Monat: Februar 2023

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Alchemy Pay (ACH) risk/reward seems unfavorable for now

  • Alchemy Pay’s ACH price has surged by over 480% from its December lows.

  • The company integrated Google Pay for its on-ramp service.

Alchemy Pay (ACH/USD) price has continued to defy odds as it becomes one of the top-performing cryptocurrencies. ACH has soared to a high of $0.044, the highest level since April 2022. It has been one of the best tokens, having soared by over ~480% from its lowest level in December.

Alchemy Pay price is soaring mostly because of the bullish momentum and the fact that many traders have embraced fear of missing out (FOMO). This FOMO gained strength after Visa, the biggest financial services company in the world, listed it as a payment provider. 

Visa is not the only company to partner with Alchemy Pay. On Monday, the firm said that it had added Google Pay for on-ramp services. This means that users will be able to buy cryptocurrencies in its platform using Google Pay.

At the same time, the strong performance of cryptocurrencies like Bitcoin and Ethereum has led to inflows into the industry. Companies like Coinbase and Binance have recorded billions in inflows this year even as regulatory concerns remain.

Therefore, with the number of crypto holders rising, the consensus is that Alchemy Pay will benefit as these people start or continue paying with them. Also, it will benefit as the volume of its on-ramp services makes a strong comeback.

Alchemy Pay price forecast

ACH chart by TradingView

Turning to the daily chart, we see that the ACH price has been in a strong bullish trend since December. It has defied gravity for weeks. As it rose, it managed to move above several resistance levels, with the most recent being the psychological point at $0.30. It also jumped above the resistance point at $0.2254, the highest point on July 19. 

Alchemy Pay has jumped above all moving averages while oscillators like the Relative Strength Index (RSI) have moved to the overbought level. I suspect that the coin will likely pull back and retest the support at $0.2254 as profit-taking sets in. This price is about 44% below the current level. In other words, the risk/reward seems unfavourable.

If this happens, ACH price will likely resume the bullish trend and rise to the key resistance point at $0.50. 

How to buy Alchemy Pay

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ACH with Coinbase today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy ACH with Swapzone today

The post Alchemy Pay (ACH) risk/reward seems unfavorable for now appeared first on CoinJournal.

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Crypto hedge fund Galois shuts down following exposure to FTX

  • Galois has halted all trading after losing $40 million to FTX.

  • The hedge fund has become the latest entity to be negatively affected by FTX’s collapse. 

  • The company said it would take a few years to recover some of its funds.

Galois loses $40 million to FTX

Galois, one of the leading crypto-focused quantitative funds in the world, has shut down operations. This latest cryptocurrency news comes after the company revealed that it lost a sizeable portion of its capital in the collapse of FTX.

The hedge fund’s co-founder Kevin Zhou told the Financial Times that they lost $40 million following the collapse of the FTX cryptocurrency exchange. He said;

“Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally. Once again, I’m terribly sorry about the current situation we find ourselves in.”

In November, the company revealed that its $40 million was stuck on the FTX platform. Back then, Zhou told investors that it would take a few years to recover some percentage of the funds. At the time, he said;

“We will work tirelessly to maximize our chances of recovering stuck capital by any means.”

FTX’s collapse continues to take more companies down

According to the Financial Times, Galois has sold its bankruptcy claims for 16 cents on the dollar. Zhou stated that

“This entire tragic saga starting from the luna collapse to the 3AC [Three Arrows Capital] credit crisis to the FTX/Alameda failure, has certainly set the crypto space back significantly. However, I, even now, remain hopeful for crypto’s long-term future.”

Since FTX’s collapse, a few companies have filed for bankruptcy. Earlier this year, the lending arm of crypto platform Genesis filed for bankruptcy, with over $3 billion in debt. 

BlockFi is another company that filed for bankruptcy following its massive exposure to FTX. 

The post Crypto hedge fund Galois shuts down following exposure to FTX appeared first on CoinJournal.

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Helium price rising after confirmation of migration to Solana in March

  • The price of Helium has been rising since February 17 after the company confirmed it was set to migrate to Solana.
  • Helium Network will also deploy oracles after migrating to Solana.
  • At press time, HNT was trading at $2.87, up 1.45%.

Helium price has been rising for the past two days straight after Helium Network confirmed through a blog on its website that it will be migrating to the Solana blockchain next month. Despite the slight pullback today, the HNT token has gained about 14% since the news broke out.

According to helium’s post, the protocol has set March 27, 2023, as the date for the migration to Solana. The protocol is seeking to increase reliability and scalability by moving to Solana, which is increasingly becoming a darling for blockchain protocols. The move to Solana was approved after the community passed the HIP-70 proposal on September 22 last year.

Helium says that a working group of community volunteers is being formed to oversee the entire migration process.

24-hour blackout as Helium migrates

 Helium says that there will be a 24-hour transition period, in which the Helium blockchain will be halted. Data transfer and proof-of-coverage activities will however remain unaffected during that time.

The Helium team stated:

“This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET… Note that any rewards generated by Proof-of-Coverage activity in the prior 24 hours will be available to claim in your Helium Wallet after the transition period. Oracles will update claimable balances, and Hotspot Owners will be able to use the new claim function.”

According to the Helium team, after the 24-hour halt, validators will stop producing new blocks. A final snapshot of the blockchain will be taken after all the accounts and tokens migrate to the Solana blockchain. Hotspots will then be minted as non-fungible tokens (NFTs).

HNT and MOBILE token holders will not have to do anything to participate in the migration. A majority of hotspot owners will also not be required to take any action during the migration.

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FTX Japan prepping to resume withdrawals by end of month

  • The Financial Services Agency of Japan asked that FTX Japan to halt business before the US bankruptcy filing.
  • In December, the FTX branch filed to be allowed to resume withdrawals.
  • Customers have been asked to verify their account balances before resuming withdrawals.

The Japanese branch of the collapsed crypto exchange FTX is apparently considering resuming withdrawals before the end of February. On February 17, Bloomberg reported that the exchange had sent out messages asking affected customers to verify their account balances before withdrawals could resume.

According to the exchange’s COO, Seth Melamed, customers can move their crypto assets to the FTX-owned Liquid Global platform and withdrawals could start “very soon.”

FTX japan and FTX Global

In November FTX together with its affiliated firms filed for Chapter 11 bankruptcy in the US. But even before FTX could file for bankruptcy in the US, the Financial Services Agency of Japan (FSA) had already asked FTX Japan to halt business operations.

In December 2022, FTX Japan filed for a strategy to resume user withdrawals. The strategy attempted to distinguish the firm’s money from the clients’ money. The firm argued that customers’ funds should be excluded from the exchange’s bankruptcy proceedings in Japan.

Mid-January 2023, FTX obtained approval from a US court allowing it to sell some of its entities including FTX Japan.

At the time of closing business in November 2022, FTX Japan reportedly had about 19.6 billion yen in cash.

The recent developments with FTX Japan come as the former FTX CEO Sam Bankman-Fried got served with Deposition Subpoena by creditors. Representatives for Voyager Digital’s unsecured creditors request that Sam Bankman-Fried and several top-level executives from FTX and Alameda Research should provide documents and appear in court remotely next week for a deposition.

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DWF Labs and A16Z Crypto lead YGG’s $13.8M token sale round

  • YGG raised $13.8 million in a new token sale round led by A16Z Crypto.

  • The funds would be used to fast-track the development of YGG’s Soulbound token.

  • THE SBT token will power numerous activities within the YGG ecosystem.

YGG raises nearly $14 million in a token sale round 

Yield Guild Games (YGG) has revealed that it raised $13.8 million in a token sale round led by A16z Crypto and DWF Labs. According to the play-to-earn gaming guild, the funds would be used to accelerate the development of its soulbound reputation token (SBT).

YGG is popular for selling and renting its in-game assets for profits or yield. The company is also the biggest in-game asset manager and investor in the popular NFT game Axie Infinity.

The company is yet to fully launch its SBT token. Last year, YGG test-launched the tokens, offering them as rewards for in-game activities. 

SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable. YGG co-founder Gabby Dizon told Tech in Asia that the company has plans to place the tokens directly into games. 

YGG to reward creators with SBT tokens

The company added that it intends to reward creators within its ecosystem with SBT tokens for completing selected tasks or quests. YGG plans to launch a  revamped version of its web app next month, and the SBT token will serve as the native token of the ecosystem. 

While the company didn’t reveal how many tokens it sold to raise $13.8 million, experts estimate it to be more than 35% of its total asset value of $25 million in its treasury as of November 2022.

The co-founder assured community members that following the recent token sale, YGG still controls 45% of the token’s maximum supply.

This latest cryptocurrency news comes after YGG partnered with  ForN to launch its Japan-focused subDAO in March 2022. 

In July 2021, YGG raised $12.5 million in a token sale round that lasted barely 30 seconds. This isn’t the first time A16Z has invested in YGG. the web3-focused venture capital firm invested $4.6 million in YGG in 2021. 

The post DWF Labs and A16Z Crypto lead YGG’s $13.8M token sale round appeared first on CoinJournal.