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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FDIC says deposit insurance does not apply to crypto

The FDIC says the public should note that deposit insurance does not cover non-bank entities and non-deposit products, including stocks and cryptocurrencies.

The Federal Deposit Insurance Corp (FDIC), an independent US agency that insures deposits and helps protect customers in case of given bank failures, has released a clarification message for crypto investors concerning its mandate.

In a fact sheet released on Friday about the FDIC deposit insurance and crypto companies, the agency warns the public that claims crypto deposits being insured are inaccurate.

Per the agency, some cryptocurrency platforms have “misrepresented” information concerning crypto products and their eligibility for FDIC deposit protection.

“These sorts of statements are inaccurate and can cause consumer confusion about deposit insurance and harm consumers under certain circumstances,” the Fact Sheet noted, making it clear that crypto isn’t FDIC-insured. Specifically, the deposit protection doesn’t cover failed non–bank entities, such as crypto companies.

The Fact Sheet also states that “deposit insurance does not protect consumers with non–deposit products such as stocks, bonds, mutual funds, securities, commodities, or crypto assets.”

Non-bank deposits and an insured bank’s products

An FDIC advisory also sought to clarify that while it offers depositor protection to insured banks’ customers, the same does not extend to a non-bank entity or the customers even if the entity offers products via a depository-insured bank.

“In dealings with crypto companies, FDIC-insured banks should confirm and monitor that these companies do not misrepresent the availability of deposit insurance,” read the advisory.

The FDIC’s message to the public follows developments with the bankrupt crypto lender Voyager Digital.

The crypto company, which had some customer deposits with an FDIC-insured bank (the Metropolitan Commercial Bank) has been asked not to misrepresent facts about deposit insurance to its customers.

The post FDIC says deposit insurance does not apply to crypto appeared first on CoinJournal.

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The Graph token has a 23% potential from the current bullish momentum

momentum

  • The Graph is an indexing protocol for querying other networks

  • The Graph token GRT surged by 19.44% in 24 hours

  • The token could rise to $0.16, and a potential retracement at $0.13 offers a change for entry.

The Graph GRT/USD may not be the most talked about cryptocurrency. However, the network solves a critical blockchain problem.

The Graph refers to itself as an indexing protocol for querying other networks such as Ethereum. Before the Graph, developers had to come up and run proprietary indexing servers. The process was resource intensive while undermining the security features required in decentralization.

Ranked at position 55 by market cap, The Graph has been making slow but sure gains. Our attention is drawn to 24-hour gains of 19.44%. The gains coincide with an accelerated trading volume which surged by 82%. Investors looking for an alternative to the top major coins should consider The Graph. 

The Graph maintains an uptrend with potential resistance at $0.13

Source – TradingView

Technically, MACD and moving averages are bullish on The Graph token. The cryptocurrency is aiming for the $0.16 resistance, the established resistance. This is after overcoming the bottom price of below $0.10. At the current price of $0.13, the target represents an upside potential of 23%.

Nonetheless, before the token rises to $0.16, it could meet a minor resistance at the $0.13 level. The token is already sliding after hitting the zone. Any potential correction could see The Graph token settle at $0.117. That would open buy trades at a lower level.

Summary

The Graph token is pushing higher as the general crypto sentiment improves. We set our target at $0.16, the main resistance after the token escaped the $0.10 bottom. The price faces some resistance at $0.13. Investors should consider buying on a retracement, potentially at $0.117.

The post The Graph token has a 23% potential from the current bullish momentum appeared first on CoinJournal.

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Consider buying Bitcoin Cash on a retracement as price pumps

  • Bitcoin Cash is among the top gainers with 24% weekly upside

  • BCH is facing potential retracement at the current level  

  • Investors should consider a buy above $120

Cryptocurrencies have recorded a significant recovery following a rate hike by the Federal Reserve. Fears of an imminent recession have also ignited a bullish sentiment. With crypto often seen as a hedge against inflation, some are reaping big. One such token is Bitcoin Cash BCH/USD.

Bitcoin Cash was forked from Bitcoin with the promise of a bigger block size and faster transactions. Seen as a more efficient alternative to bitcoin, Bitcoin Cash is living up to the very promise. Its native token has jumped 8.29% in the past day, bringing weekly gains to 24%. Comparatively, Bitcoin has pumped a miniscule 4% in the past 24 hours and 2.44% in the last week..

Zooming out further, despite the closer correlation between Bitcoin and Bitcoin Cash, the latter is showing a stronger recovery. Bitcoin Cash is up 53%, while Bitcoin has surged 16% in the past month. Of course, this is taking into consideration a $450 billion market cap difference between the two tokens. 

Nonetheless, Bitcoin Cash remains susceptible to the factors affecting the original blockchain. Both tokens are down 64% and 87%, respectively, from the highs of last year. Aside from the correlation, Bitcoin Cash is showing some positive developments from the technical outlook.

BCH Faces retracement amid a strong bullish momentum

Source: TradingView

BCH is on a strong bullish momentum, currently trading at $158. The MACD has crossed from below to above the signal line. If the momentum continues, the focus will shift to the $217, which is minor resistance. Further, $281 is the other important level that investors should keep an eye on. On the flip side, BCH could be preparing for a retracement.

The RSI indicator is at the overbought zone, a level that was last seen in March. If this is the case, $120 becomes the immediate fallback for Bitcoin Cash. If the level does not hold, the token can slide further to $92.

Concluding thoughts

BCH is not a buy at the current level. The token could be preparing for a short-term retracement. Investors should watch $120 as a potential entry point and take advantage of the next bull run. 

The post Consider buying Bitcoin Cash on a retracement as price pumps appeared first on CoinJournal.

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Is Cardano set for an explosive move as key breakout gets underway?

  • Cardano’s Vasil upgrade remains on course amid delays

  • Investors have been snapping ADA ahead of the final mainnet launch

  • The token eyes a key breakout as the price turns bullish

Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet in early July. That strengthened the expectations that the final upgrade was well on course. While the final deployment was expected at the end of July, the Vasil upgrade has been delayed. The Cardano team is still optimistic of the final upgrade in the next few weeks.

The fear of missing out or FOMO is very real. Investors are scrambling for the slightest opportunity in the market. ADA remains those tokens investors remain keen on. That, of course, is due to the anticipated upgrade, which will improve the scalability of the network. There are high expectations that the price of ADA will skyrocket once the upgrade occurs. As a result, whale accumulation has been ongoing.

Cardano eyes a breakout at key $0.52 resistance as price pumps

Source – TradingView

While the Vasil upgrade remains on the to-do list, the price of ADA is pumping. This time, the token is eyeing a breakout of the key level at $0.52. The token already trades at $0.539. We can’t say with sufficiency that the breakout has occurred. We need to wait for the closure of the daily candlestick to ascertain that.

A breakout will be confirmed if the candlestick closes above the resistance zone. If the candlestick closes below the resistance, Cardano will enter another moment of consolidation. For now, we remain watchful, minding that the moving averages and MACD indicators are bullish.

Summary

Cardano is eyeing a break above $0.52. FOMO and improved crypto sentiment are boosting the token. Investors should buy on a breakout above $0.52. The next resistance is at $0.65.

The post Is Cardano set for an explosive move as key breakout gets underway? appeared first on CoinJournal.

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English FA announces plans for an NFT platform

The Football Association (FA) says its NFTs will be based on the Three Lions and Lionesses teams.

England’s national football governing body, the FA (Football Association) has announced plans to launch a non-fungible token (NFT) platform. The England soccer governance body is currently seeking a potential partner to help realise the NFT goal, according to details posted on its website.

The RFP and the tender process is part of a long term NFT strategy set to focus on fan engagement, the FA added in the release.

“We have today launched a Request for Proposal [RFP] tender process to appoint a partner to build a long-term Non-Fungible Token [NFT] based platform, focused on the England Senior Men’s and Women’s teams,” the FA wrote in the press release.

Fan engagement and new revenue stream

According to the FA, tapping into the blockchain-based technology will offer fans new ways to engage with the national teams. NFTs will also allow the organisation to leverage new revenue streams, with the income flowing back into the game.  

Navin Singh, FA Commercial Director, added in a comment:

“NFTs present a unique and innovative opportunity to engage with our fans through the imagery of The FA and the England Senior Men’s and Women’s teams. Any revenue generated will be for the benefit of the game, whilst importantly offering flexibility for fans to express their fandom in this new exciting medium.”

The FA has released key Intellectual Property [IP] for its use as part of the RFP effort, including names of current national team players, match footage, and the Three Lions and Lionesses logos among other imagery.

The FA’s plans come a few months after the UK government signaled it would be minting its own NFT, with this seen as one step towards enhancing the country’s position as a leader in the crypto space.

The post English FA announces plans for an NFT platform appeared first on CoinJournal.