Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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EGLD price drops 6% as team starts investigating suspicious activity on Maiar DEX

The price of the EGLD token, which is the native token of Elrond Network is on the decline and has dropped by more than 6% today after an announcement that the Elrond team had started investing malicious activity on its main decentralized exchange (DEX), Maiar.

At the time of writing, EGLD was trading at $72.39, down 6.01% after dropping from a daily high of $77.48.

Malicious activity investigation

Elrond Founder and CEO, Beniamin Mincu, tweeted that his team was investigating “suspicious activity” on Maiar adding that his team will be providing the update “soon.”

In a later tweet Mincu said:

“Identified the potential issue, and working on an emergency fix.”

According to the reports, the Elrond Network went offline by a way of a “scheduled maintenance” with a message on its site noting that “operations will resume shortly.” However, the exchange has been offline for more than 7 hours.

Now, the rumors are spreading fast with some Elrond supporters saying that the network might have been compromised. 

Elrond has assured its users that they will be updating them once they fix their systems.

Following the incident, both EGLD and MEX, the native token of the Maiar DEX is also down with MEX failing to recover from its significant price drop where it lost almost 90% of its value late Sunday evening.

Maiar, launched late last year, had announced a $1.29 billion liquidity incentive program to improve the activities on the new exchange platform as well as push decentralized finance (DeFi) adoption beyond the crypto space into the mainstream.

At the time of the launch, the smart contracts installed on Elrond and the ones built for Maiar were advertised as having gone through a “rigorous auditing and formal verification.”

The post EGLD price drops 6% as team starts investigating suspicious activity on Maiar DEX appeared first on CoinJournal.

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Highlights June 3: Cryptos mixed, ICP rises after Binance delists futures pair

Cryptocurrencies went in different directions over the past 24 hours, however, most top 10 cryptos were in the green, or showed price movements of less than 1%. 

Top cryptos

Bitcoin was up more than 2% this morning, holding above the $30,000 at time of writing. Leading the top 10 were Cardano and Solana, each rising more than 5% since yesterday. Most cryptos outside the top 10 gained 1-3%.  

Top movers

Most coins were flat, gaining or losing up to 5% of their value today. The biggest winner in the top 100 is Internet Computer Protocol (ICP), up 12%. 

It may be rising on successes of Sonic DEX and OGY, because Binance is delisting ICP/USDT futures (they will be settled on June 10), and/or due to the most recent Solana outage.  

Other gainers include Stellar Lumens, Bitcoin SV (a 2018 hard fork of Bitcoin Cash), IOTA, and Moonbeam at #100. Each added around 7% to their value. On the losing end, Kava and Maker each shed 4%.   

Trending

The biggest winner today is Metacyber (METAC), up 627% in the last 24 hours. MetaCyber is a metaverse located in space, which allows its members to play, explore, interact, and trade with other players. 

The post Highlights June 3: Cryptos mixed, ICP rises after Binance delists futures pair appeared first on CoinJournal.

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Highlights June 2: Cryptos in the red, Golem token breaks top 100

The crypto market was in the red this morning, with the majority of top 10 cryptos registering losses. 

Top cryptos

Bitcoin was down around 5% at time of writing, trading below $30,000. Ethereum and XRP were around 6% lower, Cardano registered losses of around 7%, and Solana was down around 14% after yet another outage.

Cryptos outside the top 10 are likewise in the red. Polkadot has shed 7% of its value and Avalanche is down around 9%. 

Top movers

Outside the top 20, the tendency was similar, with most coins losing 5-9% of their value. The only gainers are Waves, up around 13%, and Golem (GLM), up 38%. Golem broke the top 100 today after Bitpanda listed it. It’s currently at #96.   

GLM is the token of a decentralized computation network, which claims to provide a new way of delivering redundant computing power to recipients on demand. 

The biggest losers of the day are Compound, Arweave, and Kusama, each down 12%.  

Trending

As Solana plummets, the top gainer is Sweet SOL (SSOL), a multilayer hyper-deflationary token that enables holders to generate passive income. They take advantage of an automated mining protocol to receive funds in their wallet. 

SSOL is up 2,522% today. The platform plans to develop a multilayered blockchain on top of Solana and Binance Smart Chain.  

The post Highlights June 2: Cryptos in the red, Golem token breaks top 100 appeared first on CoinJournal.

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Axie Infinity (AXS) has gained 7% over the past week: here’s why AXS has been rising

Axie Infinity’s native token, AXS, has rallied by about 7.2% over the past week and yesterday it jumped by over 19% making it one of the best performers in the top 100 crypto assets.

At the time of writing, AXS was trading at $22.70, after pulling back from yesterday’s high of $27.82. 

Before delving into why the price of Axie Infinity native token AXS has been rising over the past week, it is important to first explain what Axie Infinity is.

What is Axie Infinity?

Axie Infinity is a popular play-to-earn blockchain-based game where players buy NFTs of Pokémon-like monsters to battle each other. 

While playing, players get a chance of earning another token called the Smooth Love Portion (SLP), and they can trade them for other cryptocurrencies or exchange them for cash.

Why AXS price has been rising

The Builders Program has been the main newsmaker within the Axie Infinity ecosystem.

Axie Infinity (AXS) price surge especially yesterday was mainly due to an announcement by Sky Mavis, Axie Infinity development group. The group announced that the first batch of 12 projects has been accepted by its Builders Program which intends to introduce user-generated content to the Axie ecosystem.

Axie Infinity Builders Program acts as a laboratory for community-created experiences and games with the goal of rewarding developers who helps in creating gaming tools and experiences on its platform.

The chosen teams will get a minimum of $10,000 grants in AXS to facilitate their projects and also get full access to tech integrations like Ronin wallet transactions and Ronin Single-Sign-On, product teams, game design, and engineering.

In a statement Sky Mavis said:

“The Builders Program is one of many initiatives that will unlock more enjoyment and utility for your Axies, in this case from community built experiences.”

The company noted that it will be partnering with other major game studios to create experiences for Ronin and Axie Infinity.

In addition, Sky Mavis said:

“We will be accepting many more teams over time (and maybe even quite soon) and everyone should continue to build.”

The post Axie Infinity (AXS) has gained 7% over the past week: here’s why AXS has been rising appeared first on CoinJournal.

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CoinShares lost $21M due to Terra LUNA’s implosion, CEO says

DeFi exposure related to Terra’s stablecoin UST saw CoinShares, Europe’s largest digital asset firm with billions of assets under management, lose more than $21 million, the firm’s CEO Jean-Marie Mognetti revealed on Tuesday.

The CoinShares chief’s comment on the loss was part of his investor relations message to the company’s clients published in the 2021 Financial Annual Report.

While the loss will be reflected in the company’s Q2 earnings report, Mognetti said he would wait until then or the earnings call scheduled for August to give an update.

CoinShares had no direct exposure to UST 

According to the CoinShares co-founder, although the firm’s trading activities mean it was not directly exposed to LUNA’s price collapse, it is active in the DeFi space. Thus, when the implosion occurred, it had been exposed to UST via a book it was running.

“Following the events of the last few weeks, we have booked an exceptional loss from our DeFi activities of £17m on liquidating our holding in UST,” he explained.

That’s about $21.4 million lost, but the CoinShares CEO is upbeat that it won’t impact its activities going forward.

“While this obviously impacts on the Group’s performance for Q2, this loss has not had any impact on any of our additional Capital Markets activities, nor does it in any way impact upon the hedging and collateralisation of any of the Groups ETPs.”

It’s a ‘battle scar’

Despite the loss, CoinShares looks at it (LUNA’s collapse and the loss) as a humbling experience and “battle scar” that team has learnt from and won’t forget. 

The events also gives them the morale focus on providing “the premier investment technology for the digital asset sector.”

Mognetti  also says  that the company had an “exceptional” 2021, with  fiscal year income up more than 500% year-on-year to over  £113 million ($142.4 million). However, shareholders might not see the value due to the global macro environment and the company stock’s lack of liquidity.

Terra’s collapse has resulted in the creation of a forked chain LUNA 2.0. The old chain is called Luna Classic (LUNC).

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