Monat: August 2023

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Bitstamp is raising funds to expand services in Asia and Europe: Bloomberg report

TL;DR

  • Bitstamp wants to raise funds to expand its services in Asia and Europe. 

  • Galaxy Digital Holdings is acting as an adviser for the platform in its funding venture.

Bitstamp seeks to expand the number of markets it serves

Bitstamp, one of the oldest crypto exchanges, has revealed that it is currently in talks with investors to raise fresh funding.

This is according to Bitstamp’s CEO, Jean-Baptiste Graftieaux. The CEO told Bloomberg that the cryptocurrency exchange began the fundraising process a few weeks ago, and Galaxy Digital Holdings serves as its adviser. 

The cryptocurrency exchange will use the funds to expand its operations. Bitstamp wants to launch its derivatives trading service in Europe by next year and will also expand the number of markets it serves in Asia. The company will also expand its operations in the U.K.,

While commenting on this latest cryptocurrency news, Jean-Baptiste Graftieaux stated that;

“Bitstamp is not for sale, and we are not actively looking to sell the company. Our current and exclusive priority is to raise money through strategic investors to accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Bitstamp has been expanding its business in the crypto space in recent months. In June, Bitstamp was registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA). 

By doing so, Bitstamp joined other platforms like eToro, Revolut and Moonpay on the FCA list of firms complying with Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).

Bitstamp is a UK-based cryptocurrency exchange and has been around since 2011. 

The post Bitstamp is raising funds to expand services in Asia and Europe: Bloomberg report appeared first on CoinJournal.

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Cathie Wood: SEC may ‘approve more than one Bitcoin ETFs at once’

  • SEC has to rule on ARK’s application for a Bitcoin ETF by August 13th.
  • Cathie Wood expects the financial regulator to extend that deadline.
  • A summary of what else she said in an interview with Bloomberg today.

The U.S. SEC will likely delay ruling on application for a Spot Bitcoin ETF that Ark Invest registered on May 15th, says Cathie Wood.

Highlights from Wood’s interview with Bloomberg

Current deadline for the financial regulator to announce its decision on the said filing is August 13th. But the famed investor anticipates that the Securities and Exchange Commission will extend that deadline.

Speaking with Bloomberg this morning, the Founder and Chief Executive of Ark Invest also alluded to the possibility that the U.S. SEC may approve a bunch of Bitcoin ETFs at once.

I think SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once. Most of these will be same, and it’ll come down to marketing and communicating the message.

Other than her investment management firm, eight others, including BlackRock Inc, have so far filed for such an exchange-traded fund.

Wood is significantly invested in Grayscale Bitcoin Trust

A Bitcoin ETF has been the front and centre of all crypto-related debates in recent months.

In fact, the possibility of one that may make it more convenient to gain exposure to BTC has largely contributed to the 80% year-to-date rally in Bitcoin. Wood also said on Monday:

We’ve been putting out our Bitcoin monthly for the last year. We’re now starting a Bitcoin brainstorming session. We’re trying to get the word out there that our research is deep.

Note that the third largest holding in her Ark Next Generation Internet ETF at writing is Grayscale Bitcoin Trust. Wood refrained from commenting, though, on what she plans on doing with her investment in GBTC if a Spot Bitcoin ETF gets a nod from the financial regulator.

The post Cathie Wood: SEC may ‘approve more than one Bitcoin ETFs at once’ appeared first on CoinJournal.

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Crypto price prediction: Shiba Memu, Bitcoin Cash, Algorand

  • Shiba Memu token has raised over $1.64 million from investors.

  • It is one of the most popular upcoming crypto tokens in the world.

  • It combines key industries like AI and meme coins.

Cryptocurrency prices moved sideways even as American equities jumped. Bitcoin remained slightly above $29,000 while the total market cap dropped by 0.42% to $1.16 trillin. The Dow Jones and the Nasdaq 100 indices jumped by over 0.65% as investors embraced a risk-on sentiment. This article will look at the forecast for key cryptocurrencies like Bitcoin Cash, Algorand, and Shiba Memu.

Shiba Memu prediction

Shiba Memu is an upcoming cryptocurrency that is aiming to combine key technologies like artificial intelligence and meme coins. Its goal is to take advantage of the most hyped industries this year.

In AI, some of the best-performing companies and cryptocurrencies have been in the industry. Some of these firms are Nvidia, Microsoft, and C3.ai while the most popular crypto AI platforms are SingularityNET and Fetch.Ai.

Shiba Memu aims to be a better alternative to other popular cryptocurrencies like Shiba Inu, Dogecoin, and Pepe. It is also taking advantage of AI technology by self-marketing. It will do that by self-responding to user inquiries and grow from their feedback.

Shiba Memu will have several technologies, including Natural Language Processing (NLP), Sentiment analysis, predictive analysis, and personalization among others. 

Shiba Memu’s token sale has gained traction in the past few weeks. It has already raised over $1.6 million from global investors. The price of the token is rising on a daily basis. You can buy the Shiba Memu token here.

Bitcoin Cash price prediction

The 4H chart shows that the BCH price has moved sideways in the past few days. This price action has mirrored that of Bitcoin, which has also dropped from the year-to-date high of $31,388 to $29,000. BCH price has moved slightly above the 25-period and 50-period moving averages.

The price was also slightly above the 38.2% Fibonacci Retracement level. At the same time, the Relative Strength Index (RSI) has moved slightly above the neutral point at 60. Therefore, Bitcoin Cash price will likely remain in this range for a while. The key support and resistance levels to watch will be at $219 and $260.

Algorand price prediction

Algorand has been under pressure in the past few months. This pressure intensified recently when AlgoFi, the biggest DeFi platform in the ecosystem collapsed. ALGO price is consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) drifted upwards.

The Average True Range (ATR) has drifted downwards while the price is above the key support level at $0.1043. Volume has been constrained in the past few weeks. Therefore, the token will likely remain in a tight range in the coming days. The key support and resistance levels to watch will be at $0.10 and $0.12.

The post Crypto price prediction: Shiba Memu, Bitcoin Cash, Algorand appeared first on CoinJournal.

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Bitcoin revisits $28.8k as crypto sees huge outflows

  • Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
  • Equities also showed signs of uncertainty with mixed trading recorded.
  • Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

BTC hovers at key level amid huge outflows

On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

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DODO price jumps after Binance makes major announcement

  • DODO price jumped 33% after Binance announced the DODO perpetual contract.
  • Users will access the product with up to 20x starting August 8 at 08:00 (UTC).

DODO, the governance token of the decentralized exchange (DEX) platform of the same name, spiked by more than 33% on Monday morning. Within hours of an announcement from leading crypto exchange Binance, the price of DODO rose to $0.13, quickly jumping to a two-month high.

The last time DODO traded at that level was in early June this year. Before today’s upside, the token had traded in a range between $0.09 and $0.10.

Trade DODO with up to 20x leverage

Binance earlier today announced a DODO perpetual contract with up to 20x leverage, notifying customers that the product will go live on August 8, 2023 at 08:00 (UTC). The DODO perpetual contract will trade under the ticker symbol DODOXUSDT.

According to Binance, the product supports multi-assets mode, which means customers can trade DODOXUSDT across multiple margin assets. It means when one activates the multi-assets mode, they can use Bitcoin (BTC) as margin.

DODO token price rose quickly after the Binance announcement, spiking more than 33% within an hour to top its two-month peak.

The DODO tokens, which offer much more than governance functionality to holders, is more than 39% up on the seven-day log. However, it remains more than 98% down on its all-time high of $8.38 reached in May 2021.

Some of the utility DODO holders enjoy include crowdpooling, receiving IDO allocations and trading fee discounts.

The post DODO price jumps after Binance makes major announcement appeared first on CoinJournal.