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Top useless cryptocurrencies to avoid at all cost

  • FTX Token still has a market value of over $450 million.

  • Tribe and FEI ceased operations a few months ago.

  • Celsius Network is still going through bankruptcy.

Cryptocurrency prices remain under intense pressure this month as the FTX implosion continued. Bitcoin remained at $17,800 while the total market cap of all digital coins remains at about $850 billion. With cryptocurrencies being too cheap, it is possible to be attracted to buy the dip. Here are some of the most useless cryptos to avoid at all cost.

Tribe | $TRIBE

First on this list is Tribe, a token that has a market cap of more than $105 million, according to data by CoinMarketCap. Tribe is a useless crypto to invest because Tribe DAO and Fei Protocol ceased development a few months ago. They recommended that holders in Tribe DAO-related contracts should withdraw them after the Rari hack that we wrote on here.

FEI, the network’s stablecoin is still trading and has maintained its peg at $1. It has a market cap of over $400 million. Therefore, with Tribe DAO not being under development, it is not recommended to invest in it since it lacks any utility.

How to buy Tribe

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 TRIBE with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy TRIBE with KuCoin today

FTX Token | $FTT

FTX Token is another useless crypto to invest in. As you are aware, FTX was the official token for the FTX ecosystem. Unlike other exchange tokens like BNB and CRO, it did not have any utility other than offering staking rewards to holders.

Now, FTX has collapsed and its founder is facing decades in prison. Activity within FTX has died as the company navigates bankruptcy proceedings. Still, despite all this, FTT is still valued at over $450 million. 

There are other reasons why FTT is not a good investment. First, unlike Voyager Digital, it is unlikely that the company will be acquired out of bankruptcy. Second, it serves no utility right now. Finally, it is a hyperinflationary token since 100% of FTT have been unblocked. Therefore, it is relatively difficult to recommend to buy FTX.

Celsius | $CEL

Celsius is another useless crypto to avoid. According to CoinMarketCap, it has a market value of over $140 million despite the collapse of Celsius. It remains about 213% above the lowest level this year. 

Celsius, like FTX Token, was used to provide incentives for borrowers and lenders in its ecosystem. Holders also received discounts in its platform. 

Celsius is currently going through bankruptcy in the US. Just last week, the judge overseeing the case ordered the company to pay $44 million to customers. In the end, it is unclear whether Celsius will be acquired from bankruptcy. As such, CEL is still a useless, low-volume token to invest in.

How to buy CEL

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy CEL with OKX today

Bitfinex

Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.

Buy CEL with Bitfinex today

The post Top useless cryptocurrencies to avoid at all cost appeared first on CoinJournal.

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Judge approves the sale of GK8 to Galaxy Digital

  • Galaxy Digital is set to finalise its acquisition of crypto self-custody platform GK8.

  • Mike Novogratz’s company won the auction for GK8 earlier this week.

  • GK8’s sale is part of the ongoing Celsius bankruptcy proceedings.

Galaxy Digital to finalise its acquisition of GK8

Judge Martin Glenn approved the sale of the crypto self-custody platform GK8 to Galaxy Digital on Tuesday, December 13th. This latest development is part of the bankruptcy proceedings of crypto lender Celsius Network. 

Galaxy Digital, the company owned by Mike Novogratz, provides crypto-focused financial services. The firm won the auction for GK8 earlier this month.

At the moment, the terms of the deal were not disclosed. However, Galaxy spokesman Michael Wursthorn revealed earlier that the price the firm is paying for GK8 is materially less than what Celsius paid for it a year ago.

Celsius acquired the crypto self-custody platform for $115 million in November 2021, at the height of the bull market. 

Celsius has been struggling in recent months, resulting in the CEO, Alex Mashinsky, stepping down from his position in September. His resignation came after Celsius filed for Chapter 11 Bankruptcy in July 2022.

Galaxy to expand its prime brokerage offering

Galaxy Digital revealed that its acquisition of GK8 would enable it to expand its prime brokerage offering. The acquisition would also see roughly 40 people from GK8 join the Galaxy Digital team, including blockchain engineers and cryptographers.

Although the judge has approved the deal, it is still subject to regulatory approval. The deal would help expand Galaxy’s global footprint with a new office in Tel Aviv, Israel, the firm added. 

Celsius put several of its assets up for sale since it filed for bankruptcy a few months ago. Last week, United States Bankruptcy Judge Martin Glenn ordered Celsius to return cryptocurrencies worth about $44 million to the lender’s custody program customers.

At the time, the judge said he wanted creditors to recover as much as they possibly could as soon as they possibly could. Celsius still owes billions of dollars to its creditors, and the sale of its assets could help settle some of the debt.

The post Judge approves the sale of GK8 to Galaxy Digital appeared first on CoinJournal.

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CFTC labels Ether (ETH) as a commodity in court filing

  • CTFC has on multiple occasions referred to ETH, BTC, and USDT among others as commodities under United States law.
  • The CTFC chief Rostin Behnam had earlier suggested that Bitcoin was the only cryptocurrency that should be viewed as a commodity.
  • The CTFC is suing Sam Bankman-Fried, FTX, and sister company Alameda Research.

The Commodity Futures Trading Commission (CFTC) in its lawsuit against Sam Bankman-Fried, FTX, and sister company Alameda Research has on multiple occasions referred to Ether, bitcoin, and Tether’s USDT as commodities under the United States law. The CFTC made the court filing on December 13.

The recent reference of the various cryptocurrencies as commodities comes about a month after the CFTC chief Rostin Behnam suggested that bitcoin was the only cryptocurrency that should be considered as a commodity.

In the court filing, CFTC noted:

“Certain digital assets are “commodities,” including bitcoin (BTC), ether (ETH), tether (USDT) and others, as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9).”

Is Ether a commodity or security according to the CFTC?

Over the recent weeks, there seem to be some disagreements within the CFTC on whether Ether should be considered a commodity or not.

During a crypto event at Princeton University in November, CFTC chief Rostin Benham suggested that bitcoin was the only cryptocurrency that should be considered as a commodity, taking back previous comments that had asserted Ether as a commodity.

In June this year the chairman of the Securities and Exchange Commission, Gary Gensler in an interview with Jim Cramer during the hosts’ Mad Money show said Bitcoin was a commodity saying “That’s the only one I’m going to say.” Gensler has on previous occasions suggested that Ether was a security after its initial coin offering (ICO) but it has turned into a commodity after becoming more decentralized. But in September, his stance on Ether appeared to have shifted again after he suggested that most cryptocurrencies may be considered securities under the Howey test.

The designation of crypto assets in the US is important since the CFTFC regulates commodities futures while the Securities and Exchange Commission (SEC), which is in legal battles with a number of crypto startups, regulates securities.

The post CFTC labels Ether (ETH) as a commodity in court filing appeared first on CoinJournal.

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Tether pledges to stop issuing secured loans from its reserves

  • Tether on Tuesday addressed the FUD around secured loans.
  • The secured loans held in Tether’s reserves are overcollateralized and covered by extremely liquid assets.
  • It also revealed plans to stop issuing secured loans from its reserves in 2023.

In a press release on Tuesday, Tether came out to address the FUD directed at its secured loans and revealed that it is planning to reduce the secured loans starting now throughout 2023.

While addressing the issue around issuing secured loans from its reserves, Tether also reiterated that it has proven resilient and has weathered eight solid years of tumultuous crypto markets. Tether noted:

“Unlike countless parties that have gone bankrupt or are facing bankruptcy risks on the back of widespread fraud, leverage and bad risk management, Tether has prioritized transparency, accountability and operational excellence above all else.”

It also affirmed to its customers that the secured loans from its reserves, which are at the heart of a heated debate, are “overcollateralized and covered by extremely liquid assets.”

Restoring faith in the market

2022 has been a year of great misfortunes for the crypto industry starting from the collapse of the original Terra LUNA project to the recent collapse of FTX which was the second-largest crypto exchange at the time of collapsing. Realizing the events that have unfolded so far, Tether recognizes that it has a duty to restore faith in the market.

In the press release, Tether said:

“Tether is professionally and conservatively managed and this will be demonstrated once again by successfully winding down the lending business without losses (since all loans are over-collateralized by liquid assets). Tether risk management has shown over several years to be best in class while dealing with the unjustified fears created by fudders and speculative attempts of a few to take Tether down to the detriment of Tether users which represent the wider community.”

Tether has survived several FUDs so far starting from claims that it had 70% of its reserves in Evergrande only for the Evergrande crisis to unfold without any impact on Tether. There were also claims that Tether’s commercial paper reserves could not sell since they were worthless only for Tether to sell out all its commercial papers.

To date, Tether’s USDT is the largest stablecoin by market cap according to data from CoinMarketCap. It is followed at a distance by the USD coin (USDC) and the Binance USD (BUSD).

The post Tether pledges to stop issuing secured loans from its reserves appeared first on CoinJournal.

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Coinbase launches USDC trading on Avalanche – AVAX is up by 8% today

  • Crypto exchange Coinbase now supports the native trading of USDC on Avalanche.

  • AVAX is the best performer amongst the top 20 cryptocurrencies by market cap today.

  • The broader market has recovered after a poor start to the week.

Coinbase supports USDC trading on Avalanche

Coinbase, one of the leading crypto exchanges in the world, announced on Monday, that it had launched the ability to trade native USDC (USDC) on Avalanche. This means that the USDC stablecoin on Coinbase will now be available on Avalanche.

This latest cryptocurrency news has seen AVAX, the native token of the Avalanche network, become the best performer amongst the top 20 cryptocurrencies by market cap. At press time, the price of Avalanche stands at $13.81, up by more than 8% in the last 24 hours.

The broader crypto market has also recovered from the slump suffered yesterday. The total crypto market cap now stands at $872 billion, up by more than 3.5% in the past 24 hours.

Bitcoin and Ether have been performing well, and are up by 5% and 6%, respectively, so far today.

Key levels to watch

The AVAX/USD 4-hour chart is turning bullish as Avalanche has been performing well in the last couple of hours. The technical indicators show that it could soon turn bullish as the market recovery continues.

AVAX/USD Chart By TradingView

 

The MACD line is closing in on the positive territory, indicating that the bulls are taking charge of the AVAX market. The 14-day RSI of 67 also shows that AVAX could soon enter the overbought region if the rally continues. AVAX could move past the first major resistance level at $15.22 over the next few hours.

In the event of an extended rally, AVAX could make a move toward the $17.43 resistance level for the first time in a month. However, it would need the help of the broader crypto market to make an attempt for the $20 psychological level in the near term. 

Where to buy Avalanche now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy AVAX with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AVAX with OKX today

The post Coinbase launches USDC trading on Avalanche – AVAX is up by 8% today appeared first on CoinJournal.