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HBAR surges 15% and XLM gains 10% as Bitcoin reclaims $70K

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Hedera (HBAR) and Stellar (XLM) prices rose sharply as altcoins surged amid Bitcoin's rebound to $70,000 after crashing to $60,000
Hedera (HBAR) and Stellar (XLM) prices rose sharply as altcoins surged amid Bitcoin's rebound to $70,000 after crashing to $60,000
  • Hedera and Stellar prices are up by 15% and 10% respectively as altcoin surge.
  • HBAR and XLM eye key levels, helped by Bitcoin’s swift rebound to $70,000.
  • Analysts warn that prices may yet dip after the latest relief rally.

HBAR and XLM are up double digits as cryptocurrencies look for a swift rebound following Thursday’s steep crash that saw over $2.6 billion in leveraged positions wiped out.

The altcoins are up as Bitcoin, which crashed to $60,000 amid the bloodbath, leads the recovery with a rebound to above $70,000.

Gains for Hedera and Stellar mirror the sharp upticks for XRP, Flare, VeChain, and Kaspa. Ethereum, which dipped to near $1,700 on Thursday, was testing the resistance at $2,000.

HBAR and XLM price gains

Hedera’s token dropped to lows of $0.073 as top coins crashed late Thursday, but currently hovers above $0.093 as buyers eye the $0.10 mark given up this week.

An uptick of over 15% in the past 24 hours amid a 65% surge in trading volume (to over $420 million) signals the strong buying that follows the latest dip.

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Bulls will eye year-to-date highs of $0.13, likely if market sentiment improves further.

Stellar, which has tracked gains by XRP in the past, also jumped on Friday.

The altcoin was up 10% at the time of writing, slightly off the mark seen with a 13% uptick during early US trading hours.

XRP’s 18% spike as prices touched $1.52 following a dump to $1.13 pulled the closely related XLM higher.

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CoinMarketCap data showed Stellar traded around $0.17, sharply up from the lows of $0.13 reached earlier in the day.

XLM was inching higher on increased volume, which details indicate stood at a 24-hour high of $426 million. Stellar bulls had helped push the daily volume up by more than 56% over this period.

While sentiment remains well within the extreme fear territory, analysts say a break to $0.20 could allow for fresh bullish momentum.

Bitcoin tops $70,000 as cryptocurrencies rebound

Bitcoin (BTC) is spearheading the crypto sector’s latest quest for a swift turnaround following a sharp crash.

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The huge leverage unwinding saw BTC fall to $60,000, with a $10,000 drop in 24 hours marking the biggest one-day rout since bears annihilated bulls during the FTX crash in 2022.

Gains have come as open interest expands, with shorts covering positions and fueling the climb to the critical $70,000 support level. Daily RSI also shows a bullish divergence.

Bitcoin Price Chart
Bitcoin price chart by TradingView

CoinShares says record ETP volumes, pause in whale selling, and BTC price moving below miners’ production costs are factors that have historically marked fresh accumulation “rather than the start of a new leg lower.”

However, crypto analyst Rekt Capital says bulls may yet have to take on bears.

The analyst shared his BTC price forecast as the cryptocurrency market bounced from Thursday’s crash.

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According to Rekt Capital, a potential bearish acceleration is likely after another relief rally, with this based on Bitcoin’s historical chart patterns.

“History suggests there’s more downside to come,” he shared on X.

Bitcoin traded around $71,190 at the time of writing.

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Crypto World

Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday

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Oil prices jumped more than 3% on Monday, pushing Brent crude above $116 a barrel. West Texas Intermediate (WTI), the US benchmark, climbed to roughly $102 per barrel.

The latest rise comes as the US-Israel war on Iran entered its fifth week with no signs of abating.

Oil Extends Its War-Fueled Rally 

Several escalatory developments over the weekend fueled the surge. President Donald Trump told the Financial Times he could possibly seize Kharg Island, the terminal that handles roughly 90% of Iran’s crude exports.

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The US president struck a mixed tone on diplomacy with Iran, saying he was “pretty sure” of making a deal with Iran but conceding that talks could still collapse.

Meanwhile, Iran’s parliament speaker warned that Tehran would “set them on fire” when American forces arrived and promised consequences for US-allied nations in the region. 

The oil price surge is far from over, according to market analysts, who warn that the prolonged closure of the Strait of Hormuz could drive crude even higher.

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“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply,” Bruce Kasman, global head of economics at JPMorgan, said.

According to Bloomberg, US officials and Wall Street analysts have also begun discussing the possibility of crude reaching $200 per barrel.

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Asian Stocks Tumble, Crypto Feels the Pressure

The energy shock rippled across Asia. Google Finance data showed that Japan’s Nikkei 225 fell over 4.5%, while South Korea’s KOSPI dropped more than 4.3% as import-dependent economies repriced risk.

The volatility has spread to crypto markets, with asset prices dipping early in the morning before rebounding. 

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“The market briefly crashed just now — ETH dropped below $1,940 and BTC fell below $65,000,” Lookonchain reported.

Oil above $100 per barrel continues to pressure risk assets by fueling inflation expectations and delaying anticipated Federal Reserve rate cuts.

The post Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday appeared first on BeInCrypto.

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

Lido’s decentralized autonomous organization is considering a one-off $20 million buyback of its governance token to address so-called price dislocation, which is at “historically depressed levels” relative to Ether, according to the DAO. 

The proposal, submitted Friday, seeks permission to swap 10,000 Lido Staked Ether (stETH) tokens, currently worth $20 million from the DAO’s treasury for Lido DAO (LDO), arguing that LDO is undervalued.

“This is not a routine fluctuation. It represents one of the most significant dislocations between LDO’s market price and its underlying protocol fundamentals in the token’s history.”

A token buyback of this size could boost the price of the token, which has fallen roughly 96% from its all-time high. In November, a Lido DAO member pitched an automated buyback mechanism for LDO to improve the token’s price. However, that proposal hasn’t been implemented.

LDO’s change in price relative to ETH since 2024. Source: Lido DAO

Lido DAO pointed out that LDO is trading at a steep discount to Ether (ETH) at a ratio of 0.00016, roughly 63% below its two-year median.

This is despite the protocol holding the top spot of the Ethereum liquid staking market, with a 23.2% share of staked Ether, according to Dune Analytics data. The protocol’s dominance has even been flagged as a centralization risk to the network in previous years.

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Share of Ethereum network validators. Source: Dune Analytics

Related: Ethereum builders propose ‘economic zone’ to tackle L2 fragmentation 

LDO is currently trading at $0.30, down 95.9% from its $7.30 high set in August 2021, according to CoinGecko data. LDO’s $255 million market cap makes it the 141st largest token by value at the time of writing.

“That dislocation is not justified by a proportional deterioration in protocol performance,” Lido DAO said. 

Lido DAO proposes buying stETH in batches

Lido DAO proposed buying up to 10,000 stETH in smaller batches of 1,000 to buy LDO. 

Lido DAO said it would use limit orders or adopt a dollar-cost averaging strategy to avoid market volatility. 

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