Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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FLOKI price surges as trading on WazirX starts

  • WazirX is India’s largest crypto exchange.
  • FLOKI is scheduled to start trading on WazirX on March 7, 2023.
  • FLOKI has risen by about 11% today.

The biggest cryptocurrency exchange in India WazirX recently announced the listing of FLOKI. The exchange already started accepting FLOKI deposits and trading is slated to start today; something that has spurred some positive FLOKI price movement.

FLOKI’s listing received a lot of hype from the Floki community and the Floki team which in a tweet said that the listing positions FLOKI for massive growth in India

In follow-up tweets Floki said:

“Through our partnership with India cricket giant The India Maharajas, #Floki will be introduced to 700 MILLION+ cricket fans starting March 10th. India’s biggest and most recognized exchange, WazirX, will also list $FLOKI on March 7th. Just in time for the cricket game to start!

Both of these moves strategically position #Floki to become a force to reckon with in #India: the cricket partnership will introduce Floki to hundreds of millions of Indian users while the WazirX listing makes it very easy for interested users to get the $FLOKI token.”

Recent FLOKI developments

Despite trading 9.4% lower over the past seven days, FLOKI is trading 8.5% up in the last month.

Besides the WazirX listing, the past few days have seen several activities around FLOKI including a recent partnership with Maharaja, Legend League Criquet and the APAC and China announcements.

There is also the FLOKI perpetuals on the popular crypto derivatives exchange Bybit with up to 12.5x leverage which was enabled towards the end of February.

And today, in addition to the WazirX listing, there is also the enabling of FLOKI perpetuals on DigiFinex exchange with up to 100x leverage. DigiFinex has also listed a FLOKI/USDC pair.

Although FLOKI is yet to reclaim last week’s dip, traders expect that the recent developments will spur some price movements for the meme token.

The post FLOKI price surges as trading on WazirX starts appeared first on CoinJournal.

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Yuga Labs’ inaugural Bitcoin NFT auction nets $16.5M in just 24 hours

  • Yuga Labs has concluded its first inaugural Bitcoin Ordinal NFT collection auction.
  • The collection comprises a limited edition of 300 generative pieces inscribed on Satoshis on the BTC network.
  • The auction brought in $16.5 million for the firm in 24 hours.

Yuga Labs, Inc. announced its first Bitcoin Ordinal Non-Fungible token (NFT) collection auction in late February. The collection comprises a limited edition collection of 300 generative NFT pieces inscribed on Satoshis on the BTC network.

Yuga Labs described the collection as a “base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”

Yuga Labs has created several NFT collections including Bored Ape Yacht Club (BAYC), spinoff Mutant Ape Yacht Club (MAYC), and virtual land plots for the Otherside metaverse game. It also owns CryptoPunks and Meebits, two “blue chip” Ethereum NFT projects created by Larva Labs that Yuga Labs purchased their IP rights last year.

The highest bidder paid 7 BTC

There were a total of 288 bidders for the Bitcoin Ordinal Non-Fungible token (NFT) collection auction and the highest bidder paid 7 bitcoins (BTC).

The auction which was conducted on the TwelveFold NFT marketplace has been concluded and it has netted a total of (735 Bitcoin) $16.5 million in 24 hours.

Yuga Labs in a tweet said that the bid winners of the NFTs will receive their inscription in one week’s time and the successful bidders will be refunded their bid amounts within 24 hours.

However, despite the smooth running of the auction, Yuga Labs received some backlash from the crypto community over some identified flaws in how the auction was conducted.

The post Yuga Labs’ inaugural Bitcoin NFT auction nets $16.5M in just 24 hours appeared first on CoinJournal.

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BTC price: Bitcoin sees “boring action” with only $17.8M in weekly net flow

  • Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
  • Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
  • BTC price saw downward action last week following a series of negative market related news.

The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.

But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).

Bitcoin price continues to hover above $22k

Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.

Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.

According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.

BTC sees $17.8 million in weekly net flows

As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.

The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.

On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.

The post BTC price: Bitcoin sees “boring action” with only $17.8M in weekly net flow appeared first on CoinJournal.

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Bybit suspends USD payments via bank transfer

  • USD payments suspension impacts both national and international bank transfers.
  • Bybit will also pause USD withdrawals as from 10 March 2023.
  • Customers can however continue to buy crypto with credit or debit cards.

Bybit, one of the world’s leading crypto exchanges, will be suspending the US dollar (USD) payment option “until further notice,” a notice issued to customers on Saturday detailed.

The move follows a similar one taken earlier this year by Binance, the world’s largest crypto exchange. CoinJournal highlighted Binance’s announcement in early February, and recently reported on how crypto-friendly bank Silvergate has increasingly found itself in trouble amid concerns about its solvency.

Bybit suspends USD deposits and withdrawals

According to the crypto platform, the suspension of USD deposits is down to service outages involving a partner. The exchange will also be halting USD withdrawals beginning 10 March 2023.

“We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice,” the crypto exchange notified its customers.

While users can still withdraw USD via WireTransfer up to 10 March, that option will be temporarily disabled on the noted dates. Instead, customers will be able to buy crypto with credit card or withdraw cryptocurrencies to their wallet.

Bybit has also announced that it is delisting several cryptocurrency trading pairs. The spot trading pairs whose support ends as of 10 March include NXD/USDT, POSI/USDT, GAS/USDT, and DRIV/USDT among others. 

The delisted tokens have failed to meet listing requirements, the exchange noted.

The post Bybit suspends USD payments via bank transfer appeared first on CoinJournal.

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Circle moves its USDC reserve deposits out of troubled Silvergate Bank

  • Silvergate bank in a filing on Wednesday said losses might leave it with less capital than it needs.
  • The bank recently closed its SEN Platform which institutions used to move money to crypto exchanges.
  • Coinbase, Galaxy, and Paxos have stopped accepting transfers via Silvergate Network.

USDC stablecoin issuer Circle has today announced that it has moved its USDC reserve deposits out of Silvergate Bank to other banks as the bank’s woes deepen.

In the press statement, Circle said that it had made the decision to move the small percentage of USDC it held in Silvergate because of the ongoing uncertainty at the bank. On Wednesday, Silvergate set off alarms with a filing that said losses might leave the bank with less capital than it needs, and that it was evaluating its ability to continue.  The bank also suspended preferred stock dividends.

The bank’s shares immediately started to plummet following the turn of events and key partners including Paxos Trust Co., Coinbase Global Inc., and Galaxy Digital Holdings Ltd. Cut off ties with the bank. Other crypto firms also decided to stop accepting of making payments through Silvergate.

The huge exodus of partners threatens the bank’s key source of deposits seeing that it was a major cryptocurrency player in the US.

Protecting reserve funds

In the press statement, Circle noted that its top priority is protecting the reserve funds backing USDC even if it meant cutting off ties with Silvergate Bank.

Interestingly, Circle started withdrawing its USDC deposits from Silvergate last year as signs of trouble and broader crypto asset risk exposure became increasingly visible on Silvergatee’s end.

Circle has maintained that its USDC reserves are held in the Circle Reserve Fund and several well-capitalized US banks. The Circle Reserve Fund holds 80% of the USDC reserves. The reserves are reviewed on a monthly basis by Deloitte, a leading audit firm.

The post Circle moves its USDC reserve deposits out of troubled Silvergate Bank appeared first on CoinJournal.