The Future of Money:Insights from Coinbase's Latest Report
“Crypto is the future of money,” Coinbase emphasizes in its latest report, “The State of Crypto”. It notes that during the first quarter of 2024, Fortune 100 companies announced a record number of blockchain and Web3 initiatives. However, the biggest obstacle for them was the lack of reliable specialists and the necessary skills. In addition to this, the declining share of American crypto developers further aggravates the situation. Currently, only one out of four developers is from the United States, which is 14% less than in the last five years. But despite this, interest in blockchain technology remains high. Crypto Help to Update the Financial System Coinbase draws attention to a significant reduction in the number of crypto developers in the United States. Executives of Fortune 500 companies are concerned about the lack of reliable specialists, seeing this as a bigger obstacle to the introduction of cryptocurrencies than regulatory issues. At the same time, small businesses are interested in finding cryptocurrency-savvy candidates for future positions in technical, financial, and legal departments. About 68% of respondents believe that blockchain and cryptocurrencies can solve financial problems such as processing time and transaction fees. “The market infrastructure on which we have been issuing, trading, and wrapping assets into portfolios is 50 years old… What we are starting to see with blockchain technologies is that there are ways to improve that tremendously. There are ways to cut processing times, get more real-time information, and enable 24/7/365 trading because we live in a global world where our businesses operate around the clock.” said Sandy Kaull, Franklin Templeton’s head of digital assets. Volodymyr Nosov, CEO of WhiteBIT, shares similar views, noting: “Despite the volatility, Bitcoin is gold for the new generation. Young investors won’t invest in gold, they believe in the digital age […] Blockchain is the future that needs to be understood.” Coinbase notes that recent years have been a period of experimentation with onchain, but technology and financial companies have found the best formula between product and market. In the first quarter, these two sectors accounted for 8 out of 10 onchain initiatives, which shows an upward trend compared to 2023, when they accounted for almost 6 out of 10. In addition, interest in using onchain technology for customer transactions extends not only to financial companies, but also to the retail, healthcare, and consumer goods industries. These include: Exploring crypto as a form of payment for remote or global regionImplementing play-to-earn mechanics to enhance video game experienceLetting healthcare patients and customers use digital wallets to pay for products and serviceAccepting healthcare donations in cryptoBlockchain- and NFT-based restaurant loyalty programs Rising Interest of Using Stablecoins After that, Coinbase analyzes how stablecoins are gradually beginning to play an increasingly important role in the global economy. In the first quarter of 2024, the daily volume of stablecoin transactions broke records and reached $150 billion. Stablecoins mitigate the volatility of popular cryptocurrencies such as Bitcoin, making them more suitable for daily transactions. They are widely used for cross-border payments and trading in other cryptocurrencies. More than 50% of the surveyed companies noted that the introduction of stablecoins could open up new business opportunities. The relative stability of the stablecoins makes them attractive for companies seeking to avoid the fluctuations typical of other cryptocurrencies. Another reason for the attractiveness of stablecoins is low transaction fees and faster processing times. Pegah Soltani, Head of Payment Products at Ripple, similarly spoke about cross-border payments in the world. She explained that payment standards vary greatly from country to country. For example, using SWIFT or TIPS in Europe and FedNow in the US requires different protocols, which limits the quality and detail of data. As a result, these systems operate as closed networks that interact inefficiently with each other, requiring significant manual intervention and ultimately leading to an unsatisfactory payment experience. According to Coinbase, the efficiency and cost-effectiveness of cryptocurrency transactions are compelling arguments in favor of their implementation. In addition, 76% of small businesses express interest in any potential benefits that cryptocurrency may offer, indicating a broad willingness to explore these technologies. Compass Coffee, mentioned by Coinbase in its report, is already actively implementing payments in stablecoins. With many customers switching from cash to cards, the company said it was tired of paying high transaction fees, funds that could be reinvested in the business. That is why it started offering stablecoins as an alternative payment method. “Accepting crypto payments could be transformational for our business. We hope to help transform retail experiences by accepting USDC” said Michael Haft, Compass Coffee Founder and CEO Summary Coinbase’s State of Crypto report emphasizes the importance of cryptocurrencies as the future of money. The first quarter of 2024 showed a significant increase in blockchain and Web3 initiatives among Fortune 100 companies, despite the lack of qualified specialists and the decline in the share of American crypto developers. However, despite these challenges, interest in blockchain technology remains high.
Key technical indicators on the higher timeframe charts, 12-hour, showed strengthening buying pressure. Notably, the CMF (Chaikin Money Flow), which tracks money flows into the PEPE markets, climbed above the average level, demonstrating substantial liquidity pumped into the memecoin. Similarly, the RSI (Relative Strength Index) rebounded from the lower range indicating increasing buying pressure for the meme. However, in June, the indicator has been range-bound below the mid-range, indicating demand was still muted.
Further rally could be confirmed if PEPE flipped bullish by moving above trendline resistance (white) and the 50-EMA ($0.0000012). So, despite a relief bounce at the golden ratio (50% Fib level), bulls could only have leverage if PEPE reclaimed the 50-EMA. Otherwise, in the short-term, a drop to 200 EMA couldn’t be overruled as Bitcoin [BTC] struggled to move beyond $66K.
XRP price attempted a fresh increase above the $0.4950 resistance zone. It even spiked above the $0.50 resistance, but there was no real bullish momentum. A high was formed at $0.5019 and the price started a fresh decline like Bitcoin. There was a move below the $0.4980 and $0.4950 levels. There was a break below a short-term rising channel, with support at $0.4920 on the hourly chart of the XRP/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. The bulls seem to be active near the $0.4850 support and the 61.8% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high. If there is a fresh increase, the price might face hurdles near the $0.4950 level. The first major resistance is near the $0.50 and $0.5020 levels. A clear move above the $0.5020 resistance might send the price toward the $0.5150 resistance.
The next major resistance is near the $0.5250 level. A close above the $0.5250 resistance zone could send the price higher. The next key resistance is near $0.5320. Any more gains might send the price toward the $0.550 resistance.
If XRP fails to clear the $0.50 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4850 level. The next major support is at $0.4765. If there is a downside break and a close below the $0.4765 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.4540 low in the near term.
$ZK Price Analysis: Up or Down? - CoinGape Analytics
ZK price chart is a huge descending triangle from day one of trading. And while there is not much technical data to go with owing to the age of the token, fundamentally, there is a lot to say. ZK price action is trending below the 50-day simple moving average (SMA), which is not bullish.
The price action also seems to be logged at the lower trend line of the descending triangle. This is a dangerous zone, as negative news can easily cause the price to slide lower. Generally, descending triangles are bearish continuation patterns, but they occasionally break to the upside, especially if the market sentiment is bullish. A break to the upside may result in a 43% increase from the current price to set the token at $0.28, above its all-time high price. Conversely, a break below this crucial support structure may culminate in a 37% drop to settle around $0.1185.
Data from Coinalyze shows that the ZK open interest (OI) is up 11% in the past week. The OI chart shows a bullish pennant forming, which is an indicator of more upside in the coming days. The daily aggregated ratio of longs vs. shorts is 1.64, with longs being the majority. This indicates investors are optimistic about the future price of ZK and are willing to bet on it. Furthermore, there have been more short liquidations than long liquidations in the past 24 hours, showing the overall sentiment for the token is bullish.
Following the recent decline that brought FET down from $2.2 to $1.2, the conviction took a hit. Mean Coin Age marked a sharp drop, which is now turning into an uptick. The former is an indication of token movement among addresses, while the latter suggests HODLing.
However, even if the investors are HODLing, they are not too impressed by the current market conditions. Their sentiment towards FET remains bearish still, with the intensity even reaching yearly lows.
This bearishness, coupled with the bullishness arising from FET HODLing, paints a bearish-neutral outlook.
Given the aforementioned cues, Fetch.ai’s price at $1.2 will likely consolidate going forward. The potential limits of this sideways momentum will be $1.7 and $1.0.
These levels have been tested as supportive in the past and resistant more recently. Thus, until the ASI formation takes place in July, the altcoin will remain stuck in these limits. But if the volatility of the crypto market graces FET, an uptick in price can be expected. If this leads to a breakout from the upper limit of the consolidation, the bearish-neutral thesis would be invalidated.
$DOGE 8% jump: Does it signal an end to the bear trend? - AMBCrypto Analytics
Dogecoin [DOGE] has been on a wild ride over the past four weeks. As the broader cryptocurrency market witnessed volatility, DOGE was also engulfed in the price swings, leaving investors concerned about its future. DOGE’s price has dropped by 32% in the last two weeks. The descending trendline indicates a bearish market. However, the recent price movements suggest a potential bullish reversal as the price has surged by 8% in the last 24 hours.
Dogecoin was trading at an average price of $0.1247 at press time. Its 24 hour trading volume stood at around $851.62 million, with a market cap of $18.03 billion. The stochastic RSI indicates an oversold zone, which could precede a bullish reversal. However, the moving average convergence divergence indicator shows fading bearish momentum, as the recent bearish bars are fading with time.
$ZK Price Prediction: Will ZK Price Hit the $2 Level Soon? - CoinEdition Analytics
The Stochastic RSI indicator on the 30-minute chart for zkSync (ZK) shows a recent uptick in momentum. As of the latest data point, the Stochastic RSI values are K=87.69 and D=93.36. These high values indicate that zkSync is currently in an overbought condition, suggesting potential for a price pullback or stabilization.
The sharp rise in the Stochastic RSI to near the 100 level reflects strong buying pressure, possibly due to positive market sentiment or speculative trading around zkSync. This could mean short-term gains for holders but also raises the likelihood of volatility.
Additionally, the MACD (Moving Average Convergence Divergence) indicator on the 30-minute chart for zkSync (ZK) shows a bullish signal, with the MACD line (blue) at 0.00186045 above the signal line (orange) at 0.0013771. This indicates increasing upward momentum in the price movement of ZK. Recent histogram bars are positive and increasing in size, suggesting that the bullish trend is strengthening. The MACD values are moving further away from the zero line, which typically represents stronger bullish sentiment in the market.
Consequently, the Money Flow Index (MFI) on the 30-minute chart for zkSync (ZK) shows a value of 71.19. This indicates that the market is nearing overbought conditions, suggesting that buying pressure has been dominant but may soon face resistance as the market could be perceived as overvalued at these levels. Moreover, the MFI being above 70 typically hints at potential for a price correction if buyers begin to pull back. This indicator, coupled with a stable price movement, suggests that while the buying momentum is strong, traders should be cautious of potential volatility or reversals.