How Foresight Ventures Is Approaching Investments in the Current Market Environment

The Foresight Ventures founding and partnership team includes veterans of some of the top financial and technology firms dedicated to sourcing and supporting the next generation of disruptive innovations across Web3. They believe the future is multi-chain and thus the chains that find product market fit will all need partners to help expand their ecosystems. They hope to become that partner, investing early and supporting their ecosystems by holding and providing resources for growth.

Tony Cheng, general partner from Foresight Ventures, recently joined the Bitcoin.com News Podcast to talk about the market:

Tony graduated from Nankai University with a BSc in Applied Mathematics, then went on to the University of Oxford for post-graduate studies resulting in a MSc in Financial Economics. After graduation Tony worked as a management consultant at Oliver Wyman in HK, mainly covering financial services and Fintech clients in the APAC region. After doing many consulting projects for Fintech companies, Tony left management consulting and moved into venture capital at Sequoia Capital China, mainly covering global fintech and enterprise services. Tony participated in many leading Fintech deals including Toss, Opay, CPIC, Sumscope and many others.

In 2021, Tony joined 3G Capital to lead their APAC TMT Growth investing efforts with a focus on China. In 2022, Tony transitioned to an advisor role for 3G Capital given the difficulty of regulatory environment in China. He then joined Foresight Ventures as a general partner, helping to cover emerging Web3/crypto related deals and lead fundraising for Bitget Exchange and Bitkeep Wallet. Tony is interested in crypto infrastructure, scaling solutions and applications that bridge CeFi and DeFi and felt that joining an exchange/wallet ecosystem would be one where he could provide most value to portfolio companies.

To learn more follow the Foresight Ventures team on Twitter and Discord.

---

The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.

---

This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

 

via Bitcoin.com Media

Read More

Onecoin’s Co-Founder Ruja Ignatova Has Been Added to the FBI’s 10 Most Wanted Fugitives List

One of the Onecoin co-founders, Ruja Ignatova, otherwise known as the ‘Cryptoqueen,’ has been added to the Federal Bureau of Investigation’s (FBI) Ten Most Wanted Fugitives list on Thursday. In addition to adding the Cryptoqueen to the most wanted list, the FBI is offering a reward of up to $100K for tips that lead to the 42-year-old woman’s arrest.

Onecoin’s Cryptoqueen Is Now on the FBI’s Top 10 Most Wanted List

Ruja Ignatova is well known for her involvement with the Onecoin Ponzi scheme, and it is estimated that the scam allegedly defrauded people out of $4 billion. The pyramid scheme promoted Onecoin as a blockchain project with a native cryptocurrency but there was no blockchain and no real crypto asset behind the scam.

However, Onecoin’s management, recruits, and Ignatova promoted the project as if it was a “bitcoin killer.” From late 2014 to March 2016, Ignatova pitched Onecoin sales and recruited members on a regular basis. During the end of the scheme’s functional state, the company issued a notice that said operations would pause for two weeks. By January 2017, the Onecoin exchange xcoinx shut down indefinitely and Ignatova disappeared.

Last November, findings that stemmed from a trial against Martin Breidenbach, Ignatova’s German attorney, had shown that the Cryptoqueen allegedly lived a lavish lifestyle and purchased an $18.2 million London penthouse before she fled. In mid-May 2022, the European Union Agency for Law Enforcement Cooperation, Europol, added Ignatova to Europe’s Most Wanted Fugitives list.

FBI Special Agent: ‘We Want to Bring Her to Justice’

The following month, on June 30, 2022, the FBI added the Cryptoqueen to the U.S.-based Ten Most Wanted Fugitives list. The list introduced in March 1950 was created to promote the capture of America’s criminal masterminds. Over the last 72 years, Ignatova joins the list as the 11th woman to be selected by the FBI.

“Onecoin claimed to have a private blockchain,” FBI special agent Ronald Shimko explained in a statement on Thursday. “This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust Onecoin.” Shimko added that he hopes Ignatova’s name on the list will bring more attention to the case in order to bolster the Cryptoqueen’s arrest. In the FBI press statement, Shimko concluded:

There are so many victims all over the world who were financially devastated by this. We want to bring her to justice.

Investigators say before the Cryptoqueen fled, she had black hair and brown eyes, but the FBI believes “she could have altered her physical appearance.” The domestic intelligence and security service says Ignatova speaks fluent Bulgarian, German, and English.

“She may be traveling on a fraudulent passport and has known connections to Bulgaria, Germany, Russia, Greece, and the United Arab Emirates,” the FBI’s press release further details. The FBI is asking tipsters to reach out to any local FBI office or the nearest American Embassy to provide information about the Cryptoqueen’s whereabouts.

What do you think about the FBI adding Ruja Ignatova to the Ten Most Wanted Fugitives list list? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Rap Star Snoop Dogg Believes Crypto Industry Will Bounce Back — Crash ‘Weeded’ Out Bad Apples

This week, the rapper Snoop Dogg spoke about the crypto crash in an interview with CNBC on Tuesday and explained that he believes the cryptocurrency economy will bounce back. Snoop said that he feels like the crash “‘weeded’ out all of the people” that were not supposed to be in the space in the first place.

Snoop Says Crypto Crash Is Transitory and Great Choices Will Follow the Aftermath

Snoop Dogg thinks the current crypto crash is temporary and in time he believes the ecosystem will bounce back. Speaking with CNBC on Tuesday, the hip-hop recording artist discussed his current perspective on non-fungible tokens (NFTs) and cryptocurrencies.

While talking about NFTs, Snoop said that what drew him toward the digital collectibles space was the intellectual property (IP) ideas and “being able to own and control the whole IP and not be used as a face or marketing tool … but to actually be the owner, the CEO.”

When Snoop was questioned about the current crypto market drawdown, he responded by saying that he doesn’t think it will last long.

“It’s crypto… It’s crypto, you know that right?” Snoop jokingly asked the CNBC reporter. “I feel like it was a beautiful industry that was created. I feel like every great industry has a downfall, there’s always a depression in every industry you could look at. Alcohol, tobacco, clothing, and food,” the rapper added.

Snoop continued by remarking that he thinks the crash is ridding the industry of bad apples. The recording artist and entrepreneur stressed:

I just feel like this ‘weeded’ out all of the people that wasn’t supposed to be in that space and all the people who were abusing the opportunities that were there. Now its going to bring great business, and moving forward the market will have great things to pick and choose from.

Hip-Hop Recording Artist Has Been Into Bitcoin Since 2013, Snoop Says Music Labels Will Have to Come to the Table When It Comes to NFTs

Snoop not only is an early rap star in the music world, selling 35 million albums worldwide, he’s also been into the digital currency space for a very long time. The hip-hop artist was one of the first rappers to accept bitcoin (BTC) for payment toward one of his studio albums.

In 2013, after releasing his 12th record under the reggae persona “Snoop Lion,” Snoop explained that he wanted to accept BTC for payments for his next album. “My next record available in bitcoin n delivered in a drone,” the rapper tweeted at the time. When Snoop tweeted about his interest in accepting BTC, the crypto firms Bitpay and Coinbase responded to the recording artist.

“Hey Snoop Dogg. We can help you with that,” the Atlanta-based Bitpay replied to the musician. “We could make the bitcoin part a reality for you,” Coinbase told Snoop as well.

The musician responded to both companies and remarked that if they direct messaged him, he wanted to make it happen. No one is exactly sure how many albums the rapper sold for BTC, although, one bitcoin address (from Snoop’s old QR code) suggests the rapper only got around 0.01245982 before abandoning the idea.

During his interview on Tuesday, Snoop was asked about his interest in NFTs and he said that he knows NFTs will be big in the music industry because sooner or later the labels will have to jump in. “[The labels] are gonna have to come on home. They are going to have to sit at the table and understand that their catalogs and things that they hold onto are better served on the blockchain, [rather] than sitting in the catalog collecting cobwebs” Snoop said.

While Snoop’s label Death Row Records embraced NFTs, the rapper was asked if other music labels have come to Snoop for crypto advice. “All of them,” Snoop claimed and the Web3 entrepreneur known as Champ Medici also responded and said it wasn’t just music labels. “Movie studios, tech companies, beverage companies, everybody is rushing to Web3,” Medici told the CNBC reporter.

What do you think about the rap star Snoop Dogg’s opinion on the cryptocurrency space and NFTs? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Report Claims Samsung Is Producing 3nm ASIC Chips — Speculators Assume First Customer Is a Bitcoin Mining Rig Manufacturer

The electronics giant and largest corporation in South Korea, Samsung, is in the midst of creating 3-nanometer (3nm) semiconductors for a Chinese application-specific IC firm, sources have said. The new chip design has caused speculation among the crypto community that it’s possible Samsung may be creating application-specific integrated circuits (ASICs) for bitcoin miners.

Sources Say Samsung to Start 3nm Process This Week, Crypto Community Believes Chinese IC Firm May Be a Bitcoin Mining Rig Maker

• There is speculation that Samsung is creating ASICs for bitcoin mining and the BTC mining rig manufacturer Microbt may be a future customer. The sources stem from thelec.net publication which explains that the electronics company aims to trial the foundry production of the 3nm chips this week.
• Other reports have noted that Samsung hinted about the new chips in a 2022 earnings call. The company has also been involved in non-fungible token (NFT) assets this year and introduced smart televisions that support NFT infrastructure.
• The report stemming from thelec.net notes that an unnamed Chinese company focused on ASICs will be Samsung’s first 3nm chip customer but Qualcomm has also “made reservations for the process.”
• Rumors about Samsung creating 3nm chips specifically for bitcoin mining have spread like wildfire on social media. If Samsung is creating ASICs for bitcoin mining it will follow the lead of a couple of competitors like Intel and TSMC.
• Taiwan Semiconductor Manufacturing Company (TSMC) has been producing ASICs crypto miners can use for years, and Intel just recently jumped into creating semiconductors for bitcoin mining this year.
• The Samsung speculation concerning the company building bitcoin-friendly ASICs has been published by a number of crypto news publications, and the original source thelec.net, cites people familiar with the matter.

• It’s possible that Samsung has already been creating bitcoin-friendly ASICs without anyone knowing about the production. For instance, while TSMC has supplied chips to companies like Bitmain, the Taiwan firm doesn’t formally announce these products.
• Local reports from South Korea in January 2018 say that Samsung was already working with a Chinese company by creating ASIC chips for mining digital currencies.
• “Samsung is operating a foundry that supplies a Chinese cryptocurrency mining firm with mining equipment and ASIC chips. Since Samsung has just begun its cryptocurrency mining venture, it is unsure of the revenues it can generate from it,” the local media reported at the time.

What do you think about the sources that say Samsung is creating 3nm ASIC chips? Do you think the electronics giant may be creating bitcoin mining chips? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Project Kick-Off: STRMNFT Marketplace Hits 5,000 Registered Users

PRESS RELEASE. StreamCoin announced that more than 5,000 users have registered for its STRMNFT marketplace. The Web 3.0 live streaming company says it accomplished this feat in less than a month after opening user registration on May 31, 2022. StreamCoin users have been supporting its vision since January 2022, though the company also noticed significant registration traffic from new crypto users.

StreamCoin team also encouraged already-registered users to start minting their image and video NFTs on STRMNFT while it is free until July 2022. After July, minting an NFT on this platform will incur a cost. In addition to minting, the company is also promoting its energy-efficient blockchain, which offers up to 300,000 transactions per second (TPS).

CEO of StreamCoin Michael Ein Chaybeh explained that StreamCoin’s native blockchain ‘Stream Chain’ had to be ‘responsible’ and ‘eco-friendly’ given the environmental risks.

“As we observe how the planet is being consumed every day by operating high-capacity servers, power-consuming blockchain networks, and other high carbon-emission platforms, we came up with a new, responsible, eco-friendly solution that doesn’t compromise the speed and efficiency, and at the same time, contributes to a better future for our planet.”

NFTs minted on the STRMNFT marketplace will be under StreamCoin’s NSTA_602 token standard, which is distinct from Ethereum Virtual Machine-compatible varieties today.

The StreamCoin team installed features to bridge the gap between crypto enthusiasts and Web 2.0 users “who have never used blockchain or crypto before” as a recognition of the gulf between crypto users and those who have not held a single digital token before.

Furthermore, Michael announced during an online chat with Huobi that they will run an initiative called “Love STRMNFT,” in which registered users can publicly express their appreciation for the platform and compete for a $10,000 prize pool.In addition to this, TNC Group, one of StreamCoin’s leading blockchain partners, has released an exclusive Lady Ape Club (LAC) NFT collection in support of the newly released STRMNFT marketplace. A total of 10,000 unique Lady Apes are to be sold at a discounted price to those who invested in the STRM public sale and participated in the STRM staking portal.

Because of the growing space, Michael remarked that “as per our approach towards developing an ecosystem from user to tech, we designed STRMNFT to be an easy-to-use marketplace and an open space for all types of users.”

To register at the STRMNFT website, visit: https://strmnft.com/

To join the Love STRMNFT event, visit: https://docs.google.com/forms/d/e/1FAIpQLSeJIDQiO1m6NvDtS7xIoL3h3BGwbPEKwHWgxt27gLLsqKS7qQ/

 

 

 

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

Read More

EU Agreement Reached on Anti-money Laundering Rules for Cryptocurrencies

European institutions have reached an interim consensus on a set of EU regulations that will burden crypto companies with the obligation to help prevent money laundering, among other illicit activities potentially involving digital assets. The progress comes as the Union seeks to comprehensively regulate the continent’s cryptocurrency market.

EU Officials and Lawmakers Agree on AML Measures in Crypto Space

Negotiators representing the key participants in the EU’s decision-making process have reached an agreement on anti-money laundering (AML) rules that will require businesses in the crypto industry to verify the identities of their customers and report suspicious transactions. In the future, Europe’s Transfer of Funds Regulation (ToFR) will also cover cryptocurrency transactions.

The regulations are yet to be finalized and approved by the relevant European institutions but the provisional deal signals an upcoming tightening for the sector. Crypto firms will have to assist financial authorities in efforts to crack down on dirty money, the European Parliament and EU Council indicated on Wednesday.

The improved oversight should ensure that crypto assets can be traced just like traditional money transfers, Reuters reported, referring to a released official statement. Quoted by the news agency, Spanish Green Party lawmaker Ernest Urtasun, who took part in the process, elaborated:

The new rules will enable law enforcement officials to be able to link certain transfers to criminal activities and identify the real person behind those transactions.

The EU bodies further noted that the rules would also cover ‘unhosted‘ crypto wallets, a term used by European officials to designate wallets held by private individuals that are not managed by a licensed platform. That will apply to transactions with crypto service providers exceeding €1,000 in fiat value (around $1,040).

The proposals have not been met with enthusiasm by the crypto industry. In a letter addressed to the finance ministers of the 27 EU member states, sent in mid-April, businesses working with crypto assets urged European policymakers to ensure that their regulations did not go beyond the standards adopted by FATF, the global Financial Action Task Force (on Money Laundering).

On Thursday, the EU also seeks agreement on a broad framework designed to regulate crypto-related activities across the Union. Members of the European Parliament and representatives of the EU states need to align their positions on the new Markets in Crypto Assets (MiCA) legislative proposal, which is expected enter into force before the end of next year. Crypto companies will have 18 months after that to obtain a MiCA license to operate in the European Union.

What effect, do you think, will the upcoming EU regulations have on the crypto industry? Share your opinion in the comments section below.

via Lubomir Tassev

Read More

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection

Grayscale Investments, the world’s largest digital currency asset manager, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) challenging the securities regulator’s decision to reject its application to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF).

Grayscale Takes SEC to Court Over Spot Bitcoin ETF Application

Grayscale Investments filed a “petition for review” Wednesday challenging the decision by the U.S. Securities and Exchange Commission (SEC) to deny the company’s application to convert the Grayscale Bitcoin Trust (GBTC) to a spot bitcoin exchange-traded fund (ETF).

Michael Sonnenshein, Grayscale’s CEO, tweeted soon after the SEC rejected his company’s application: “We’ve filed a lawsuit against the SEC.”

Sonnenshein commented: “We are deeply disappointed by and vehemently disagree with the SEC’s decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market.” He added:

We believe American investors overwhelmingly voiced a desire to see GBTC convert to a spot bitcoin ETF, which would unlock billions of dollars of investor capital while bringing the world’s largest bitcoin fund further into the U.S. regulatory perimeter.

Donald B. Verrilli Jr., Grayscale’s senior legal strategist and former U.S. solicitor general, detailed:

The SEC is failing to apply consistent treatment to similar investment vehicles, and is therefore acting arbitrarily and capriciously in violation of the Administrative Procedure Act and Securities Exchange Act of 1934.

The lawyer continued: “There is a compelling, common-sense argument here, and we look forward to resolving this matter productively and expeditiously.”

Do you think Grayscale will win against the SEC? Let us know in the comments section below.

via Kevin Helms

Read More

Russia’s Financial Watchdog Investigates 400 Crypto-Related Cases, Director Tells Putin

Rosfinmonitoring is conducting hundreds of investigations into cases involving cryptocurrencies, the head of the agency announced. Hundreds of thousands of Russians take part in crypto deals abroad, the top regulator also reported to the Russian president.

Russian Authorities Initiate 20 Criminal Cases Linked to Crypto Assets

The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, is trying to unravel around 400 cases in which cryptocurrencies are involved. The agency’s director, Yury Chikhanchin, revealed the number during a meeting with President Vladimir Putin.

The financial watchdog is working on them together with representatives of the Ministry of Internal Affairs (MVD) and the Federal Security Service (FSB), the high-ranking official noted. Law enforcement authorities have already initiated 20 criminal cases related to digital assets, he also said.

Commenting on the volume of the crypto turnover registered by his department, Chikhanchin acknowledged that Russians continue to actively use cryptocurrency platforms based outside of the country. He elaborated:

This phenomenon continues to exist. And only on two foreign sites, two exchanges, several hundred thousand Russian citizens participate in transactions worth tens of billions.

Quoted by the crypto outlet of Russian business news portal RBC, the regulator pointed out that these are not only settlements or investment deals. Yury Chikhanchin is convinced that some of these transfers are related to crime.

According to official data released earlier this year, the number of court cases relating to cryptocurrency or crypto mining in Russia has exceeded 1,500 in 2021. Of them, 62% were criminal cases, mostly related to drug trafficking. The numbers represent a 40-percent annual increase.

Russia is yet to fully regulate its crypto space with a law “On Digital Currency” that lawmakers are expected to review during the fall session of the State Duma, the lower house of parliament. While most intuitions in Moscow agree that the ruble should remain the only legal tender in the country, officials are exploring the option to allow crypto payments for small settlements in international trade.

Do you expect investigated cases involving crypto assets to increase or decrease after Russia adopts comprehensive regulations? Tell us in the comments section below.

via Lubomir Tassev

Read More

Can Xchange Monster (MXCH) Become Crypto Giants Like Binance Coin (BNB) and Cardano (ADA)?

PRESS RELEASE. The cryptocurrency industry has certainly become oversaturated with hundreds of crypto projects being established everyday with many of them failing before ever reaching any significant milestone.

The mass success of the industry has led to many believing they can achieve that very same amount of success despite not putting in as much work or providing as many solutions for users in the crypto space.

The likes of Binance Coin (BNB) and Cardano (ADA) has long been established as two of the most influential cryptocurrencies and have both reigned as top 10 cryptocurrencies, measured by market cap, according to data from CoinMarketCap, for a number of years.

Offering different solutions in the crypto space, their dominance has inspired many new projects including Xchange Monster (MXCH) who aim to make a similar impact in its respective sector, which is the GameFi sphere.

What does Xchange Monster (MXCH) have to do to reach the pinnacle of crypto?

The most important aspect of becoming an influential cryptocurrency and one that has value is providing solutions to legitimate issues within the industry.

The good thing for Xchange Monster (MXCH) is that their whole project is based around solving issues within the GameFi space and making the experience better for its users.

This project is primarily driven by the urge to provide a unique crypto gaming platform that provides numerous solutions to the gaming community and providers.

Specifically, Xchange Monster will serve as a one-stop crypto platform for both the gaming community and providers/developers.

Beyond that, other features such as the use of Xchange Monster as an exchange platform, decentralized payment gateway, and so forth.

Xchange Monster is an novel crypto platform that brings together both the gaming community and operators/publishers through the creation of a value driven ecosystem.

Through Xchange Monster, we intend to strengthen the interaction between gaming community and operators for enhanced gaming experience.

The Xchange Monster token, $MXCH, will be available for sales on the primary exchange platform.

Users can store these tokens and cryptocurrencies in their Monster Wallet that can be accessed on wallet.xchangemonster.com.

For more information on Xchange Monster visit:

Presale: https://xchangemonster.boostx.finance/register

Website: https://xchangemonster.com/

Discord: https://discord.gg/M5hu5HwbeJ

Telegram: https://t.me/xchangemonsterofficial

Twitter: https://twitter.com/Xchange_Monster

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

Read More

Report: A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital

According to a recent report from Sky News citing a source familiar with the matter, “cryptocurrency insiders” have said that the troubled crypto hedge fund Three Arrows Capital (3AC) has been formally liquidated by a British Virgin Islands (BVI) court. The report does not disclose what type of assets face liquidation, but the sources remarked that “the [3AC] liquidation would be a significant moment in the current unraveling of the cryptocurrency sector.”

3AC Reportedly Liquidated by British Virgin Islands Court System — Reporter Says Immediate Financial Implications Are ‘Unclear’

Once again a source familiar with the situation has information pertaining to an embattled digital currency firm facing alleged financial hardships. According to Sky News, a source explained that Three Arrows Capital Ltd. has officially been liquidated by a British Virgin Islands (BVI) court. Sky News author Mark Kleinman details that it is “unclear what the immediate financial implications would be for Three Arrows’ creditors.” Bitcoin.com News reported on the crypto hedge fund’s initial troubles two weeks ago when The Block’s Frank Chaparro cited sources that said 3AC may have been liquidated for roughly $400 million.

3AC’s two founders, Su Zhu and Kyle Davies, founded the company in 2012 and when the stories of insolvency started both Zhu and Davies became very quiet on social media. Zhu, however, did tweet on June 14, that 3AC was “in the process of communicating with relevant parties and fully committed to working this out.” Allegedly, 3AC has significant exposure to Terra’s LUNC token and it has been said that 3AC’s stash of roughly $200 million in locked luna classic (LUNC) evaporated into less than a thousand dollars.

On June 29, Kleinman reported that a British Virgin Islands (BVI) court had formally liquidated 3AC assets. The report says that the news outlet had learned that “partners from Teneo in the British Virgin Islands has been lined up to handle the insolvency of the Singapore-based firm.” Kleinman further detailed that the BVI court order news stemmed from a “person familiar with the situation” and the order was filed on June 27. Furthermore, the journalist reached out to 3AC for a comment about the court’s alleged liquidation order and the company did not respond.

What do you think about the report that claims 3AC was liquidated by the BVI court system? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

LBank Exchange Will List Delio (DSP) on June 30, 2022

PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 29, 2022 – LBank Exchange, a global digital asset trading platform, will list Delio (DSP) on June 30, 2022. For all users of LBank Exchange, the DSP/USDT trading pair will be officially available for trading at 16:00 (UTC+8) on June 30, 2022.

Its native token DSP will be listed on LBank Exchange at 16:00 (UTC+8) on June 30, 2022, to further expand its global reach and help it achieve its vision.

Introducing Delio

– Delio is a leading company in the Web 3.0 industry in South Korea.

– Delio is the top crypto-asset financing company recognized by the Korean institutions having a cumulative savings and lending volume of $2 billion in 2021.

– Having established in 2018 in Seoul, Korea, Delio is a legitimate service provider that has formally acquired the Virtual Asset Service Provider (VASP) license from the Financial Services Commission (FSC).

– The major services of the company include crypto-asset savings, crypto loans, decentralized exchange (DEX), prime brokerage service (PBS), and NFT marketplace (01etc.com). In addition, Delio is developing fiat loans, a blockchain point system (DXpoint), and an e-commerce platform.

About DSP Token

DSP is the governance token of the Delio crypto finance ecosystem.

DSP token plays a major role in the crypto asset services of Delio such as APY bearing wallet, cryptocurrency lending, cash loans, NFT marketplace, and virtual asset management, collectively named as Delio Services. It’s also a governance token of Delio protocol allowing holders to influence and vote on future development decisions.

The owner of DSP can participate in Delio’s governance, voting, various yield farming events, and benefit from transaction fees. The more DSPs the user holds, the more voting power the user will have in Delio ecosystem. In addition to the major governance functions in the ecosystem, DSP rewards and DSP-backed financial products are under further development.

A total of 500 million (i.e. 500,000,000) DSPs have been minted at genesis, of which 60% is provided for Delio community members, 20% is allocated to team members and future employees with 1-year vesting, and the rest 20% is allocated to investors and advisors with 1-year vesting.

The DSP token will be listed on LBank Exchange at 16:00 (UTC+8) on June 30, 2022, investors who are interested in Delio investment can easily buy and sell DSP on LBank Exchange by then. The listing of DSP token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

Learn More about DSP Token:

Official Website: https://Delio.global

Telegram(ENG): https://t.me/delio_en

Telegram(KOR): https://t.me/happy_delio

Twitter: https://twitter.com/happydelio

Linkedin: https://www.linkedin.com/company/happydelio

Instagram: https://www.instagram.com/delio_global/

Facebook: https://www.facebook.com/delio.global

Medium: https://medium.com/dsp-official

About LBank Exchange

LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 7 million users from now more than 210 regions around the world.

Start Trading Now: lbank.info

Community & Social Media:

l Telegram

l Twitter

l Facebook

l LinkedIn

l Instagram

l YouTube

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

marketing@lbank.info

business@lbank.info

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

Read More

Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low

SOL was down by as much as 14% on Wednesday, as prices fell close to a one-week low earlier today. In addition to this, AVAX saw a similar decline, as the token dropped for a fourth consecutive session, with prices moving below $20.

Solana (SOL)

SOL was lower in today’s session, as prices fell for a fourth straight session following a false breakout of the $40 level.

The world’s ninth largest cryptocurrency dropped to an intraday low of $34.24 in today’s session, which is its lowest point since June 23.

Wednesday’s six-day low comes less than 24-hours after prices were trading at a peak of $39.71.

Despite today’s nearly 14% decline, SOL is currently only 3.9% lower than at the same point last week, when prices rose to a peak of $43.

Looking at the chart, SOL/USD is currently trading at $34.27, however we could be set to see further declines, as bears target the $30 mark.

However, in order to reach this point, price strength will have to fall below the support point on the 14-day RSI of 42.30.

Avalanche (AVAX)

AVAX was on a similar path to SOL on Wednesday, as prices also fell by as much as 14% in today’s session.

Following a peak of $20.48 on Tuesday, AVAX/USD plunged to an intraday low of $17.39 earlier in the day.

This drop saw the avalanche token fall for a fourth straight day, with prices now nearing its recent support point at $14.50.

The recent bear run commenced on Sunday, when prices attempted, but failed, to break out of the $21.90 resistance level.

Despite today’s drop in price, AVAX is still up nearly 3% from the same point last week, and as such, the 10-day moving average looks set for an upwards cross with the 25-day moving average.

Providing this occurs, and the 14-day RSI remains above its own floor at 40.40, then we might soon see prices back above $22.

Where do you expect AVAX to be trading by the end of July? Let us know your thoughts in the comments.

via Eliman Dambell

Read More

Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that he will buy more if the cryptocurrency recovers from that price level.

Robert Kiyosaki on Bitcoin Testing $1,100

The author of Rich Dad Poor Dad, Robert Kiyosaki, has returned with a new bitcoin outlook. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

The famous author tweeted a “Rich Dad lesson” Monday night. He explained that “losers quit when they lose,” but “winners learn from their losses.” Asserting that “Bitcoin losers are quitting,” he said he is waiting for BTC to test $1,100, adding that he will buy more if the crypto recovers. “If it does not, I will wait for losers to ‘capitulate’ quit then buy more,” he further stated.

Many people on Twitter disagreed with Kiyosaki that bitcoin will ever see $1,100. Some suspected that the Rich Dad Poor Dad author made a typo and he actually meant $11K.

The famed investor has been saying for several months that he will buy more bitcoin when its price bottoms out. When BTC began declining heavily in recent months, he started saying that the crypto could bottom out at $20K. When BTC continued to fall, he revised his bottom price forecast several times.

In May, Kiyosaki indicated that BTC could bottom out at $9,000. The price of bitcoin was hovering around $30,000 at the time.

He explained that he was still bullish on bitcoin because he sees the Federal Reserve and the Treasury Department as corrupt organizations. He also said that once he knows that the bottom is in, he will “back up the truck,” noting that “Crashes are the best times to get rich.”

Kiyosaki also made some dire predictions about the U.S. economy. Last month, he said the stock and bond markets are crashing, predicting a depression and civil unrest. In April, he claimed that hyperinflation is here. In March, he warned that the U.S. dollar is about to implode, advising investors to buy bitcoin, ethereum, and solana.

At the time of writing, bitcoin is trading at $20,277, down almost 3% over the past 24 hours and 30% over the last 30 days.

What do you think about the comments by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

via Kevin Helms

Read More

Book by Nigerian Author Reminds New Adopters Why Bitcoin Was Created

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created. He said bitcoin is the summation of over three decades of research and experimentation.

Noise of Other Cryptos Drowning Out Message of Bitcoin

A Nigerian author and crypto advocate, Nathaniel Luz, has published a new book on bitcoin wherein he reminds readers of the reasons why the cryptocurrency was created. Luz also uses the book to highlight the fact people now use bitcoin to “transact globally without restrictions of age, gender, race or location.”

According to Luz, the release of the book is coming at a time when many — particularly those new to crypto — appear to be attracted more by the promise of an “infinite percentage of returns” than by BTC’s primary selling points. He also said seeing the noise of various cryptocurrencies drowning “the message of bitcoin” motivated him to write a book that explains to people why, in his view, the top cryptocurrency was created.

“It calls for a reminder to separate the wheat from the [chaff]. Also, to inform people of the decades of work it took to reach this point; Bitcoin is the summation of over 3 decades of research and experimentation. It’s not an overnight fast-food invention by some millennials,” Luz said in a written response to Bitcoin.com News.

BTC Whitepaper Title Not ‘Some Afterthought’

The top cryptocurrency’s potential meant governments were always going to go after it, Luz added. However, he also told Bitcoin.com News that it’s not “some afterthought that the title of bitcoin’s whitepaper foretold its transaction medium as ‘peer-to-peer.'”

When asked about the book’s target audience, Luz said his goal is to reach anyone who has adopted bitcoin either “out of necessity or for speculation purposes.”

Meanwhile, in the book — titled Bitcoin is Cash — Luz chronicles the journey of money over the centuries and how it evolved to become what it is today. He also makes the case for private currencies and how a digital currency like bitcoin can be a tool for activism.

Luz additionally addresses the mystery surrounding the identity and whereabouts of Satoshi Nakamoto, the person[s] or organization that is thought to have created bitcoin. The author said the book is now available on Amazon and those that wish to get a copy can do so by using his profile link.

What are your thoughts on this story? Let us know your views in the comments section below.

via Terence Zimwara

Read More

Glassnode Report Says Bitcoin’s 2022 Price Drop Represents a Bear Market of ‘Historic Proportions’

The crypto economy has slipped under the $1 trillion mark to the $970 billion range, as a large number of digital currencies have lost more than half their USD worth since November 2021. Bitcoin is down 70% from the all-time high last year, and a new report from Glassnode Insights calls the current bear market “a bear of historic proportions,” while highlighting that “it can reasonably be argued that 2022 is the most significant bear market in digital asset history.”

Glassnode Researchers: ‘Bitcoin Is Currently Experiencing the Largest Capital Outflow Event in History’

Many people understand that the crypto economy is currently in a bear market but no one knows where it will lead or when it will end. Bitcoin and the crypto economy, in general, have been through several bear markets and a recent Glassnode Insights report claims it just might be the worst on record. The analytics company Glassnode provides an analysis of bitcoin’s (BTC) current price drop and how the digital asset slipped below the 200-day moving average (DMA). The 40-week timespan gives traders perspective on whether or not the current trend will continue dropping lower and it can also identify potential floor prices.

Glassnode’s post describes the Mayer Multiple and the 200DMA and how they can signal a bear or bull market. “When prices trade below the 200DMA, it is often considered a bear market,” Glassnode’s analysis notes. “When prices trade above the 200DMA, it is often considered a bull market.” Additionally, Glassnode leverages data like “realized price,” “realized cap,” and the market value and realized value oscillator (MVRV Ratio).

“The 30-day position change of the realized cap (Z-Score) allows us to view the relative monthly capital inflow/outflow into the BTC asset on a statistical basis,” Glassnode’s blog post explains. “By this measure, bitcoin is currently experiencing the largest capital outflow event in history, hitting -2.73 standard deviations (SD) from the mean. This is one whole SD larger than the next largest events, occurring at the end of the 2018 Bear Market, and again in the March 2020 sell-off.”

Glassnode has been researching and discussing the current bear market for quite some time and on June 13, it published a video called “The Darkest Phase of the Bear.” The video looks into whether or not it is the final phase or final capitulation period in bitcoin’s price cycle. Historically, BTC has dropped 80%+ lower on all of its major bear markets and an 80% drop in price from $69K is $13,800 per unit. Some crypto investors believe the end of the bear may be near while others think max pain has not arrived yet. Max pain, the depths of despair, the lowest of lows, or the bottom may not be in yet.

Glassnode’s report details that because bitcoin got so large, the impact has been magnified. “As the bitcoin market matures over time, the magnitude of potential USD denominated losses (or profits) will naturally scale alongside network growth,” Glassnode’s research report says. “However, even on a relative basis, this does not minimize the severity of this $4+ billion net loss.”

Glassnode researchers also delve into ethereum (ETH), a coin that often drops lower than BTC’s 80% drawdown. “Ethereum prices have spent 37.5% of its trading life in a similar regime under the realized price, a stark comparison to bitcoin at 13.9%,” Glassnode researchers wrote. “This is likely a reflection of the historical out-performance of BTC during bear markets as investors pull capital higher up the risk curve, leading to longer periods of ETH trading below investor cost bases.”

Glassnode added:

The current cycle low of the MVRV is 0.60, with only 277 days in history recording a lower value, equivalent to 11% of trading history.

Last week, BTC and ETH prices increased in value after taking a hard hit the week prior and remained consolidated for most of the week. BTC prices are still down 8.1% during the past two weeks and the crypto asset’s USD value is down 0.3% over the last 24 hours. ETH values have slid 0.1% during the last 24 hours and two-week stats show ETH is down only 1.3% against the U.S. dollar. Glassnode’s post shows that the data and studies done point to one of the most significant crypto bear markets in history.

The Glassnode Insights report concludes by saying:

The various studies described above highlight the sheer magnitude of investor losses, the scale of capital destruction, and the observable capitulation events occurring over the last few months. Given the extensive duration and size of the prevailing bear market, 2022 can be reasonably argued to be the most significant bear market in the history of digital assets.

What do you think about Glassnode’s bear market report? Would you say that this is one of the worst bear markets on record? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Twitter User Accuses Nexo of Embezzlement Through Charity, Crypto Lender Denies Allegations

A Twitter account has accused the Bulgarian co-founders of the Swiss-based cryptocurrency lender Nexo of misappropriating funds from a charity platform. The company has rejected the allegations in the anonymous attack, which comes after Nexo offered a buyout deal to troubled rival Celsius.

Anonymous Allegations Against Co-Founders Circulated on Social Media

A Twitter user going by the handle @otteroooo has drawn attention to media reports about misuse of donations to a charity allegedly linked to the people behind Nexo, a major provider of crypto-backed loans. In a thread published on Sunday, the unidentified author accuses Nexo co-founder Kosta Kantchev and his family of siphoning money from the Helpkarma foundation which raises funds for various goodwill causes. Another two co-founders — former Member of Parliament and managing partner at Nexo Antoni Trenchev and Georgi Shulev — have been mentioned as well.

NEXO FOUNDER & FAMILY SIPHONED FUNDS FROM CHARITY FOR SICK KIDS, USED DONATIONS AS PERSONAL SLUSH FUND, EVEN BUILT A PALACE FOR THEMSELVES

Evidences presented in full by otter below

no bueno!

🦦 👇🏼 🧵 🦦

— otteroooo (@otteroooo) June 26, 2022

Otteroooo cites reports by two Bulgarian websites — Bird.bg, or Bureau for Investigative Reporting and Data, and Lupa.bg, another investigative outlet. In the spring of 2018, the first found that Kalin Kantchev, Kosta’s father, had been installed on the management board of Helpkarma while the second established that as Helpkarma’s donations piled in, the instant loan provider Credissimo, featured in Nexo’s whitepaper as the platform that powers the crypto project, started to report capital increases.

One of the allegations is that donated money had been used to purchase real estate and finance personal travels. Another is that the charity handed out huge salaries and commissions to its management and staff, the total of which exceeded a 5-percent cap on such expenses, while also writing large invoices to related companies. Helpkarma withholds a portion of the received donations to finance its operations. Kosta Kantchev has been presented as the beneficial owner of both Nexo and Credissimo.

Nexo Accuses Otteroooo of Defamation, Issues Cease-and-Desist Notice

In a blog post devoted to the Twitter tirade, Nexo labels it “click-bait fake news” and calls it “the latest attack” on the company. It says it wants to refute the “ludicrous allegations for the sake of transparency and clarity,” including by highlighting certain discrepancies. For example, Nexo noted that the man in a photo referred to as “Konsta Kanchev”, is actually not Nexo’s co-founder Kosta Kanchev but Helpkarma’s founder and Chairman Constantine Krastev.

Nexo also claims the purpose of the whole undertaking was to monetize on followers. “The self-proclaimed ‘crypto patriot’ is looking to sell his profile for the right price, in an instant, as reported to Nexo by a person who attempted to buy the account,” the lender said, sharing a screenshot of a conversation with @otteroooo.

Leading Bulgarian bTV channel reported in December, that a little over a year after it launched its own investigation into the Helpkarma saga, Krastev has been charged with embezzlement while prosecutors in Sofia continue their work to unravel the case.

“Nexo and the Bulgarian non-profit charity, accused of wrongdoing, have not and never had any common operations, common beneficial owners, or common management,” the crypto platform insisted. It also published a cease-and-desist letter to the unidentified individual or group behind the tweets, accusing them of “malicious spreading of inaccurate, fake and unfounded information… with the sole intention to disparage, defame and discredit Nexo.”

Besides providing crypto-backed loans, Nexo also offers clients a way to earn interest on crypto holdings. According to its website, the company has $12 billion in assets under management and 4 million users in different jurisdictions. Its platform currently supports close to 40 cryptocurrencies.

Earlier in June, Nexo announced it had offered to buy the assets of its competitor, Celsius Network, which is reportedly being probed by U.S. regulators over its decision to freeze withdrawals. Last week, Nexo unveiled it had hired Citigroup to advise it on deals to acquire other crypto lenders. According to crypto media reports, U.S. banking giant Goldman Sachs is also a potential buyer of the distressed assets of Celsius.

What are your thoughts on the allegations and Nexo’s response? Tell us in the comments section below.

via Lubomir Tassev

Read More

Celsius Stories Littered With ‘People Familiar With the Matter’ Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy

The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified.

Celsius Customer Says It Is ‘Insulting’ That the Lending Company is Still Paying Weekly Rewards

16 days ago, the crypto lending platform Celsius told customers that it was pausing swaps, transfers, and withdrawals and did not refer to a time when the company would reinstate the services. Since then, it has been assumed that Celsius is suffering from a financial hardship and possible insolvency.

Last week it was reported by the Wall Street Journal (WSJ) that the company was seeking restructuring advice from the advisory firm Alvarez & Marsal. Another report that followed claimed that Goldman Sachs was allegedly looking to buy distressed assets from the firm “at potentially big discounts in the event of a bankruptcy filing.”

Furthermore, on June 27, Bnktothefuture CEO Simon Dixon wrote about still getting his weekly rewards from the company, despite the frozen withdrawals. “Email on one of my accounts,” Dixon wrote. “Can’t withdraw but Celsius Network [is] still paying out. I’m curious if you think the rewards should still be coming? Thoughts?” Dixon added.

Some members of the crypto community called the dispersal of weekly rewards offensive. “This is honestly insulting, Celsius Network is still paying weekly rewards while holding my crypto hostage,” an individual tweeted on Monday.

Meanwhile, some users asked if there were any onchain activities stemming from the Celsius Network or whether or not capital has been moved. “Is anyone still keeping up with Celsius Network’s onchain activities of their funds? If they still paying down their loan/moving capital etc…,” one person wrote on Twitter.

Another person mentioned it was likely a legal chess move by Celsius’s management. “They’re likely still “paying” rewards because if they stop, they violate their terms of service (contract) and then have no lawful reason to hold your funds in earn any longer,” the individual tweeted on Monday.

Sources Say Celsius Is Arguing With Lawyers About Filing for Chapter 11 Bankruptcy — Most Celsius Articles Over the Last Week Quote ‘People With Knowledge of the Situation’

On the same day, a report from the theblock.co’s reporter Andrew Rummer says that Celsius’s lawyers want the company to file for Chapter 11 bankruptcy. Rummer’s report notes that the company has been against the proposition to file Chapter 11, which is one of the most expensive routes of bankruptcy available.

The reporter’s source stems from “people with knowledge of the situation,” and this has been an ongoing trend as far as Celsius news is concerned. Many reports from publications like theblock.co, WSJ, Bloomberg, and others covering the Celsius Network subject have quoted people familiar with the matter.

For instance, the WSJ claimed people familiar with the matter said that Celsius was working with the restructuring law firm Akin Gump Strauss Hauer & Feld LLP. However, not too long after that report, the WSJ quoted individuals with knowledge of the situation again and noted that Celsius was seeking advice from the restructuring advisory firm Alvarez & Marsal.

It was the theblock.co that wrote about Celsius looking for help from the financial giant Citigroup when The Block author, Yogita Khatri, quoted two sources “familiar with the matter.” Moreover, it was the crypto publication Coindesk that reported on Goldman Sachs looking to buy distressed assets from Celsius. That information derived from “two people familiar with the matter,” according to Coindesk author Tracy Wang.

The Block’s Rummer said his sources claim that Celsius has been “prevented from making any public pronouncements due to legal advice.” The sources claimed that Celsius Network users would prefer an alternative to bankruptcy proceedings.

“To that end, users can show their support by engaging ‘HODL Mode‘ in their Celsius account, said the people,” Rummer wrote on Monday. With all the anonymous sources, people with knowledge of the situation, and those familiar with the matter, it is hard to find accurate information on what Celsius is actually doing to fix its issues.

People are likely inclined to wait for Celsius’s official statements as most everything else has been hearsay and speculation. Yet there is no certainty on when Celsius will respond to the issues customers are facing and until then, they have to rely on so-called individuals with knowledge of the situation.

What do you think about the latest reports about Celsius? Do you think people ‘familiar with the matter’ sources are legitimate? Let us know what you think about the Celsius subject in the comments section below.

via Jamie Redman

Read More

Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday

XTZ rose to its highest point in nearly three weeks on Tuesday, as the token climbed for a second straight session. The move came as FLOW was also trading higher, as prices of the coin moved closer to $2. Overall, crypto markets were 0.90% lower as of writing.

Tezos (XTZ)

XTZ rose to a multi-week high on Tuesday, leading prices to a collision with a long-term resistance level in the process.

Tuesday saw tezos climb to an intraday peak of $1.68, which is nearly 9% higher than yesterday’s low at $1.49.

As a result of this rally, XTZ/USD collided with its long-term resistance level at $1.65 for the first time since June 12.

Following recent lows, prices of the token have steadily increased, and as of writing are 11.48% higher than at the same point last week.

In addition to prices, another resistance has been hit, as the 14-day RSI hit a ceiling of its own at the 50.20 point.

Tezos bulls appear to be attempting to enter the $2 region, however this will likely not occur until we see a breakout of the RSI resistance.

FLOW

FLOW was also trading near a multi-week high on Tuesday, as prices rose by as much as 8% during today’s session.

Whilst XTZ bulls may need to wait a while longer before re-entering the $2 region, FLOW was close to this point following today’s gains.

Following Monday’s low of $1.65, FLOW/USD surged to an intraday peak of $1.81 earlier in the day.

This is the highest point the token has traded since June 13, and comes as prices also hit a resistance point of $1.80.

Bulls opted to secure profits rather than hold onto their positions, which resulted in prices falling lower as the session progressed.

As of writing, FLOW is currently trading at $1.77, which is marginally below earlier highs.

Do you expect FLOW to reach $2 as early as tomorrow? Let us know your thoughts in the comments.

via Eliman Dambell

Read More

While Bitcoin and Ethereum Dominance Slides, Stablecoin Market Caps Reap the Rewards

During the past 30 days, $285 billion has left the crypto economy and bitcoin’s USD value hit a 2022 low at $17,593 per unit on June 18. Moreover, last month’s statistics show bitcoin’s market dominance was 2.9% higher and ethereum’s market dominance was 2.1% higher than it is today.

Bitcoin and Ethereum Dominance Has Dropped Over the Last Month

The crypto bear market has done some damage to the digital currency economy and many continue to wonder if the market carnage will continue. The market has seen a brief consolidation period after the most recent sell-off, which took BTC down to $17,593 per unit and ETH dipped to $877 per coin.

Both coins have seen a significant amount of fiat value removed since last month and BTC’s and ETH’s market dominance has decreased since then as well. At the time, BTC was trading for $28,946 per unit on May 27, 2022, and ETH was exchanging hands for $1,745 per unit.

At the time of writing, BTC is exchanging hands for just above $21K per unit, while ETH is swapping for $1,221 per unit. BTC dominated the $1.25 trillion crypto economy by 43.9% on that day and ETH had a dominance rating of 17.1%. 30 days later, data shows that BTC’s current dominance is 41%, while ETH commands 15% of the entire crypto economy.

Tether, USD Coin, and BUSD Dominance Swells

The stablecoin tether (USDT) captures 6.94% of the digital currency economy’s net value and usd coin (USDC) commands 5.77%. Tether’s market cap has grown since last month as it was hovering around 5.72% at that time.

In mid-May, USDC’s market capitalization represented 3.77% of the crypto economy. The Binance-issued stablecoin BUSD equated to 1.43% of the crypto economy in terms of dominance, and today it’s 1.8%. In fact, between USDT, USDC, and BUSD, the combined market capitalizations equate to 14.51%, which is just shy of ETH’s 14.7% dominance rating.

While BTC saw $18.7 billion in global trade volume during the past 24 hours and ETH saw $13.5 billion, the combined $32.2 billion in trade volume is still eclipsed by USDT’s $48.58 billion during the last day. Out of all the 24-hour BTC trades, 60.62% of those bitcoin trades are paired with tether (USDT).

With lower dominance ratings for both BTC and ETH, it seems sellers gravitated towards stablecoins. This trend suggests that it is possible but not guaranteed that much of the stablecoin funds are people waiting on the sideline for ETH’s and BTC’s official bottoms.

What do you think about bitcoin’s and ethereum’s dominance ratings sliding during the last 30 days, while stablecoin market caps have swelled? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

Bitcoin, Ethereum Technical Analysis: ETH Remains Above $1,200, Despite Market Volatility Increasing

ETH has managed to remain above the $1,200 level on Tuesday, despite an increase in price uncertainty in crypto markets. BTC fell below $21,000 in today’s session, as the global crypto market cap fell by as much as 2% earlier today.

Bitcoin

Following a marginally bearish start to the week, downward pressure intensified in today’s session, sending bitcoin slightly lower.

The world’s largest crypto token fell to an intraday low of $20,577 during Tuesday’s session, less than 24 hours after nearing $22,000.

Today’s decline comes following a rise of bearish sentiment, with traders seeing yesterday’s decision by bulls to secure gains as a sign of weakness.

As such, those looking for downward opportunities used that as a signal to re-enter the market, pushing prices marginally lower in the process.

One of the main catalysts for this change in sentiment is the 14-day RSI, which failed to break out of its key resistance level of 35.70 on Monday.

As of writing, BTC/USD is now trading at $21,011.48, however it’s still 1.03% lower than yesterday’s peak, and may not regain bullish momentum until this ceiling on the RSI is broken.

Ethereum

ETH managed to stay above $1,200 for the majority of today’s session, despite attempts from bears to send prices even lower.

Although ETH/USD dropped to an intraday low of $1,170.23 earlier in Tuesday’s session, bulls were able to move prices away from this floor.

As of writing, ETH is now trading at $1,226.05, which is slightly lower than yesterday’s high of $1,228.88.

Recent momentum has seen ethereum climb by as much as 7% within the last seven days, and has led to the 10-day moving average showing signs of possible further gains.

Should this short-term momentum continue in this trajectory, we will inevitably see an upwards cross.

This could be the catalyst that sends prices of the world’s second largest cryptocurrency back above the $1,300 level.

Could July be a month for bulls to regain momentum in crypto markets? Leave your thoughts in the comments below.

via Eliman Dambell

Read More

Goldman Sachs Downgrades Coinbase to Sell Rating — Analyst Says Firm Needs to Make Cost Base Reductions

Analysts from the multinational investment bank and financial services company Goldman Sachs Group Inc. have downgraded Coinbase Global Inc. in a note to investors on Monday. Today, Coinbase shares are down 83.68% from the stock’s all-time high (ATH) in November 2021. Goldman analyst William Nance explained that his group of market strategists believes “Coinbase will need to make substantial reductions in its cost base.”

Goldman Downgrades Coinbase, COIN Shares Down 83% From Price High

Coinbase shares have suffered during the bear market as many crypto company stocks have lost considerable value during the last few months. When Coinbase first went public on April 14, 2021, the company’s shares were listed on Nasdaq via a direct listing under the ticker COIN. At the time, the Coinbase initial public offering (IPO) reference price was set at $250, and investors saw the crypto exchange’s listing as a “watershed” moment.

Following the stock coming out of the gate 14 months ago, amid that timeframe COIN tapped an ATH at $342.98 per share on November 12, 2021. Two days prior, bitcoin (BTC) reached its lifetime price high at $69K per unit. While BTC lost 70% over the next eight months, COIN has lost 83.68% since that time. On Monday, in a report published by Bloomberg, Goldman Sachs’ analysts weighed in on Coinbase shares and downgraded the stock to a sell rating.

In a note to investors, the investment bank’s lead research analyst for payments and digital assets sectors, William Nance, made a statement about the downgrade. “We believe Coinbase will need to make substantial reductions in its cost base in order to stem the resulting cash burn as retail trading activity dries up,” Nance explained. Nance has given ratings on a number of other firms recently like Western Union, Fiserv, Fidelity National Information Services, and Shift4 Payments.

Bonds Under Pressure, Goldman Says Coinbase ‘Faces a Difficult Choice’

Moreover, in the report, Bloomberg’s Subrat Patnaik and Matt Turner detailed that equity investors “aren’t the only ones souring on Coinbase.” “The firm’s bonds have also come under pressure, with its senior unsecured bonds maturing in 2031 among the biggest decliners in the U.S. high-yield market on Monday,” Patnaik and Turner wrote. Nance further added that the cryptocurrency exchange was facing some difficult decisions going forward.

“Coinbase faces a difficult choice between shareholder dilution and significant reductions in effective employee compensation, which could impact talent retention,” Nance remarked.

The Goldman downgrade follows the company laying off 18% of its staff, and Coinbase also combined the firm’s Coinbase Pro (exchange) product with a user’s Coinbase account. The company recently launched a derivatives product (nano bitcoin futures) via the Coinbase Derivatives Exchange. Coinbase has faced a number of lawsuits since the IPO, including two separate class-action lawsuits over the once-stable coin GYEN and Terra’s UST token.

What do you think about Goldman Sachs’ analyst William Nance downgrading Coinbase shares to a sell rating? Let us know what you think about this subject in the comments section below.

via Jamie Redman

Read More

How Pionex’s Trading Bots Can Help Manage Risk

Last month was a crypto rollercoaster. Bill Gates said crypto is based on greater fool theory. The market has lost more than $1 trillion dollars since November, and there are still signs of further damage, including Celsius’ pause on withdrawals. The wild west of finance is clearly suffering, and the whiplash pace of recent headlines is likely to leave most investors full of uncertainty and anxiety. Pionex’s trustworthy crypto trading bots can help investors weather the crypto storm.

Despite the recent maelstrom of bad news, the fundamental innovations behind crypto are sound: reimaging finance as more decentralized, independent, digital, and accessible. So as investors wade through the current moment, there are simple steps they can take with Pionex to weather the storm and reduce risk.

Pionex makes the risk management tactics of big institutional investment houses and hedge funds accessible to every investor. Using three simple tactics, investors can succeed in even the most volatile of markets.

Pionex takes emotions out of the equation

Emotion can easily derail the most carefully planned investment strategy. Especially with the tailwind of bad news currently swirling through crypto, panic and fear can dictate investment choices. However, the reality is that those emotions don’t lead to good decisions. That’s why the top investment firms have teams of people to monitor the market and make quantitatively-sound choices.

For the average individual, though, it’s harder to see how to remove emotions from investment decisions. That’s where Pionex’s crypto bots can help. By investing with a bot, investors have an extra layer of protection against emotional decisions. Bots can faithfully execute a trading strategy under any market conditions, leaving investors protected from the fallout of emotional investing.

Trading bots help you maintain your investment plan

Investors must stick to the plan of when to buy and sell. But fully managing a portfolio is time-consuming, especially for a market that operates 24/7. The speed at which the markets change leaves little margin for error in reaction time, leaving those that engage in activities such as working a job, sleeping, eating, having friends, and well, doing the things that it means to be human, at a disadvantage in the crypto marketplace.

The solution to successfully investing in a volatile market while not letting investments consume your life is crypto trading bots. A cryptocurrency trading bot is an automated program that buys and sells when specific, pre-defined market conditions are met, and Pionex is one of the global leaders in crypto trading bots. With Pionex’s trading bots, investors set their trading strategy and define their risk parameters, but after the initial decision, the execution of the trading strategy is left to the bots.

Pionex offers many types of crypto trading bots, including Moon bots, which intelligently recommend BTC/ETH Moon parameters based on the current currency price. As the currency price fluctuates, the Moon bot earns grid profits. Moon bots are easy to set up and require no monitoring. Other popular bots include grid bots, which allow you to set your upper and lower price margins and the bot automatically trades as prices fluctuate. Pionex also offers rebalancing bots that ensure your portfolio remains diverse. These bots keep your investment strategy on course, allowing you to weather the storm of a crypto meltdown successfully.

Pionex allows you to live your life no matter the market

Successful investors play the long game. As the markets move, it’s important to accept that you might experience temporary losses, but faithfully following your investment strategy will pay dividends. However, rolling with the waves of the crypto markets can be stressful and time-consuming. By allowing Pionex bots to handle the execution of your investment plan, you can weather market turbulence with confidence, knowing your assets are secure.

While you engage in life, bots are trading for you, monitoring the market, managing your assets, and investing at the most optimal time to generate revenue and stave off losses. Bots move faster than humans and make quick decisions devoid of emotion. While it is common for humans to have their decision-making clouded by fear of loss, incorrect market predictions, excitement about the latest trend, and fear of regulatory changes, bots do what is best for your assets in the current market. Crypto trading bots come in many shapes and sizes, but they all share one common goal: to optimize your trading while mitigating risk by working on the market 24/7.

Risk mitigation tools have been available to institutional investors for a long time. With Pionex, they’re now freely available to even the most casual crypto investor. Rather than having to manage each of your assets directly, trading bot platforms like Pionex allow you to set your plan, select what type of bots you wish to utilize, and let AI handle executing your investment strategy.

With 11 free trading bot tools, Pionex has empowered over 100,000 traders to trade in over 250 cryptocurrencies with the security of knowing their assets are expertly managed. Pionex’s bots implement proven risk management strategies that can help even the smallest investors succeed.

So take that vacation, turn off your phone, or schedule that night out with friends. With Pionex bots, you can live your life knowing your investments are continually monitored and optimized to generate maximum returns.

 

---

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

via Bitcoin.com Media

Read More