Monat: Juni 2023

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Hedera, Fantom, XRP, Filecoin prices rise as US inflation dips

  • The headline consumer price index dropped to 4.0% in May.

  • The data came as the FOMC prepares to conduct its June meeting.

  • Economists expect that the bank will leave interest rates unchanged.

Altcoin prices jumped on Tuesday after the US published encouraging consumer inflation data. Hedera Hashgraph price has jumped by about 4% in the past 24 hours. Similarly, other altcoins like Fantom, XRP, Filecoin, and Uniswap have jumped by over 4% in the past 24 hours.

US inflation retreats

Bitcoin and other cryptocurrencies have jumped in the past few hours after the encouraging US consumer price index data. According to the Bureau of Labor Statistics (BLS), the headline consumer price inflation dropped from 4.9% in April to 4.0% in May. This was a bigger decline than what analysts were expecting. It was also the biggest decline in several months.

These numbers are important because they came on the same day that the Federal Open Market Committee (FOMC) is set to start its two-day meeting. As a result, the committee will be comfortable to leave interest rates unchanged at 5.25%. It has delivered interest rate hikes in the past ten meetings straight.

A Fed pause and an eventual pivot will be good news for risky assets like cryptocurrencies and stocks. This explains why the stock-focused fear and greed index has jumped while key indices like the Dow Jones and Nasdaq 100 have gained by double-digits this year.

Regulatory concerns remain

For cryptocurrencies like Hedera Hashgraph, Filecoin, Fantom, and XRP, these inflation numbers are welcome. However, the biggest risk in the crypto industry is that regulators in the US and the UK have gone to war with these assets. 

Last week, the SEC filed a major lawsuit against Binance and Changpeng Zhao. On the following day, the agency filed another one against Coinbase, the biggest exchange in the United States. A common allegation in the lawsuit is that they offer unregulated products.

Some of these unregulated products are proof-of-stake tokens that have a yield element. The SEC has already sued Ripple alleging that it is an unregulated cryptocurrency. It has also identified several tokens it believes are securities.

As a result, we could see exchanges that serve American customers start delisting these tokens, which could hurt many of them. 

The post Hedera, Fantom, XRP, Filecoin prices rise as US inflation dips appeared first on CoinJournal.

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6.5M tokens bought within hours of the highly anticipated Chancer Presale launch

  • Chancer is a revolutionary betting platform that seeks to leverage the power of blockchain technology.
  • The CHANCER token is going for 0.01 BUSD in the current stage.
  • CHANCER token holders will have the opportunity of creating customized betting markets on the Chancer platform.

Chancer, one of the most intriguing new Web3 projects of 2023, officially launched its crypto presale today.

By removing the “house” from the equation and firmly placing the markets in the hands of the bettors, Chancer seeks to disrupt the betting industry by enabling users to create their own betting markets, set their own odds, and establish their own rules.

Chancer is the first decentralized predictive markets app in the world, and its creators, brothers Adam and Paul Kelbie, believe it will fundamentally alter the way people bet and ultimately restore the fun to gambling.

How Chancer seeks to alter the betting industry

Chancer wants to capitalize on the sizeable online betting and gambling market, which is estimated to be worth $64 billion by 2022 and establish a dominant position there.

Chancer users can create peer-to-peer (P2P) bets, positioning the platform as a betting facilitator rather than a betting house. The bets can range from small, casual wagers among close friends to massive, viral wagers involving thousands of people, such as picking the winner of the Oscar for Best Director or guessing the Champions League final score.

Contrary to most bookmakers, Chancer allows bets to be placed on any prediction or event, not just sports. Users have complete control over their bets and won’t lose to a traditional bookmaker who sets the odds against them, which is part of its inherent appeal.

Commenting about Chancer and the coming months for the project, the CEO of Chancer, Adam Kelbie, said:

“We’re confident that we can change the way betting and gambling works. The next few months are going to be very exciting, and we’re thrilled that we can offer a new cryptocurrency in such a competitive market. We’re doing something no one else has done, disrupting an industry that has had the odds stacked against consumers since it began. It won’t be easy, but we’re ready for the fight.”

All bet payouts will be made in Chancer’s native token, “CHANCER,” which will be tradable on several cryptocurrency exchanges once the presale is completed.

Chancer token presale

The Chancer token presale officially launched today and at press time, 6,541,850 tokens had been sold out raising $65,418.49 barely a few hours after the presale went live.

According to the project’s whitepaper, the presale will be conducted over twelve stages with the first stage seeking to sell 100 million tokens to raise $1 million. The CHANCER token, which is BUILT ON THE Binance Smart Chain (BSC), is currently going for 0.01 BUSD stablecoin.

What’s unique about Chancer betting platform?

The project has a well-planned roadmap outlining a variety of product use cases to pique the interest of various types of investors, as stated in the whitepaper. Additionally, Chancer seeks to achieve and uphold true decentralization.

So that no one party can take control of the network, Chancer will have a proof of stake consensus mechanism. The platform’s users will take control of decision-making under quadratic governance.

In addition, the source code for Chancer will always be available for inspection. This implies that anyone is free to examine, contribute, and suggest modifications to the platform’s operation with the confidence that their ideas will be taken into consideration.

In a novel way, Chancer will also use Google’s WebRTC’s real-time communication capabilities to broadcast events live to its community.

Additionally, it will offer a Share2Earn program, staking, and discounted fees for those who create and participate in the market, making the platform affordable for those who use it frequently. Users can also generate passive income by becoming node validators.

The post 6.5M tokens bought within hours of the highly anticipated Chancer Presale launch appeared first on CoinJournal.

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Etoro to limit US customers’ access to four major cryptocurrencies

  • eToro is an Israeli multi-asset investment platform widely known for social trading.
  • eToro will delist ALGO, MATIC, MANA, and DASH for US customers.
  • US customers can, however, still hold and sell already open positions in these tokens.

According to a tweet by eToro, four tokens — ALGO, MATIC, MANA, and DASH — will be delisted starting July 12, 2023, as the company adjusts its cryptocurrency offering for customers in the US.

The platform claims that the new change won’t have an impact on non-US customers and that US customers can continue to hold and sell any open positions in these tokens.

eToro makes no mention of the SEC lawsuit against the two largest cryptocurrency exchanges, Coinbase and Binance. It, however, claimed it was taking the action “in light of recent developments.”

In the SEC’s most recent legal actions, the four tokens mentioned in the eToro announcement were classified as securities.

Similar actions by trading platforms in the US

The move by eToro comes shortly after one similar one by Robinhood in June. Robinhood declared that, in light of its “latest review,” it would be removing SOL, MATIC, and ADA from its platform.

With the SEC’s recent enforcement strategy toward cryptocurrencies, more businesses may follow in the footsteps of eToro and Robinhood in order to avoid regulatory issues that could further negatively impact users based in the US.

The post Etoro to limit US customers’ access to four major cryptocurrencies appeared first on CoinJournal.