Monat: Juni 2023

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Bitcoin rallies to $30k once again: is this a good opportunity to invest in cryptos?

Key takeaways

  • Bitcoin reached a two-month high earlier this week after reaching the $30,700 level.

  • The recent rally could spark interest in new web3 projects, including Chancer. 

Bitcoin, the world’s leading cryptocurrency by market cap, reached an important milestone earlier this week. The cryptocurrency reached the $30k psychological level for the first time since April 2023.

The rally saw other altcoins also experience positive gains. With Bitcoin still trading around the $30k region, could this be a good time for investors to enter the cryptocurrency market?

Bitcoin rallies on ETF hopes

Bitcoin is up by more than 18% over the last seven days, allowing it to reach the $30k level for the first time in two months. 

The rally came after BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, applied with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF).

With Bitcoin reaching the $30k mark, several other cryptocurrencies also recorded excellent gains over the last couple of days. 

Some investors are optimistic that the Bull cycle could be on this horizon. With investors currently optimistic about the market, there are some projects that could present an excellent opportunity for them. 

Chancer is one of the projects that are exciting and could become a success in the cryptocurrency space. Let us look at Chancer and what the project is about. 

What is Chancer?

One of the projects investors could consider is Chancer, a unique Web3 peer-to-peer (P2P) custom betting platform that allows users to live stream betting events. 

As a web3-focused project, Chancer is decentralised, allowing users to bet on numerous events, beyond the sporting and popular ones. 

The project’s token is currently in presale, and the developers will use the funds to build a P2P betting platform that allows users ti enjoy betting markets in real-time and based on user interests, social media connections, and expertise. 

In their whitepaper, Chancer said their platform would eliminate the difficulties put in place by bookmakers. Users can set their own custom P2P betting markets using its decentralised platform. 

A major feature of Chancer is that it operates unlike the traditional betting platform in that supports betting far beyond the sporting and popular events users find on centralised betting platforms. 

Asides from betting on sporting activities, users can bet on any event they desire, whether mainstream or made-up. On Chancer, users can predict odd events such as the day man will walk on Mars or even personal bet amongst friends and colleagues to determine the first person to complete a task.

Chancer raises over $300k in 10 days

Chancer’s first pre-sale event launched ten days ago, and the team has raised more than $300,000 so far. The team seeks to raise $1 million in the first pre-sale event and has so far raised $333k, accounting for 33% of the total amount needed. 

Chancer will use the funds to develop some of its products. The team will hold 11 more presale events after this with the expectation of raising $15 million un total.

CHANCER, the native token of the Chancer ecosystem, is going for $0.01 BUSD per token. The token is set to power various activities on the Chancer betting platform.

With the CHANCER token, holders can create markets and invest in markets created by other users. Furthermore, the CHANCER utility token would enable users to create, participate in, and profit from their very own predictive markets. 

CHANCER is a BNBChain-based token, and the team would allow holders to stake their tokens and earn more money by providing liquidity to the ecosystem. 

To purchase the CHANCER tokens, investors can connect a wide range of wallets to the Chancer presale. The supported wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer?

The cryptocurrency market has been performing well over the last few days, and that has gotten investors excited again. With more investors entering the market, this might be a good time to invest in strong projects and unlock gems within the ecosystem. 

Chancer could be one of the projects investors should consider. The project is focusing on decentralising the betting ecosystem and could get a sizeable market share if it gains massive adoption. 

The presale is still in its early stages, and CHANCER’s price could soar once the token lists on numerous cryptocurrency exchanges. 

The post Bitcoin rallies to $30k once again: is this a good opportunity to invest in cryptos? appeared first on CoinJournal.

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JPMorgan’s blockchain project expands to include euro-denominated payments

  • JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019.
  • JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.
  • Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.

According to a Bloomberg report, JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain-based payment system, JPM Coin.

The news comes shortly after JPMorgan Chase was fined $4 million by the US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018. The emails were reportedly deleted in June 2019 According to US securities laws, financial firms including banks, are required to keep business records for three years.

JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, claims that JPM Coin started accepting euro transactions on June 21. According to Toprak, the platform’s first euro payment was made by the German conglomerate Siemens AG.

JPM Coin

The JPM Coin was launched in October 2020 as part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems. The JPM Coin is the cryptocurrency of JPMorgan’s Onyx blockchain.

So far, JPM Coin has processed more than $300 billion worth of transactions, making it one of the most used blockchains by a traditional financial institution.

JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.

JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.

JPMorgan’s Onyx Coin Systems

JPMorgan launched Onyx Coin Systems in 2020, aiming to improve the quality of wholesale payment transactions.

As of April 2023, Onyx had processed nearly $700 billion worth of short-term loan transactions.

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Robinhood acquires credit card startup X1

  • Robinhood has seen some decline in monthly active users.
  • Its crypto trading business revenue has also declined following the recent crypto price decline.
  • The X1 acquisition will help Robinhood diversify and broaden its product offerings to entice a larger market.

The well-known cryptocurrency and stock trading app Robinhood plans to expand its product line by purchasing credit card startup X1. The $95 million deal will give Robinhood a new source of income and strengthen its ties with current users.

With the help of the income-based credit card from X1 and special options like rewards, a risk-free trial, and one-time use cards, Robinhood hopes to improve the ecosystem of its financial services.

Robinhood success in diversifying its business portfolio

Robinhood has made significant progress in diversifying its business portfolio as part of its ongoing efforts to grow outside of its primary trading platform and the acquisition of credit card fintech X1 is a significant step in this direction.

X1 joins several other firms that Robinhood has acquired, including MarketSnacks, Cove Markets, Binc, Say, and Ziglu. The acquisitions are geared towards helping Robinhood realize its goal of offering a full range of financial services.

By entering the credit card market, Robinhood hopes to increase its revenue and strengthen its ties to its sizable user base. The company understands the value of diversification to maintain long-term growth in light of the decline in monthly active users and revenue decline in its crypto trading business. The company’s strategy of broadening its product offerings and enticing a larger market is consistent with this acquisition.

About Credit Card startup X1

The credit card fintech X1 that Robinhood is buying has drawn a lot of interest from the financial technology community. The startup boasted an impressive waiting list of 500,000 people eager to get its credit card in 2022. This demand highlights the market’s appetite for cutting-edge credit card solutions and points to X1’s potential for expansion.

A wide range of customers can access credit using the income-based credit card that X1 offers by using it in accordance with their income levels. Additionally, X1 sets itself apart with functions like rewards, free trial cards, and single-use credit cards. These special offers give cardholders more flexibility and convenience, which improves their overall financial experience.

X1 received $62 million from well-known VC firms like Craft Ventures, Soma Capital, and FPV in recent funding rounds showing that investors have a lot of faith in the startup’s mission and prospects for success. Furthermore, the involvement of Wesley Chan, an investor in both X1 and Robinhood, emphasizes the similarities and shared commitment to innovation between the two businesses in the financial services industry.

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Anastasia Amoroso: Bitcoin is like a ‘high-flying, high-beta tech stock’

  • Anastasia Amoroso explains why bitcoin has been on a tear recently.
  • She sees the world’s largest cryptocurrency as a tech asset.
  • Bitcoin is currently up roughly 80% versus the start of the year.

Bitcoin has been on a tear ever since the Federal Reserve skipped a rate hike for the first time since March 2022.

Anastasia Amoroso shares her view on BTC

Another potential reason why the cryptocurrency has been in favour recently is because the central bank is now closer to the end of its cycle that typically tends to draw interest into the risk-on assets.

Most importantly, the recent strength is a proof that crypto as an ecosystem has stood the test of time, as per Anastasia Amoroso – the Chief Investment Strategist at iCapital.

“The fact that institutional investors are still stepping into the space and bitcoin tells you that this is an asset class that is most likely here to stay.”

Earlier this week, Fed Chair Jerome Powell also agreed that cryptocurrencies seem to have some staying power (read more).

Anastasia Amoroso sees bitcoin as a tech asset

Bitcoin has gained sharply even though the U.S. Securities & Exchange Commission sued both Binance and Coinbase this month.

Part of the reason may be because neither of those lawsuits categorized it as a security. If anything, investing in Bitcoin is more akin to adding a high-flying tech stock to your portfolio, added Amoroso on Yahoo Finance Live.

There’s a technological aspect to bitcoin. But there’s also volatility that is associated with it that is much more in line with a high-flying, high-beta tech stock than anything else.

She also dubbed the recent regulatory crackdown a net positive for the crypto market in the long run on Thursday.

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