Kategorie: Crypto News

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Circle says $3.3B of USDC reserves stuck at Silicon Valley Bank

  • Circle said it failed to remove $3.3 billion from Silicon Valley Bank.
  • SVB is under FDIC receivership following its collapse.
  • USDC depegged following the news, falling 8% to hit lows of $0.91 on Saturday morning.

Circle, the blockchain payments company that issues the USDC stablecoin, has confirmed that $3.3 billion worth of USDC reserves are stuck at the troubled Silicon Valley Bank.

The latest cryptocurrency news around USDC comes after crypto markets sank on Thursday amid the collapse of SVB and Silvergate Bank.

USDC depegs as Circle confirms $3.3 billion SVB exposure

In a tweet late Friday, Circle noted that efforts to remove its balances from the bank had failed on Thursday, meaning $3.3 billion of the stablecoin’s cash reserves remain at the bank.

“Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB,” the firm noted.

In a follow up tweet as it confirmed the exposure to the collapsed bank, the firm noted:

“Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.”

Circle had earlier disclosed that SVB was one of six banking partners that held roughly 25% of the cash reserves for USDC. That includes Signature Bank and Silvergate Bank that recently announced it was liquidating.

Even as sentiment veered south, Circle had noted that it continued to “operate normally,” hinting that it was waiting for clarity on the impact of SVB’s FDIC receivership on depositors before providing more details.

But with uncertainty rising, USDC lost its dollar peg, falling more than 8% to lows of $0.91 early Saturday.

“A black swan failure in US banking system”

Dante Disparte, the Chief Strategy Officer & Head of Global Policy at Circle, also commented on the unfolding events, noting that the company was “protecting USDC from a black swan failure in the US banking system.”

“[SVB] is a critical bank in the US economy and its failure – without a Federal rescue plan – will have broader implications for business, banking and entrepreneurs,” he added.

The post Circle says $3.3B of USDC reserves stuck at Silicon Valley Bank appeared first on CoinJournal.

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Pro: SVB collapse may put this crypto bank in a stronger position

  • FDIC closed Silicon Valley Bank today and took control of its deposits.
  • Austin Campbell says it could actually be a benefit for Signature Bank.
  • Shares of Signature Bank ended more than 20% down on Friday.

Shares of Signature Bank (NYSE: SBNY) ended more than 20% down today following the collapse of its crypto banking peer SVB Financial.

SVB marks one of the largest U.S. bank failures

On Friday, the Federal Deposit Insurance Corporation closed the said bank and took control of its deposits – a development that particularly shook financial stocks since such a bank failure was last seen only during the global financial crisis.

Remember that the news follows an announcement also from Silvergate Capital that it will liquidate its crypto bank. Consequently, a bunch of crypto companies in recent days picked Signature Bank as a replacement.

Still, the New York-based commercial bank says it’s exposure to digital assets is fairly small. “SBNY” is now down about 35% for the year.

Pro explains what it all means for Signature Bank

On the plus side, Austin Campbell of Zero Knowledge Consulting expects both Silvergate and the SVB news to actually be a benefit for Signature Bank.

He’s convinced that the diversified deposit base will help it avoid falling prey to the same structural weakness. In a tweet this afternoon, Campbell wrote:

Keep in mind you have to be a forced seller. Deposits moving from SVB go to other banks so this is likely improving the position of competitors like SBNY.

His view is in line with the JPMorgan analyst Vivek Juneja who also doesn’t expect the SVB fiasco to spill over to other banks. In January, Signature Bank said its net income increased just over 10% year-on-year in its fourth financial quarter.

The post Pro: SVB collapse may put this crypto bank in a stronger position appeared first on CoinJournal.

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Ethereum price prediction: NYAG labels ETH a security in KuCoin lawsuit

  • Ethereum price prediction after markets dump on multiple negative news.
  • The New York Attorney has sued KuCoin for selling unregistered securities and not registering as a broker-dealer.
  • Ethereum price could flip even lower if bulls fail to consolidate above $1,400.

Ethereum price fell below $1,400 on Friday morning as the broader cryptocurrency market bled amid several negative catalysts.

As the price of Bitcoin dumped below $20,000, ETH price tanked nearly 10% to $1,379 after rejecting at highs of $1,545 on major exchanges. Ether is currently trying to recoup losses above $1,400 but remains well under the crucial $1,450 resistance line. 

Losses over the past 24 hours now stand around 8%, while it’s -14% over the past week.

Ethereum price prediction: ETH, crypto markets dump on KuCoin news

Ethereum price’s declines followed a broader crypto market rot that’s been witnessed for much of the week. Selloff triggers have included Silvergate Bank and overall uncertainty across financial markets aftr this week’s Fed Chair Jerome Powell’s testimony at the US Congress.

On Thursday, more negativity crept into the crypto market after Silvergate announced it was winding down its crypto bank, spooking traders even further as ETH fell below $1,500.

But downside pressure picked up after the New York Attorney General Letitia James filed a lawsuit against cryptocurrency exchange KuCoin. The price of KCS, the native KuCoin token, fell after the news.

As CoinJournal reported today, the lawsuit claims that KuCoin has been selling crypto securities and has not registered as a broker-dealer in the state of New York. The lawsuit names ETH as one of the securities KuCoin illegally sold to customers.

“The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH. Because of that, KuCoin was required to register before selling ETH, LUNA, or UST,” NYAG noted in a press release.

The lawsuit also alleges that KuCoin has sold unregistered securities to customers in the jurisdiction via its KuCoin Earn product. KuCoin Earn is a lending and staking product. 

The New York Attorney General’s office further complained that KuCoin had failed to register as a securities and commodities broker as required under law. As the market reacted to the news, Ethereum tanked – alongside other cryptocurrencies.

Ethereum price prediction: short term technical outlook

To the bulls first:

If sentiment flips positive and ETH/USD pops higher, the first major hurdle is near the $1,430 supply zone. Above that bids for $1,500 could push Ether prices to retest the $1,574 resistance level.

But as on-chain data from Glassnode shows, ETH open interest (perpetual futures) just hit a three-month low going back to 16 December. Using this as an indicator of what market sentiment is like and possible price trend, we could say the bears are showing strength.

On the technical front, ETH price broke below the 50 daily simple moving average (50 SMA) on 3 March, with the breakdown pushing prices beneath a key uptrend line. The cryptocurrency has also extended the rot seen over the past week to below the 200-day SMA.

Elsewhere, the relative strength index (RSI) indicator on the daily chart is just above the lower band to suggest a bearish continuation is likely.

It’s a technical picture that suggests a bearish strengthening in the short term, with a likelihood for major struggle for bulls at the critical support zone near $1,400-$1,380. Below that, it could be a nosedive to lows of $1,240, with $1,166 a target.

Here’s a chart showing the technical outlook for Ether.

Ethereum price chart after price dump on 9 March. Source: TradingView

 

The post Ethereum price prediction: NYAG labels ETH a security in KuCoin lawsuit appeared first on CoinJournal.

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Game from abandoned Logan Paul’s Crypto Zoo project developed in 30 days

  • Degen Zoo NFT game has been developed in a record 30 days.
  • Degen Zoo is derived from the abandoned Logan Paul’s abandoned Crypto Zoo project.
  • Logan Paul had indicated that Crypto Zoo would take years to develop.

DAO Maker (DAO/USD) founder Christoph Zaknun has launched the Degen Zoo game, an NFT game derived from Logan Paul’s abandoned Crypto Zoo. Zaknun developed the NFT game in a record 30 days single-handedly to disapprove of Logan Paul’s claim that his Crypto Zoo would take years to develop.

Zaknun took the challenge to build the game in 30 days after Logan Paul, who is a popular YouTube star, released a video saying that Christoph Zaknun had no right to dictate the required development timeline. Zaknun further highlighted Paul Logan’s greed by pledging to donate all the profits from the game to charity.

115k wallets lining up for the new game

As of today, more than 115,000 crypto wallets have registered to join the Degen Zoo NFT game pledging over $700 million, which is a new record for crypto games.

During the course of the game development whose progress Zaknun broadcasted daily, more than 250,000 people followed the Degen Zoo on Twitter.

Degen Zoo has a deflationary token and an NFT collection featuring 120 endangered species. The game is designed to simulate the impact of capitalism on animal extinction. Players will be incentivized to “kill” their NFT-minted animal, pushing the collection to extinction to raise awareness of the devastating effects of human greed on wildlife.

Degen Zoo testnet

A testnet of the Degen Zoo was released a few days before the 30-day deadline and within a short while, 30,000 testnet transactions had been made by about 3,000 players.

Christoph Zaknun is now proceeding with the mainnet release of Degen Zoo. The DAO Maker co-founder has exceeded the demand of previous GameFi release date benchmarks.

The post Game from abandoned Logan Paul’s Crypto Zoo project developed in 30 days appeared first on CoinJournal.

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Ethereum Creator Vitalik Buterin Has High Hopes for Ethereum’s Price in 2023 But AltSignals’ New Token Is Gaining Interest

The Ethereum price prediction is getting increasingly bullish after Vitalik Buterin’s recent comments about the network. However, it remains to be seen whether Ethereum can outperform the AltSignals ($ASI) crypto presale, as the new token is an exciting initiative that will serve a large existing Web3 project.

Vitalik Buterin’s bullish crypto market predictions

Vitalik Buterin’s crypto market predictions forecast bullish Ethereum price action over the coming years. In a recent podcast appearance, Buterin highlighted the launch of Ethereum during the 2015 bear market, the launch of Uniswap in 2018, and the completion of The Merge in 2022, as key technological advancements that have and will move the industry towards mass adoption.

The crypto market predictions from Vitalik Buterin have produced the largest ecosystem of decentralized applications (dApps) since Ethereum was launched in 2015. The Ethereum price prediction grows increasingly bullish with every market cycle, as crypto market predictions forecast that the Ethereum ecosystem will remain the largest ecosystem in Web3.

What is Ethereum?

Ethereum (ETH) was the first Turing complete blockchain. This means that it could support smart contracts and the development of dApps, which has led to over 2000 independent blockchain projects being built on the Ethereum network.

Ethereum originally used a proof-of-work consensus mechanism. This caused congestion on the network as it grew, leading to slow transaction speeds and expensive gas fees. In 2022, Ethereum successfully transitioned to a proof-of-stake consensus protocol, which reduced the blockchain’s energy costs by 99%.

Ethereum price prediction: Can ETH reach $2500 in 2023?

The Ethereum price prediction is bullish, in line with the rest of the crypto market predictions. After rising 60% from its recent lows, the Ethereum price prediction now targets higher levels before the end of 2023.

ETH has a key resistance level at the $2400 price level. The Ethereum price prediction forecasts that ETH will struggle to break through this resistance before the end of 2023, as it may retrace before reaching $2500.

The wider crypto market predictions remain bullish on the long-term future of Ethereum. Crypto market predictions for the Ethereum network,which take layer-2 scaling solutions and thousands of independent dApps into consideration, will place the Ethereum price prediction at over $10,000 over time.

What is AltSignals?

AltSignals is an industry-leading trading group, where accurate crypto market predictions have been shared among members since 2017. The project helps anyone to become an expert trader by sharing lucrative trading opportunities on a daily basis.

AltSignals helps both beginners and professionals alike. New traders can minimize the learning curve as they embark on their crypto trading journey, while professionals can maximize their returns.

AltSignals has already helped its some members to 10x their portfolio in 19 out of 32 months on record with its AltAlgo™ tool. Now, the project is offering an expanded suite of blockchain services and is launching the ASI token to make it happen.

How does $ASI work?

Holders of ASI tokens will have access to AltSignals’ new ActualizeAI tool, which will combine advanced artificial intelligence technologies to deliver unparalleled trading signals. Machine learning, natural language programming (NLP), and predictive modelling will be used to analyze complex market data sets. The tools will take a range of indicators, including market sentiment analysis, and determine the best entry levels for profitable crypto trades.

The ASI token can also be used to gain early access to presales and private sales in the crypto markets. After AltSignals’ highly successful long-term record sharing crypto market predictions, this feature could produce significant returns for all participants.

$ASI can also be used to gain entry to AI Members Club. AI Members Club is where the latest AI-powered trading tools will be shared between members. By holding the ASI token, users can gain access to these tools before they are launched to the public and gain an edge for crypto market predictions.

Can $ASI reach $1 in 2023?

The ASI token is unique, in that it is launching to a large existing community and represents a highly successful blockchain project. Because AltSignals is launching a revolutionary new AI trading tool, the AltSignals crypto presale potentially is a highly lucrative investment opportunity.

Early participants in the $ASI crypto presale can expect major long-term returns. This is because presales are the earliest stage of investment – meaning that $ASI has yet to launch on exchanges. With deflationary tokenomics, $ASI looks destined to rise as more people become aware of the platform and as community members share their success with ActualizeAI trading signals.

By the end of 2023, $ASI has a $1 price target – a 45x price rise from the end of the presale. $ASI is expected to outperform the Ethereum price prediction, as it will enter price discovery once it is made available on digital asset exchanges.

AltSignals vs Ethereum price prediction: Which is worth buying?

The $ASI crypto presale is expected to produce major returns from the current price level. The AltSignals project combines world-leading technologies, both blockchain and artificial intelligence, to help its community make money online.

Since the project is in its earliest stage of investment, this gives it tremendous potential for returns. $ASI is expected to outperform ETH as a result, but both tokens are great additions to an investment portfolio. Make sure to check out the $ASI crypto presale before the price rises too much, as the value of $ASI is rising from $0.012 to $0.02274 over the course of the event.

You can participate in the $ASI crypto presale here.

The post Ethereum Creator Vitalik Buterin Has High Hopes for Ethereum’s Price in 2023 But AltSignals’ New Token Is Gaining Interest appeared first on CoinJournal.