Monat: Juli 2023

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Conflux (CFX) soaring after Bank of China announced SIM Card NFC payments

  • At press time, Conflux (CFX) token was trading at $0.1981, up 10% in the last 24 hours.
  • Conflux Network partnered with China Telecom to develop a Blockchain-powered SIM card (BSIM) in May 2023.
  • The Bank of China will start testing of SIM card-linked payments using the digital yuan.

The Bank of China declared on July 10 that it would begin testing SIM card-linked payments using the digital Yuan on July 11. The announcement has boosted Conflux (CFX) price seeing that Conflux Network partnered with China Telecom to develop a Blockchain-powered SIM card (BSIM). In May 2023, the two unveiled their jointly developed BSIM card at the Xuhui District West Bank Artificial Intelligence Center in Shanghai.

The state-owned bank asserted in its statement that it is implementing this programme in conjunction with telecom behemoths China Telecom and China Unicom. With the help of the near-field communication protocol (NFC) and “super SIM cards” technology, the project aims to make payments possible.

Users will essentially be able to process digital Yuan payments by making contact with designated payment terminals with their mobile phones.

Excitement among the Conflux community

The CFX community now believe the Conflux Network will have a big impact on the new SIM Card e-CNY payment system. This enthusiasm resulted in a rise in price, which increased by 10% this morning to reach a high of $0.2046.

Prior to the announcement, the CFX token was experiencing a seven-day price decline that saw it slip from $0.197 to $0.175.

The post Conflux (CFX) soaring after Bank of China announced SIM Card NFC payments appeared first on CoinJournal.

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Coinbase stock could see a near-term pullback – analyst says

  • Atlantic Equities downgraded Coinbase stock to “neutral” on Wednesday.
  • Cathie Wood also trimmed her stake in the crypto exchange today.
  • Coinbase stock is currently up more than 150% versus the start of 2023.

Investors should pull out of Coinbase Global Inc now that it’s rallied more than 150% since the start of this year, says Simon Clinch – an Atlantic Equities analyst.

Coinbase stock has downside to $80

On Wednesday, Clinch downgraded the crypto exchange to “neutral”. His $80 price target warns of a 10% downside from its previous close.

In his research note, the analyst cited valuation and ongoing regulatory scrutiny as reasons for turning dovish on Coinbase stock.

The risk/reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop.

The Securities and Exchange Commission sued Coinbase Global Inc last month for violating the U.S. securities laws. The Nasdaq-listed firm also added an instant messaging feature to its wallet on Wednesday.

Cathie Wood trims her stake in Coinbase

Clinch recommends moving to the sidelines in Coinbase stock also because the USDC market cap has declined which will affect the company’s interest income.

With these factors in mind, we’re concerned the outlook for rest of FY23 may have deteriorated incrementally despite strength in crypto asset prices over the past month.

Coinbase Global Inc is expected to lose 84 cents a share in its current financial quarter versus $4.95 per share a year ago.

Also on Wednesday, famed investor Cathie Wood trimmed her stake in the crypto exchange. Her flagship Ark Innovation ETF sold 135,152 shares of Coinbase for roughly $12 million.

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Coinbase adds instant messaging feature to wallet

  • Coinbase Wallet now supports instant messaging across any two Ethereum addresses.
  • The feature will leverage the XMTP protocol and offer encrypted and private wallet-to-wallet communication and crypto payments.
  • Coinbase is rolling out the feature to a small subset of users first before expanding it.

Coinbase has introduced a new feature that allows for instant messaging between two wallet addresses for users of Coinbase Wallet.

A blog post the company published on July 12 stated that the messaging capability will utilise a built-in system powered by Extensible Message Transport Protocol (XMTP). With this feature users can now tap into all-in-one messaging and payments, which includes gas-free USDC transfers on Polygon.

To send any of the crypto assets that Coinbase Wallet supports, users will simply need to start a chat.

Encrypted and private messaging

The wallet-to-wallet messaging will be fully encrypted, private and portable, Sid Coelho-Prabhu, Director of Product Management at Coinbase, wrote.

Users can connect directly through their wallets, and will be able to take conversations and chat histories across other XMTP compatible apps. Coinbase Wallet is rolling out the messaging feature to a small group of users first, including those of Web3 social platform Lens protocol.

One needs access to the Coinbase Wallet mobile app to get started. They also need a .lens account, or should have an invitation sent via QR code. If one has used other XMTP apps, including Orb and Lenster, they will find all their chats in their Coinbase Wallet inbox.

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LBRY Credits Token plummets after federal court ruled against LBRY Inc.

  • At press time, LBRY Token had plunged to $0.009298 from a high of $0.01235 on July 11.
  • The plunge followed a ruling that LBRY Inc. violated US securities laws.
  • LBRY Inc. has stated that it is shutting down its business.

The LBRY Credits (LBC) fell by 24% early today as a result of a Federal Judge’s ruling that LBRY, Inc, the company that created the LBRY protocol, is responsible for breaking US securities laws. . LBRY was sued by the SEC in March 2021 for offering unregistered securities.

Following the final judgment, the company is permanently prohibited from selling unregistered securities unless it first registers with the US Securities and Exchange Commission (SEC). LBRY, Inc also has thirty days to pay a fine of $111,614.

Winding LBRY Inc. down

After the ruling, the decentralized content-sharing project LBRY Inc. was quick to announce its next steps stating that it working on winding down completely.

It’s crucial to note that the SEC never requested a total shutdown of the project, at least not in their initial complaint, despite the project’s announcement that it is closing. On the contrary, the regulator sought to prevent unregistered securities offerings of any kind and the return of “ill-gotten” profits from those activities, and civil penalties.

The SEC cited explicit statements on LBRY’s website that it was selling LBRY Credits (LBC) tokens to “financially support its operations” both through their protocol and on secondary markets, which refer to the buying and selling of tokens on platforms that aren’t the cryptocurrency’s original issuers. These statements were made during the litigation process.

Last year’s ruling against LBRY

In November last year, Judge Paul J. Barbadoro of the U.S. District Court of New Hampshire ruled against LBRY Inc. ruling that the project could not provide “any reasonable trier of fact that could reject the SEC’s claims.” As a result, LBRY Inc. declared they lost.

However, LBRY Inc. filed and won an appeal focusing on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve. 

After yesterday’s ruling, the company’s CEO, Jeremy Kauffman, tweeted that “neither the SEC nor the federal judge himself can tell me what the law allows and doesn’t allow,” adding that “all I’ve ever wanted to do is follow the law.”

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Helium price spikes as Bitcoin and Ethereum hover at key levels

  • Helium rose double digits as did 1inch and NEM after US inflation data 
  • Bitcoin price on the other hand touched $31k on Coinbase and Ethereum hovered near $1.9k.
  • Consumer prices rose 0.2% month-over-month and 3% year-over-year in June.

Bitcoin moved slightly higher on Wednesday after stock markets reacted positively to the latest US inflation data. However, the flagship cryptocurrency continued to hover near a crucial level as bulls looked to retest year-to-date highs.

BTC was changing hands near $30,800 at 11 am ET, having touched intraday highs of $31k on Coinbase

Elsewhere in the crypto market, the second largest cryptocurrency by market cap Ethereum was trading towards $1,900 as the total market cap rose 1.5% to above $1.24 trillion. The rest of the top 10 coins were also green at the time of writing. 

Litecoin, which had plunged 10% in the past week by early morning, had recouped some of the losses and was 5% down in that timeframe.

The biggest gainers in the past 24 hours among the top 200 by market cap were 1inch, NEM and Helium. All three had seen double digit upsides with HNT trading to highs of $1.48.

Bitcoin, altcoins move higher on CPI data release

US stocks opened higher on Wednesday too as the US consumer price index (CPI) data for June showed inflation had cooled year-over-year during the past month. Prices rose 0.2% month-over-month and 3% YoY in June, the latter a deceleration from the 4% recorded in May.

According to data released by the US Bureau of Labor Statistics, CPI was at its slowest in June, with the last time it was at this pace being March 2021.

Commenting on the CPI release, Charlie Bilello, Chief Market Strategist at Creative Planning Investor tweeted:

“US CPI has moved down from a peak of 9.1% last June to 3.0% today. What’s driving that decline? Lower rates of inflation in fuel oil, gasoline, gas utilities, used cars, medical care, apparel, new cars, food at home, electricity and transportation. Shelter is the only major component that has a higher inflation rate than a year ago and it is a wildly lagging indicator (actual housing inflation is much lower w/ home prices/rents down YoY).”

The Federal Reserve paused its interest rate hike cycle last month, although it noted it was likely to go for a 0.25% hike on another two occasions before the end of 2023. How markets react to upcoming central bank moves will be key to both equities and crypto.

Jim Bianco of Bianco Research LLC notes markets still expects a 25 bps rate hike on July 26.

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