Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Paxful P2P exchange reopens after closure

  • Paxful remained closed for the last month.
  • A legal dispute between Paxful’s co-founders had disrupted the exchange’s operations.
  • The Paxful wallet however remained open throughout the shutdown.

Paxful on May 8, announced that it will be reopening its services after a month-long shutdown. The P2P crypto exchange, however, said that it will gradually restore its services in the coming days.

When Paxful announced its shutdown on April 4, 2023, it gave users alternatives to where they could transfer their assets although the Paxful wallet remained open throughout. The P2P exchange closure sent shockwaves across the crypto market seeing that it followed the closure of LocalBitcoins.

Paxful is currently owned by a custodian

Paxful closure was a result of tensions between Paxful co-founders Ray Youssef and Artur Schaback. While Schaback hoped for the P2P exchange to resume operations, Youssef apparently recommended new providers to Paxful users.

According to sources, Paxful is currently under the management of a custodian who acts as a company director and “tie-breaker” alongside the two cofounders Ray Youssef and Artur Schabeck.

Ray Youssef resigned from his position in Paxful and contributed his personal company shares to a fund intended to compensate Paxful shares. However, by April 17, Paxful had restored access to 88% of funds although $4.4 million remained frozen due to the legal conflict between the co-founders.

The post Paxful P2P exchange reopens after closure appeared first on CoinJournal.

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Bittrex US files for Chapter 11 Bankruptcy

  • Bittrex has filed for bankruptcy just over a month after the SEC filed a lawsuit against it.
  • The exchange has listed liabilities and assets totalling $1 billion apiece.
  • The development comes days after Bittrex US informed its users to withdraw funds.

Bittrex cryptocurrency exchange has officially filed for Chapter 11 bankruptcy protection in the US. The bankruptcy filing comes barely a month after the US Securities and Exchange Commission (SEC) charged Bittrex for repeatedly breaking the security regulations in the country.

In the Bankruptcy filing submitted on May 8 to the United States Bankruptcy Court for the District of Delaware, Bittrex reported that it has $500 million to $1 billion in assets, $500 to $1 billion in liabilities and more than 100,000 creditors.

The bankruptcy protection filing does not involve the Liechtenstein-based global trading exchange firm Bittrex Global GmbH. It only applies to Bittrex US and its affiliates.

SEC’s lawsuit against Bittrex

The US SEC last month filed a lawsuit against Bittrex in the Federal court alleging that the exchange violates violated the securities regulations from 2017 through to 2022 generating at least $1.3 billion in revenue.

The SEC alleges that Bittrex occasionally operated as an exchange, brokerage, and clearing agency without having filed the necessary paperwork. The lawsuit also classifies three tokens (ALGO, OMG, and DASH) in specific as unregistered securities.

The post Bittrex US files for Chapter 11 Bankruptcy appeared first on CoinJournal.

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Aave V3 launches on Ethereum layer-2 network Metis

  • Aave V3’s launch on Metis follows a community vote that went live earlier this month.
  • According to the Metis team, there are various ways in which the Aave V3 integration will benefit ecosystem users.
  • The DeFi protocol’s V3 is also live on Avalanche, Polygon, Optimism and Arbitrum.

Aave, a decentralized liquidity protocol, has deployed on the Ethereum layer-2 scaling platform Metis, offering a range of decentralized finance (DeFi) features and products to its ecosystem.

The launch on the Metis Layer-2 comes after a community proposal for the zero-knowledge (zk) proof EVM, which enables Aave governance to activate the Aave V3 Metis pool by completing the initial setup and listing WETH, USDC, USDT, DAI, and METIS.

“The integration of Aave Protocol V3 brings enhanced capital efficiency with valuable new security and risk mitigation features,” Metis co-founder Kevin Liu said.

Capital efficiency for users

V3 integration offers numerous benefits to ecosystem users, with network speed and security enhanced. Users will also take advantage of features such as lending and borrowing of assets with less collateral. 

The launch of Aave V3 on Metis also means DeFi users can now generate yield easily via various supported assets even as they tap into enhanced risk management tools and reduced transaction fees through gas optimization. Overall, the integration brings more capital efficiency for Metis users and developers, the latter also accessing key tools for innovating decentralised applications.

Aave is a widely used DeFi protocol, boasting over $5.24 billion in total value locked (TVL). The protocol’s V3 version deployed on the Ethereum mainnet in January 2023 after successful launches on various Ethereum layer-2 protocols, including Polygon, Avalanche, Arbitrum, and Optimism.

The post Aave V3 launches on Ethereum layer-2 network Metis appeared first on CoinJournal.

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PEPE price dives after Whale transfers trillions of tokens to Binance

  • At press time, PEPE was trading at $0.000002328.
  • The token price has declined by 10.93% in the last 24 hours.
  • PEPE hit an all-time high of $0.000004354 on May 5, 2023.

Three days after hitting its all-time high, PEPE, a meme token that has seen its popularity go through the roof recently, is now on the decline.  

The price of PEPE has dropped by 46.53% in just three from its all-time high of $0.000004354, which it hit after the meme token got listed on several major exchanges including OKX and Binance.

PEPE price

 

About 4.23 trillion PEPE tokens sent to Binance

According to a tweet by blockchain data provider Lookonchian, a giant whale bought 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC. The whale then deposited all the purchased PEPE to Binance.

The above transactions were made on May 5, the same day Binance announced PEPE’s listing. Immediately after purchasing the trillion of PEPE tokens, the price of PEPE skyrocketed making the whale accrue a profit of about $14.5 million at the time he was depositing the token in Binance.

There is fear in the market that the move by the whale to send the meme coins to Binance could be in preparation to sell the tokens in order to recoup profits before the token dumps. These fears have exerted pressure on the market resulting in the current price drop.

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ETH retests $2K: Here’s why Ethereum price is up today

  • Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.
  • ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.
  • Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.

On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.

Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level. 

Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips. 

Why did Ethereum price go up?

The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.

A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak. 

The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.

The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.

While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.

The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.

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