Kategorie: Crypto Markets

While the general crypto market started today with a decline, Algorand (ALGO) has registered a 13.64% rise over the past 24 hours. At press time, Algorand (ALGO) was trading at $0.3630.

But why is Algorand price going against the general market trend that shows the majority of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) in the red?

Here is a sneak peek into the behind-the-scenes or the factors propelling ALGO price higher today.

Why ALGO price is surging

Today’s price rise comes after Algorand announced yesterday that State Proofs are now available on the Algorand blockchain, which is one of the most important technical accomplishments for the blockchain.

The State proofs enable Algorand blockchain to digitally sign any message in a truly decentralized manner and according to the co-founder Silvio Micali, also fosters the blockchain’s safety against quantum attacks.

Following the introduction of the state proofs, Algorand claims that it can now process 6,000 transactions per second which is quite a high throughput considering that most of the popular financial services like Mastercard can only handle about 5000 transactions per second.

Algorand will now be able to reach finality and block formation in only a record 3.7 seconds.

Algorand’s price surge after the introduction of the state proofs is a stark contrast to Ethereum’s price slump after its Merge upgrade.

The post Why is Algorand price rising today? appeared first on CoinJournal.

After months of uncertainty, the Tribe DAO which has announced plans to close down has finally voted to repay its users who were affected in the $80 million hack of Rari Capital’s liquidity pools.

The vote to repay the affected users is one of the final governance decisions for the Tribe DAO, which consists of Rari Capital, Midas Capital, Volt Protocol, and Fei Protocol.

The vote comes after several rounds of voting and governance proposals before the decision to vote for reimbursement was reached on September 18. The voting then took place on September 20.

On-chain voting platform Tally data shows that 99% of those who participated in the voting process were in favour of the proposal to reimburse the victims.

Repaying the Rari hack victims

According to the reimbursement proposal, individual victims will be paid back in FEI, while decentralized autonomous organizations (DAOs) will be paid in DAI. The Victims will however have to sign a message releasing any liability.

Fei’s founder Joey Santoro said via a tweet that the repayments would be made 24 hours after the vote was passed.

1/ The Rari Fuse Hack Payment has passed on-chain to FULLY pay the victims in 24 hours.

This is a big moment in these final governance decisions of the Tribe DAO.

— Joey 💚’s ERC-4626 🦇🔊 (@joey__santoro) September 19, 2022

The total amount to be distributed among the Rari hack victims amounts to 12.68 million FEI tokens and 26.61 million DAI tokens. At press time, Fei USD (FEI) was trading at $0.9938 while DAI was trading at $1.00.

The post Tribe DAO finally votes to reimburse Rari hack victims appeared first on CoinJournal.

The US Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent comments about Ethereum following its switch from Proof-of-Work to Proof-of-Stake were “disappointing” and akin to ‘living in the past’.

That’s how Stefan Rust, CEO of blockchain development house Laguna Labs has summed up Gensler’s reaction to the Ethereum merge.

To recap what the SEC Chair said, he basically hinted at the consensus change as a development that could see Ethereum considered a security. In the past, Gensler has signaled that only Bitcoin does not fall into this category.

Rust slams Gensler’s comments on Ethereum

Rust says the kind of reaction Gensler offered after the Merge relates to the “stultified situation” that the developed world now finds itself.

In comments shared with CoinJournal on Wednesday, Rust said that Gensler and others within the traditional finance sector need to embrace innovation, otherwise their ignorance and fear could turn out to be a threat to the US and other Western countries’ economies.

Notably, the Laguna Labs CEO sees Gensler’s reaction as typical of the resistance to technological innovation that continues to plague players within the traditional finance sector.

“Rather than welcome what is sure to be one of the greatest technological innovations of our age – an event that will see “the world’s computer“ cut its carbon emissions by 99% and become a truly viable solution for the future of the global Web3 economy – they tore it down,” Rust told CoinJournal.

The SEC Chair is either “ignoring” or perhaps does not understand the global community behind Ethereum as well as “the interplay of staking and node operation,” Rust said.

He suggests that if Gensler and others of similar persuasion knew or understood, then they would not be focusing on staking profits as the basis to consider Ether a security.

“It speaks much to the threat that is clearly perceived by these people from blockchain and cryptocurrency. Or perhaps more than this, it speaks to the inability of these figures to understand the significance of this technology,” he added.

In Rust’s opinion, the pace of innovation is forcing some regulators, who still hold onto traditional finance concepts, to seek the application of “old terms and rules on new technology.” He opines that this kind of approach won’t work and will only come to harm the regulatory regimes and the respective economies pushing them.

The post Laguna Labs CEO: Gensler and the SEC are ‘living in the past’ appeared first on CoinJournal.

Yesterday, Ellipsis price jumped to a months-high of $0.0007382 before the current price retracement that has seen it dip to $0.0004983 at press time.

Yesterday’s surge, which was propelled by BNBx Ellipsis LP update of migrating from Stable pool to Crypto Pool, had rekindled hopes of the token staging a strong bullish rally seeing that it surged by more than 78% in a day.  

All the same, the token is still trading higher than where it was trading Yesterday morning ($0.0004133) and there are very high expectations of the coin resuming yesterday’s bullish trend.

To help investors and traders who want to take advantage of the current Ellipsis price dip, Coinjournal has created a brief article to help with identifying where to buy the EPX token.

To find out more, please continue reading.

Best places to buy Ellipsis token

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 EPX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy EPX with Swapzone today

What is Ellipsis cryptocurrency?

Ellipsis is a cryptocurrency that operates on the BNB Smart Chain (BEP20) platform. 

On March 31, 2022, it performed a token migration from the old Ellipsis (EPS) token to its current Ellipsis (EPX) token. 

After the token migration, the EPX token was locked from transfers until the Ellipsis 2.0 protocol was launched. It was after the token migration and launch of the 2.0 protocol that the holders of the old EPS token were allowed to exchange every EPS for 88 EPX tokens.

Should I buy the EPX token today?

If you want to purchase a cryptocurrency that has shown signs of taking off, then the EPX token could be a good choice.

However, the EPX token has been struggling since it was launched and did not perform as anticipated. And owing to the volatility of the crypto markets, it is difficult to precisely predict how the token will perform moving ahead.

Ellipsis price prediction

Following yesterday’s price surge, analysts are expecting the token to close the week at least above $0.0008. However, this will be determined by whether the token will correct the current price retracement before it erodes the gains it had made.

$EPX social media trends

We have created a new BNBx-BNB Crypto pool on @Ellipsisfi

Find out more about the incentives & benefits for you👇https://t.co/GzmS5lBfci

— Stader.BNB (@stader_bnb) September 20, 2022

 

The post Ellipsis (EPX) dips after yesterday’s surge: here’s where to buy the Ellipsis dip appeared first on CoinJournal.

• Icebreaker Finance will offer fully collateralised loans to blue-chip mining companies.
• Loan periods are of 12-18 months and interest rates of 15-20%.
• The fund is open to miners in North America, Canada and Australia, the company announced on Tuesday.

Icebreaker Finance, an Australian-founded firm that’s seeking to leverage blockchain technology to improve capital markets, has unveiled a $300 million fund on DeFi platform Maple to help finance bitcoin miners.

The fund will target secured debt financing towards the leading bitcoin mining companies – both public and private – across North America, Canada and Australia, the firm said.

Icebreaker’s move comes at a time many BTC mining firms have struggled amid the crypto winter and rising electricity costs, with some opting to sell their mined coins to meet cash obligations.

“Recent market headwinds have caused lenders to pull back, while traditional financing vehicles have been slower to engage this sector. Miners play an essential role in growing the crypto ecosystem and local economies, and we are proud to extend a new financing vehicle to direct capital where it is needed the most,” said Sidney Powell, CEO and Co-Founder of Maple Finance. 

Collateralised loans to blue-chip miners

As Icebreaker Finance notes in its announcement, miners can now access 12-18 month loans at interest rates of about 15-20% to boost their operations.

Offered to blue-chip Bitcoin miners, the loans will be handled on a first-priority basis, with Icebreaker evaluating each need based on a miner’s balance sheet strength, treasury, financial performance, and operational efficiency among other factors.

Collateral will be both by real-world assets and digital assets, with the former requirement involving mining rigs and power transformers among other infrastructure assets. 

Recourse will be on the borrower, Icebreaker noted in its blog post, with company’s founder and CEO Glyn Jones commenting on this by noting:

“The market is now maturing to appreciate that non-recourse SPV ASIC backed financing can be inappropriate given the volatility in value of ASICs. Instead, a more diverse security package is required.  Maple’s out-of-the-box, on-chain lending toolkit enables us to align incentives of lenders and borrowers to execute loans on-chain with terms that reflect the emerging nature of the industry more efficiently than we could elsewhere.”

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