Kategorie: Crypto Markets

• The BarnBridge token has hit a daily high of $3.82, after a 30% surge earlier today.
• At press time, the token was trading at $3.69, up 24.94% in 24 hours.
• On July 7, there were reports of the US SEC investigating the BarnBridge and members associated with the DAO.

The BarnBridge (BOND) token started the day with a major jump, reclaiming all the losses it made since June 24. Although the token has since slightly pulled back from today’s high of $3.82, the token is still way above where it was trading when revelations of the US Security and Exchanges Commission (SEC) probe were made.

While the sudden price surge is welcome news for the crypto community, there are questions as to what is behind the move. In this article, we shall shed some light on what is happening behind the scenes.

Why is the BarnBridge token price rising?

On July 6 2023, Douglas Park, the elected legal counsel of the BarnBridge DAO took to social media platforms including X (formerly Twitter) to state that the US SEC had started investigating the BarnBridge DAO. Soon after, BarnBridge co-founder Tyler Ward, who commonly referred to as “Lord Tyler” on Discord, confirmed Park’s message was accurate.

Following Park’s revelation, the BOND token dipped by 10% sending shockwaves among the community.

At the time, Park suggested that “all work” on BarnBridge-related products should stop, including the closing of liquidity pools, in order to “reduce potential further legal liability,” and that people shouldn’t be paid for work resulting from the DAO’s investment efforts.

The details of the investigations were, however, never disclosed, probably due to what Park called “ongoing” investigations.

Some DAO members raised suspicions over the Park’s announcement with one member on Discord asking for supporting evidence of the SEC’s investigation implying that BarnBridge’s founders could be using it as an excuse to facilitate an “exit strategy” to possibly defraud investors. Tyler Ward however rebutted the allegation, stating it would be the “worst thought-out rug attempt in history.”

From the time the SEC investigation allegations were made to date, nothing much has surfaced about the investigations and the BarnBridge community is likely starting to blush off the effects of the allegations seeing that the BarnBridge (BONB) token has witnessed a tremendous increase in trading activity in the last two days. At the time of writing, the trading volume was up 1852.83% over the last 24 hours.

It is also important to note that a similar BOND price surge was witnessed last year at a similar time as previously covered by Coinjounal.

The post BarnBridge (BOND) token takes to the sky weeks after SEC probe scare appeared first on CoinJournal.

• Paradigm’s MKR transfer comes a few days after Andressen Horowitz (a16z) moved over $9.7 million worth of the tokens to the exchange.
• MKR price has traded lower with the recent large transfers of the token.
• However, MKR was higher late afternoon after the Fed’s rate hike saw Bitcoin climb above $29,600.

It’s been a few days of huge transfers for MakerDAO token Maker (MKR) onto exchanges – specifically onto US-based crypto exchange Coinbase.

According to blockchain intelligence and analytics platform Arkham, Paradigm Capital moved $3.5 million worth of MKR. Per the data, the venture platform transferred 3,000 MKR tokens to Coinbase on Wednesday. The transfers were from a crypto wallet controlled by Paradigm to an OTC wallet.

Lookonchain also highlighted the transfer, noting the Paradigm wallet moved 26,625 MKR worth $19.8 million to Coinbase on March 16.

MKR price up as BTC hits $29.6k

As reported last week, venture capital firm a16z made a series of MKR transfers as the market primed for a sell-off for the MakerDAO governance token. a16z moved about $9.7 million of the tokens to Coinbase, with blockchain data showing the price of MKR swung lower with each of the transactions.

MKR was changing hands around $1,184 on Wednesday afternoon, nearly 4% up in the past 24 hours and 19% up in the past seven days. The gains came as Bitcoin moved above $29,600 after the Federal Reserve hiked interest rates by 25 bps again having paused in June.

Stocks drifted after the Fed left all options on the table amid the quest to bring inflation down to the 2% target.

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• Origin Protocol price rose to $0.12 as bulls gained by 28% to lead top altcoin gainers.
• Elsewhere, Bitcoin price reached $29,328 as markets awaited Fed’s 25 bps rate hike.

The price of Origin Protocol’s native token OGN soared 28% to above $0.12 as a number of altcoins spiked ahead of Wednesday’s rate hike by the Fed. As markets awaited the 25 basis point interest rate jump by the US Federal Reserve, Bitcoin rose to $29,328 across major exchanges.

OGN had traded to lows of $0.10 earlier in the day, but the gains put its value 50% in the green to see it lead the likes of Compound (COMP), Convex Finance (CVX) and Solana (SOL).

Why is OGN price rallying today?

Most cryptocurrencies have seen uneventful action over the past 24 hours, and OGN’s performance amid this broader lull is somewhat of an outlier. 

However, while there’s hasn’t been a particular Origin Protocol event or news to trigger the massive gains, it appears today’s rally found legs on the back of increased interest in Ethereum liquid staking.

As staked ETH volumes have spiked since Ethereum’s Shapella upgrade, so has a new subsector liquid staking token finance (LSTfi). 

One of the leading platforms for this has been Origin Ether (OETH). The protocol offers a liquid staking yield aggregator that has seen its total value locked (TVL) surpass $84 million within two months of its debut in the market.

Origin Ether has integrated with multiple DeFi dApps, including Lido, Rocket Pool, and Frax. This has added to its access across wallets, DEXs, yield farms and analytics pages.

The post Origin Protocol’s OGN spikes 28% as Bitcoin taps $29.3k appeared first on CoinJournal.

• Fed is expected to announce a 0.25% rate hike after its two-day meeting on Wednesday.
• Stocks and cyptocurrencies have traded largely flat or lower amid investor anxiety over next moves by the central bank.
• Chancer, a project set to revolutionise the betting industry, could be a huge investment opportunity in today’s market setup.

The Federal Reserve paused its interest rate hike in June, but all indications have been that the US central bank will resume the hiking path with a 0.25% rate this week.

As cryptocurrencies and stocks struggled amid the expected decision, one new project has stood out for the relentless interest it has seen from investors. That’s Chancer (CHANCER).

Fed to resume rate hikes after June pause

Chancer, a cryptocurrency project for the betting industry that’s currently in presale, is close to hitting the $1 million mark in funds raised so far.

The Fed’s 25 basis point hike is set to bring to the number of rate hikes since 2022 to 11 and will see the fed funds rate now at 5.25%-5.50%. This will bring the benchmark interest rate to a 22-year high – and trader sentiment on this sees major US indices down ahead of markets opening on Wednesday.

With crypto also down and Fed Chair Jay Powell anticipated to hint at additional rate increases for 2023, could investing in Chancer offer a better way to diversify a portfolio? Here’s a brief overview of this project.

What is Chancer?

Chancer is a new blockchain platform targeted at revolutionizing the predictive markets. Simply put, this is a project that could disrupt the global betting market as it is today.

The platform comes in the form of a peer-to-peer (P2P) marketplace that promises to seize control over from centralised bookmakers and hand it to individual users. With Chancer, you can bet on any event and from anywhere.

Chancer’s whitepaper indicates the platform will leverage blockchain technology and smart contracts to democratize betting and empower bettors as it evolves into the world’s largest social predictive market.

While people will be able to tap into Chancer to create bets, set odds and handle payouts, the team envisions this as being more than just a new betting platform.

$CHANCER presale close to $1M milestone

Chancer has so far raised more than $990,000 in its presale, with the 12 stage token sale paving the way for the launch of what could be the most anticipated blockchain projects.

65% of the total supply of 1.5 billion $CHANCER is available for presale buyers. According to details on the Chancer website, 518 million are available for presale on BSC, while 443 million tokens are on ETH presale. Another 443 million will be locked up in a bridge.

Buying options during the presale include BNB, ETH, USDT and BUSD. Currently, early investors can buy $CHANCER at $0.011. The price during this token sale will increase at each subsequent stage until it hits $0.021. All purchased tokens will be distributed once the presale closes.

Buy $CHANCER here.

Is Chancer a good investment opportunity?

Investors eyeing $CHANCER might want to know more about its tokenomics and what other aspects offer a compelling case for a buy scenario.

Chancer might not only redefine the global betting industry, it will do so while offering investors multiple opportunities for yield from their early calls.

One reason why buying Chancer today could be a great deal is what has been highlighted above – the massive potential that this project has in terms of disrupting the global betting industry. Also notable could be that $CHANCER is a cryptocurrency expected to power this vast P2P platform, and that both crypto markets and the betting space are projected to see significant growth and adoption in the next decade or so.

$CHANCER token could thus see continued price appreciation after the presale, particularly if the platform delivers on its highly anticipated mainnet in early 2024.

Can you earn $CHANCER tokens on Chancer?

Apart from using technologies such as WebRTC to live stream bet events and compete with anyone from across the globe (in real-time), Chancer is set to offer passive earning avenues for token holders.

This will include staking where holders earn for providing liquidity and making it possible for other participants to enter and exit positions.

Overall demand for the token amid greater adoption could also buoy price potential. Also key to the investment could be the launch of the platform as a decentralised autonomous organisation (DAO). Token holders will have a greater say in the platform’s development direction and like shareholders, get value from their money.

Users will also benefit from a loyalty program where the protocol will reimburse a percentage of the transaction fees to $CHANCER holders.

Join Chancer’s presale using this link.

The post Chancer presale catches the eye as Fed resumes rate hikes appeared first on CoinJournal.

• Cryptocurrencies will now be viewed as property in Singapore.
• The high court also demystified the notion that cryptocurrencies do not hold any value.
• The Monetary Authority of Singapore (MAS) will implement segregation and custody requirements for digital payment tokens.

According to a ruling made on July 25 by Judge Philip Jeyaretnam of the High Court of Singapore, cryptocurrency is considered property that can be held in trust. The judge stated that as long as all of those objects, whether physical or not, share value that is created by a shared faith in it, he did not see any distinction between cryptocurrencies, fiat currency, or shells.

Judge Jeyaretnam pronounced himself in a case brought by ByBit against its former employee, Ho Kai Xin. According to ByBit, the employee transferred about 4.2 million Tether (USDT) from the cryptocurrency exchange to her personal accounts. He has been claiming that a distant cousin is in charge of the pertinent accounts, and the court has now ordered him to return all of the money to ByBit.

The legal standing of digital assets in Singapore

Even though the ruling may appear obvious, it contains some formulations that are crucial for the legal standing of digital assets. The stolen USDT and all cryptocurrencies are considered property by Judge Jeyaretnam.

Despite their lack of physical presence, the Judge is of the opinion that:

“We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.”

The judge also corrected the widespread belief that cryptocurrency lacks “real” value by pointing out that value is “a judgement made by an aggregate of human minds.” Cryptography was categorised by Jeyaretnam as one of the “things in action.”

The Monetary Authority of Singapore (MAS), which will implement segregation and custody requirements for digital payment tokens, was cited by the judge in support of his ruling. The Judge points out that it should be legally possible to hold such digital assets on trust if it is practical to identify and separate them.

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