Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Huobi co-founder buys 10 million Curve DAO tokens from Curve founder

  • The Curve founder had taken a $100 million DeFi stablecoin loan using his own CRV stash as collateral.
  • Curve Finance was recently hacked causing the CRV token to depreciate significantly.
  • The Huobi co-founder has locked up the tokens as veCRV.

Jun Du, the co-founder of Huobi has bought 10 million Curve Dao tokens Michael Egorov, the Curve founder who is trying to reduce his exposed stablecoin loan positions.

Egorov has so far paid back over $17 million of his stablecoin loans, which has slightly improved the health of the loans as a whole. The DeFi founder, however, still has a heavy debt load, with about $60 million in stablecoins owed on Aave, $12 million on Abracadabra, and about $8 million on Inverse. To add salt to injury, Abracadabra Money has proposed increasing the interest rate on its outstanding loans in order to reduce the risks related to its exposure to Curve DAO (CRV).

Jun Du announced his intention to purchase 10 million CRV tokens in an initial tweet on August 1 at the market price of $0.40, which was established through a number of over-the-counter transactions involving Egorov and several members of the crypto community. In a direct message on Twitter Du confirmed that the purchase was successful and that he had made the decision to lock up the tokens as veCRV.

By locking up the tokens, Jun Du is entitled to voting rights on the Curve platform.

Curve Finance liquidity crisis

Curve protocol was exploited on July 30, resulting in a 30% crash in CRV token price.

Jun Du’s move was in support of Curve protocol which is in a liquidity crisis after the July 30 exploit. Du drew comparisons to his earlier assistance during BendDAO’s liquidity crisis. He emphasised that the current Curve difficulties were temporary and that the industry would profit from support from all sides.

Notably, Du is the co-founder and general partner (GP) of the web3 fund ABCDE in addition to being the CEO of New Huo Tech, a platform for the service of digital assets.

The post Huobi co-founder buys 10 million Curve DAO tokens from Curve founder appeared first on CoinJournal.

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Binance introduces zero-fee trading for BTC/FDUSD and ETH/FDUSD

  • Binance has added zero-fee trading for BTC/FDUSD and ETH/FDUSD pairs.
  • Trading for the two pairs opens at 08:00 UTC on August 4, 2023.

Binance has announced trading support for the First Digital USD (FUSD) stablecoin against both Bitcoin (BTC) and Ethereum (ETH).

The exchange, the world’s largest by trading volume, will also provide zero-fee spot and margin trading for the two pairs – BTC/FDUSD and ETH/FDUSD.

BNB discounts will not apply 

According to a notice published August 3, Binance is adding the zero maker and taker fees feature for the BTC/FDUSD pair via its Zero-Fee Bitcoin Trading Program. This feature is effective at 08:00 UTC on August 4, 2023.

“During the promotion period, trading volume on the BTC/FDUSD spot and margin trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Providers program. BNB discounts, referral rebates, and any other adjustments will not apply to the BTC/FDUSD spot and margin trading pairs during the promotion,” Binance announced.

Meanwhile, customers will benefit from zero maker fee for ETH/FDUSD via the FDUSD Zero Maker Fee Promotion and the standard taker fee, with this applicable as per a user’s VIP level.

Binance’s conditions for the promotion include the exchange’s “right to disqualify trades that are deemed to be wash trades or illegally bulk registered accounts.” The company also reserves the right to disqualify trades deemed to be market manipulation or self-dealing.

The introduction of zero-fee trading for BTC/FDUSD comes a few months after Binance ended the zero-fee trading for BTC. The exchange also halted the zero-maker fee program for the stablecoin Binance USD (BUSD), with the promotion opening for TrueUSD (TUSD).

The exchange’s overall market dominance suffered a blip following these moves, with market share and trading volume shrinking by as much as 50%. The outlook also impacted crypto prices as liquidity shrunk.

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Robinhood reports an 18% sequential decline in its second-quarter crypto trading revenue

  • Robinhood Markets reported its Q2 financial results on Wednesday.
  • Mizuho analyst Dan Dolev sees upside in “HOOD” to $14 per share.
  • Robinhood stock lost roughly 8.0% in after-hours trading today.

Robinhood Markets Inc says it swung to a profit in its fiscal second quarter. Shares still lost about 8.0% in after-hours trading.

A quick overview of Robinhood’s second quarter

The sell-off in extended hours isn’t entirely unjustified. There sure were pockets of weakness in its quarterly performance.

For one, the online trading platform brought in $31 million from crypto trading in its recently concluded quarter. That was down 18% sequentially. Crypto trading made up 16% of its total revenue in Q2.

Still, Mizuho analyst Dan Dolev sees upside to $14 a share in Robinhood. Explaining why, he said on CNBC’s “Closing Bell”:

They’re gaining share from Coinbase. We’ve proved it in April and May in crypto. They’re crushing it on options. Contract prices are coming down because VIX is coming down.

What else was noteworthy in Robinhood’s Q2 results

Robinhood ended the quarter with $11.5 million worth of crypto under custody – roughly unchanged versus the prior quarter. Despite the after-hours sell-off, its shares are up more than 40% year-to-date.

Overall, the financial technology company earned 3 cents a share in its second quarter on $486 million in revenue. Analysts, in comparison, had called for a cent of loss and $473 million of revenue.

On the downside, though, Robinhood lost 1 million users in Q2, as per the earnings press release. Still, Mizuho’s Dolev told CNBC today:

Retirement is a big initiative. If they do well on retirement, if they give you a few data points on retirement, this is going to make the stock work really well.

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Litecoin completes third halving, block reward cut to 6.25 LTC

  • Litecoin halving is complete, with block reward reduced to 6.25 LTC.
  • LTC price was $91 at halving, down 4% in the past 24 hours.

Litecoin has halved its block reward from 12.5 LTC to 6.25 LTC following the activation of its third halving event at block height 2,520,000.

The proof-of-work (PoW) coin’s latest halving happened as LTC price hovered near price levels also seen during the last event in 2019. 

However, the network has seen significant growth in terms of total addresses, number of active daily addresses, transaction volume, and hashrate among other metrics, according to market intelligence and on-chain data analytics platform IntoTheBlock.

LTC price at halving

Litecoin price is down 4% in the past 24 hours and 17% in the past month. 

At current levels of $89.7, LTC/USD is about 78% from its 2021 bull market peak. Notably too is that the coin peaked at just above $115 in its pre-halving rally, a scenario that opens up a potentially short-term negative flip. 

Historically though, prices have rebounded higher post-halving and positive market conditions in next few months could aid that outlook. 

Crypto analyst Rekt Capital pointed out this forecast earlier today.

As noted above, the price of Litecoin at the time of halving today was largely the same as at the last halving. However, as Rekt mentions above, LTC has rallied more post-halving than pre-halving and the prediction could still materialise in the next several months.

Litecoin’s value rose to a new all-time high of $410 in May 2021, before the bear market of 2022 saw the cryptocurrency lose most of that value. Prices dropped to lows of $47 in June as crypto contagion impacted markets after the collapse of Terra and Three Arrows Capital.

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Hyundai and Kia tap Hedera Network for CO2 emission monitoring system

  • Hyundai and Kia have introduced an AI-enabled supply chain carbon emissions tracking solution on the Hedera Network.
  • Hedera (HBAR) briefly surged above $0.053 after the announcement.
  • The adoption of Hedera technology by these two major automakers indicates an increase in blockchain adoption.

Two significant automakers, Hyundai and Kia, have adopted the Hedera network, pointing to an increase in blockchain adoption. Hyundai Motor Company and Kia Corporation have reportedly introduced an AI-powered CO2 Emission Monitoring System with the help of the highly scalable Hedera Network.

According to a post by the HBAR Foundation, the launch of a blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) on the Hedera mainnet demonstrates that the value of Hedera Network is “seen by enterprises beyond the Governing Council” and “when data accuracy and security are mission critical, Hedera is second to none”

The SCEMS is made to calculate carbon emissions at every step of the supply chain, giving Hyundai Motor and Kia access to accurate information about the operations of their suppliers, including the sourcing of raw materials, the manufacturing process, and the transportation of finished goods.

This is a huge step towards successfully mitigating the effects of climate change, which requires a reduction of carbon emissions.

SCEMS also incorporates AI technology, allowing for the precise prediction of future carbon emissions and the setting of carbon reduction goals.

Hedera (HBAR) price reaction

The price of HBAR, the native token of Hedera Network, saw a significant price surge that briefly pushed the price above $0.053, although the price has since slightly pullback to around $0.052 at the time of writing.

While there was a slight price surge, the pullback could good sign that Hedera is under quite some strong bear forces that have been pulling down the HBAR price over the past month.

The post Hyundai and Kia tap Hedera Network for CO2 emission monitoring system appeared first on CoinJournal.