Monat: August 2023

Veröffentlicht am

Checkout.com terminates Binance support over AML concerns: report

  • Credit card processor Checkout.com cuts ties with Binance over AML concerns.
  • Binance is reportedly considering legal action, Forbes said in a report published August 18.
  • Binance recently announced it was shutting down its regulated buy-and-sell crypto arm Binance Connect.

Checkout.com, the UK-based payments processor that has been one of the biggest payments partners for Binance, has reportedly ended its relationship with the crypto exchange giant.

A report published by Forbes on August 18 indicated that the London-based firm informed Binance of the move this week, having sent letters to that effect on August 9 and 11. In the letters, Checkout.com cites the various regulatory actions against the crypto company and overall concerns over anti-money laundering (AML) compliance.

The termination, which took effect on August 17, was communicated to Binance by Checkout CEO Guillaume Pousaz, Forbes reported.

Binance is considering legal action following Checkout’s decision, the exchange said via a statement attributed to spokesperson Dewi Mustajab. The crypto giant says the withdrawal by Checkout.com will not impact its services.

Binance recently shut Binance Connect

The development comes shortly after Binance, as CoinJournal reported earlier this week, announced it was shutting down a Checkout-supported unit dubbed Binance Connect. The regulated buy-and-sell platform supported crypto payments for businesses.

Elsewhere, PaySafe, one of Europe’s leading payments providers, also ended its partnership with Binance in June. 

Notably, Binance launched its fiat-to-crypto payments provider, Bifinity, in March 2022. The company was unveiled in partnership with both PaySafe and Checkout.com.

The post Checkout.com terminates Binance support over AML concerns: report appeared first on CoinJournal.

Veröffentlicht am

Shiba Inu price outlook: SHIB army digs in despite Shibarium setback

  • Shiba Inu (SHIB) traded to lows of $0.0000072 before bouncing to $0.0000087.
  • Declines for SHIB came amid wider crypto sell-off as Bitcoin fell to lows of $25,600.
  • SHIB price could recover to the psychological $0.00001 or see fresh declines to major support levels.

Shiba Inu’s native token SHIB has plunged to July lows, trading to lows of $0.000000726 after a sharp 20% drop. SHIB price was down over 30% in the past week as of 8:30 am ET on Friday morning.

The token’s sharp decline follows a broader market sell-off that also saw Bitcoin flash crash to $25,600 and Ethereum to $1,570. However, for Shiba Inu, the dump had another catalyst.

Sell-off came at a time the SHIB army – a passionate community of SHIB holders – was looking to navigate a major setback related to the cryptocurrency’s layer-2 network Shibarium. Meanwhile, the data shows a total of over 97 million SHIB have been burnt in the past 24 hours. 

Shibarium hit snag shortly after launch

Shibarium, a fork of Polygon, launched to much hype on Wednesday, with the community celebrating a key milestone as the layer-2 network brought new functionality set to transform the Shiba Inu ecosystem.

But that enthusiasm hit the rocks shortly after, with the L2 going offline amid what the team says was an unprecedented traffic. The latest update from the team has nonetheless provided optimism for a swift reboot, more so after it was revealed Shibarium was getting help from major players within the ecosystem.

Developer Kaal Dhairya has also assured users that the $1.7 million in user funds locked in the ETH bridge as the blockchain went into “fail safe” mode were “safu.” Although its unclear when the Shiba Inu L2 platform reboots, the community’s response to today’s update has seen SHIB price turn just green as seen on the 24-hour time frame.

SHIB price outlook after Shibarium setback

The 4-hour chart below shows SHIB has bounced from lows of $0.00000726 to intraday highs of $0.0000087. 

Shiba Inu price on 4-hour chart. Source: TradingView

This area however represents a previous resistance zone, which suggests the SHIB army might have to dig in push further to bounce to the psychologically important $0.00001 level. 

Otherwise, more downside will follow as the 4-hour RSI remains below 50 to indicate strength still lies with the bears. In this case, the key areas to watch on the downside are $0.000008 and $0.0000075.

The post Shiba Inu price outlook: SHIB army digs in despite Shibarium setback appeared first on CoinJournal.

Veröffentlicht am

Crypto liquidations hit $1B in 24 hours as Bitcoin dumps to near $25k

  • Over $1 billion in crypto liquidations occured as crypto prices dumped sharply.
  • Bitcoin fell to near $25k amid a flash crash triggered by SpaceX rumour.

The crypto market saw a sharp correction overnight Thursday/Friday morning, with Bitcoin price crashing within minutes from near $28k to lows of $25,600. Reverberations across the market resulted in over $1 billion in liquidations and the crypto market cap shrunk by nearly 7%.

Traders rekt as amid massive $1 billion in liquidations

Even though the benchmark cryptocurrency has pared some of the losses to trade around $26,440 at 7am ET, the negative flip left more than 176,000 traders rekt. According to data from Coinglass, the past 24 hours saw 176,700 traders liquidated – total liquidations in the time frame reaching $1.04 billion.

Most of the liquidated positions were longs at $832 million, while shorts accounted for about $206 million. Bitcoin saw over $499 million in liquidations – $373 million in longs and $125 million in shorts. 

According to Glassnode data, the largest single liquidation order was $55.92 million on Binance and involved ETH/BUSD. The ETH price fell to below $1,580, its lowest level since mid-June. Wu Blockchain posted this on X.

Why did Bitcoin price fall so suddenly?

Bitcoin teetered on a knife’s edge on Thursday when crypto mirrored broader market’s reaction to Fed minutes released on Wednesday. After breaking below $28k, largely on scant volume, the possibility of a flash crash increased.

That happened after rumours spread that Elon Musk’s SpaceX had dumped its BTC holdings. By the time the rumour was debunked, BTC/USD was trading at levels last seen when the market reacted higher on news of BlackRock’s spot Bitcoin ETF application.

Veteran trader and analyst Gareth Soloway highlighted the outlook via a post on X.

The recovery towards the critical $28k level is likely to hinge on regulatory news involving the Grayscale ETF application, which is expected today around 11 am ET. Still on ETF news, there’s some optimism related to the approval of several Ether futures ETF applications. These and other market conditions could be key not just to Bitcoin and Ethereum, but the overall crypto market.

Bitcoin below $25k would bring the $20k support level into view and likely threaten a retest of the 52-week cycle lows. On the flipside, rebound to $28k on a confluence of upside triggers could inject fresh momentum and strengthen bulls.

The post Crypto liquidations hit $1B in 24 hours as Bitcoin dumps to near $25k appeared first on CoinJournal.