Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Single whale sends Polymath price skyrocketing: here’s where to buy polymath coin

A single whale transfer has pushed the price of the Polymath (POLY) coin up by 144%. POLY has however eroded almost half of the gains. At press time, it was trading at $0.263 down from a daily high of $0.4409.

WILD-DOG a CoinMarketCap community member said:

“$POLY – Pumping triggered by a single whale.. not a gradual onset. Momentum continued by innocent victims.. Whale pulls 100% their investment. You are trapped! and waiting for a hope that there will be another bull run. Your investment gradually drained down the toilet.”

To help traders who want to take advantage of the Polymath pumping, Coinjournal has prepared this brief guide on where to buy the POLY coin.

To find out more, please continue reading.

Best places to buy Polymath (POLY) coin

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy POLY with Binance today

Bitfinex

Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.

Buy POLY with Bitfinex today

What is Polymath?

Polymath is a platform that provides the technology to create, issue, and manage security tokens. It is the one that spearheaded the creation of Ethereum-based ERC 1400 tokens and there are over 200 ERC 1400 tokens that have been deployed using Polymath.

Polymath built its own blockchain called Polymesh whose native token is Polymath (POLY). The main aim of Polymath through Polymesh is to create an ecosystem that allows blockchains to meet the regulatory requirements of capital markets.

Should I buy POLY today?

If you want to invest in a bullish cryptocurrency, then POLY could be a good choice.

However, it is important to take note of the sudden pullback that occurred immediately after the sudden price pump. Also, the cryptocurrency market is extremely volatile, and you should trade with caution.

Polymath coin price prediction

Analysts predict that Polymath will try hitting $0.5 once it corrects the current bearish pullback that is currently at play.

$POLY social media trends

 

The post Single whale sends Polymath price skyrocketing: here’s where to buy polymath coin appeared first on CoinJournal.

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Crypto are a ‘speculative asset’, Fed Chair Powell says

Cryptocurrencies are also not a “great store of value,” Powell said at Cato Institute in Washington.

US Federal Reserve Chair Jerome Powell said on Thursday that cryptocurrencies are not being used for payments as such, noting that public interest in these assets lies more in their speculative nature.

Powell said this during a conference at the Cato Institute, Washington, D.C.  

In his response to one of the questions in a Q&A session, the Fed Chair told attendees at the think tank that unbacked cryptocurrencies have not offered, or do not appear to offer, that payment use case that the public may really want to have.

According to him, cryptocurrencies  are also not that great as a store of value, reiterating the fact that what crypto really is “is a speculative asset.”

Crypto and other risk assets eye fresh volatility

Powell’s remarks at the monetary policy conference come as crypto assets struggle with a crushing bear market that has Bitcoin trading below $20,000 and Ethereum looking to re-establish fresh momentum above $1,600. For Ethereum, it’s just days to what could be its most defining upgrade next week (around mid-September) – the Merge.

Ether was trading around $1,638 at the time of writing, nearly 4.5% up in the past 24 hours. ETH is also green over the week, but remains more than 7% down this past month following the dip from $2k

Meanwhile, the broader risk asset markets are bracing for tighter monetary policies from central banks.

On Thursday, the European Central Bank struck with a 75 basis point hike of its principal interest rate, while the Fed is set to set a third consecutive 0.75% hike at its next FOMC meeting on 20-21 September. Reaction across US equities saw some injection of volatility and helped major indices post a second day of modest gains.

The S&P 500 closed over 0.6% higher, as did the Dow Jones Industrial and Nasdaq, with the stock market poised for a weekly close that would help snap a three-week downturn.

The post Crypto are a ‘speculative asset’, Fed Chair Powell says appeared first on CoinJournal.

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Terra Classic is up 425.5% in the past 14 days: here’s where to buy LUNC coin

Terra Classic’s native token LUNC has seen a huge bullish rally in the past two weeks. Its price has risen by more than 425% in the past 14 days.

Since the fateful downfall of the original Terra LUNA due to the TerraUSD (UST) stablecoin crash and the resulting hard fork that resulted in the rebranding of the old Terra Chain into Terra Classic, Terra Classic’s LUNC coin has had a rough time trying to regain its lost glory.

Terra Classic has undertaken several upgrades and adopted a raft of proposals from its community including burning and staking LUNC to try to help the price of LUNC token recover.

The most recent proposal from the Terra Classic community is the 1.2% tax burn proposal that has received support from several centralized exchanges including MEXC, Gate.io, and KuCoin among others. The community is expected to vote on it next week.

To help traders seeking to take advantage of the current LUNC bull run, Coinjournal has prepared this brief guide on where to purchase the LUNC coin.

To find out more, please continue reading.

Best places to buy LUNC coin

What is LUNC?

LUNC is the native token of the Terra Classic blockchain which is a rebrand of the old Terra LUNA chain after the Terra hard fork that took place following the Terra LUNA crash caused by the crash of the UST stablecoin. The forked chain is referred to as Terra 2.0 and its native token retained the name of the original Terra LUNA token.

The Terra Classic chain is also home to the TerraUSD stablecoin which was renamed TerraUSD Classic (USTC).

Should I buy LUNC today?

If you want to invest in a digital asset that crashed a few months ago but currently showing signs of recovery, then the LUNC token could be a good choice.

Nevertheless, you should be aware of the fact that buying the cryptocurrency market is extremely volatile.

LUNC price prediction

Going by the momentum of the current bullish trend, crypto analysts believe Terra Classic could be on course to drop another zero in the coming weeks, especially after the much anticipated 1.2% tax burn is implemented

$LUNC social media trends

 

 

The post Terra Classic is up 425.5% in the past 14 days: here’s where to buy LUNC coin appeared first on CoinJournal.

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GameStop partners with FTX US for online marketing initiatives

Video game retailer GameStop has announced a partnership with the US subsidiary of FTX, one of the most popular cryptocurrency exchanges around the world. The move comes right on the heels of GameStop launching an NFT marketplace and a crypto wallet in collaboration with Immutable X.

GameStop’s partnership with FTX US adds to the video gamer retailer’s push into crypto. The FTX US deal in particular will focus on online marketing initiatives. The partnership will introduce GameStop’s customers into the FTX ecosystem which includes its digital assets marketplace.

On the other hand, GameStop will become FTX’s preferred partner in the US.

GameStop retail stores to carry FTX gift cards

The partnership will also allow certain GameStop retail stores in the US to issue FTX gift cards.

While releasing its Q2 earnings report, GameStop CEO Matt Furlong said:

“The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.”

GameStop has however not disclosed the financial terms of the agreement in its earnings report.

GameStop financial results

The FTX US partnership was announced on the same day that GameStop was releasing its financial results for the second quarter of 2022.

The Q2 report shows that GameStop reported a 4% decline in net sales to 1.14 billion. Nevertheless, GameStop has significantly ramped up its Web3 efforts this year unveiling an NFT, NFT marketplace, a wallet, and a Web3 gaming division.

GameStop’s NFT marketplace is a non-custodial Ethereum Layer-2-based marketplace that allows users to connect their own crypto wallets including the recently launched GameStop wallet.

The post GameStop partners with FTX US for online marketing initiatives appeared first on CoinJournal.

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$371K in USDC stolen in an Avalanche flash loan exploit

Avalanche-based lending protocol Nereus Finance was hacked and $371K in USD Coin (USDC) was stolen. The hacker deployed a custom smart contract taking advantage of a $51 million flash loan from Aave.

CertiK, a blockchain cybersecurity firm, was among the first to detect the hack on September 6. CertiK at the time said that the exploit impacted liquidity pools relating to decentralized exchange Trader Joe and automated market maker Curve Finance on Nereus

But Curve Finance responded on September 7 arguing that maybe CertiK was referring to ‘assets impacted’ rather than protocols impacted since only Nereus Finance and its assets seemed affected by the exploit.

Post-mortem of the exploit

On September 7, Nereus Finance released a comprehensive post-mortem of the exploit saying that the hacker was able to deploy a custom smart contract targeting a $51 million flash loan from Aave to manipulate the price of AVAX/USDC Trader Joe LP pool for a single block.

Consequently, the hacker was able to mint 998,000 NXUSD, Nereus’ native token, using collateral worth $508,000. The hacker then swapped the minted NXUSD into different assets through several liquidity pools and managed to walk away with a net profit of $371,406 after the flash loan was returned.

While the hacker made a profit, the exploit created $508,000 worth of NXUSD ‘bad debt.’

Nereus was however quick to arrest the situation by developing a mitigation plan, notifying law enforcement, and then liquidating and pausing the exploited JLP pool. The NXUSD bad debt was paid off using the protocol’s treasury.

Nereus also noted that a similar exploit will not be possible in future since the protocol will amend its audit and security practices. Nereus noted:

“While this exploit is a bad incident — it’s not uncommon for protocols to face these types of battle tests.”

As of the time of writing, the Nereus team was still trying to identify the hacker by tracking the funds. It has offered a 20% White Hat reward for the return of the funds with no questions asked.

The post $371K in USDC stolen in an Avalanche flash loan exploit appeared first on CoinJournal.