Monat: Juli 2023

Veröffentlicht am

MATIC, LINK, AAVE among $59M worth of altcoins moved by Celsius

  • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
  • The crypto lender plans to convert the tokens to BTC or ETH.
  • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

Celsius moves Polygon, Chainlink and Aave tokens to FalconX

According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

The Data Nerd shared details of the transfers:

The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.

The post MATIC, LINK, AAVE among $59M worth of altcoins moved by Celsius appeared first on CoinJournal.

Veröffentlicht am

FSB publishes recommendations for global crypto framework

  • The FSB recommends that authorities ensure adequate disclosures from crypto asset issuers and providers.
  • Segregation of funds to protect clients and measures to ensure no conflict of interest are also highlighted.
  • The watchdog also recommends global rules for stablecoins be adopted.

The Financial Stability Board (FSB) said in its latest crypto asset report that the sector needs to see more disclosures on the part of providers and broader cooperation from regulators across the globe.

FSB, tasked by the G20 to come up with a comprehensive framework for crypto regulation, has published two sets of recommendations. The first set relates to the global approach to crypto regulation, including the supervision and oversight of digital asset activities and markets. 

Meanwhile, the second set of recommendations focuses on global stablecoin regulation.

“Our global regulatory framework for crypto-asset activities seeks to ensure that crypto assets and global stablecoins are subject to robust regulation and supervision and do not pose risks to financial stability,” the organisation said.

FSB recommendations include disclosures, segregation of funds

A press release the organisation published on Monday, July 17, highlighted the two documents, noting that “the final recommendations draw on the implementation experiences of jurisdictions and build on the principles – ‘same activity, same risk, same regulation’; high-level and flexible; and technology neutral – that informed the consultative framework.”

The framework comes after a tumultuous year for crypto going back to summer of 2022, and the FSB says it strengthened the recommendations with the events in mind. Among these are the dramatic collapse of TerraUSD and the implosion of cryptocurrency exchange FTX.

As a result, three of the key areas with greater focus are safeguarding of client assets, addressing concerns around conflicts of interest and strengthening of cross-border cooperation among regulators.

In total, the watchdog has outlined nine key recommendations for the global framework for regulation of crypto asset activities and markets and 10 for the regulation and oversight of stablecoins. One of the recommendations on regulation of crypto asset activities focuses on disclosures and FSB stated:

“Authorities should require that crypto-asset issuers and service providers disclose to users and relevant stakeholders comprehensive, clear and transparent information regarding their governance framework, operations, risk profiles and financial conditions, as well as the products they provide and activities they conduct.”

In the press release, FSB noted that the final recommendations in the two documents incorporated the lessons picked from events within the crypto market over the past year. They also include feedback collated during the public consultation.

The European Union and the UK are among jurisdictions to pursue comprehensive regulation for crypto asset activities and stablecoins. The EU’s Markets in Crypto-Assets (MiCA) regulation is expected to take effect in 2024, while UK’s Financial Services and Markets Acts received the royal assent in June following approval by parliament. 

As reported in April, the UK could deploy its crypto laws by early 2024 as it looks to become a crypto hub.

The post FSB publishes recommendations for global crypto framework appeared first on CoinJournal.

Veröffentlicht am

Bitcoin hovers near $30k as historical volatility lowest for the year

  • BTC price is near the $30k mark, which bulls may be desperate to protect.
  • Bitcoin’s  historical volatility is at its lowest level in 2023.
  • Short-term bullish target could be above $34k, while major support is near $28.2k.

Bitcoin’s price remains above $30,000 on Monday, but is seeing “remarkably little volatility.” According to a key technical analysis indicator for this measure, the prices are tightly squeezed to suggest a breakout in either direction could be big.

Bitcoin price outlook: Bollinger Bands

According to on-chain data and analytics provider Glassnode, the Bollinger Bands are tightly squeezed and a price range of only 4.2% separates the upper and lower bands. The platform notes that this outlook has Bitcoin at its quietest since early January.

“The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze. A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January,” Glassnode analysts tweeted, sharing the chart below.

Bitcoin price Bollinger Bands range. Source: Glassnode on Twitter. 

In technical analysis, the Bollinger indicator offers a chart outlook where price trends reflect the market’s volatility. Traders use the indicator to identify overbought or oversold market conditions.

Bitcoin recently broke from above the upper bands and currently fluctuates beneath the middle trendline. Support of the lower Bollinger bands is around the crucial $30k level.

Data shows BTC price has declined from highs of $30,400 late Sunday, touching intraday lows of $30.079 on Monday morning. Currently at around $30,180, the top cryptocurrency by market cap is down about 0.5%.

While accumulation around the current prices is staggering, bulls have to hold above this psychological support base. If not, bears could push lower first before a likely short squeeze catapults BTC/USD to potentially news YTD highs of $34k. The key downturn levels to watch in the short term are at $28,200 and $25,600.

The post Bitcoin hovers near $30k as historical volatility lowest for the year appeared first on CoinJournal.

Veröffentlicht am

Shiba Memu presale hits $902k as popular meme tokens stalls

  • At press time, Shiba Memu had sold 30,951,646 tokens raising $902,439.72.
  • The Shiba Memu presale has continued gathering steam as popular meme tokens stall.
  • Popular meme tokens including Pepe have seen their value decline in the past 24 hours.

A majority of popular meme tokens on Monday saw significant price declines as the Shiba Memu presale continued to gather steam. Dogecoin (DOGE) has dropped by 3.6%, Shiba Inu (SHIB) by 3.4%, PEPE by 4.1%, and FLOKI by 4.5%.

Going by the hype that the Shiba Memu (SHMU) is receiving, the new Shiba-themed meme token is slowly putting up a spirited fight to become a major meme token player.

Shiba Memu could be the next PEPE

PEPE, a new meme token, has outperformed Shiba Inu and Dogecoin this year although there is a rider as covered in a previous article here. Pepe’s value has increased by more than 300% in the last three months while Shiba Inu’s value has decreased by more than 25%.

Pepe gained support as investors began concentrating on more recent meme coins as more established ones lost favour. In fact, this year has seen pressure on Floki Inu, Dogecoin, and Dogelon Mars. As news of new millionaires spread, Pepe, on the other hand, benefited from the fear of missing out (FOMO).

Overall, Pepe has grown from nothing to one of the largest cryptocurrencies in the world in a matter of months. The token’s daily volume has increased, and its market capitalization has increased to over $605 million. In addition, Pepe is frequently one of the most popular tokens on CoinMarketCap and in social media.

However, the last few weeks have also seen Pepe’s popularity dwindle and a new entrant by the name of Shiba Memu could become the next big thing in cryptocurrency. Shiba Memu is currently conducting a presale of its SHMU token and has raised $902,439 in less than three weeks.

The sudden surge in SHMU’s popularity is partly because of the fact that its price is rising every few hours thanks to its innovative token sale strategy. At the time of writing, one SHMU was going for 0.013825 USDT and was scheduled to appreciate to 0.014050 USDT in the next four hours. Shiba Memu can be purchased here.

It is important to note that investors are flocking to the Shiba Memu project even as one of its main rivals, Shiba Inu, developers work on the layer-2 network called Shibarium to be released in August.

What is Shiba Memu?

Shiba Memu is a brand-new and ground-breaking meme token. It is a distinctive and alluring investment because of its self-sufficient marketing abilities, which are supported by AI technology.

Shiba Memu will develop its own marketing strategies, write its own PR, and advertise itself in pertinent forums and social networks, unlike other meme tokens that depend heavily on human teams’ marketing efforts to gain traction.

Shiba Memu developers want to build a marketing powerhouse that is unstoppable and self-sufficient. They want to create a platform that can consistently produce more content than a tabloid by utilising AI. A variety of media will publish this content.

The team aims at launching the Shiba Memu token on the Ethereum blockchain and Binance Smart Chain (BSC), conclude its native token presale, provide the initial liquidity for trading on a decentralized exchange, and launch a staking program to encourage community participation and engagement by the end of Q3, 2023. This will be followed by the development of its AI Marketing Dashboard in Q4, 2023 before launch in Q1, 2024.

The post Shiba Memu presale hits $902k as popular meme tokens stalls appeared first on CoinJournal.