Kategorie: Crypto News

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Whale dumps Ethereum (ETH) for Maker (MKR), is this trending DeFi token next?

Whales often make moves that capture the attention of the entire crypto community. One such intriguing manoeuvre unfolded recently when a prominent whale decided to swap Ethereum (ETH) for Maker (MKR), raising questions about their investment strategy and preferences. 

As we delve into this notable shift, we also explore the growing interest among these influential players in DeFi tokens like Borroe.Finance ($ROE).

Maker (MKR) accumulation by a whale

On September 4, an address under the pseudonym “0x3737” held a substantial crypto portfolio valued at over $20.37 million. While this address engages in trades across various cryptocurrencies, what caught the eye of many was their decision to part with Ethereum (ETH) in favour of Maker (MKR). 

A closer examination of the address’s holdings reveals that Ethereum was the cornerstone of their portfolio, representing over 75% of their total assets.

With a whopping 10,000 ETH in their possession, equivalent to approximately $16.3 million at current market rates, this whale had clearly placed a significant bet on Ethereum’s potential. However, the allure of Maker (MKR) proved compelling, with the address holding MKR tokens worth $1.1 million, alongside other assets like Arbitrum (ARB), valued at $2.9 million.

Maker (MKR) stands as the native token of MakerDAO, a decentralized autonomous organization (DAO) pivotal in controlling the creation of DAI, an algorithmic stablecoin native to the Ethereum blockchain. MKR holders play a crucial role in the governance of the DAO, actively participating in decision-making processes that influence the stability and functioning of DAI.

In recent months, Maker (MKR) has experienced a remarkable surge in value, with its price more than doubling since June. This impressive rally saw MKR reach an all-time high of approximately $1,300 in early August, and it currently maintains a trading price above $1,100, marking a 13% increase from its August lows.

Borroe.Finance ($ROE) attracts attention

While the ETH-MKR swap showcases the whale’s strategic investment choices, it also underscores the shifting dynamics within the cryptocurrency market. DeFi tokens, in particular, have garnered increasing interest from whales and retail investors alike. One project that has been gaining recognition in this realm is Borroe.Finance ($ROE).

Borroe.Finance sets itself apart with its innovative approach as an AI-powered funding marketplace. This platform empowers content creators and participants in the Web3 ecosystem to access immediate cash by trading their future earnings. Notably, Borroe.Finance covers a wide spectrum of income streams, including subscriptions, invoices, royalties, and more.

As the cryptocurrency landscape continues to evolve, Borroe.Finance emerges as a promising contender in the DeFi space. Its unique value proposition and ability to cater to diverse financial needs make it an attractive choice for those seeking the best crypto investment opportunities.

Borroe.Finance’s presale

For investors keen on identifying the best crypto investments for long-term gains, Borroe.Finance’s presale offers an enticing proposition. With more than 94 million $ROE tokens already secured and each priced at a mere $0.0150 per token, this presale represents a compelling entry point into the cryptocurrency market.

As the crypto market witnesses intriguing moves by whales and emerging opportunities in the DeFi sector, Borroe.Finance’s presale beckons as an opportunity that should not be overlooked. 

In the quest for the best crypto investments, exploring innovative projects like Borroe.Finance is a step toward securing one’s position in the ever-evolving world of digital assets. For those seeking the best crypto to buy today for long-term gains, Borroe.Finance ($ROE) emerges as one of the top crypto coins to watch and consider. 

Learn more about Borroe.Finance ($ROE), visit Borroe.Finance Presale or Join The Telegram Group or Follow Borroe on Twitter

The post Whale dumps Ethereum (ETH) for Maker (MKR), is this trending DeFi token next? appeared first on CoinJournal.

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Binance Coin under severe pressure, tests the $200 support level

  • Binance Coin forms a descending triangle above important support area
  • 2023 gains are gone
  • A break below $200 should trigger more weakness

The US dollar is the month’s winner as it rallied against its peers and against major cryptocurrencies in September. Moreover, the strength appears to be more visible against cryptocurrencies.

Take Binance Coin for example. It erased all its 2023 gains (and some more). It also formed a descending triangle right above horizontal support seen at $200. This is dangerous for bulls because, if broken, there is not much left to support the price until much lower.

Bearish technical picture for Binance Coin

Binance Coin made a double top pattern during the COVID-19 pandemic. Twice, it tried to break above $700, without success.

Since then, however, it was all downside. The scandals in the cryptocurrency industry surely did not help. After all, FTX went busted, trust was lost, and many chose to leave the industry altogether.

Binance Coin chart by TradingView

In the first quarter of 2022, the Binance Coin found support in the $350 area. It hovered above for a while until breaking lower to the next support level.

Once broken, support became resistance.

So powerful the resistance was that not even the 2023 rally, seen on all major currencies, was enough to break it. Instead, the market formed a reversal pattern (i.e., a triangle) and then erased all its gains for the year.

Currently, it sits right above horizontal support at $200. A break there could spell trouble because there is nothing else to hold the price action until much lower levels.

The US dollar’s strength is a cause of major disruption in the cryptocurrency industry. But so is the uncertainty in the industry, the ongoing scandals, that led to investors fleeing for good.

Bulls may want to see that descending triangle (in blue on the chart above) invalidated by the market. If not, more pain lies ahead.

The post Binance Coin under severe pressure, tests the $200 support level appeared first on CoinJournal.

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Bitcoin Cash price outlook: Symmetrical triangle forms

  • Bitcoin Cash has formed a symmetrical triangle pattern.

  • The two lines are nearing their confluence levels.

  • The Federal Reserve is the biggest risk in the market.

Bitcoin Cash price has held quite well in the past few weeks even as a sense of fear spreads in the market. The BCH coin was trading at $214.50 on Tuesday, higher than this month’s low of $180.

Crypto risks remain

Bitcoin Cash price has done relatively well in the past few weeks. This performance was notable since it happened at a time when global stocks were in a freefall. The Nasdaq 100 index has dropped by more than 7% from its highest level this year.

Bonds have also been in a steep sell-off, which has pushed their yields to the highest level in years. The 2-year yield has jumped to 5% while the 10-year and 30-year have jumped to their highest level in more than a decade.

Bitcoin Cash price has likely done well because of the performance of Bitcoin. The BTC coin has remained above $26,000 even as the fear and greed index dropped to the fear zone of 34.

A likely reason for this price action is that investors are optimistic that the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF by key companies like Blackrock, Invesco, and Fidelity.

If this happens, it means that the SEC will need to approve other ETFs. I believe that some of the coins that will have ETF applications are Ethereum, Litecoin, and Bitcoin Cash.

Still, there are risks in the crypto industry. The biggest risk is that the Federal Reserve has committed to be more hawkish since inflation remains stubbornly high. The most recent data showed that inflation jumped to 3.7% in August.

Bitcoin Cash price forecast

The daily chart provides a good picture of the Bitcoin Cash price action. It has formed a symmetrical triangle pattern shown in green. This triangle is nearing its confluence level, meaning that a breakout or breakdown is about to happen. Bitcoin Cash has moved above the 25-day and 50-day moving averages. 

It is also oscillating at the 50% Fibonacci Retracement level while the MACD has moved above the neutral point. Therefore, the BCH coin will likely remain in this range and then have a bullish breakout soon. If this happens, the key level to watch will be at $240. The support of the coin will be at $180.

How to buy Bitcoin Cash

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Public

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The post Bitcoin Cash price outlook: Symmetrical triangle forms appeared first on CoinJournal.

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Taiwan releases new guidelines for crypto exchanges

  • Taiwan’s regulator, the Financial Supervisory Commission (FSC) has announced new guidelines for virtual asset service providers (VASPs).
  • The agency published the VASP guidelines on Tuesday, which includes exchange registration, segregation of customer funds and prohibition of certain products.

Taiwan’s financial regulator, the Financial Supervisory Commission, has released new guidelines aimed at streamlining the crypto exchange space in the country. Specifically, the watchdog has outlined guidelines for virtual asset services providers (VASPs) as it looks to bolster its crypto regulation.

The new guidelines were highlighted in a new report the FSC published Tuesday, September 26, 2023. Wu Blockchain shared news of the development via X, including a link to the Financial Supervisory Commission’s publication.

Foreign exchanges must register before offering services

Per the guidelines, crypto platforms must integrate and make public mechanisms for listing and delisting assets, segregation of customer funds from exchange assets and having a security management system in place. Information disclosures are also emphasised, with details on internal audits and other procedures a requirement.

More than that, the FSC says any offshore crypto exchange seeking to offer products and services must register before offering services to Taiwan customers.

“Overseas virtual asset platform operators are not allowed to solicit business within the territory of Taiwan or from Taiwan citizens, unless they have been registered in accordance with the Company Law, submitted to the Financial Supervisory Commission and completed a declaration of compliance with money laundering prevention laws,” a translation of the guidelines reads in part.

According to the FSC, VASPs will be allowed to form or join self-regulatory standards organisations. 

The goal is to promote self-discipline within the industry, with relevant VASP associations outlining the standards and norms based that crypto platforms will need to embrace to enhance customer protection.

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Crypto market maker KeyRock secures Swiss regulatory clearance

  • KeyRock has secured anti-money laundering compliance clearance from the Swiss Financial Services Standards Association (VQF).
  • The startup is expanding its OTC services via new on ramp/off ramp fiat currencies, including GBP and AUD.

Belgian crypto market maker Keyrock has secured a key regulatory approval from the Swiss Financial Services Standards Association (VQF). The approval follows a comprehensive review of the company’s structure and processes with regard to compliance with the Swiss Anti-Money Laundering Act (AMLA) regulation.

KeyRock expands OTC desk

Compliance with AMLA guidelines is a milestone that not only ensures the crypto market maker aligns with anti-money laundering regulations, but also offers a crucial base for the startup’s expansion efforts.

KeyRock CEO Kevin de Patoul said in a press release:

“Securing the VQF membership reinforces Keyrock’s stance on upholding rigorous regulatory standards within the crypto space. As the landscape evolves, our focus remains steadfast on ensuring both compliance and trust in our services.”

VQF is a government-approved financial standards body that has previously granted regulatory clearance for crypto startup Bitcoin Suisse and custodian BitGo. The KeyRock approval allows the startup to expand its OTC services around the globe, the firm noted.

The expansion will involve new fiat on-ramp and off-ramp designed to support more than ten new currencies, including GBP and AUD. Currently, the service has been offered via USD and Euro.

The post Crypto market maker KeyRock secures Swiss regulatory clearance appeared first on CoinJournal.