Kategorie: Crypto Markets

The crypto market was mostly in the red over the past 24 hours, as the majority of top 10 cryptos were seen lower or flat at time of writing. 

Top cryptos

Bitcoin registered moderate losses, dropping below $30,000 at time of writing. Cardano shed almost 7% of its value, rapidly reversing recent gains. 

Cryptos outside the top 10 registered moderate losses, up to -4% for Litecoin. 

Top movers

Outside the top 20, the tendency was similar, with most coins losing 2-5% of their value. Notable standouts include Loopring with -7% and Stepn’s GMT with -6%. 

On the other end, the only discernible gainers are Bitcoin Gold, which added 3%, and Bitcoin SV, up 6%. 

The Bitcoin SV Technical Standards Committee appointed and reappointed five members for their leadership skills and their key knowledge of the Bitcoin SV blockchain. A listing on the crypto exchange Latoken is also coming up for the protocol.

VeChain is up less than 1% despite yesterday’s news that it has become the UFC’s first official Layer 1 blockchain partner.  

Trending

The biggest winner today is the token of Tenset, a dynamically growing blockchain project that sees itself as a bridge between the traditional stock market and the crypto market.

Tenset uses an intelligent staking method and a new-generation ETF 2.0 deflationary token. Its token is up 651% today. 

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Amazon, and many other top stocks in the traditional market, have equivalent decentralized tokens that give investors price exposure to these real-world stocks. 

For AMZN, one such token is dAMZN that’s listed on DeFiChain. With a minted dAMZN, an investor can gain investment opportunities closely mirroring the Amazon stock, only that this DeFi token does not offer holder ownership in the company.

So, how does Amazon’s stock split affect the available dAMZN tokens? Should you be worried as an investor? Here’s what you might want to know, but first – the Amazon stock.

Amazon shares after 20-for-1 split

Shares of Amazon (AMZN) currently trade around $118.28, about 2.4% down as the stock market hits another downside amid concerns over economic slowdown.

The AMZN stock is down 4.8% over the past five days and more than 31% year-to-date, with the latest losses for the tech stock coming after Monday’s brief rally. That aside, if you have followed market events over the past few weeks, then you know that Amazon announced a 20-for-1 stock split in early March.

The split took place on 3 June 2022, with each shareholder receiving 20 shares for every AMZN share they held. Trading for the split-adjusted stock opened on Monday, and at current prices, relatively cheap and accessible to small investors.

What it means for DeFi tokens tracking AMZN

It’s notable that the crypto market continues to show a high correlation with the stock market, with the latter’s performance invariably influencing crypto. The mirroring also reflects in the DeFi tokens sector, and as such, the stock split does have an impact on dAMZN.

dAMZN was also split into 20 tokens, with holders receiving 20 tokens for every one of their dAMZN tokens. However, it does not mean that the holder’s investments will increase 20 times. Rather, the value of their holdings will remain the same as before the split.

What investors will see is a reflection of the current Amazon stock price, and with the split concluded smoothly, nothing much changes. 

Here’ what a DeFiChain developer Prasanna Loganathar said after the split.

AMZN Token Split in #DeFiChain went through on the blockchain on Monday (2022-06-06), in accordance to the 1:20 split.

– Split on the blockchain has been been successful and the users funds are safe, split as expected.

(1/N)

— Prasanna Loganathar (@prasannavl) June 8, 2022

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Chainlink, an Oracle service provider, has revealed its new economic roadmap by introducing the new staking mechanisms to the blockchain. During the announcement, Chainlink noted that the mechanism will present the operational efficiencies of the blockchain and that of its oracle network.

At the same time, all LINK investors will be rewarded. Chainlink also unveiled the four main long-term goals that it plans to achieve with the staking mechanism.

1. Generating Sustainable Rewards for Long-Term Users
2. Enabling Greater Community Participation in the chainlink Network
3. Empowering Node Operators to Acces Higher Value Jobs Through Staking.
4. Increasing the Crypto economic Security and User Assurances of Chainlink Services

 

Chainlink Staking mechanism

According to Chainlink, its staking mechanism will continue to advance as its Oracle network continue to expand over time. However, its original goal is to develop a secure and simple foundation for staking and later continue with the expansion based on the feedback they will get.

Chainlink staking mechanism rollout will be similar to the functionality of its Price Feeds. With the help of this mechanism, it will be possible to identify opportunities and risks at the initial stage of the execution before scaling.

According to the announcement, the initial version v0.1 of Chainlink Staking is expected to be released later in the year and will focus on introducing an alert system and a reputation framework. 

The initial staking pool in v0.1 will have a distinct allocation to the member of the community, coordinators of oracle networks, and node operators.

Chainlink noted:

“The pool will start with an aggregate size of 25M LINK tokens, with the planned goal of scaling to a pool size of 75M LINK tokens in the months after launch, based on demand.”

Additionally, it is expected that in v0.1, the native token emission will be focused on stakers who will aim at a base level of annualized rewards of about 5%.

LINK price rally

The price of Chainlink (LINK) rose by over 10% immediately after the economic roadmap was revealed yesterday and the price has continued to rally to today. At the time of writing, a day after Chainlink released the economic roadmap, LINK was trading at $9.38, up 9.08% over the past 24 hours having hit a daily high of $9.46. 

Apart from the new economic roadmap that has also contributed to the rally, it seems that Whales capitalized on the broader market correction by accumulating LINK tokens.

📈🐳 #Chainlink has pumped +9% in the past 2 hours, and accumulating whales are capitalizing. After dumping began on March 30th, they began accumulating again after prices dropped in early May. They hold 25%+ of the supply for the 1st time since November. https://t.co/bXB08Ipatj pic.twitter.com/1kxygyOf1g

— Santiment (@santimentfeed) June 7, 2022

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Top 10 cryptos were flat, registering gains and losses of less than 1%. In the top 100, most fluctuated by 1-3% in value. 

Top cryptos

Bitcoin was trading above $30,000 at time of writing, relatively flat over the past 24 hours. Cardano registered negligible gains. Solana is the big winner in the top 10, gradually reversing losses, up almost 5% today.  

Cryptos outside the top 10 demonstrated the same tendency and were almost flat. Polygon and UNUS SED LEO each gained around 2%. 

Top movers

Chainlink continues yesterday’s surge, adding another 8% to its value. Tezos gained 10%, Helium 9%, and OMG Network 7%.  

One possible reason for Tezos’ growth is the announcement that the We Are Developers World Congress Berlin 2022, powered by Tezos, is starting on June 14. 

Gala shed around 3% as the Galaverse event nears its end. Fantom, ApeCoin, eCash, and Klaytn are also down around 3% each. 

Two days ago, a suspected exploit shut down Elrond’s Maiar DEX, resulting in loss of funds. Despite putting a recovery plan in place, Elrond lost 6% of its value today.  

Trending 

The biggest winner today is BurnToEarn, a Web3 app and platform on Binance Smart Chain. It is a health-oriented platform, where you can monetize your exercise regime. The BTE token has gained 877% today. 

The post Highlights June 9: Solana reverses losses, Chainlink continues to surge appeared first on CoinJournal.

Token listing on crypto exchanges in Japan could soon become a lot swifter than it currently is, reports say.

The idea is that exchanges may not have to wait too long before listing a digital token due to an equally very long screening process.  

According to a report Bloomberg published on Wednesday, the Japanese government has expressed its dissatisfaction with the current framework and is in talks with the Japan Virtual and Crypto Assets Exchange Association (JVCEA) over the possibility of overhauling it.

JVCEA is a self-regulatory body tasked with supervising digital asset exchanges in the country. In May, the government criticized it for what is reportedly a slow “pre-screening” of crypto tokens.

Consumer protection key

Reportedly, JVCEA is looking at the possibility of allowing exchanges to list some tokens then following that up with a review. The deliberations, whose final report is expected by the end of the year, will also consider the scenario of having exchanges delist tokens after post-listing screening.

Notably, Prime Minister Fumio Kishida’s administration believes the process can be hastened even as measures are taken to ensure consumer protection.

This follows the collapse of Terra (LUNA) last month, which also involved the TerraUSD (UST) – a stablecoin that lost its peg to the US dollar to catalyze further losses across the market.

It’s this same need to protect users that has seen South Korean policymakers push for token listing guidelines for the country’s crypto exchanges. Lawmakers want exchanges to implement a self-regulatory system on listing and delisting of tokens, with the main objective being to public protection.

It is estimated 280,000 South Koreans were impacted by the LUNA collapse.

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