Kategorie: Crypto Markets

• Multichain protocol says its forced to cease operations due to recent events.
• CEO Zhaojun and his sister have reportedly been detained leaving the team with no operational funds.
• Multichain saw $125 million stolen on July 6, with blockchain security firm Chainalysis pointing to possible rug pull by insiders.

Multichain, one of the world’s largest cross-chain bridge protocols, has announced its ceasing operations. The news comes just days after the protocol saw an attacker (looked like an inside job) drained $125 million from the protocol’s wallets. 

According to a Chainalysis report, the mysterious withdrawals on July 6 included $120 million from Multichain’s Fantom bridge. The blockchain security firm noted in its report that the “unusually large, unauthorized withdrawals” looked like a rug pull. 

As CoinJournal covered here, an earlier incident with the Multichain protocol had seen the world’s largest crypto exchange Binance halt deposits and withdrawals of Multichain bridged tokens.

Multichain halts operations

Multichain has constantly been in the news over the past few months, particularly since May when it was reported that the CEO Zhaojun had been arrested by Chinese police. 

It was alleged authorities confiscated “computers, phones, hardware wallets, and mnemonic phrases” when they took the CEO into custody. Notably, Zhaojun had control over all of the protocol’s operational funds and investments.

1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had…

— Multichain (Previously Anyswap) (@MultichainOrg) July 14, 2023

Zhaojun’s sister, who recently transferred remaining user assets to an address under her control, has also been detained. It is this series of events and the “lack of alternative sources of information and corresponding operational funds” that has forced Multichain to cease operations, an announcement posted on the protocol’s Twitter page noted.

“On July 13, according to information provided by Zhaojun’s family, the police took Zhaojun’s sister into custody. Now, Zhaojun’s sister is also out of contact. The status of the assets she has preserved is uncertain, so the team believes it is necessary to inform the community about all the known circumstances. Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations.”

The price of Multichain (MULTI) was down 4% in the past 24 hours and over 16% in the past week on Friday morning. What happens next to MULTI is uncertain, but it’s likely to plummet further. Recent suspicions of rug pull moves haven’t helped prices.

The post Cross-chain bridge protocol Multichain ceases operations appeared first on CoinJournal.

Key takeaways

• XRP rallied by more than 70% on Thursday following favourable ruling in Ripple’s legal case against the US Securities and Exchange Commission (SEC).

• Shiba Memu’s presale nears $800k as more investors enter the market.

The cryptocurrency market has been extremely bullish over the past 24 hours, with the prices of most coins and tokens in the green zone. 

Shiba Memu’s presale has also been performing excellently and is now set to reach the $800k level as more investors enter the market. 

XRP and XLM rally to new highs

XRP, the native coin of the Ripple ecosystem, rallied by more than 70% on Thursday, thanks to a favourable ruling in the ongoing Ripple vs. SEC legal case. 

The U.S. District Court of the Southern District of New York ruled a few hours that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts. 

However, the judge also ruled that the institutional sale of the tokens did violate federal securities laws.

Ripple’s partial victory was welcomed by the cryptocurrency ecosystem, with XRP rallying to a one-year high of $0.84 on Thursday, adding more than 70% to its value in the process. At press time, the price of Ripple stands at $0.7857

XLM, the native coin of the Stellar Lumen ecosystem, also soared by more than 50% following the Ripple announcement. BTC, ETH, Solana, and Polygon also recorded excellent gains over the last 24 hours. 

What is Shiba Memu?

Shiba Memu, although still in its presale stage, is included in the ongoing market rally. Shiba Memu’s presale reached a new level a few hours ago as more investors entered the market.

Shiba Memu is a cryptocurrency token that combines AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

In their whitepaper, the team explained that Shiba Memu is a project that could do the work of 100 marketing agencies. However, as an AI-based platform, Shiba Memu is also active. 

The platform is always working to find the best work going on in creative advertising, eating it up and spitting it back out, but better.

Shiba Memu is riding on the recent popularity of meme coins, which have become a multi-billion dollar sector within the cryptocurrency industry. Over the last three years, the market cap of meme coins grew from practically $0 to reach the $20 billion mark in 2022. 

However, Shiba Memu differs from the hundreds of other meme coins in the market in that it has utility and will solve real-world problems for users. 

According to their whitepaper, Shiba Memu has self-sufficient marketing capabilities powered by AI technology, making it a unique and attractive investment.

Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

Currently, the project operates on Ethereum and BNB Chain, the two leading DeFi and smart contract blockchains in the cryptocurrency space. 

Shiba Memu’s presale nears $800k

Shiba Memu’s presale investment has more than tripled over the past seven days. Last week, Shiba Memu’s presale investment stood at $215,000, and it currently stands at $798,247.

The surge in investment can be attributed to an increase in investors entering the market and investing in the project. 

The Shiba Memu team said they would use the funds generated from the presale to develop some of their products. Most of the funds would be used to develop Shiba Memu’s AI technology. 

Click here to find out more about Shiba Memu’s presale event.

Should you invest in Shiba Memu today?

The cryptocurrency market has experienced an excellent performance since the start of the year, with the prices of most coins and tokens up by nearly 50% during that period.

However, the market is still down by more than 50% from the all-time high set in 2021. Market analysts are now expecting Bitcoin and other cryptocurrencies to rally in the medium to long term. 

The decision to invest in a token depends on the investor. However, Shiba Memu could be a big winner once the project launches and the token gets listed on cryptocurrency exchanges. 

Shiba Memu will be combining the powers of AI and blockchain technology to ease marketing strategies for companies and organisations. If the project gets the right level of adoption, its SHMU token could rally higher over the next few months and years. 

The post Shiba Memu’s presale nears $800k as XRP rallies on court rulling appeared first on CoinJournal.

• Coinbase and Kraken have re-enabled support for XRP.
• Gemini announced it was exploring the resisting, with the exchange announcing possibe re-enabling for spot and derivatives.
• XRP was today ruled not to be a security as the SEC alleged in its lawsuit against Ripple.

Crypto exchanges Coinbase and Kraken have re-enabled XRP trading for their US customers. Coinbase was first to announce the re-listing of the Ripple token, with Kraken swiftly joining it as XRP prices skyrocketed.

Gemini also announced it was exploring re-listing of XRP for both spot and derivatives trading. 

Given today’s ruling that the sale of XRP on exchanges is not a security, @Gemini is exploring the listing of XRP for both spot and derivatives trading.

— Gemini (@Gemini) July 13, 2023

But Coinbase said in its announcement that XRP trading could still be restricted in some jurisdictions.

Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.

— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023

XRP’s price gains and the crypto exchanges’ actions came after a US court had earlier on Thursday ruled that XRP was not a security.

XRP court decision “first step” toward regulatory clarity

Commenting on the decision to re-enable XRP trading, Marco Santori, Kraken’s Chief Legal Officer, said:

“This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.”

Santoru added that the exchange is looking at the court’s decision on XRP as one more step towards regulatory clarity in the United States. But while crypto markets reacted bullishly to the news, Santori notes that there could still be some “twists and turns” with regard to the case.

“We view the court’s decision as a first step toward meaningful legal clarity in the US.  Clarity allows us to plan, to hire and to invest in here, where we were founded. The case is still likely to take some twists and turns, and other cases will follow similarly winding paths. Capitol Hill is working hard, too. Multiple bills are making their ways through congress. This is going to take years,” he added.

As highlighted here, news of the judge’s decision against SEC triggered massive buying pressure for XRP. The token’s rally also sparked upward momentum for Stellar (XLM) and several other altcoins.

The post Coinbase, Kraken re-lists XRP after court says token not security appeared first on CoinJournal.

• Stellar (XLM) price rose to its highest level since April 2022, hitting highs near $0.20.
• XLM’s stellar performance followed a staggering 87% jump in less than 3 hours for XRP.
• XRP is Ripple’s token, and a judge just declared it was not a security.

Stellar (XLM) price jumped nearly 70% on Thursday as bulls pushed past long term resistance levels to trade at prices last seen in April 2022. 

The catalyst was today’s Ripple news.

Stellar price jumps as XRP rockets

XLM price raced to highs near $0.20 to see it mirror broader crypto market upward action following one of the biggest news events in crypto history.

This is after Ripple, the company behind the XRP coin won against the US Securities and Exchange Commission (SEC). As CoinJournal reported, the court battle has been around a case where the regulator sued the blockchain company over allegations that XRP was a security.

But on Thursday, Analisa Torres, Judge of the US District Court for the Southern District of New York, handed Ripple the victory in a summary judgement. The judge’s decision effectively declared XRP not a security. 

The market’s reaction to the news was swift, with buyers sending XRP to near $0.95 – its highest level since December 2021.

Elsewhere, Stellar’s XLM was the top performer among altcoins as its price raced to near $0.20. Other top gainers were Cardano (ADA), Polygon (MATIC), and Solana (SOL). Bitcoin also traded to a new YTD price as did Ether that hit above $2k.

For the altcoins, the Ripple-fueled sentiment helped decelerate part of the downward pressure that had permeated the market after the SEC declared the tokens securities in lawsuits against Binance and Coinbase.

XLM price outlook

XLM is looking to break higher as XRP eyes $1. The two cryptocurrencies, which have a lot in common in terms of their historical overview and market performance, are seeing the most gains today.

If XRP price rallies higher above $1, it likely Stellar’s native token will target $0.24 and above that, $0.40. On the downside, the main support remains at $0.073

The post XLM price soars as Stellar rides Ripple’s XRP wave appeared first on CoinJournal.

Key takeaways

• Bitcoin has maintained its value above $30k as more investors hold their cryptocurrency assets.

• AltSignals’ stage-2 presale has now surpassed 50%, with more than $1.1 million raised so far.

The cryptocurrency market has been stagnant for the last two weeks, with the prices of most coins and tokens trading within specific ranges.

Bitcoin, the world’s leading cryptocurrency by market cap, has maintained its value around the $30k region over the past few weeks.

Inflation figures come out lower than expected

Rising inflation figures in the United States and other parts of the world have led to the Federal Reserve hiking interest rates in recent months.

However, the Fed didn’t increase interest rates last month, and investors are now optimistic that the US apex bank might decrease interest rates later this month.

The SU Consumer Price Index for June was 0.2%, lower than what market analysts had expected. With inflation declining in the US, the Fed might reduce its interest rates in the near term.

If that happens, the cryptocurrency market could experience a positive performance. At press time, the price of Bitcoin stands at $30,566, up by less than 1% in the last 24 hours. 

Data obtained from Glassnode revealed that the number of wallets holding at least one BTC had reached an all-time high of 1,008,737 million.

As more people are holding Bitcoin, investment in other cryptocurrencies could increase in the near term. Investors could be looking to enter new projects and make excellent returns.

One of the projects investors could consider is AltSignals. AltSignals is still in its presale stage and has already raised more than $1 million in its second presale round. 

What is AltSignals?

Before investing in AltSignals, it is advisable to know what the project is and the problem the developers intend to solve in the market. 

AltSignals is a project that primarily targets traders. It is a trading platform that provides trading signals for stocks, forex, indices, cryptocurrencies, and CFDs. 

Although AltSignals is still in its presale stage, the team has raised more than $1 million and will use the funds to develop its platform.

The stage-2 presale has raised more than $1 million so far, with the team targeting around $2 million in this round. 

ASI, the native token of the AltSignals ecosystem, is currently sold for 0.01875 USDT. The token price could increase in the near term once the project officially launches and gets listed on cryptocurrency exchanges. 

In their whitepaper, the AltSignals team revealed that they would use the funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. 

ActualizeAI will be AltSignals’ fully automated solution that would make it easier for people to trade cryptocurrencies. 

Visit the official AltSignals website to learn more about their presale.

Should you invest in AltSignals now?

Bitcoin and the broader cryptocurrency market have performed well since the start of the year. Year-to-date, Bitcoin is up by nearly 50%, outperforming the other major financial markets.

Market analysts predict that Bitcoin’s price could surge higher in the medium to long term. If that happens, other cryptocurrencies could record massive gains too.

One of the projects to look out for is AltSignals. Although it is still in its presale stage, AltSignals could be a project that changes the way traders approach the market. 

If the development team delivers on its promise of a platform dedicated to traders, AltSignals could see an influx of traders on its platform, and that would result in ASI’s price soaring higher over the next few months and years. 

The launch of ActualizeAI could be a huge boost for AltSignals as the project seeks to attract more traders to the cryptocurrency ecosystem. 

The post Bitcoin maintains price above $30k as more investors hold their assets appeared first on CoinJournal.