Kategorie: Crypto Markets

• At press time, Enjin Coin (ENJ) had gained 15.70% in the past 24 hours.
• ENJ is currently trading at about $0.4265.
• Today’s price surge makes ENJ today’s top gainer in the crypto market.

Enjin Coin (ENJ) has made headlines today after it shot up by about 16% to become the best crypto gainer of the day according to data from CoinMarketCap. The second largest gainer today is KAVA which has gained 10.14% while the third is Hedera (HBAR) which has gained 9.50% adding to its 41% rise in the past two weeks.

While it was trading at $0.4265 at the time of writing, Enjin Coin price high a daily high of $0.4524 earlier today.

Why is Enjin Coin price rising today?

Enjin Coin is not known for colossal price movements, making today’s price surge a surprise for many crypto traders and investors. Today’s hike actually pushed the token for a 51% growth over the past seven days.

But why is the price of ENJ surging? Here is a deep dive into the behind-the-scenes pushing the token’s price up.

Enjin network, the parent blockchain of Enjin Coin cryptocurrency, allows game developers to tokenize in-game items on the Ethereum blockchain. While the protocol’s influence among developers has grown since its inception, the recent development update to the platform appears to have energized ENJ buyers as they anticipate the Enjin ecosystem to witness extensive growth in the coming months.

The recent development update saw the protocol launch Enjin wallet, a new non-fungible (NFT) token marketplace called NFT.io, and three core Enjin tooling products. These updates make the platform enticing and easy for game developers thus positioning Enjin as a hub for the growing world of Web3.0 gaming.

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• According to the proof-of-reserves report, OKX’s reserves have a total of $7.5 billion in assets.
• The assets are spread between bitcoin (BTC), USDT, and Ether (ETH).
• This is the third proof-of-reserve published by OKX exchange.

In its third attempt to offer transparency on its stability, the OKX crypto exchange has published a proof-of-reserves report that shows the exact breakdown of the assets that the exchange has in its reserves.

According to the report, the exchange has a total of $7.5 billion worth of assets in reserves which do not include its native token OKB. The price of OKB has dropped has 6.10% today to trade at $30.69 at the time of writing.

The report shows that OKX is overcollateralized by all the assets in its reserves. It has a reserve ratio of 105% for ETH, 101% for USDT and 105% for BTC.

OKX reserves are 100% clean

OKX’s proof-of-reserves report comes right on the heels of CryptoQuant developing a metric that measures the “cleanliness” of crypto exchanges’ reserves. The cleanliness is determined by how reliant the reserves are on an exchange’s native token.

Data from CryptoQuant shows that OKX’s reserves are 100% clean since they do not contain its native token. The majority of other popular crypto exchanges are far from realizing such a level of reserve cleanliness. The reserves of Binance, for example, are 87% clean, while those of Bitfinex are 70% clean and those of Huobi are 60% clean.

According to OKX’s Chief Marketing Officer, Haider Rafique, OKX has never used its native token to finance its business. In an interview with one media outlet, Rafique said:

“We’ve never used a native token to finance the company. The native token was never a big part of our business or treasury. Our native token was always designed to engage our most active customers and give them a way to seek discounts through activity on the platform.”

Rafique also revealed that OKX plans to be publishing its proof-of-reserve report every month. The exchange also plans to launch a bug bounty program that will allow developers to evaluate the reports and find out if there are any bugs in the system or with OKX that needs to be addressed.

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• The Australian stablecoin will be called AUDN.
• It will be backed one-for-one by the Australian dollar.
• Users will be able to settle transactions using blockchain technology using the stablecoin.

Despite people within the stablecoin space being extremely sceptical, especially after the collapse of the once mighty Terra UST stablecoin, entities have been launching their own stablecoin variants and the Australian Bank has joined the bandwagon.

The Australian Financial Review on Thursday reported that the National Australia Bank (NAB) is creating a stablecoin called the AUDN that will be backed by the Australian dollar. The news comes right on the heels of Iran and Russia announcing that they will develop a gold-backed stablecoin.

Anticipated AUDN launch date

According to the report, NAB anticipates launching the stablecoin mid this year.

The stablecoin will run on the Ethereum network and Algorand blockchain and will be fully backed by the Australian dollar one-for-one. It will allow Australian citizens to settle transactions using blockchain technology in real-time using the Australian dollar. Users will also be able to use the stablecoin in bond market repurchase agreements and for “green deposits” besides settling transactions and cross-border remittances.

Commenting on the development, the Chief Innovation Officer at NAB, Howard Silby, said:

“We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see [blockchain] has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

Stablecoins backed by other currencies

Silby also revealed that the bank is also planning to launch several other stablecoins backed by different other currencies in jurisdictions where the bank is licensed. He said:

 “We are planning to offer stablecoins in multiple currencies in jurisdictions where NAB has licenses.”

The NAB is currently testing the stablecoin by using it to move money between subsidiaries and branches. The bank joins other Australian players like the Novatti Group which towards the end of the second quarter of 2022 confirmed it was working on its stablecoin project called AUDC stablecoin.

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• Genesis Global Capital, a crypto lending platform owned by Digital Currency Group (DCG), is said to be considering filing for bankruptcy.
• According to a Bloomberg report, Genesis is likely to file for bankruptcy this week.
• Genesis paused customer withdrawals in November, with over $900 million owed to Gemini Earn customers alone.

Troubled crypto lender Genesis Global Capital is reportedly looking to file for bankruptcy, according to the latest cryptocurrency news around the platform.

Genesis is a subsidiary Digital Currency Group, DCG, a crypto company that has over the past few weeks been one of the main topics across Crypto Twitter for its role in the troubles that now beguile its crypto lending unit. DCG also owns Grayscale and crypto publication CoinDesk.

Genesis could file for bankruptcy as early as this week

Indeed, as we recently reported, crypto exchange Gemini has accused DCG for the difficulty that it has faced since Genesis paused redemptions and loan originations in November last year. And the US Securities and Exchange Commission (SEC) has charged both Gemini and Genesis for violating the securities laws through the offerings linked to the Gemini Earn product.

Now, amid the liquidity crunch that’s bitten the company, the report is that Genesis could file for bankruptcy protection in the next few days. Sources cited in a Bloomberg report on Wednesday say the bankruptcy filing could happen before the end of the week.

Companies use Chapter 11 bankruptcy procedures as a platform that allows the embattled business time in which they can work towards salvaging assets and recouping value for creditors.

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• The European Parliament passed the comprehensive Markets in Crypto-Assets, MiCA legislation in October 2022.
• The final vote on the bill was originally set for February 2023, but has now been pushed to April.
• The crypto sector is increasingly in the regulatory spotlight following high profile collapses of crypto companies like FTX.

The European Union wants to see proper crypto regulation across its member states, even as a global push for a harmonized approach gathers pace. 

Uniquely, the EU is in the process of finalizing its Markets in Crypto Assets regulation (MiCA), the comprehensive cryptocurrency regulations framework set to usher in a new dawn for crypto in the region.

But the final vote on the regulations will not come at least until April this year, the latest report on the topic suggest. 

EU postpones MiCA vote, again

This latest delay – the second for the highly anticipated MiCA rules following the vote’s push from November last year to February 2023 – is down to a snag in the translation of the regulations.

Notably, MiCA is a 400-page rule book that needs to be translated into 24 official languages across the EU bloc. The requirement that the document be available in all the official languages before going to a crucial final vote has necessitated the postponement to April 2023.

The MiCA bill was first introduced in the European Parliament in September 2020, with lawmakers passing the bill in October 2022.

Crypto remains in the spotlight as policymakers and regulators look to harmonize the oversight of the industry following a spate of major bankruptcies in the last year. Among these is the collapse of FTX and multiple other crypto companies tied to disgraced crypto exec Sam Bankman-Fried.

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