Monat: August 2022

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Ethereum Classic’s rally faulted – Does it still provide an opportunity?

  • Ethereum Classic has rallied by 140% in a month.

  • The token is retreating with declines of 14% in a week

  • Messari analyst doesn’t think Ethereum Classic will sustain gains

Ethereum Classic ETC/USD is up 140% in a month. The token has been rising at the back of the expected merge of parent Ethereum. The merge will see Ethereum move from a proof-of-work to a proof-of-stake blockchain. Investors have anticipated that the shift will allow PoW miners to move to Ethereum Classic.

The latest gains in Ethereum Classic had Messari analyst Tom Dunleavy commenting. Dunleavy says ETC’s rally won’t last long. He warns that despite the gains, the users and volumes have remained unchanged. The analyst also points out that applications on the blockchain are non-existent.

Besides, Dunleavy says that the Ethereum merge won’t have a lot of impact on the Ethereum Classic. According to him, ETH mining accounts for 97% of GPU mining revenue. ETC mining is only 2% and would attract few miners. He estimates that ETC mining would generate only $700,000 for miners each day. That compares to Ethereum’s $24 million. 

Ethereum Classic slides to support in a market correction

Source – TradingView

Technically, Ethereum Classic has retreated to a support zone of $34. The bullish momentum is dying despite remaining on an uptrend. We do not recommend a buy at the support as momentum is weakening. If ETC breaks below $34, the next level is $26.

Concluding thoughts

ETC has gained by triple digits in the last one month. The gains have been driven by expected boosts from the Ethereum merge. Analysts fault the gains which have been fueled by hype rather than fundamentals. 

The lack of clear fundamentals and weakening FOMO could lead to further declines in ETC. While investors can capitalize on short-term appreciations in price, we deem the $34 support vulnerable.

The post Ethereum Classic’s rally faulted – Does it still provide an opportunity? appeared first on CoinJournal.

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Binance never completed the WazirX acquisition, CZ says

Binance CEO Changpeng Zhao has said that the global cryptocurrency exchange “never completed” the purchase of Indian crypto exchange WazirX.

Zhao’s comments come after India’s financial crime watchdog announced it had frozen WazirX assets worth over 646 million rupees (about $8 million, £6.7 million). The freeze, India’s Enforcement Directorate (ED) said in a Friday announcement, followed an investigation around money laundering, and which involved 16 fintech companies.

In its press release, the ED says:

“Zanmai Labs Pvt Ltd – the company owning WazirX Crypto Exchange – has created a web of agreements with — Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd Singapore — to obscure the ownership of the crypto exchange.”

Binance CEO Zhao said in a tweet:

“On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX.”

According to CZ, as the Binance chief is popularly known around the crypto ecosystem, his platform “only provides wallet services for WazirX.” 

This, he noted, is only offered as a technological solution and that the Mumbai-based company handles all other exchange aspects, including user registration, Know Your Customer (KYC) and trading among others.

“Recent allegations about the operation of WazirX and how the platform is managed by Zanmai Labs are of deep concern to Binance. Binance collaborates with law enforcement agencies all around the world. We would be happy to work with ED in any way possible,” CZ added.

ED said its investigations into WazirX started in 2021 and the platform has not cooperated with the agency.

The post Binance never completed the WazirX acquisition, CZ says appeared first on CoinJournal.

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Bakkt: Nearly 50% of gig workers open to getting paid in crypto

Bakkt’s study carried out in June and July found that 38% of gig workers are open to being paid in crypto, and the number jumps to nearly 50% for those willing to receive part of their gig pay in crypto.

Bakkt Holdings, Inc. (NYSE: BKKT), a leading digital asset platform offering a range of cryptocurrency services including buying and selling of Bitcoin and Ethereum among others, has released the findings of a new study showing almost half of people working in the gig economy are okay with getting a portion of their wages paid in crypto.

The US-based company announced this on Friday, with the findings part of a study dubbed “Gig Workers & Crypto Study.” This study happened at a time when crypto volatility was at its peak between mid-June and early July.

Crypto appeal among gig workers growing

In its assessment, and from the responses received regarding cryptocurrency payments in the gig industry, 38% of the respondents said they would accept all their pay in crypto. Narrowing this question to whether they would accept a portion of the pay in cryptocurrencies, nearly 50% said they would.

20% of the gig workers involved in the survey said they have been paid in crypto before.

“The increasing appeal and the existing usage of cryptocurrency among gig workers came through clearly in our study,” Nicolas Cabrera, Bakkt’s chief product officer of payments said in the press release.

Crypto has seen increased acceptance as a salary payment mode among most sectors within the gig economy. Most of the workers in the various industries, including freelancers, social influencers, and rideshare drivers, are increasingly tech savvy and thus more willing to accept crypto.

“While this group could benefit from increased understanding of how crypto can be used, rideshare drivers, food delivery drivers and other gig workers cite crypto as the next generation of currency and are drawn to the potential increase in the value of their pay,” Cabrera noted.

The post Bakkt: Nearly 50% of gig workers open to getting paid in crypto appeared first on CoinJournal.