Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Arbitrum price dips further as whales dispose ARB tokens in millions

  • At press time, Arbitrum (ARB) was trading at $0.7665, after dropping 8.60% in a day.
  • Three whales have sold a combined 10.2 million ARB tokens.
  • Arbitrum, however still accounts for 55% of Ethereum’s L2 ecosystem.

In the past month, the Arbitrum (ARB) token has experienced a significant decline in value, losing over 33% of its price, prompting at least three major ARB whales to consider selling their holdings. Among these whales, one still possesses a substantial stake in ARB tokens for potential sale.

Data from Lookonchain revealed an intriguing pattern: Despite Arbitrum’s struggles to regain value, a particular whale continued to accumulate the token over the course of a week. This whale invested 2,000 ETH, equivalent to over $3.27 million, to acquire 3.64 million ARB tokens at an average price of $0.9, starting from September 3, 2023. In the previous month, this same whale had spent 800 ETH, equivalent to $1.47 million, to acquire 1.27 million ARB tokens.

Whales on an Arbitrum (ARB) selling spree

On September 11, 2023, three prominent Arbitrum (ARB) whales took action by transferring a total of more than 10.2 million ARB tokens to Binance, the world’s largest cryptocurrency exchange.

Chinese cryptocurrency journalist Colin Wu disclosed that the first whale had transferred 3.8 million ARB tokens to Binance and sold them at a rate of $0.77 per token, resulting in a profit of 1,812 Ethers (ETH). Remarkably, this whale still retains ownership of 13.7 million ARB tokens available for sale.

Another prominent whale, known as vladilena2.eth, sold 3.63 million ARB tokens at a rate of $0.83 per token. Notably, this wallet also possesses a portfolio exceeding $14 million in various altcoins and recently received 2,800 Staked Ethers (stETH) from Lido Finance (LDO) within the last 24 hours.

The third whale decided to move 2.8 million ARB tokens to Binance when the token’s price was at $0.79. Given that the ARB token’s price has dipped below $0.77 as of the present moment, all three whales have the opportunity to reclaim their investments with profit.

Despite the recent downturn in the ARB token’s value, Arbitrum (ARB) continues to maintain its position as the dominant Layer 2 (L2) solution for Ethereum (ETH). It boasts a total value locked (TVL) of $5 billion, accounting for 55% of Ethereum’s L2 ecosystem. Today, on September 11, 2023, the token reached an all-time low on major spot exchanges, reflecting the challenging market conditions.

The post Arbitrum price dips further as whales dispose ARB tokens in millions appeared first on CoinJournal.

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Crypto slides as FTX reveals what assets it holds

  • Crypto prices dropped after an FTX announcement that showed the value of various crypto assets the collapsed exchange held as of August 31. 
  • Bitcoin fell to lows of $25k while ETH, XRP and BNB traded to key support levels.

The crypto market slipped into red on Monday to add to the downside pressure that engulfed major caps over the weekend.

As covered earlier, rumours of a potential sell-off for Solana based on bankrupt crypto exchange FTX liquidation of millions of dollars’ worth of SOL had the broader market reacting lower. Bitcoin, which an analyst says could trigger a cascade of bloodbath with a dip to $25,200, traded to lows of $25,015 on Binance for its lowest level since mid-June.

Bitcoin price chart from TradingView

Ethereum slid further below $1,560 with a 3.7% decline, while BNB and XRP dumped 3% and 5% to touch key levels near $200 and $0.45 respectively. 

FTX reveals crypto portfolio

Crypto exchange FTX went bankrupt in 2022 – former CEO Sam Bankman-Fried is facing a criminal trial over the implosion that sent crypto into a downward spiral. As the debtors eye a reimbursement for victims, one of the latest topics around it is the potential dump of billions worth of tokens to the market.

FTX revealed just what assets it currently holds and their nominal value as of August 31. Notably, SOL accounts for the largest percentage at more than $1.16 billion. 

The exchange held Bitcoin, Ethereum and Aptos worth $560 million, $192 million and $137 million as well as $120 million and $119 million in USDT and XRP. More can be seen as below per this post from Wu Blockchain.

Per the FTX filing, the exchange has another 438 investment portfolios accounting for roughly $4.5 billion. These invested amounts have not been added to the $7 billion that was earlier announced. Some of the assets still being tallied include from Genesis, Yugalabs, and Paradigm.

Meanwhile, over 36,000 customer claims had reportedly been filed as of August 24, with total claims of $16 billion. 

With FTX seeking court approval to liquidate the assets and pay creditors, crypto analysts predict a potential market dump. The negative sentiment is what has driven SOL price sharply lower in the past 24 hours and things could get bloody if the anticipated sell-off happens on September 13.

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Virtuzone, TOKO launch Dubai’s first tokenized equity crowdfunding platform

  • Virtuzone and TOKO Network’s partnership will see them launch Dubai’s inaugural tokenized equity fundraising platform for startups and entrepreneurs.
  • TOKO Network has also secured a VASP operating licence from Dubai’s VARA.

Virtuzone, a leading business solutions provider and TOKO Network, a fintech platform offering a digital asset creation platform, have launched the first tokenized equity crowdfunding platform in Dubai.

The ground-breaking platform is targeted for investors and businesses in the burgeoning Web3 space, and follows a strategic partnership between the two companies. TOKO and Virtuzone revealed this in details released on Monday and shared by Hedera. TOKO is a member of the Hashgraph Hedera Governing Council.

Revolutionising private equity funding

As noted by the two companies, the tokenized equity fund raising platform will leverage blockchain technology to revolutionise private equity funding for early stage Web3 startups. TOKO is joining forces with Virtuzone after securing approval as a broker-dealer and exchange from Dubai’s Virtual Asset Regulatory Authority (VARA).

The VASP licence allows the platform to operate as a full market virtual asset provider, a milestone that TOKO managing director Scott Thiel said will help transform the broader investment space, including spurring financial inclusion via compliance and transparency.

TOKO and Virtuzone believe the tokenization of early equity offerings will allow both individual and institutional investors to fully participate in the ecosystem, particularly through access to early equity fundraising.

Neil Petch, Chairman and co-founder of Virtuzone noted in a statement that partnering TOKO and working together under VARA’s regulatory framework will open up Dubai even more as a key hub for startups and entrepreneurs eyeing capital injection. It’s also a crucial part of the UAE’s quest to be “home to 10 unicorn companies by 2031,” Petch added.

As various global jurisdictions look to attract blockchain and crypto innovation, Dubai has emerged as one of the key destinations.

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Bitcoin price outlook as ETH, XRP eye key support areas

  • Bitcoin, Ethereum, XRP traded lower on Monday as FTX-related news saw Solana slump.
  • Analysts are pointing to a potential Death Cross for BTC as bad news for the market.

The crypto market is seeing yet another day of downside pressure as major altcoins show weakness. Bitcoin, which traded higher towards the end of last week, has retreated below $26k and could hit key levels near $25k.

Meanwhile, Ethereum is struggling to hold prices near $1,600 and XRP, after giving up all gains from the July court victory, was testing support below $0.50 on Monday morning.

Analysts share price outlook for BTC

Bitcoin is moving closer to its next halving – one of the key bullish catalysts for an anticipated bull market. But the outlook over the past several weeks remains largely negative after the dive from near $30k.

Commenting on the performance, pro-crypto lawyer John E. Deaton wondered if the market had indeed bottomed or not. If not, is BTC primed for a massive flip – 30-40% dive that could see Bitcoin revisit $15k before a possible upside to $50k? FTX-related pressure could be a factor not just for altcoins such as Solana, but for the wider market.

The overall feeling has analysts pointing to technical picture on the daily BTC chart for what could materialize in the coming days.

According to crypto trader and analyst Ali Martinez, the Bitcoin daily chart is sporting a possible Death Cross. The analyst sees a likely dip to below $25,200 leading to a deeper correction for the benchmark cryptocurrency.

XRP price below $0.50

While the technical picture could flip amid any would-be positive catalyst, analysts see its validation as likely to see negative price action cascade across the altcoin market.

XRP’s technical picture on the daily chart features a descending triangle pattern that has extended over several weeks. With sellers having an upper hand near $0.47, its likely XRP price will retest the $0.44 support zone. Further rot portends a decline to $0.35.

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Crypto.com launches new crypto earn programme Earn Plus

  • Earn Plus will allow users to allocate up to $1 million for every supported Earn token.
  • Crypto.com’s revamped Crypto Earn programme also offers a unified reward rate and supports a payout structure for PayPal USD (PYUSD) and USDC Coin (USDC).

Crypto exchange Crypto.com has a new product designed to change the crypto earn landscape. Announced recently is Earn Plus, the crypto platform’s new earn programme tailored to benefit more customers.

What’s new in Crypto.com’s Earn Plus?

The exchange said in its announcement that Earn Plus will offer a simpler reward structure and higher allocations. The new Earn programme that introduces generous yields on two key stablecoins is available via the Crypto.com App.

In terms of higher allocation limits, customers will enjoy up to $1 million for supported token. Raising the limit will allow clients to tap into the potential rewards that come with the ability to allocate more. Earn Plus’ simple rewards also greatly differs from the exchange’s current tiered program, with the same rate applicable to the principal amount rather than the discounted rates applied to amounts above the $3,000 threshold.

The single rate will apply to a customer’s entire allocation as per the terms of CRO deposit and lockup. In this way, Earn Plus users will find it easy to gauge total rewards.

According to Crypto.com, Earn now supports PayPal USD (PYUSD) and USD Coin (USDC) – the former a new stablecoin recently launched by payments platform PayPal. PYUSD and USDC have replaced the old USDC reward structure, with interest on the stablecoins pegged at up to 5% per annum.

Crypto.com’s move to unveil Earn Plus is a boost to the exchange, with its product coming at a time regulatory focus on the crypto market has included a crackdown by the US Securities and Exchange Commission (SEC) on products across the US. For example, crypto exchange Gemini recently criticised the SEC for its outlook on its Earn programme.

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