL of more than $102 million.

Stargate Finance is a DeFi protocol that makes it possible for users to stake, farm, and transfer tokens across multiple chains. It describes itself as a fully composable liquidity transport protocol that lives at the heart of the omnichain. 

As such, you can swap tokens on a 1:1 basis and add liquidity to Stargate’s Omnichain protocol and earn stablecoin rewards. Also, liquidity providers can farm their LP tokens in exchange for STG rewards. In the past few months, the total value locked (TVL) in its ecosystem has dropped from over $4 billion to about $379 million.

It is unclear why Stargate Finance token has soared in the past few days. A likely reason is that a short-squeeze is going on. As I explained in this article, we have recently seen a lot of short sale liquidations in the crypto industry. 

Stargate Finance price prediction

STG price

STG price has gained momentum in the past few months as demand for the coin rises. As it surged, it managed to move above the key resistance level at $0.5506, the highest point on October 29. It also rose above all moving averages. But now, the token is forming a double-top pattern whose upper side is at $0.7566. This pattern is usually a good predictor of a bearish move. 

Therefore, I suspect that the token will soon have a bearish breakout, with the next key resistance level to watch being at $0.60. 

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Changpeng Zhao Net Worth is Up $16B in 2023 to $23B

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Changpeng Zhao, the founder of Binance, is swimming in money as cryptocurrencies rebound. Data compiled by Bloomberg pegs his net worth at more than $23.9 billion, meaning he has added over $11 billion in value this year. This makes him the 63rd richest person on earth.

Changpeng Zhao net worth

Changpeng Zhao, popularly known as CZ, is one of the most popular figures in the crypto industry. He is best known for starting Binance, the biggest exchange in the world. At its peak, Binance had over 100 million customers around the world. 

It is unclear how much Binance is valued itself since it is a privately-owned company. Coinbase, the second-biggest player in the industry, is valued at over $13.45 billion. At its peak, Binance was estimated to be worth over $200 billion. Coinbase had a peak market cap of more than $70 billion. According to DeFi Llama, Binance has over $72 billion worth of customer assets.

Changpeng Zhao’s net worth comes fom his ownership of Binance. He is also believed to own cryptocurrencies worth millions of dollars. For example, Binance was the creator of BNB Coin, which he definitely owns. 

Further, Changpeng has invested in tens of companies in the private market. The company’s venture arm is estimated to have about $7.5 billion in assets. Some of the top investments are Woo Network, Aptos, League of Kingdoms, and…

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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Cronos Price Forms Bearish Divergence as Cryptos Rebounds

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Cronos price has been in a strong recovery in the past few weeks as cryptocurrencies rebound. CRO rose to a high of $0.066, the highest point since December 10. It has soared by more than 18% from the lowest point in 2022. So, what next for the token?

What is Cronos?

Cronos is a blockchain project that was developed by Crypto.com, one of the biggest crypto exchanges in the world. It was previously known as Crypto.com Chain until it rebranded in November 2021. 

Cronos is a smart contract platform that aims to be a better alternative to Ethereum and other networks like Solana and Avalanche. It is also an Ethereum Virtual Machine (EVM), meaning that apps developed in its ecosystem are compatible with Ethereum. 

Cronos has been used to build all types of dApps, including Decentralised Finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse. Some of the most notable DeFi apps in its ecosystem are Tectonic, VVS Finance, Ferro, and MM Finance among others.

The metaverse platforms in the ecosystem are Metaverse Pixels, Cronos Ragdolls, Pampered Pandas, and Crowboys. It has also been used to build NFT collections like Cronos Chimp Club, Crosmonauts, Crocus NFT, and Agora among others.

CRO price crashed in 2022 as other cryptocurrencies plunged. This decline happened as the Fed increased interest rates. The bank hiked interest…

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