Monat: August 2023

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Crypto derivatives exchange Bitget lists Stellar (XLM)

  • Bitget has listed Stellar (XLM), a project that’s currenly a $3.4 billion market cap token.

Bitget has announced the listing of Stellar (XLM), with the token added to the crypto derivatives platform’s Innovation Zone and Payment Zone.

A post on X said that deposits and trading were open, while withdrawals would be available starting August 25, 2023 from 11 AM UTC. Per the details in a blog post, Bitget noted available support is for the XLM/USDT pair.

Bitget’s Innovation Zone lists trending tokens, offering a 60-day valuation period for the listed trading pairs. Trading has to meet certain criteria, like market depth and so on, otherwise the exchange reserves the right to delist said tokens.

XLM price

Stellar is an open-source crypto network that powers cross-border digital payments powered by Stellar Lumens. The token uses the XLM symbol and has been one of the trending coins in the market. While outlook in recent weeks has suffered from broader market weakness, the overall long-term picture is largely positive.

Bulls are looking at an attempt to climb above $0.13 after paring all gains made when rival Ripple scored a crucial win against the SEC.

XLM price was 1.4% higher on Thursday, trading at around $0.12 as crypto markets struggled with uncertainty following last week’s sell-off.

The post Crypto derivatives exchange Bitget lists Stellar (XLM) appeared first on CoinJournal.

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Six major cryptocurrencies on Coinbase’s chopping board

  • DerivaDAO (DDX), one of the delisted tokens, dipped the most after the announcement.
  • Multichain (MULTI), which has been facing serious setbacks with its bridge will also be delisted.
  • Coinbase regularly reviews its listed crypto assets to ensure they continually maintain the highest standards.

Coinbase Assets has announced that it has decided to temporarily halt trading for six particular cryptocurrency assets, effective September 6, 2023, at 9 AM PT. The affected cryptocurrencies are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

As a result of this move, these assets will experience a substantial shift as they will no longer have access to crucial Coinbase services like the Simple and Advanced Trade capabilities, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.

The official notification from Coinbase states that the trade for these assets will be suspended starting on September 7, giving interested parties around two weeks to adjust. Within hours, the news had thousands of views and likes on Twitter as it quickly gathered popularity across internet platforms.

Coinbase commitment to quality within its listed assets

Coinbase’s move was motivated by the crypto exchange’s unwavering dedication to sustaining the highest standards of quality in its listed assets. The exchange revealed that the six assets didn’t pass its strict listing requirements after completing a thorough investigation.

Notably, following the announcement, the prices of Ooki (OOKI), Multichain (MULTI), DerivaDAO (DDX), Jupiter (JUP), Voyager (VGX), and BarnBridge (BOND) and fell by 0.5%, 0.7%, 24%, 16%, and 6%, and 5% respectively.

One of the delisted assets, Multichain, has seen a string of setbacks, including the arrest of its CEO and the subsequent closing of its bridge due to significant Bitcoin (BTC) losses totalling more than $109 million.

The post Six major cryptocurrencies on Coinbase’s chopping board appeared first on CoinJournal.

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Maker (MKR) price regains momentum as Spark Protocol inflows rise

  • Maker’s MKR price has staged a strong recovery in the past few days.

  • Spark Protocol is seeing strong inflows because of its higher rates.

Maker (MKR) crypto price jumped on Thursday as investors cheered the rising demand for the Dai stablecoin. The coin jumped to a high of $1,100, which was much higher than last Friday’s low of $978. Its recovery also coincided with the strong comeback of tech stocks following Nvidia’s earnings.

Dai demand jumps

MakerDAO is one of the biggest players in the blockchain industry. Data compiled by DeFi Llama lists its total value locked (TVL) at over $5.12 billion, making it the third DeFi player after Lido DAO and AAVE.

MakerDAO is known for the Dai stablecoin, the 12th-biggest cryptocurrency and the third-biggest stablecoin in the world.  Dai’s market cap has jumped by more than $1 billion in the past few weeks, giving support to MKR’s token.

Dai is thriving thanks to Spark Protocol, a rival to AAVE that was launched by MakerDAO a few months ago. Spark is a DeFi protocol that makes it possible for people to earn returns by simply depositing cryptocurrencies like ETH and Dai.

Spark also allows people to borrow Dai against their collateral and swap other coins without slippage. Data shows that depositors are earning a return of as much as 8%. Like AAVE, it generates these funds by lending in the platform. Spark has grown so much such that its total value locked has jumped to over $578 million.

MakerDAO and other DeFi protocols are facing the challenge of high-interest rates since money market funds are now generating a higher rate, thanks to the relatively higher interest rates by the Federal Reserve. Some funds are returning as high as 6%.

Maker price forecast

The 4H chart shows that the MKR price dropped sharply last week as cryptocurrencies plunged. It dropped to the important support level at $978. The coin still remains below the 50-day moving average and is slightly below the 50% Fibonacci Retracement level.

Therefore, there is a likelihood that the MKR price will likely continue rising as buyers target the key resistance level at $1,150. A drop below the support at $1,050 will invalidate the bullish view.

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The post Maker (MKR) price regains momentum as Spark Protocol inflows rise appeared first on CoinJournal.