Kategorie: Crypto Markets

The crypto crash has pushed up interest in short Bitcoin ETFs, with the ProShares Short Bitcoin Strategy ETF (BITI) seeing massive daily inflows since it launched a little over a week ago.

Data from crypto analytics firm Arcane Research cited by Forbes showed interest in the ProShares inverse ETF, which allows investors to bet on Bitcoin price declines, had inflows of 1684 BTC on Wednesday.

Per the report, BITI inflows have jumped to 3086.2 BTC, putting the fund’s holdings at roughly $59 million. The ProShares Short Bitcoin Strategy ETF has consequently become the second largest BTC-linked ETF in the US.

Why investors are shorting bitcoin

According to the analytics firm, the increased demand for the inverse vehicle that delivers a 1% profit for investors if BTC value falls 1% is down to Bitcoin’s high correlation to equities. The firm also points to inflation and the turmoil that continues to unveil in the crypto market as key elements of why this is a move traders fancy.

Arcane Research analyst Vetle Lunde told Forbes that short demand was rising as a result of more investors either looking to hedge against current declines or as nothing but a realization of the opportunity available to benefit from the crash.

Notably, Wednesday’s inflows coincided with the US Securities and Exchange Commission (SEC)’s rejection of the Grayscale spot Bitcoin ETF proposal. Grayscale has filed a lawsuit against the securities regulator.

The post Report: Short Bitcoin ETF attracting a lot of attention appeared first on CoinJournal.

The TerraClassicUSD (USTC), formerly the TerraUSD (UST), was the origin of the current crypto plunge after it de-pegged leading to the crash of the Terra LUNA coin that once traded above $80.

After the events that unfolded, investors seemed to lose taste in the once-popular stablecoin. But following a 523.5% price surge over the past week, investors have once again started accumulating the stablecoin with the hope that it shall get back to its dollar parity of $1.

To help investors and traders who want to buy TerraClassicUSD (USTC), Coinjournal has created a brief article to help with identifying the best places to buy stablecoin.

To find out more, please continue reading.

Best places to buy TerraClassicUSD (USTC)

What is TerraClassicUSD (USTC)?

TerraClassicUSD (USTC) is formerly the TerraUSD (UST) stablecoin. It was renamed after the Terra fork resulting in the Terra Classic chain and the Terra 2.0 chain.

The Terra fork resulted from the de-pegging of the UST stablecoin from its dollar peg and the USTC seems to be now trying to get back to the dollar parity.

The USTC stablecoin operates on the Terra Classic chain.

Should I buy the USTC today?

If you want to invest in a stablecoin that de-pegged from its dollar parity but has shown signs of regaining the parity, then the USTC could be a good choice.

Nevertheless, you should be aware of the fact that buying the cryptocurrency market is extremely volatile, especially now when the crypto market prices have been dropping considerably.

USTC price prediction

Going by the current bullish trend, USTC is expected to make considerable price movements as it tries to regain its $1 parity. Investors are optimistic that it will eventually get back to $1.

$USTC social media coverage

Someone on reddit post wrote that #USTC will be re-pegged to $1 and #LUNACLASSIC , #LUNC will touch 1 $ in the next few months and this person is helping it to reverse investors losses. pic.twitter.com/By2Mjn2AAr

— Abhishek Patil (@abhishek_hubli) June 29, 2022

 

 

#LUNC and #USTC CHARTS PUMPING #luncburn #LUNC #LUNACLASSIC #USTC

🌓🌓🌓🌓🌓🌓🌓🌓🌓🌓🌓🌓🌓 pic.twitter.com/l8vY14gvGX

— CTRL2XY 🌗 ™ (@Control2XY) June 29, 2022

 

The post TerraClassicUSD (USTC) gains 523% in a week: here’s where to buy USTC coin appeared first on CoinJournal.

After Terra’s hard fork that resulted in the Terra LUNA 2.0 and Terra Classic (LUNC) tokens, the LUNC coin was almost being forgotten as investors opted for the new LUNA 2.0 token. But over the past week, the price of LUNC has gained traction and raised by over 118% thus attracting a lot of attention from investors.

Investors are accumulating the LUNC coin in the hope that it will soon go to at least $1.

To help investors and traders who want to buy Terra Classic (LUNC), Coinjournal has created a brief article to help with identifying the best places to buy it.

To find out more, please continue reading.

Best places to buy Terra Classic (LUNC)

What is Terra Classic (LUNC)?

Terra Classic (LUNC) token resulted from the recent hard fork of the Terra blockchain where the original token was renamed Terra Classic (LUNC) and the new token named Terra 2.0 (LUNA 2.0).

The Terra Classic (LUNC) token now operated on Terra Classic.

The Terra Classic chain is now the chain behind the original UST stablecoin which has since been renamed USTC.

Terra Classic has recently been integrated into the StarShip metaverse, which is one of the largest metaverses, and LUNC will be used as a mode of payment in the StarShip ecosystem. In return, StarShip will assist in the ongoing LUNC burn where it will burn 1.2% of the LUNC tokens it gets as payment.

Should I buy the LUNC today?

If you want to invest in a cryptocurrency that had crashed but currently showing signs of recovery, then the LUNC coin could be a good choice.

Nevertheless, you should be aware of the fact that buying the cryptocurrency market is extremely volatile, especially now when the crypto market prices have dropped considerably.

LUNC price prediction

Going by the current bullish trend, LUNC is expected to drop another zero hopefully by the end of July. Investors are optimistic that it will soon get above $1.

$LUNC social media coverage

Do you think $LUNC can ever reach $1.00 ?#LUNC 🔥🔥🔥🔥

🟢🟢🟢🟢🟢🟢🟢🟢

— LUNC🔥🌕 (@LUNC_OFFICIAL) June 29, 2022

 

 

Someone on reddit post wrote that #USTC will be re-pegged to $1 and #LUNACLASSIC , #LUNC will touch 1 $ in the next few months and this person is helping it to reverse investors losses. pic.twitter.com/By2Mjn2AAr

— Abhishek Patil (@abhishek_hubli) June 29, 2022

 

The post Terra Classic (LUNC) gains 118% past week: here’s where to buy LUNC coin appeared first on CoinJournal.

Adaswap, a Gal Gadot-backed decentralized exchange (DEX) platform on the Cardano network, has launched its public testnet.

A press release shared with CoinJournal stated that the Adaswap DEX, also backed by Shima Capital, was going live today 29 June 2022.

According to the platform’s team, the testnet launch makes the project among the very first to tap into the capabilities of the Ethereum Virtual Machine (EVM). 

The project  went live on the Milkomeda Network.

Tapping into blockchain interoperability

With the testnet launch via Milkomeda Network, Adaswap is looking to tap into the benefits of a layer-2 protocol with over $36 million in TVL. 

The team notes that among the key benefits for builders will be the ability to deliver EVM capabilities to non-EVM compatible blockchains.

This, they added via the announcement, enables the extension of Cardano’s ecosystem to projects that seek to build advanced products and services. 

AdaSwap CEO Itai Levi said:

“Deploying on Milkomeda has allowed Adaswap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.“

Adaswap has been building towards the launch of its testnet over the past month, with the team noting in early June that they were focused on delivering this milestone despite the tough market conditions.

The Market might be 📉temporarily, but at #adaswap we keep building. And when the market comes back 🆙 we will be ready to🚀

Testnet is so close we can taste it!#altcoins #Cardano #ADA #cryptocurrency

— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) June 7, 2022

Earlier in May, Adaswap announced the NFT marketplace ADANFT, which was launched in collaboration with globally renowned artist Jonathan Paul, aka Desire Obtain Cherish.

The post Cardano ecosystem builder AdaSwap launches public testnet appeared first on CoinJournal.

Bitcoin Cash (BCH) today dropped to a low of $102.08 following reports that a major advocate of the blockchain had been accused of default.

Roger Ver, the former CEO of Bitcoin.com and a big advocate for Bitcoin Cash, was on Wednesday accused of owing $47 million to crypto exchange CoinFlex.

Coinflex CEO Mark Lamb disclosed a written agreement between the exchange and Roger Ver that obligates the Ver to guarantee any negative equity.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

Lamb indicated that they have already written notice of default to Roger Ver for defaulting on the agreement.

In a subsequent tweet thread, Lamb went ahead to clarify that the debt in question pertains to Ver’s account.

He is denying that the debt pertains to him and so we felt the need to clarify to the public that yes – the debt is 100% related to his account. Roger Ver a citizen of the European Union who we believe has significant assets in the US, UK and other relevant jurisdictions

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

But in a rejoinder, Roger Vertook to Twitter to deny Lamb’s claims of owing any debt and rather accused CoinFlex of owing him a substantial amount of money and revealed that he was seeking the return of his funds.

Roger Ver’s relations with Bitcoin Cash

Roger Ver has been the biggest promoter of Bitcoin Cash since it hard forked from Bitcoin.

The main reason Ver supports Bitcoin Cash is that he believes that Bitcoin should be a peer-to-peer transaction system instead of just being a store of value like it currently is.

The position or trade-in question is a leveraged 600-800K BCH long that Roger Ver holds on CoinFlex exchange.

The post Major advocate of Bitcoin Cash accused of default: BCH price sinks 7% appeared first on CoinJournal.