Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Binance recently laid off 1,000 employees: report

  • Binance is reported to have dismissed about 1,000 of its employees recently.
  • The report cites sources close to the exchange and comes at a time Binance is battling regulatory pressure.
  • The leading crypto exchange celebrated its 6th birthday on July 14.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly cut its employee number by 1,000 in recent weeks.

The Wall Street Journal reported on Binance’s layoffs on Friday, citing a source as saying the crypto exchange could still dismiss more of its workforce in coming months amid staff reorganization. According to the report, the crypto company could lay off up to a third of its workforce.

Binance celebrated its sixth year since it launched today, July 14, 2023. 

Binance’s employee layoffs

Multiple crypto and mainstream companies have in the past year or so aggressively cut on their headcount, with crypto’s situation exacerbated by the debilitating crypto winter. Binance was among those to eye staff reduction as Wu Blockchain revealed in a May 31 tweet.

Prior to the expected employee cut, the Changpeng ‘CZ’ Zhao led company had an estimated 8,000 employees globally. Reports highlighted plans to send 20% of the workforce home.

Binance remains the world’s largest crypto exchange by trading volume. However, the past month has been tough for the company in terms of the myriad of regulatory challenges it has faced. 

The early June lawsuit by the US Securities and Exchange Commission (SEC), came as the exchange exited a number of countries due to regulatory reasons. It included Belgium and the Netherlands, and it ended its pursuit of a license in Austria. Menwhile, it also faced scrutiny in France and recently Australia.

There have also been exits by top executives, including exchange’s former Chief Strategy Officer Patrick Hillmann.

The post Binance recently laid off 1,000 employees: report appeared first on CoinJournal.

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BlackRock CEO says crypto will transcend international currencies

  • BlackRock CEO Larry Fink believes crypto is an international asset that can transcend any global currency.
  • Fink did not talk about Bitcoin specifically, noting he’s prohibited by virtue of BlackRock’s spot ETF filing.
  • In his interview with CNBC on Friday, Fink mentioned how gold ETF changed the gold investing market.

BlackRock CEO Larry Fink has yet again shared bullish remarks about cryptocurrencies, noting in an interview with CNBC’s Squawk on the Street on Friday that crypto has the capacity to transcend any international currency.

According to the BlackRock CEO, who recently commented on the potential of Bitcoin as digital gold and an international investment asset, repeated the viewpoint in his latest remarks. In particular, he pointed to the global demand for crypto as something that signifies its potential.

Fink on ETFs and crypto’s international appeal

BlackRock filed for a spot Bitcoin ETF last month and together with Fidelity Investments, Ark Invest and others, are convinced they have done everything required to have the SEC approve the first such ETF for the US market.

The $9 trillion asset manager’s recent outlook of crypto investing, and what its entry into the spot ETF market could mean for the broader industry continues to trigger positive vibes a month since its initial SEC filing.

Fink said:

“I can’t talk about Bitcoin because we have a SEC filing and I’m prohibited, but I can talk about crypto in general and what we have done. We believe we have a responsibility to democratise investing. And we have done a great job and the role of ETFs in the world is transforming investing. I think we’re only at the beginning of that.”

The BlackRock chief then noted that ETFs industry is set to grow into a multiple trillion dollar market as the fixed income market expands. He also highlighted what has been achieved since the gold ETF debut 20 years ago, especially in democratising gold investing and bringing down the cost of transactions for physical gold.

An ETF will democratise the crypto investing space in the same way, Fink opined, adding that BlackRock’s clients have over the last five years continually asked about crypto’s role. He says he believes crypto is an “international asset.”

“It has differentiating value versus other assets. But more importantly, because it is so international, it’s going to transcend any one currency and currency valuation.”

The post BlackRock CEO says crypto will transcend international currencies appeared first on CoinJournal.

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Crypto price prediction: Cardano (ADA), Solana (SOL), ApeCoin

  • Cryptocurrencies had a great week as the market cap soared to $1.25 trillion.

  • Ripple prevailed when a judge ruled that XRP was not a financial security.

  • Bitcoin and other altcoins bounced back this week.

Cryptocurrencies had a very good week after the weak US inflation data and after the SEC vs Ripple case outcome. Ripple price surged by more than 70% while the market cap of all cryptocurrencies jumped to over $1.25 trillion. Here is the weekend prediction for key coins like Cardano, Solana, and ApeCoin.

Cardano price prediction

Cardano ADA price made a strong bullish breakout after the SEC vs Ripple news, which we wrote about here. It jumped to a high of $0.375, the highest level since June 4th. This rally happened because the SEC had singled out Cardano as a financial security. As such, there is a likelihood that Cardano and its developers would prevail if the SEC brought charges.

Turning to the daily chart, we see that the Cardano price was in a consolidation phase before the Ripple news. It was consolidating at an important support level of $0.30, which was the lowest point on March 12th. 

Now, Cardano has moved slightly above the 50-day moving average. It is also trading at the 200-day moving average. Therefore, while the bullish comeback has eased, there is a likelihood that it will continue rising as buyers target the next key resistance level at $0.42, which is about 20% above the current level.

How to buy Cardano

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Solana price prediction

Solana has been one of the top-performing cryptocurrencies this week. The coin jumped to a high of $32.20, the highest level since November last year. It has risen in the past three straight days.

SOL price has jumped above the important resistance level at $25.83, the highest level on April 17th. The coin has also risen above the 50-day and 100-day moving averages. At the same time, the Relative Strength Index (RSI) has moved above the overbought level of 80. 

Stochastic Oscillator RSI has moved above the overbought point. Therefore, the coin could keep rising as buyers target the key resistance at $38.60, the highest level on November 5th.

ApeCoin price forecast

ApeCoin price has been in a strong bearish trend in the past few months. This decline happened as the volume of Bored Ape Yacht Club (BAYC) NFTs crashed. APE moved below the key support at $2.60, the lowest level in November last year. 

The token has crashed below all moving averages while the Relative Strength Index (RSI) has moved above the neutral point at 50. Therefore, the outlook of the ApeCoin token is bearish as demand for NFTs and BAYC tokens dropped.

How to buy ApeCoin

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

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Nexo

Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.

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The post Crypto price prediction: Cardano (ADA), Solana (SOL), ApeCoin appeared first on CoinJournal.

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Ripple’s win against SEC a boost to Chancer as presale accelerates

  • US court ruled in favour of Ripple in the case initiated by SEC

  • The ruling is positive for crypto, with newcomers like Chancer benefiting

  • Chancer could rise by double or triple-digit percentages in 2023

Crypto is not a security. This was the message the US judge Analisa Torres passed in making a positive ruling on Ripple’s XRP classification against the Securities and Exchange Commission. The classification was welcome in crypto quarters as XRP pumped by double digits. The ruling is positive for existing and upcoming digital assets as it clears legal uncertainty. Chancer could ride on this optimism to become a valuable asset, with the presale quickly selling out in just a month.

SEC loss is a win for crypto

The SEC’s case against Ripple has been a long-standing issue since December 2020. It would have set a precedent for the classification of digital assets, impacting their attractiveness to investors. SEC believed Ripple violated security laws through the issuance of XRP. The court’s verdict now clears the legal hurdle and represents a win for crypto as it limits SEC’s action against other digital asset entities and issuers.

The landmark win is positive for Chancer. Chancer is a blockchain-based predictive markets application that launched a presale on June 13th, 2023. A month later, Chancer raised more than $768,526 from investors in the presale. 

Investors would be excited that the court’s ruling creates a transparent market where future entanglements of crypto and the regulator are minimised. Chancer could benefit from the outcome. The enthusiasm that the presale has generated means the positive sentiment created by the ruling could boost demand. 

What does Chancer do differently?

Chancer taps into the power of peer-to-peer (P2P) relations to build a blockchain platform for betting. P2P has become popular with crypto and blockchain, as it allows users to exchange value in a decentralised manner across geographies. 

In its P2P betting model, Chancer allows users to connect with others and bet on their preferred events. Different from the existing betting methods where the bookmakers determine events, odds, and rules, Chancer lets users decide for themselves. Users create P2P markets, determine rules, fix odds, and invite other participants to bet on a decentralised platform. The bets are facilitated by the $CHANCER token, the medium of exchanging value.

But it is not just the betting element, as Chancer is designed to be a medium of investment. Users earn from creating Chancer markets, besides making successful bets on them. For investors who love passive income, there is the option to stake the native token and earn yields. Users also earn for sharing the platform with others. 

Is Chancer a 10x investment in 2023?

Cryptocurrencies are new asset classes and power innovative use cases. As we have seen in the past, cryptocurrencies can rise by more than 1,000% in a few months after launch. Chancer could be a 10x investment as it powers a user case that has not been exploited in blockchain and crypto. This also reflects the growing popularity of betting. 

Nonetheless, a 10x prediction for CHANCER in 2023 could be too early. Chancer is still on presale, and its first listing will occur in the third quarter on Uniswap. It takes a few months for valuable tokens to surge in value 10 times, which this analysis doubts could happen in 2023. Potentially a price increase of 1,000% is likely in 2024. A double or triple-digit percentage price gain is the most realistic scenario for 2023. 

Should you buy CHANCER now?

Chancer is in its first presale stage, priced at $0.01. Once the first stage concludes, the price will rise to $0.011 in the second phase. It means buying now is attractive as the price is still low.

CHANCER is also headed for listing in the third quarter. Any explosive price move would occur after listing. Buying now allows investors to ride the price momentum when the token debuts on exchanges.

The post Ripple’s win against SEC a boost to Chancer as presale accelerates appeared first on CoinJournal.

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Cross-chain bridge protocol Multichain ceases operations

  • Multichain protocol says its forced to cease operations due to recent events.
  • CEO Zhaojun and his sister have reportedly been detained leaving the team with no operational funds.
  • Multichain saw $125 million stolen on July 6, with blockchain security firm Chainalysis pointing to possible rug pull by insiders.

Multichain, one of the world’s largest cross-chain bridge protocols, has announced its ceasing operations. The news comes just days after the protocol saw an attacker (looked like an inside job) drained $125 million from the protocol’s wallets. 

According to a Chainalysis report, the mysterious withdrawals on July 6 included $120 million from Multichain’s Fantom bridge. The blockchain security firm noted in its report that the “unusually large, unauthorized withdrawals” looked like a rug pull. 

As CoinJournal covered here, an earlier incident with the Multichain protocol had seen the world’s largest crypto exchange Binance halt deposits and withdrawals of Multichain bridged tokens.

Multichain halts operations

Multichain has constantly been in the news over the past few months, particularly since May when it was reported that the CEO Zhaojun had been arrested by Chinese police. 

It was alleged authorities confiscated “computers, phones, hardware wallets, and mnemonic phrases” when they took the CEO into custody. Notably, Zhaojun had control over all of the protocol’s operational funds and investments.

Zhaojun’s sister, who recently transferred remaining user assets to an address under her control, has also been detained. It is this series of events and the “lack of alternative sources of information and corresponding operational funds” that has forced Multichain to cease operations, an announcement posted on the protocol’s Twitter page noted.

“On July 13, according to information provided by Zhaojun’s family, the police took Zhaojun’s sister into custody. Now, Zhaojun’s sister is also out of contact. The status of the assets she has preserved is uncertain, so the team believes it is necessary to inform the community about all the known circumstances. Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations.”

The price of Multichain (MULTI) was down 4% in the past 24 hours and over 16% in the past week on Friday morning. What happens next to MULTI is uncertain, but it’s likely to plummet further. Recent suspicions of rug pull moves haven’t helped prices.

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