Monat: September 2022

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What’s the bull case for Shiba Inu as whale holdings remain high?

  • Shiba Inu is the most held cryptocurrency by Ethereum whales after stablecoins.

  • The cryptocurrency is undergoing a market correction.

  • SHIB has to recapture $0.000012 resistance to consider a bullish case.

Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT, and stETH, which rank in the first three positions. WhaleStats data show that the whales have a combined $133,680,683 worth of SHIB holding. 

Amid the sizable share, Ethereum whales have reduced their SHIB holding. As of August 25, the total stake was $162,127,202. By then, SHIB was trading at a high of $0.000014. The meme token now trades at $0.000011 amid a market correction.

A large whale holding indicates a belief in Shiba Inu’s recovery. Recently, Shiba Inu’s burn rate rose by more than 1,500%, prompting a price recovery. However, Shiba Inu lacks a sustained momentum to stay bullish. Key developments expected to boost the token, including the Shiba metaverse, remain far from becoming a reality. A series of non-starter developments amid the macro jitters have been responsible for SHIB’s decline.

Shiba Inu meets resistance as the price recovers slightly

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Source – TradingView

Shiba Inu’s price action shows the token at a key resistance zone around $0.000012. The price is showing limited upside potential. The formation of inside bars from a mother bearish pin bar at the resistance could force a bear market. 

Recently, the 20-day MA crossed below the 50-day MA, affirming a bearish momentum. The RSI shows some upside since the token touched a nearly oversold $0.000010 level. 

Concluding thoughts

Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish movement could see the token retest the $0.000010 support again.

The post What’s the bull case for Shiba Inu as whale holdings remain high? appeared first on CoinJournal.

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Managing public finance via blockchain can reduce embezzlement of funds: Report

In a report released earlier today, the Official Monetary and Financial Institutions Forum (OMFIF) has put forward that using blockchain technology to develop a public finance management system could be extremely beneficial for countries.

The organisation is an independent global think tank for central banking and economic policy that has previously worked extensively with blockchain and digital assets via its Digital Monetary Institute.

The OMFIF report discussing the modernizing of public finance management through blockchain technology explains that such a system could offer government officials the necessary information to formulate and design fiscal policy.  

The report particularly highlighted how blockchain technology can help prevent embezzlement and misuse of funds. This could be a particularly game-changing feature considering the rise in cases of fraud, ransomware and cybersecurity attacks worldwide.

Further, with the increasing interest in central bank digital currencies across the globe, a blockchain-led public finance system could, according to the report, clarify “the government’s financial position.”

However, while a digital currency would work effectively with the system, it is not a necessity the report stated:

“Many of the benefits can be achieved without changing payments rails, simply by improving the [public finance management] architecture. Governments would also be more effective at efficiently managing their cash and forecasting their future cash position.”

Explaining how blockchain can facilitate fraud prevention, the think tank stated that the system could combat invoice fraud by allowing users to complete payments with the click of a button without using personal information. It would also enable transparency and traceability for government spending.

Commenting within the report, multinational professional services partnership Ernst & Young Global stated that blockchain can reduce the administrative effort associated with financial reconciliations, tracking and reporting public financial obligations. 

“Business terms or eligibility and compliance rules can be embedded into the system to automate transaction controls via smart contracts. Automated tracking and reporting can significantly reduce the cost for partners interacting with government,” the consulting, assurance, tax and transaction services provider concluded.

The post Managing public finance via blockchain can reduce embezzlement of funds: Report appeared first on CoinJournal.

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Nexo acquires stake in a US-federally chartered bank

  • Nexo has reportedly acquired a stake in Hulett Bancorp (DBA Mode Eleven), the bank that owns Summit National Bank.
  • The deal with the US federally chartered bank offers Nexo an opportunity to further serve its US customers in a regulated environment.

Nexo, a leading regulated digital assets platform with more than $4 billion in assets under management, has announced an industry-changing deal that sees it acquire a stake in a regulated US bank.

The crypto lender revealed the transaction on Tuesday, noting in a press release sent to CoinJournal that it had taken a stake in Summit National Bank, the US federally chartered arm of Hulett Bancorp (DBA Mode Eleven).

The deal makes Nexo the preferred digital assets partner for Summit and is part of Nexo’s growing footprint in the US market. 

With it, the crypto exchange and lending company provide its services to both retail and institutional clients, including bank accounts, asset-backed loans, custodial solutions and card programs among others, Nexo said in the release.

Nexo expands amid need for further compliance

The acquisition announcement comes just a day after multiple US states filed enforcement actions against Nexo, with claims the platform was offering its interest-bearing account product without the requisite registration approvals.

The New York Attorney General Letitia James said she had sued the crypto company for failing to register and lying about this to investors. 

Given the cease-and-desist orders from the US state regulators for Nexo to end its yield product, today’s announcement that the platform has acquired a stake in a local US bank could suggest a response of sorts from Nexo to growing regulatory challenges.

As CoinJournal reported yesterday, eight state regulators have filed actions against the crypto company.

Indeed, Nexo co-founder and managing partner Kalin Metodiev hinted at this “evolving regulatory landscape’ in a statement, noting:

“This investment marks another landmark in Nexo’s relentless drive to better serve our US customers in compliance with the constantly evolving regulatory landscape.”

Metodiev, who recently joined the Summit National Bank board as a member, added:

“We care deeply about our customers and are thrilled that this development will grant them access to some of the most innovative products at the intersection of traditional finance and blockchain technology.”

In its press release, Nexo says that the deal will allow its customers to benefit from top quality services even as they enjoy appropriate legal safeguards available via its banking partner’s federally regulated lending and payments infrastructure.

Nexo also has long-term ambitions of securing global expansion for its banking capabilities, including through the Summit National Bank partnership and via additional banking licenses across other jurisdictions.

The post Nexo acquires stake in a US-federally chartered bank appeared first on CoinJournal.