Monat: September 2023

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Galaxy Digital reveals plans of ‘aggressively’ expanding in Europe

  • Galaxy Digital names Leon Marshall its head of Europe operations.
  • The crypto company had recently partnered with DWS in Europe.
  • Galaxy Digital shares are down about 30% versus their YTD high.

Galaxy Digital just revealed plans of expanding its footprint in Europe. Its shares are keeping about flat at writing.

Leon Marshall to head Galaxy’s European operations

On Thursday, the blockchain company named Leon Marshall the Chief Executive of its European operations. He has previously served as an executive at Genesis.

Marshall has been tasked with seeking opportunities and leading the digital assets platform further into Europe. He will remain its global head of sales as well.

Earlier this year, the New York based firm announced a strategic alliance with DWS on digital assets ETPs – exchange-traded products. The asset manager will eventually work with Galaxy Digital on other digital asset solutions as well.

“GLXY” is currently down about 30% versus its year-to-date high at writing.

Europe is turning more attractive for crypto companies

MiCA or Markets in Crypto-Assets Regulation that the European Union approved this year makes it attractive for cryptocurrency companies. Michael Novogratz – the Founder of Galaxy Digital said today:

We’re thrilled to name Leon as CEO of Europe, a region critically important to our growth strategy. He’ll be invaluable as we scale our operations in U.K. and continental Europe aggressively.

Blockchain firms have also been turning recently to other crypto-friendly countries including the United Arab Emirates and Singapore due to a lack of regulatory clarity in the United States.

Earlier in September, the CEO of Ripple Labs – Brad Garlinghouse blasted the U.S. regulators for doing “nothing” to alleviate the situation as he announced plans of expanding in Europe.

The post Galaxy Digital reveals plans of ‘aggressively’ expanding in Europe appeared first on CoinJournal.

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Astar (ASTR) price: sellers dent uptick after major exchange listing

  • Astar (ASTR) price rose to highs of $0.059 after news of listing on Bithumb.
  • ASTR has however pared some of the gains to trade near $0.053 amid profit taking.

Astar (ASTR) rose to a multi-week high on Thursday, reaching an intraday peak of $0.059 as market reaction to news of a major exchange listing buoyed bulls.

However, with sellers still largely present, ASTR has pared most of the daily gains and currently traded near $0.053. Per data on CoinGecko, the cryptocurrency’s price has a 24-hour and seven-day upside of 2.5% and 4.4% respectively at the time of writing (11:30 am ET).

Astar price soared after Bithumb listing news

A tweet from Sota Watanabe, founder of Astar Network, on Thursday highlighted the native ASTR’s listing on Bithumb, one of the largest cryptocurrency exchanges in South Korea. With the news came the buying pressure, a scenario that catapulted ASTR/USD from lows of $0.052 to near $0.060.

Notably, the spike in the USD pair came even as Bithumb added support for ASTR/KRW, driving volume across the country.

The listing on the Korea-based exchange comes after Astar Network, which is Japan’s leading blockchain, launched its highly anticipated zero knowledge (ZK) layer 2 chain Astar zkEVM on Ethereum. 

Astar’s L2 scaling solution is powered by the Polygon CDK. According to the Astar and Polygon teams, the new ZK-powered chain brings transaction speed, scalability and security to businesses and enterprises. It’s part of the roadmap to delivering global adoption for Web3.

ASTR also recently listed on Swyftx, one of the leading crypto exchanges for Australia and New Zealand. The token also recently debuted on Huobi.

The post Astar (ASTR) price: sellers dent uptick after major exchange listing appeared first on CoinJournal.

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3 reasons the Gala crypto price has plunged to record low

  • Gala crypto price is nearing its lowest level on record.

  • It has plunged by more than 78% from the highest level.

  • There are concerns about the platform and the ongoing lawsuit.

Gala token price continued its sell-off as demand for the coin crashed. The token plunged to a low of $0.013, meaning it has plunged by more than 78% from the highest level on record. Other top laggards on Thursday were coins like Optimism, eCash, Injective, and XDC Network.

Fed interest rates and ecosystem growth

There are three main reasons why Gala crypto price has been in a strong bearish trend for a while. First, like other cryptocurrencies, it is being affected by the rising interest rates by the Federal Reserve. 

The Fed has hiked rates from 0% during the pandemic to between 5.25% and 5.50%. In its monetary policy meeting on Wednesday, the bank warned that it will deliver one more 0.25% rate hike. 

High interest rates have an impact on all assets. For example, they lead to a higher US dollar index (DXY). The index, which measures the value of the USD against a basket of currencies, has jumped to a five-month high of $105.

Further, the dollar is having a higher yield than most cryptocurrencies. Money market fund yields have jumped to a multi-year high of almost 6%. Therefore, many investors have moved their funds from risky assets like crypto to cash.

Second, Gala price has plunged because of the lack of traction of games in its ecosystem. While developers have launched several games like Townstar, Dragon Strike, and PokerGo, data shows that they have not gone mainstream. Also, NFT sales in Gala have dropped. 

Finally, there is internal wrangling between Wright Thurston and Eric Schiermeyer, the co-founders of the platform. The two are battling over a $130 million theft in a court in Utah. Historically, investors tend to avoid assets with such issues.

Gala crypto price forecast

The daily chart shows that the Gala crypto price has been in a strong bearish trend in the past few months. It moved below the key support level at $0.018 and $0.015, the lowest levels in June this year and December last year. Gala has also remained below the 50-day and 100-day moving averages.

Therefore, Gala price will likely continue falling as demand for the coin wanes. This sell-off will likely continue falling as sellers target the key support at $0.010. The stop-loss of this trade is $0.02.

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The post 3 reasons the Gala crypto price has plunged to record low appeared first on CoinJournal.

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Tether makes AI foray with huge bet on Cloud GPUs

  • Tether has made an entry into the AI space with a strategic investment in Bitcoin miner Northern Data.
  • Media reports say Tether purchased 10,000 Nvidia H100 GPUs worth $420 million.

Tether, the company behind the $83 billion stablecoin USDT, has marked its foray into the AI tech space with a strategic investment in Europe-based crypto mining firm Northern Data.

A news release by Tether noted that the investment was made via Damoon, a Tether group company. The stablecoin issuer did not disclose the amounts involved, only stating that Forbes’ report had misrepresented the company’s “stake size in the investment.”

“We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers,” said Paolo Ardoino, the Tether CTO.  He added: “This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’s reserves.”

Tether will collaborate with Northern Data on various AI initiatives, peer-to-peer communications, and data storage solutions.

Global demand for AI GPUs

Nvidia’s H100 is arguably one of the most important computer chips in the market, partly why the Nasdq-listed company has a massive bet on AI. Even though it’s priced at $40,000, the H100 is seeing massive demand thanks to its capabilities around heavy-duty data processing. It’s a key commodity in the AI startup world.

In its report, Forbes said Tether had made a $420 million investment in Northern Data’s artificial intelligence business, purchasing 10,000 Nvidia H100 GPUs via Damoon. Per the publication, Tether was set to acquire a 20% stake in Northern Data, which will rent the in-demand chips to startups across the AI industry.

Tether does acknowledge that the deal with Northern Data puts it on the cusp of becoming the “biggest independent AI player in Europe.” That’s likely given the investment is reportedly bigger than what some countries have outlined.

For example, a recent report by The Telegraph indicated that the British government planned to spend $120 million (£100 million) on GPUs. Elsewhere, Saudi Arabia is said to have acquired 3,000 pieces of the Nvidia H100 as it looks to power its AI projects.

The post Tether makes AI foray with huge bet on Cloud GPUs appeared first on CoinJournal.