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KBW downgraded Block stock on Monday: find out why

  • KBW analyst now rates Block stock at market perform.
  • Steven Kwok still sees upside in “SQ” to $75 a share.
  • Block shares are currently down over 25% year-to-date.

Shares of Block Inc (NYSE: SQ) are trading down this morning after a KBW analyst downgraded the crypto company citing several “small risks”.

Block Stock could still climb to $75

Steven Kwok now rates the San Francisco-headquartered firm behind Cash App at “market perform”. His lowered price target of $75, though, still suggests about a 10% upside on its previous close.

The analyst finds Block stock a bit less attractive now that multiple risks are piling against it. His research note reads:

This big items revolve around rising competition within acquiring, and potential for regulatory scrutiny within its Cash App segment.

In February, Block Inc reported weaker-than-expected earnings for its fourth financial quarter.

Hindenburg has a short position in Block Inc

Kwok is not convinced that the company’s income from instant deposit fees or unregulated interchange are very dependable. Rising competition, he said in his research note, could also weigh on take rates, volume growth, and profitability.

Strength in its seller business is rooted in its in-store offering, and as more goods are sold online, this could shift purchase volume to marketplaces and eCommerce focused platforms like Shopify.

Last month, short seller Hindenburg Research also took aim at the crypto company, alleging that its Cash App has a lot of fake/duplicate accounts, many of which were involved in criminal activities.

Year-to-date, Block stock is down more than 25% at writing.

The post KBW downgraded Block stock on Monday: find out why appeared first on CoinJournal.

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South Korean crypto exchange GDAC hacked for $13 million

  • South Korean exchange GDAC reported the hack early Monday.
  • The exchange said the hackers stole nearly 61 BTC, 350.5 ETH, 10 million WEMIX tokens and 220,000 USDT.
  • On-chain data shows the hacker has swapped USDT for ETH and sent 461 ETH to a crypto mixer.

Crypto news out of South Korea is that hackers stole nearly $13 million from the crypto exchange GDAC. The exchange reported that the incident occurred on Sunday.

According to the exchange’s security update, the hackers transfered roughly 61 bitcoin, 350 ether, 10 million WEMIX tokens and 220,000 USDT from its hot wallet.

In total, the hack left GDAC with a $13 million or so hole in stolen crypto, with the lost funds accounting for 23% of the exchange’s total custodial holdings.

As a result of the hack, GDAC suspended its wallet system, pausing deposits and withdrawals. The exchange also announced it had reported the hack to the South Korea police, requesting for a cyber investigation.

Hacker sends 461 ETH to Tornado Cash

GDAC said the assets were taken from its hot wallet, with the hackers transferring the coins to an unknown crypto wallet. 

While GDAC says its working with Korean security experts and authorities in a bid to recover the funds, crypto market intelligence firm Arkham reports the hacker has swapped the USDT into ETH. 

The blockchain intelligence platform revealed on Monday that the attacker had already sent approximately 461 ETH to the crypto mixing platform Tornado Cash.

The post South Korean crypto exchange GDAC hacked for $13 million appeared first on CoinJournal.

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Chiliz Price Recoils as JUV, Alpine, ATM, OG fan tokens slip

Chiliz price drifted sideways on Monday as the price of key fan token dropped sharply. The CHZ token was trading at $0.1297, where it has been in the past few days. This price is about 37% above the lowest level this year and ~26% above March’s low.

Fan token prices retreat

Chiliz is a leading platform in the blockchain industry. It is a unique platform in the entertainment and sports industry. Its primary platform is known as Socios, which helps people trade fan tokens of some of the biggest teams in the world.

Chiliz also provides a smart contract platform that makes it possible for teams to build fan tokens.Today, data compiled by Fan Market Cap shows that there are 82 fan tokens that have a combined market cap of more than $382 million.

In most periods, Chiliz tends to do well when fan tokens are rising. In the past few days, some fan tokens have done well, with OG’s token jumping by over 257%. Other top fan tokens like Manchester City and Alpine have risen by 16% and 51%, respectively in the past 7 days.

However, most of these tokens are some of the worst performers in the past 24 hours. OG price has dropped by 20% in the past 24 hours while Alpine, Arsenal, Inter Milan, and Atletico Madrid have dropped by double-digits in the same period. 

Another reason why the CHZ price is struggling is that the overall volume has dropped in the past few days. The token’s volume jumped to a high of 319.85 million on April 8, the highest level since February 22. This volume has dropped to ~83 million on Monday. 

Chiliz price prediction

So, is it worth it buy Chiliz? The daily chart shows that the CHZ price has been in a tight range in the past few days. This price is consolidating at the 50-day and 25-day moving averages. It has moved above the ascending trendline that connects the lowest level since June last year. The Relative Strength Index (RSI) has moved below the key level at 60.

Therefore, the token will likely remain in this range for a while and then retest the ascending trendline at $0.10. A move above the key resistance at $0.1432 will invalidate the bearish view.

How to buy Chiliz

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy CHZ with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy CHZ with Bitstamp today

The post Chiliz Price Recoils as JUV, Alpine, ATM, OG fan tokens slip appeared first on CoinJournal.