Monat: September 2023

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Citi just launched ‘tokenized deposits’ for institutional clients

  • Citi Token Services will help enable instant transfers globally.
  • The new service will be accessible via its existing systems.
  • Citi shares are down over 15% versus their year-to-date high.

Citigroup Inc is in focus today after launching “tokenized deposits” for institutional clients.

Tokenized deposits will help enable instant transfers

Citi Token Services will change deposits into digital tokens to enable instant transfers even outside of business hours to anywhere in the world. According to Shahmir Khaliq – its Global Head of Services:

The development of Citi Token Services is part of our journey to deliver real-time, always-on, next-gen transaction banking services to our institutional clients.

The multinational investment bank worked for months with Maersk to test this latest foray into the blockchain-enabled payment solution. Its shares are currently down more than 15% versus their year-to-date high.

Note that Citi Securities Services also partnered with BondbloX Bond Exchange as a digital custodian last week.

Citi’s wealthy clients won’t need their own digital wallet

The financial services behemoth is using a private blockchain to launch the new service and not relying on a public one like Ethereum, as per the press release.

Citi Token Services will, therefore, be available to institutional clients via its existing systems without the need of a separate digital wallet. Shahmir Khaliq also said today:

This development goes hand-in-hand with our industry leading work on Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.

The New York listed firm recently announced plans of reorganising into five main divisions. Its peer JPMorgan Chase & Co is also exploring tokenized deposits but its efforts are still in the early stages only.

The post Citi just launched ‘tokenized deposits’ for institutional clients appeared first on CoinJournal.

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Bitcoin tops $27k as Shiba Memu’s presales close in on the $3M mark

TL;DR

  • Bitcoin has now crossed the $27k level after adding more than 2% to its value today.

  • Shiba Memu’s presale is now closing in on the $3 million mark.

The cryptocurrency market has been bullish today, with prices of most cryptocurrencies up by more than 2%. With the market in a bullish state in the last few days, Shiba Memu is also closing in on a new record as its presale now stands above $2.9 million.

Bitcoin crosses the $27k mark

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well in recent days. It added more than 2% to its value over the past 24 hours as the rally continues.

At press time, the price of Bitcoin stands at $27,290, up by 2.6% so far today. Bitcoin’s positive performance has also seen the broader crypto market embark on a mini rally. The total cryptocurrency market cap now stands at $1.08 trillion, up by more than 2% in the last 24 hours. 

What is Shiba Memu?

With the broader crypto market currently in a bullish mode, Shiba Memu’s presale has also been going excellently. Shiba Memu’s presale is closing in on a new milestone after adding more than $300k over the last few days. 

Shiba Memu is a meme token project that combines AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

According to the development team, Shiba Memu is designed to handle the work of various marketing strategies. As an AI-based platform, Shiba Memu will be active at all times. 

The Shiba Memu platform will always be active in finding the best creative advertising campaigns, making it easier for entities and individuals to carry out marketing campaigns. 

Shiba Memu was launched as a meme project thanks to the recent popularity of meme coins. Over the last three years, the market cap of meme coins grew from practically $0 to reach the $20 billion mark in 2022. 

While most meme coins lack use cases, Shiba Memu is built differently. Shiba Memu has utility and will solve real-world problems for companies and individuals. 

In their whitepaper, the team said Shiba Memu has self-sufficient marketing capabilities powered by AI technology. As an AI-powered platform, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks. Shiba Memu currently operates on two major blockchains, Ethereum and BNB Chain

Shiba Memu’s presale nears $3m

Shiba Memu’s presale continues to set new records, adding more than $300k over the past seven days. Last week, Shiba Memu’s presale investment stood at $2.6m, and it currently stands at $2.9m.

The funds generated from the presale would be directed towards the development of some Shiba Memu products. Most of the funds would be used to develop Shiba Memu’s AI technology. 

Click here to find out more about Shiba Memu’s presale event. 

Should you invest in Shiba Memu today?

Shiba Memu’s presale continues to generate more interest thanks to the project’s value proposition. In addition to that, the cryptocurrency market has experienced an excellent performance since the start of the year, with the prices of most coins and tokens up by nearly 40% during that period.

Despite the positive performance, the market is still down by more than 50% from the all-time high set in 2021. Market analysts are now expecting Bitcoin and other cryptocurrencies to rally over the next few months. 

Shiba Memu could be one of the biggest winners once the project launches and the token gets listed on crypto exchanges. 

Shiba Memu is set to combine the powers of AI and blockchain technology to ease marketing strategies for companies and individuals. If the project gets the right level of adoption, its SHMU token could rally higher in the medium to long term. 

The post Bitcoin tops $27k as Shiba Memu’s presales close in on the $3M mark appeared first on CoinJournal.

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Stacks price spikes as BTC soars above $27k: Is it a buy now?

  • Stacks crypto price has jumped by over 11% from its lowest level last week.

  • The coin jumped after Bitcoin soared above $27,000.

Stacks price jumped by more than six percent on Monday as cryptocurrency recovery continued. The STX token rose to a high of $0.5023, the highest level since August 31st. It has risen by more than 13% from the lowest level this year.

Bitcoin price spikes above $27k

There was no Stacks-specific news that helped to push its token price higher. Therefore, this price action was mostly because of the performance of Bitcoin, which flipped the important resistance at $27,000 on Monday. This was a major recovery since Bitcoin crashed below $25,000 on Monday last week.

It is unclear why cryptocurrencies are rising. A likely reason is that investors are waiting for the upcoming Federal Reserve interest rates decision scheduled for Wednesday. Most analysts expect the Fed to leave interest rates unchanged at 0.25%.

The Fed decision comes at a difficult time for the American economy. The most recent data showed that the country’s inflation rose from 3.2% in July to 3.7% in August. At the same time, retail sales were strong even as inflation and interest rates rose.

The US is also going through a major strike, which was called by the United Auto Workers (UAW). This strike has seen workers in the biggest car plants in the US down their tools and analysts expect that the strike could go on for a while. Therefore, the Fed will likely decide to pause and assess the state of the economy.

The Stacks comeback led to an increase in shorts liquidations. Data by CoinGlass showed that shorts liquidations rose to $60k, the highest level since September 5th. Also, Stacks open interest in the futures market rose. It jumped by more than 28% in the past 22% to over $28.3 million.

Stacks price forecast

The daily chart shows that the STX crypto price has been moving sideways in the past few days. It has found a strong support at $0.4176, the lowest level since last week. Despite the comeback, the coin remains below the 50-day moving average and the descending trendline shown in black. This trendline connects the highest level since June 26th.

Therefore, I suspect that the coin will resume the bearish trend in the coming days. A bearish breakout will be confirmed if it moves below the support at $0.4176. The stop-loss of this trade will be at $0.5500.

How to buy Stacks

Bitvavo

The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.

Buy STX with Bitvavo today

Okcoin

Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin’s mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.

Buy STX with Okcoin today

The post Stacks price spikes as BTC soars above $27k: Is it a buy now? appeared first on CoinJournal.

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BTC touches $27.3k as Chainlink leads crypto bounce

  • Bitcoin has broken above $26,300 for the first time since August 31.
  • With the gains, LINK is up more than 15% in the past week and hit $6.81.

Bitcoin is back above $27,300 for the first time since August 31, while Chainlink (LINK) is leading the top 20 cryptocurrencies by market cap as its price bounces to above $6.80. Elsewhere, top altcoin Ethereum has hit highs above $1,670 as the mega caps gain ahead of a likely pivotal week for sentiment across risk asset markets.

Can Bitcoin price break higher?

BTC breaking higher on Monday sees the benchmark cryptocurrency rekindle a little positivity for bulls. With intraday highs near $27.4k, crypto analysts have noted the potential for a retest of a critical level and the invalidation of a double-top pattern.

While the price may reject at the immediate resistance and fail to consolidate above the 200-week MA, the opposite outlook is a decisive breakout that turns the hurdle into a support. The upside perspective would be crucial after BTC signaled the Death Cross on the daily chart and saw a bearish monthly close candle as price stayed below $27k.

If price moves higher, a rally to $28,200 could open it up for a retest of the psychological $30k level. On the downside, rejection would mean a retest of $25k area before rebounding.

LINK price up

Chainlink has been today’s biggest gainer so far, jumping nearly double-digits as intraday price reached highs of $6.81across major crypto exchanges. The breakout has been helped by the bullish push above the $6.40 area and comes after LINK revisited the $5.50 zone.

If prices continue to rise, LINK/USD might add to the weekly gains of more than 15% with a push towards $8.00. Crypto analyst Michael van de Poppe sees this as the likely trajectory.

The post BTC touches $27.3k as Chainlink leads crypto bounce appeared first on CoinJournal.