Kategorie: Crypto News

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AscendEX Earn adds KIN staking with 5% APR

KIN is a Solana blockchain token in the Solana Program Library (SPL) token collection.

Crypto platform AscendEX has added support for Kin (KIN) staking, a Solana SPL token, according to a crypto news release the trading venue shared on Monday.

It means investors can begin staking KIN tokens on 19 September 2022 at 1:00 pm UTC, adding to the many other opportunities available on the platform.

KIN staking on AscendEX Earn

KIN holders can stake their tokens via AscendEX Earn, the centralised crypto trading venue’s staking feature, the release noted. On it, investors will be able to earn up to 5% APR on their delegated KIN deposits.

AscendEX Earn offers access to several Earn products across staking and decentralised finance (DeFi) yield farming, with users benefiting from near-zero gas fees. Minimum delegation amount will be 1,000,000 KIN.

As other suite of products, Kin is also available for “compound mode” – a feature that lets users automatically compound their staking rewards when targeting higher returns, the platform wrote.

Kin is now one of over 90 crypto assets with staking support on AscendEX Earn, including Bitcoin, Ethereum, and Shiba Inu. Others are stablecoins USD Coin (USDC) and Tether (USDT).

Solana-based Kin can easily be integrated across both mobile and web apps, and offers a built-in developer incentive model where rewards accompany increased app usage. The Kin Ecosystem launched in 2017 and currently boasts more than 65 million wallets, with over $70 million in rewards distributed across 80+ apps.

On 14 september, Kin announced integration with e-commerce platform Shopping.io, allowing for the use of KIN as a payment method across online shopping venues such as Amazon, Ebay, Walmart, and Home Depot.

The post AscendEX Earn adds KIN staking with 5% APR appeared first on CoinJournal.

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Bitcoin slips below $19k ahead of another crucial FOMC meeting this week

The cryptocurrency market has continued its poor start to the week, with Bitcoin dropping below $19k ahead of another FOMC meeting.

The cryptocurrency market performed poorly last week, losing its $1 trillion market cap peg. The poor performance has now stretched into the new week, with the broader market losing more than 5% of its value in the last 24 hours.

As a result of the poor performance, the total cryptocurrency market cap could drop below the $900 billion mark for the first time this month.

Bitcoin, the world’s leading cryptocurrency, has underperformed in recent weeks. At press time, Bitcoin is trading at $18,954, down by more than 4% in the last 24 hours. 

The leading cryptocurrency is underperforming ahead of another crucial FOMC meeting on September 20th and 21st. 

The market is expecting another 75 basis points increase in interest rates, a move that could see Bitcoin, the crypto market, and the broader financial market perform poorly. 

So far this year, the FOMC raised federal fund rates by 25 bps in March, followed by a 50 bps in May and another 75 bps hike in the June and July meetings each. Thus, taking the present policy rate to 2.25-2.5%.

Key levels to watch

The BTC/USD 4-hour chart is negative as Bitcoin has been underperforming over the last few hours. The MACD line has stayed within the negative zone over the past week and remains there. Hence, indicating that the bears are in control. 

BTC/USD Chart By TradingView

BTC/USD Chart By TradingView

The 14-day relative strength index of 39 shows that Bitcoin could enter the oversold region if the bearish momentum continues.

If the negative sentiment doesn’t improve, BTC could dip below the $18,713 support level before the end of the day.

Bitcoin might experience further losses ahead of the FOMC meeting and could decline below $18k for the first time in two months.

The bulls might regain control of the market and push BTC past the $19,500 resistance level over the next few hours.

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The post Bitcoin slips below $19k ahead of another crucial FOMC meeting this week appeared first on CoinJournal.

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Polychain leads $40M raise for African crypto exchange Yellow Card

African crypto exchange Yellow Card raised $40 million in its Series B round led by Polychain Capital.

Yellow Card Financial, a Nigeria-based cryptocurrency exchange seeking to drive the next wave of crypto adoption across Africa, has successfully closed its $40 million Series B funding round, according to news the platform shared on Monday.

US-based investment firm Polychain Capital led the funding round, Yellow Card announced, with the capital injection adding to the Pan-African crypto startup’s Series A funding round completed in August 2021. At the time, the platform secured $15 million from investors and has now raised over $57 million to top the fundraising board for crypto companies across the continent.

For its latest financing round, Yellow Card attracted participation from Castle Island Ventures, Valar Ventures, Third Prime Ventures, DG Daiwa Ventures, Sozo Ventures, Fabric Ventures, The Raba Partnership, and Jon Weiner among others.

Driving crypto adoption in Africa

The funding will enable the company to drive exponential business growth, continue its successful expansion across the continent, develop new product innovations, and advance strategic partnerships across Africa.

According to Chris Maurice, co-founder and CEO of Yellow Card, the funding is a vote of confidence in the team and the product. It also highlights the massive appetite for crypto across the continent. 

The fundraising succeeded despite a crypto winter that has seen many crypto companies struggle, with many resorting to downsizing their headcount to keep financial books balanced.

“This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,” Maurice noted in a statement.

Polychain Capital partner Will Wolf sees Yellow Card as “the best executing team on the continent,” and believes what they have done is just the beginning of what’s possible towards greater crypto adoption in Africa.

“We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” Wolf added.

Yellow Card launched in 2019 in Nigeria and is currently available across 21 countries,including Senegal, Gabon, Zambia, Kenya and Rwanda. The platform’s growth has seen it surpass 1 million customers in just three years as more people tap into its technology to invest in Bitcoin, Ethereum and other cryptocurrencies.

The post Polychain leads $40M raise for African crypto exchange Yellow Card appeared first on CoinJournal.

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The Merge’s effect: EVGA to stop manufacturing graphic cards after the Ethereum Merge

The Merge has seen the Ethereum network migrate to a proof of stake (PoS) mechanism, and the EVGA has stopped manufacturing graphic cards as a result of this.

EVGA, one of the largest manufacturers of graphics card add-in boards, announced over the weekend that it had stopped the board business. 

This latest development is due to the poor financial outlook in the sector following the Ethereum Merge and the company’s mistreatment by its partner Nvidia. In its blog post, a company spokesperson said;

“EVGA will not carry the next generation graphics cards. EVGA will continue to support the existing current generation products. EVGA will continue to provide the current generation products. EVGA is committed to our customers and will continue to offer sales and support on the current lineup.”

The likes of Nvidia and AMD are in charge of designing the GPU that sits on the board, the development of the actual cards that slot into the computer is handled by companies such as EVGA, Asus, MSI, and Gigabyte.

EVGA CEO Andrew Han revealed that although the graphics cards are 80% of the company’s business, EVGA makes 300% more on power supplies. He added that the company wouldn’t entertain the idea of working with Intel or AMD due to the flaws with the business model. 

The company stated that;

“EVGA will not carry the next generation graphics cards. EVGA will continue to support the existing current generation products. EVGA will continue to provide the current generation products. EVGA is committed to our customers and will continue to offer sales and support on the current lineup. Also, EVGA would like to say thank you to our great community for the many years of support and enthusiasm for EVGA graphics cards.

EVGA Management.”

The Ethereum Merge took place a few days ago, a move that saw the Ethereum network finally transition from a proof of work mechanism to PoS following years of planning and development.

The post The Merge’s effect: EVGA to stop manufacturing graphic cards after the Ethereum Merge appeared first on CoinJournal.

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Pro on crypto winter: Bitcoin bottom will occur in Q4

  • Bitcoin price is around $18,650 after falling to lows of $18,255 on Monday following another sell-off bout amid a prolonged crypto winter.
  • Analyst Rekt Capital says ‘typical market bottoms’ are often months in the making.
  • He expects BTC price bottom in Q4 this year.

Bitcoin has slumped below the $20,000 and seen a more than 7% dump take prices to lows around $18,255 early Monday.

The decline follows a broader weakness across risk-on assets as the broader market anticipates a massive interest rate hike from the US Federal Reserve and equally higher raise from the Bank of England later this week.

If stocks fall further, Bitcoin (which has shown high correlation to movements in equities) will also likely trade lower.

Analyst on Bitcoin price outlook

According to pseudonymous crypto analyst Rekt Capital, it’s likely Bitcoin will continue to struggle with bearish pressure over coming weeks. He tweeted: 

“Typical BTC Bear Market bottoms tend to take months to develop before a new macro uptrend begins. BTC has been meandering at current prices for only a few weeks – history suggests it is too premature to expect a full-blown macro trend reversal so soon.”

On when he expects a Bitcoin bottom, Rekt says it’s likely later in Q4 this year. The analyst bases his perspective on the historical price movement in relation to Bitcoin halving – a four year cycle event that sees new BTC creation (or mining rewards per block) cut in half as the total number of mineable BTC shrinks.

The last halving in 2020 saw miner rewards reduced from 12.5 BTC to 6.25 BTC, and this will further fall to 3.125 at the next halving set for 2024.

 “In 2015, BTC bottomed 547 days before the Halving. In 2018, BTC bottomed 517 days before the Halving (discount March 2020 crash). If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving…then the bottom will occur in Q4 this year,” Rekt wrote.

The post Pro on crypto winter: Bitcoin bottom will occur in Q4 appeared first on CoinJournal.