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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Sam Bankman-Fried commits $250M to BlockFi: read the details here

Crypto lending platform BlockFi has secured $250 million in revolving credit from Sam Bankman-Fried’s FTX, the firm said in a press release on Tuesday.

The credit allows BlockFi access to further capital at a time the crypto market has seen a prolonged crash, with several firms sinking into liquidity problems. As such, BlockFi will use the funds to bolster its balance sheet and look to establish long-term stability.

Zac Prince, the CEO of BlockFi confirmed this via a tweet, noting:

He added in a statement:

“This agreement also unlocks future collaboration and innovation between BlockFi and FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our continued commitment to the strength and accessibility of cryptocurrency markets.”

FTX CEO Bankman-Fried added:

The credit facility agreement between BlockFi and FTX comes just days after Bankman-Fried said his company (and Alameda Research) would “step in” to help distressed crypto projects as the market reels from a brutal downturn.

It also comes not long after BlockFi said it had been forced to liquidate one of its large clients for failing to meet margin calls.

Celsius Network, Three Arrows Capital and Babel Finance have all hit news headlines in the past week over liquidity issues.

The post Sam Bankman-Fried commits $250M to BlockFi: read the details here appeared first on CoinJournal.

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Compound Price is in Recovery Mode. Is it a Buy?

Compound price jumped sharply on Tuesday as demand for DeFi tokens bounce back. The COMP token is trading at $42.75, which is about 65% above the lowest level during the weekend. Its market cap has risen to more than $290 million.

Why is Compound rising?

Compound is one of the biggest decentralized finance (DeFi) platforms in the world. According to DeFi Llama, the platform has a total value locked (TVL) of more than $2.87 billion, making it the 8th biggest platform in the industry.

Compound is primarily a lending protocol. People deposit their cryptocurrencies in the network and then earn interest from them. This interest comes from its lending services, meaning that it uses the same model as a bank.

Some of the most popular supply tokens in Compound are Aave, Basic Attention Token, Dai, Ether, and Compound Governance token. 

COMP is the governance token for the ecosystem. It simply allows people to take part in the platform’s governance by making decisions. For example, they can vote on whether to join another chain like Solana or how to adjust risk in the network. According to its platform, the top addresses in its governance platform are Polychain Capital, Bain Capital Ventures, a16z, and Gauntlet. 

Learn more on how to trade crypto.

The most recent approved vote was on new collateral assets lik cUSDC, cLINK, cSUSHI, cAAVE, and cYFI. The goal was to adjust the weighting and set parameters to maintain the overall risk of the protocol during the current market sell-off.

The Compound price is rising after Celsius wired $10 million to the platform. The company, which is now going through an existential crisis, made the payment as it tries to stage a comeback. It has already suspended payments to its customers as it works with restructuring experts.

Compound price prediction

The daily chart shows that the COMP price has been in a strong bullish trend in the past three straight days as its demand rises. It is now trading at $43.8, which is much higher than its lowest level last week. It remains below the 25-day and 50-day moving averages while the MACD is below the neutral point.

Therefore, at this stage, the Compound price is still bearish. This rebound could be part of a dead cat bounce, which is usually a temporary rebound after a strong decline. As such, the coin will likely move below $35 in the coming days.

The post Compound Price is in Recovery Mode. Is it a Buy? appeared first on CoinJournal.

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Blockchain protocol Minima added to MobilityXlab program to create V2V solutions

Blockchain’s use across the world continues to gather massive traction, with use cases in virtually every aspect of the global society.

And decentralized protocol Minima is set to add to that with its selection to the MobilityXlab program.

Announced recently, the program will see the blockchain platform take part in an initiative aimed at creating new solutions in the vehicle and mobile communication world.

Hugo Feiler, CEO at Minima said:

“ We’re thrilled to be part of the MobilityXlab program and can’t wait to demonstrate the benefits of a truly decentralized network for mobility more broadly, and vehicle-to-vehicle communication in particular.”

Minima to help create Vehicle-2-Vehicle communication

Minima joins another 10 startups from around the world on this project, and will partner leading companies in the auto-mobility industry to help bring these innovations to the market.

Partners will include Ericsson, CEVT, Polestar, Volvo Cars, and Volvo Group & Zenseact among others.

Minima is expected to begin work on the solutions in August 2022, and will include the use of Layer1 security and decentralization to connect cars, allowing for greater security of data through immutable and censor resistant transfers. 

The Peer-2-Peer (P2P) network of connected node will also allow for more than just chat and communication. According to the platform, the innovation is set to bring the benefits of rewards, loyalty programs and sharing to connected vehicles.

The post Blockchain protocol Minima added to MobilityXlab program to create V2V solutions appeared first on CoinJournal.

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Solana Price Prediction as Magic Eden Valuation Soars to $1.6B

Solana price has rallied in the past five days straight as investors continue buying the coin’s dip. The rally accelerated after a major news in its ecosystem. It is trading at $37, which is about 40% above its lowest level last week.

Magic Eden now valued at $1.6 billion

Solana is a leading blockchain project that is well-known for its speed and regular outages. In the past few months, the number of well-known applications in its network has risen. Some of the most popular projects in its ecosystem are Solend, Brave, StepN, and Audius.

Solana price is rising as investors cheer news that Magic Eden has raised $130 million even as the NFT winter continues. The company raised funds at a $1.6 billion valuation, tenfold from where it was in March this year. 

The raise comes at a time when there are worries about the NFT industry. Some analysts believe that they are a bubble that is slowly bursting. Besides, the total volume of all NFTs traded on a daily basis has declined sharply. Also, most people who bought NFTs are now sitting on large paper losses.

Magic Eden is disrupting the NFT industry by making it easy and cheap to buy various collections. Some of the most popular Solana NFTs in its ecosystem are Primates, Okay Bears, Yeah Tigers, and Udder Chaos among others. 

According to its website, the total volume of NFTs traded in its ecosystem were worth over 116k SOL, which is equivalent to ove $4.3 million. Magic Eden, which is already profitable, is expected to generate over $100 million in revenue this year.

Solana price is also rising after Solend DAO voted to liquidate some of the funds that are owned by a large whale. The concern is that the whale has deposited a small amount and takes millions more in loans. The protocol would have liquidated 20% of these funds if SOL price dropped to $22.30.

Solana price prediction

The daily chart shows that the Solana price has been crawling back in the past few days. It has managed to jump by more than 40%. The coin remains below the 25-day and 50-day moving averages while the MACD is slightly below the neutral level.

Therefore, while this recovery is welcome, there is a likelihood that the SOL price will resume the downward trend and retest last week’s low.

The post Solana Price Prediction as Magic Eden Valuation Soars to $1.6B appeared first on CoinJournal.

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Highlights June 21: Celsius up almost 50%, rest of cryptos also in the green

The crypto market is bullish today, with all top 100 cryptos in the green at the time of writing.  

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours. 

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.  

Top movers

Outside the top 20, the tendency was similar, with most coins adding 5-9% to their value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. It has been rallying since announcing a major partnership with an institution of the Romanian government. 

Stacks is up 16% and 1inch Network gained 17%. Atomic swaps on 1inch and CurveFinance registered an average of 100 million in daily volume recently. 

Zilliqa is one of the biggest winners, up 22% in the last 24 h. This is likely due to its affiliation with XCAD, which launched the first single-asset staking farm with a static APR on Zilliqa in January this year. 

XCAD Network is an NFT and fan token platform for YouTubers. It allows Youtubers to issue their own fan tokens. Zilliqa’s rally is supported by XCAD’s participation in a very successful, recent live event in NYC. 

The big winner is Celsius with gains of 49%. Although Celsius Network is struggling, efforts to stabilize the system are apparently effective or are at least (evidently) having a bearing on the coin’s value.  

Compound rounds out the winners’ list at #100 with gains of 26%. The Compound III alpha version app is now available for the community to explore.  

Trending

The biggest winner today is PetSneakers, a virtual world where you can train pets and work out yourself. The platform records workout results and converts them to PSC tokens, which you can stake to get more profit. PSC is up 363% today. 

The post Highlights June 21: Celsius up almost 50%, rest of cryptos also in the green appeared first on CoinJournal.