Monat: Juli 2022

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CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’

Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.

Bitcoin is yet to see a recession

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement. 

This view was shared by the company’s chief strategist officer Meltem Demirors, who told CNBC’s Squawk Box’ that the current crypto market will likely persist for a while. 

“For us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession,” Demirors told CNBC’s Andrew Ross Sorkin on Monday.

What’s going suggests more pain

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.

“Arguably, are we in a recession? We don’t know,” she added, “but with what’s going on in the Eurozone, around the world and in the United States – the Fed hiking rates and cutting back on their open-market activities – certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what’s coming next. 

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.

The post CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’ appeared first on CoinJournal.

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Car giant Hyundai unveils Metaverse plans with NFTs and virtual products

According to a Twitter post by Mike Kondoudis (trademark attorney), South Korean car giant Hyundai has unveiled its metaverse plans with NFTs and virtual products. Hyundai is planning to offer non-fungible tokens (NFTs) and also publish NFT-backed content for the media.

In addition, the car giant company shall also issue Hyundai virtual products like toys for simulation and virtual reality, sports equipment, headgear, clothing, sports gear, footwear, eyewear, pictures, and work of art.

In the release, Hyundai also provided a short film clip providing details about the ‘’metamobility’’ concept.

Major brands jump into the metaverse bandwagon

Hyundai is not the first automobile company to venture into the NFT world. It joined other renowned car manufacturers like Mercedes Benz in April. However, Hyundai took a step further to create a community collection that sets it apart from its competitors.

Other prominent brands like Chevron, a huge energy giant, also dived into the metaverse world offering a wide selection of virtual goods like gas, fuel, and renewable energy products. It’s worth noting that since October, jobs related to metaverse have increased by about 380%.

However, the metaverse industry might be heading for an identity crisis after Vitalik Buterin, one of the Ethereum co-founders and programmer, stated that there is no clear definition of the metaverse and no exact technology associated with it. 

The post Car giant Hyundai unveils Metaverse plans with NFTs and virtual products appeared first on CoinJournal.

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CoinFlex commences legal action to recover $84 million a customer

Crypto exchange CoinFlex, which recently paused customer withdrawals amid liquidity stress, and revelations that crypto investor Roger Ver owed $47 million in failed repayments, has instituted legal action to recover even more from the pioneer crypto investor.

According to an update the crypto exchange published over the weekend, the same account that had the $47 million in counterparty losses, has now been readjusted. The customer now owes $84 million.

“The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of $84m for the account,” CoinFlex co-founders Sudhu Arumugam and Mark Lamb said in the blog post. 

Customer is “personally liable to pay”

CoinFlex said that its commencement of an adjudication process in Hong Kong is in a bid to recover the money from the “individual” – initially identified as Bitcoin Cash (BCH) promoter Roger Ver.

“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him,” the co-founders added.

The crypto exchange expects a favorable decision, though it notes the legal proceedings could take up to 12 months.

Meanwhile, the crypto platform has plans to resume customer withdrawals, with eyes on external funding via stablecoin USDC. 

The exchange is also in talks with a large US-based exchange over plans for a joint venture meant to keep CoinFlex in business.

The post CoinFlex commences legal action to recover $84 million a customer appeared first on CoinJournal.