Monat: August 2023

• Justin Sun has dismissed the insolvency rumours as FUD.
• Amid the broader crypto market uncertainty, Bitcoin has retreated from the $30k level.
• Meanwhile, the AltSignals presale continues to attract investors as funds raised surpass $1.24 million.

Justin Sun, founder of Tron (TRX), has dismissed the latest rumours around the crypto exchange Huobi, suggesting this is just FUD. Meanwhile, the broader crypto market remains largely uncertain after Tether sell-off and Bitcoin’s retreat from the $30k level.

But despite these events, one crypto project seeing consistent interest is AltSignals, a trading platform that has integrated artificial intelligence into a new algorithm that could be the game-changer for traders when it goes live.

Huobi insolvency rumours

Huobi, ranked 12th among largest crypto exchanges by trading volume, was again in the news this weekend over its solvency status. With USDT selling-off and Huobi witnessing huge outflows, market reaction saw BTC decline to lows of $29,000.

This is after reports emerged of arrests and investigations against the exchange by Chinese authorities. Rumours of the Justin Sun –backed exchange being possibly insolvent also intensified after crypto analyst Adam Cochran highlighted potential discrepancies in the company’s holdings.

Cochran pointed to on-chain data that shows Huobi’s assets at less than $90 million as of August 5, against the company’s latest ‘Merkle Tree Audit’ that indicated it held about $630 million in USDT. It’s these figures that fueled the insolvency claims.

Sun and Huobi have downplayed the allegations around investigations and arrests. According to Xandi, a Huobi community manager, the circulating information was “pure rumours” and that neither Huobi nor Tron has been questioned by Chinese police.

“We find it important to avoid false information in this age and please note all operation has been normal,” Xandi noted.

Hey, Adam:) This is Xandi from Huobi. Neither Huobi nor Tron is questioned by the police and it has been pure rumors. We find it important to avoid false information in this age and please note all operation has been normal as usual:) Let’s stop the spread of false info together!

— 三三 💙 Huobi (@33Huobi) August 6, 2023

AltSignals presale continues amid latest market turmoil

While Sun has added to the FUD call, it appears some investors are spooked, with TVL on the platform declining. The allegations could accelerate fresh declines for crypto if that’s the case, a cascade of which could mirror the events seen through last year’s crypto winter.

However, the investment community can use the opposite effect to their advantage by scouting for top promising projects for what’s likely to become bargain buys.

One of these projects is AltSignals, whose presale can be accessed here.

Why are more people interested in AltSignals’ AI-driven platform?

As noted above, the trading platform is building an AI layer atop its already successful trading algorithm AltAlgo. The new platform dubbed ActualizeAI will be powered by the ASI token and offer several AI-driven trading solutions for traders.

ASI holders have access to ActualizeAI, and can earn rewards from within the AI Member’s Club.

For the trading community around ActualizeAI, access to accurate buy and sell signals will for instance be available in real-time and 24/7 across any market condition. Whether in bear or bull markets, natural language processing, machine learning and predictive analytics are all integrated to offer optimized performance.

AltSignals’ indicators are available for futures, options and long-position trading across cryptocurrency, and stocks among other markets.

What’s the price of ASI today?

Although crypto markets remain wildly unpredictable as shown by the sudded impact of events such as the Huobi rumours, a few key factors are likely to drive ASI price higher after the presale. These include the ASI token’s scheduled launch on crypto exchanges in Q3, 2023, starting with Uniswap.

The token will also list on CoinGecko and CoinMarketCap, while the ActualizeAI Pass NFT Marketplace is also expected to launch in the quarter. Deployment of the ActualizeAI dashboard and debut of live trading in Q1 could also be key positive drivers.

The current AltSignals price is $0.01875 and will rise to $0.02274 at the end of the fourth presale stage. Thereafter, the price could rise significantly given the demand for a token whose community currently exceeds 50,000 traders.

To buy ASI, visit AltSignals.io

The post AltSignals outlook as Huobi insolvency rumours add to broader crypto lull appeared first on CoinJournal.

• Huobi saw a record $64 million in outflows over the weekend.
• The Outflows followed reports that the exchange’s executives had been arrested in China.
• An Angel investor has also pointed to inconsistencies in Huobi’s reserves.

Huobi customers withdrew $64 million over the weekend due to worries about the cryptocurrency exchange company going bankrupt and rumours that Chinese authorities were looking into their management. As speculation persisted, the total value locked (TVL) on the exchange decreased to $2.5 billion from $3.09 billion over the past month.

All these started on August 4 after Chinese authorities allegedly detained Huobi’s top executives. It was reported that the arrests were the result of an investigation into the exchange’s ties to betting websites.

Huobi woes

The rules governing cryptocurrency trading platforms appear to be getting stricter in China. Also, uncertainty exists regarding whether the recent resignation of one of the exchange’s senior executives was related to the ongoing investigations in China.

However, Huobi’s social media manager refuted the allegations and stated that the exchange is “currently doing well.”

But according to angel investor and fintech executive Adam Cochran, Huobi is allegedly having financial issues. Adam Cochran has specifically pointed to some inconsistencies in the exchange’s Tether (USDT) balances.

11/16

So users *think* they have balances of $631M in Huobi, but there is only $90M there.

The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.

— Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023

Huobi’s most recent “Merkle Tree Audit” claims that they hold $630 million in USDT, but on-chain data reveals that as of August 5, they had less than $90 million in assets. This suggests that Huobi might not be able to pay its debts, according to Cochran.

Justin Sun’s response

Justin Sun, the CEO of the Huobi Exchange, has responded to the allegations that the crypto exchange is about to fail.

Huobi in a tweet has also termed the circulating information as a FUD. It said:

The past two days have seen people getting concerned due to the spreading FUD. We want to take a second to respond in the open, with absolute sincerity and clarity

The post Justin Sun addresses Huobi’s insolvency concerns, calls it a FUD appeared first on CoinJournal.

• Elon Musk says his “bout” with Meta CEO Mark Zuckerberg should be streamed on X.
• Chancer is expected to disrupt the traditional bookmaker with a new betting model.
• $CHANCER presale has surpassed the $1 million mark amid huge investor interest.

It’s been talked about and teased for a while now – this fight between Tesla CEO Elon Musk and Meta counterpart Mark Zuckerberg.

While nothing is officially scheduled, both men have added to the burning embers this weekend.

Will the two billionaires square it out in the ring? It remains to be seen. However, what’s notable is that this is the kind of event you would find on Chancer, a new predictive markets platform set to launch in the first quarter of 2024.

Musk suggests X will stream Zuckerberg fight

Two tech billionaires taking their rivalry a notch higher and staging an actual ring – or cage – match is not an everyday event. While the Elon Musk vs. Mark Zuckerberg bout is unlikely to happen, both men have recently renewed their rhetoric about it.

In June, Musk pointed to his readiness for a “cage” match with the Meta CEO. As hyped as it was, it appeared to fizzle out even after Zuckerberg asked for the location. In July, Zuckerberg’s Threads, a rival to X (then called Twitter) launched, providing the latest spark. This weekend saw Musk himself post on X that the “Zuck vs. Musk fight will be live-streamed on X. He also noted that proceeds from the bout would go towards charity for veterans.

Zuck v Musk fight will be live-streamed on 𝕏.

All proceeds will go to charity for veterans.

— Elon Musk (@elonmusk) August 6, 2023

Zuckerberg shot back at Musk’s X streaming with a suggestion that the event should be on a “reliable platform that can actually raise money for charity.”

While this might turn out to be one massive war of words battle between these two, viewership if it ever happened could be colossal. It could also be a boon for punters, with multiple betting angles available – but sadly unlikely to make it to traditional betting platforms like Bet365, William Hill and Entain.

Where would almost anything bettable with regard any event with an outome be available? A decentralised crypto betting platform like Chancer could eventually be that marketplace.

What’s Chancer’s betting model?

Chancer is quietly building the kind of decentralised betting platform that could change the face of betting. As the team envisions in their whitepaper, the goal is to make this upcoming peer-to-peer (P2P) network the “world’s first decentralised social predictive markets platform.”

With centralised bookmakers increasingly making it more about the “house” than users, Chancer changes that. The design is for control to be in the hands of the user – and removing the centralised entity from the space means more chances for every day individuals to participate in betting events.

As a blockchain-powered platform, Chancer will have a native utility token called $CHANCER. Token holders will have full control of their bets, from creating one to setting odds and payouts. This means users won’t have the power to create betting markets on any event, but also share this with anyone within a global ecosystem.

Why is Chancer attracting so much interest?

The online betting and gambling industry is projected to grow at an estimated 11% CAGR up to 2030, up from around $64 billion at the end of 2022. With Chancer a potential threat to existing platforms, investors are taking advantage of its presale to acquire tokens at low prices.

Other than putting ordinary users in charge of their markets, Chancer provides an opportunity for one to earn more passive income. Holders of $CHANCER can win bets, get rewards for being market-makers and accumulate income via staking rewards.

The presale has surpassed the $1 million raised mark amid huge interest from crypto investors. Priced at $0.011 today, $CHANCER’s presale price will rise to $0.021. Demand could push it higher when the token launches on the open market and mainnet goes live in early 2024. Investors see the presale as a ideal time to position themselves early.

You can learn more about Chancer here.

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