Kategorie: Crypto News

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Kraken reveals NFT marketplace plans: Here’s what makes its platform unique

Kraken is currently working on a model to determine the liquidation value of NFTs before use as backing for loans

Digital assets trading platforms are the latest institutions pacing into the NFT space by opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Speaking to Bloomberg Technology’s Emily Chang, Kraken’s CEO Jesse Powell said his exchange was working to establish a platform that would give investors exposure to the growing NFT market.

A Bloomberg post published today has now provided more information on the planned launch. Bloomberg reported that Powell, the exchange’s founder, said that the proposed marketplace would interest investors seeking something more than just collecting digital art. He explained that the marketplace would provide custodial services and additionally allow users to request loans contingent on their digital collectibles.

NFTs have other utilities beyond aesthetic value

Powell revealed that Kraken is working on a system that would facilitate such transactions. The exchange would first determine the liquidation value held by the art before the requested amounts can be given out.

„If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that,“ he said.

The CEO also touched on the evolutionary phases of NFTs, noting that they had been around for a while though it took a while for them to become mainstream. Though digital art has primarily been a collector’s item with its value in display or flaunting, he said that the assets are now evolving to gain other utilities into the new year. Such includes the use of NFTs as collateral to loan crypto or stablecoins.

„Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs,“ Powell observed.

In offering NFT collateralisation, Kraken follows crypto lending platform Nexo’s announcement last week of the launch of a lending desk. The platform’s CEO Antoni Trenchev said that in the coming days, lending services such as Nexo’s would play a huge role in getting value from NFTs without the owners necessarily relinquishing ownership of their assets.

Crypto exchanges are loving NFTs

Kraken might have taken its time to conceptualise an NFT marketplace, but the whole idea has been long overdue. The exchange has been stalking the NFT space for months now, having released a series of reports such as the finding of NFT projects‘ dominance of Ethereum activity.

Its peer crypto exchanges, including Binance and FTX, have already launched marketplaces, while Coinbase is racking up a bulking waitlist with a scheduled launch of its marketplace next year. All this is happening as these centralised entities look to compete with the largely dominant non-custodial marketplace OpenSea.

The post Kraken reveals NFT marketplace plans: Here’s what makes its platform unique appeared first on Coin Journal.

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Pro Bitcoin US Senator to table new crypto bill in 2022

The Wyoming Senator is looking to provide clear guidance on regulations for various asset classes via a proposed crypto bill

Senator Cynthia Lummis is preparing to bring a comprehensive bill into congress, according to a report by Bloomberg. The said bill will enact crypto users‘ protection and provide guidance on assets and their classification. It will also provide guidance on the regulation of stablecoins and also define how the digital assets should be taxed, Bloomberg reported on Thursday.

A Bitcoin proponent, Lummis has been a long-time champion for favourable crypto regulations. Her proposed bill, if approved, would go a long way in clarifying the situation on current laws and the status of digital assets in the US. The proposal will seek to establish an oversight body under the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) joint jurisdiction.

Even before election to her political seat, Senator Lummis was a Bitcoin advocate having fiercely defended the asset. In fact, she is one of the few politicians to have accepted campaign donations in crypto; her website took contributions in Bitcoin via BitPay. In a recent op-ed, she questioned the nominations of Jerome Powell and Lael Brainard to the Federal Reserve as their political handling of digital assets stood in the way of crypto in Wyoming.

A divided house, literally

Senator Lummis has got her work cut out, and she knows that it won’t be easy to get the house to agree on her proposal. The Republican lawmaker currently sits at the Senate Banking Committee and will be hoping to gain assistance in normalising digital assets in the country through regulations.

On her Twitter platform, the Senator has urged voters to push their Senators towards supporting the bill as she seeks bipartisan cosponsors from a relatively split house as far as digital assets are concerned.

For any regulation to be put to the vote at the floor of the house, a minimum of 60 votes is constitutionally required, with the house currently split 50 – 50, Democrats – Republicans. Vice President Kamala Harris holds the deciding tiebreaker vote if need be.

The Wyoming Senator declared her ownership of Bitcoin in October as required by the Stop Trading on Congressional Knowledge Act. Lummis revealed that she made the purchase in August – a disclosure that crowns her as a Bitcoin evangelist in the political circle of regulations. As per a Wall Street Journal report, the only other member of the Senate Banking Committee with direct crypto exposure is Senator Pat Toomey. 

Elsewhere in the House of Representatives, questions have arisen on crypto ownership and other digital assets. Congressional Representative Alexandria Ocasio-Cortez, who sits on the House of Representatives‘ Financial Services Committee, recently spoke out, saying owning these assets could well cloud the judgement of lawmakers, as they are privy to „sensitive information and upcoming policy.“

The post Pro Bitcoin US Senator to table new crypto bill in 2022 appeared first on Coin Journal.

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VeChain (VET) sees liftoff after broader crypto market sees gains – Can it hold the momentum?

The broader crypto market has seen some consolidating gains this week after a slumpy December. VeChain (VET) has followed major coins like Bitcoin and Ethereum to report gains. In fact, since the start of the week, VeChain (VET) has been up nearly 25%. The coin was also up nearly 5% in intraday trading today. But can this uptrend hold? Here are some highlights first:

  • VeChain (VET) has been one of the best performing altcoins in the last 7 days, with gains of up to 25%

  • Despite this, the coin is still 50% lower compared to its highs in November and 65% down from its yearly highs.

  • Relative Strength Index (RSI) shows bullish momentum is picking up, albeit buying activity is not that intensive.

Data Source: Tradingview.com 

VeChain (VET) – Price action and prediction

The recent weekly gains appear to have pushed VeChain (VET) back into a bull trend after spending the most time in the red this month. Right now, the coin has surged beyond its 50-day simple moving average. We are also looking at a very positive RSI with bullish activity expected in the near term.

VeChain (VET) still has to cross over $0.0963 for any breakout to be seen. At the time of writing, the coin was a bit below that resistance with a price of $0.09174. It is also important to note that VeChain (VET) is still over 65% below its all-time highs this year. It’s highly unlikely the coin will test those numbers again in 2021.

Should you buy VeChain (VET)

VeChain (VET) at one time had peaked to a market cap of nearly $16 billion, showing that it sparked a lot of confidence from investors. The coin has since lost nearly $10 billion in market cap ever since but despite this, the long-term fundamentals are still very good for VET. For folks who just want to buy and hold, it is a decent asset.

The post VeChain (VET) sees liftoff after broader crypto market sees gains – Can it hold the momentum? appeared first on Coin Journal.

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NEAR Protocol (NEAR) continues bullish surge into the week – is it time to buy?

NEAR Protocol (NEAR) started off the week with some incredible gains. The coin appears to have held steady, adding up to this surge. In fact, in intraday trading today, the coin was up nearly 16% at the time of writing. Analysts see the uptrend holding steady into early 2022. So, should you buy NEAR? Well, here are some notable facts:

  • A bullish trend that started earlier in the week has culminated in superb intraday gains of nearly 16%

  • NEAR has easily surged beyond its $11.83 resistance and is now testing $17.5

  • RSI readings look positive, with NEAR also trading well above the 25- and 50-day simple moving averages.

Data Source: Tradingview.com 

NEAR Protocol (NEAR) – price action and prediction

It’s been quite a superb week for the NEAR Protocol (NEAR) overall. The coin started off on Monday with decent gains and appears to have maintained the uptrend till now. At press time, NEAR was selling at $15.62, nearly 16% up in 24 hours. 

Many analysts were watching to see if the coin would break the $11.83 resistance. It did quite easily, and now, the intraday surge has NEAR tested the $17.50 mark. 

If the bullish uptrend seen this week holds a bit longer, it is likely that the coin will surpass that threshold. After that, a serious breakout could push NEAR into new highs. But there are a few headwinds to note, including possible market-wide volatility in cryptos at the start of 2022.

Should you buy NEAR Protocol (NEAR)

To be fair, the NEAR Protocol (NEAR) has been one of the most popular blockchains for investors, and for good reasons. Its fundamental value is still good and in the long term, NEAR will be worth more. But the recent bullish surge gives even short-term traders a decent chance to load up on NEAR and ride the uptrend for as long as possible.

The post NEAR Protocol (NEAR) continues bullish surge into the week – is it time to buy? appeared first on Coin Journal.

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Should you buy Crypto.com (CRO)? price action and analysis to follow

The downtrend for Crypto.com (CRO) over the past few weeks has been quite consistent. The coin was mostly trading slightly lower or above its support of $0.5. Bearish momentum also looked likely to hold till year-end, but a sudden resurgence is bringing back some positive outlook in the near term. At the time of writing, the coin was up nearly 15% in intraday trading. Here are some highlights:

  • Despite a consistent downtrend in recent weeks, CRO appears to have snapped out decline with a 15% surge in intraday gains.

  • However, the coin is still facing overhead resistance at $0.63 and must sustain today’s gains to cross over that threshold.

  • The long-term outlook for CRO remains extremely positive despite recent downtrends and headwinds.

Data source: Tradingview.com

Crypto.com (CRO) – price action and analysis

At press time, CRO was trading at $0.64. This was nearly 15% higher in intraday trading, but most importantly, the coin had managed to break slightly above its overhead resistance of around $0.63. 

Also, the latest price action shows that CRO has surged well over its 50-day moving average, something that could suggest a reversal of the bearish trend we have seen for most of December. 

However, whether the coin can sustain these gains and build up some decent momentum in the near term depends on sentiment across the broader crypto market. If bearish trends swipe through, they will weigh heavily on CRO, eventually pulling it closer or below the $0.5 support.

Should you buy Crypto.com (CRO)

Crypto.com (CRO), one of the leading crypto exchanges in the world, has been making quite some moves this year. The platform has signed multiple endorsements, and advertisement deals with several sports brands in a bit to attract more users. Crypto.com is also doing very well with NFT trading. It’s a good long-term buy, no doubt if fundamentals are anything to go by.

The post Should you buy Crypto.com (CRO)? price action and analysis to follow appeared first on Coin Journal.