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Cryptocurrency exchange OKX gains approval to operate in Dubai

Dubai is becoming one of the most favourable destinations for cryptocurrency companies. 

OKX, one of the leading cryptocurrency exchanges in the world, announced on Thursday, July 14th, that it had gained approval to operate in Dubai, the United Arabs Emirate.

According to its press release today, OKX said it had been granted a provisional virtual assets (VA) license to provide services to qualified investors in the UAE.

The licence was issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing the exchange to provide certain exchange products and services to pre-qualified investors and financial service providers within the UAE.

The cryptocurrency exchange added that it would also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem within the region.

Lennix Lai, General Manager, OKX Dubai, commented on this latest development, stating that;

“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that will be so important to the development of this space while innovating for the future in a regulated framework.”

OKX has become one of the leading cryptocurrency exchanges in the world and continues to build despite the ongoing bear market. 

Tim Byun, Global Government Relations Officer, OK Group, said the company is excited to expand its reach to the UAE. he stated that;

“Dubai is a pioneer when it comes to regulation of the virtual assets sector, and it is swiftly becoming one of the top global hubs for the industry. We at OKX are thrilled to be participating in the sound compliance framework that Dubai’s Virtual Assets Regulatory Authority has established, and which reflects the UAE’s leadership as far as nurturing the global economy of the future.”

Thanks to this latest development, OKX said it would be participating in the VARA regulatory ecosystem. The crypto exchange will help by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.

The post Cryptocurrency exchange OKX gains approval to operate in Dubai appeared first on CoinJournal.

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Celsius files for Chapter 11 bankruptcy: CEL price on the decline

As the volatile crypto market continues to tumble, Celsius Network has decided to seek help from the authority by filing a voluntary petition under the Chapter 11 bankruptcy code at the United States Bankruptcy Court for the Southern District of New York. 

This comes after the crypto lender tried implementing a number of measures including withdrawing WBTC and ETH tokens from Aave to pay its loans.

Following the news of the filing of the Chapter 11 Bankruptcy, the native token of Celsius Network, CEL, took a bow and has almost shed a quarter of its previous gains. 

Over the last 30 days, CEL price had risen by about 112.5%. However, today at the time of writing, CEL had registered a drop of about 16.5% over the past 24 hours.

Celsius is. However, not the first crypto firm to file for Chapter 11 bankruptcy. Over the past month, major crypto firms like crypto lender Voyager Digital and crypto hedge fund Three Arrows Capital have also filed for the same in an effort to secure their companies. 

Why did Celsius file for Chapter 11 Bankruptcy?

After filing for Chapter 11, Celsius will be able to continue with its operations once the bankruptcy court approves its filing. However, the firm maintained that customers will still not be allowed to carry out withdrawals at the moment.

In the meantime, Celsius will be undergoing a restructuring process that will be aimed at increasing the value for its investors. Where during the process, it will provide ample liquidity to support some of its operations with its $167 million cash at hand as it tries to stabilize its businesses.

A restructuring process might be the only remedy for the crypto firm during the current bear market condition.

While addressing the matter, Celsius CEO and Co-founder, Alex Mashinsky said:

“This is the right decision for our community and company. We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

To save the company from insolvency, Celsius stopped all withdrawals last month. This has helped them pay off part of the debts they owed. In total, they have paid out debts amounting to about $800 million to a number of other crypto firms including Maker, Aave, and Compound Finance.

The post Celsius files for Chapter 11 bankruptcy: CEL price on the decline appeared first on CoinJournal.

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Here is why MATIC is up by more than 10% today

The cryptocurrency market is yet to kick the ground running this week and could end the week trading in the negative zone.

The cryptocurrency market has been underperforming since the start of the week. Over the last 24 hours, the total market cap is down by less than 1% and currently stands above $880 billion. 

Bitcoin is looking to surge past the $20k resistance mark again despite going down by 0.5% over the past few hours. Ether, on the hand, is looking to climb above the $1,100 resistance point after adding 1% to its value today.

However, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 10% in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind the ongoing rally is the announcement that Polygon is the only blockchain project chosen to be a part of the Disney Accelerator program. 

The 2022 Disney Accelerator, is a business development program designed to accelerate the growth of innovative companies from around the world.

Key levels to watch

The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing well over the past 24 hours.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 61 shows that MATIC is currently not in the oversold region and could rally towards the overbought zone in the coming hours or days.

At press time, MATIC is trading at $0.625. If the rally continues, MATIC could surge past the first major resistance level at 0.70 before the end of the day.

MATIC is retracing some of its earlier gains and could slip below the $0.57 support level if the bears remain in control of the broader cryptocurrency market. 

The post Here is why MATIC is up by more than 10% today appeared first on CoinJournal.

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Ethereum price bearish flag points to a major crash soon

Ethereum price has struggled in the past few months as investors remain concerned about several factors. The ETH token is trading at $1,083, which is significantly lower than its all-time high of near $5,000. The coin’s market cap has dropped to about $131 billion. At its peak, Ethereum was valued at over $600 billion.

DeFi, NFT, Gaming growth concerns

Ethereum price has crashed as investors continue worrying about the rising inflation and the strong US dollar. Data published on Wednesday revealed that America’s inflation surged to 9.1% in June of this year. This was the biggest increase in more than 41 years.

Inflation has an impact on Ethereum and other cryptocurrency prices. For one, high inflation pushes the Federal Reserve to embrace an extremely hawkish policy. In return, this policy tends to push the value of the US dollar much higher. 

Learn more about how to buy Ethereum.

Indeed, the US dollar index has surged to $108, which is the highest level it has been since 2002. A strong US dollar usually devalues the prices of other financial assets that are priced in the currency. Unfortunately, Fed is expected to double down by implementing a 100 basis point rate hike later this month.

Ethereum price has also crashed because of the ongoing performance of key sectors like gaming, decentralized finance (DeFi), and non-fungible tokens (NFT). In the past few months, the total value locked (TVL) in DeFi has crashed from over $250 billion to about $73 billion. In this period, the TVL in Ethereum has dropped to about $45 billion.

The same trend has happened in the gaming industry. The number of active players in an Ethereum platform like Axie Infinity has dropped to below 500k. Decentraland has also seen waning user growth. 

Further, the volume of non-fungible tokens (NFT) traded on a daily basis has declined significantly in the past few months.

Ethereum price prediction

The daily chart shows that the ETH price has been falling in the past few months. Most recently, the coin has formed a horizontal channel that is shown in blue. This channel resembles a bearish flag pattern. It has also moved below the 25-day and 50-day moving averages.

Therefore, because of the bearish flag, there is a possibility that Ethereum will soon have a strong bearish breakout as sellers target the support at $888, which was the lowest level this year.

The post Ethereum price bearish flag points to a major crash soon appeared first on CoinJournal.