Schlagwort: blockchain markets

The court’s verdict makes use of virtual assets criminal and stipulates heavy prison sentences and penalties.

The Supreme People’s Court, the apex court in China, on Thursday ruled that transacting virtual assets is “illegal fundraising.”

The Supreme Court ruling comes with amendments to previous designations of various articles regarding the topic of crypto transactions.

In one of the amendments, item 8 of Article 2 encompasses “illegal fundraising by way of online lending, investment in shares, [and] virtual currency transactions,” the court ruled.

The court’s decision gives authorities the power to prosecute suspects and apply necessary penalties.

According to the court, those suspected to have engaged in illegal fundraising face prosecution as stipulated under Article 176 of the country’s criminal law. Persons guilty of illegally handling large amounts of money face three to ten years in prison and a fine of between RMB 50,000 and RMB 500,000 (($7,900-$79,000).

Suspects arrested on charges involving smaller amounts face jail terms of up to three years. Additional fines of between 20,000 and 200,000 RMB (roughly ($3,160 to $31,600).

According to details in the ruling, the new amendments take effect on 1st March this year.

China banned crypto trading and mining in 2021, doing so in a crackdown that reinforced what the country’s regulators had already put in place in previous years.

The post China’s Supreme Court declares crypto transactions as ‘illegal fundraising’ appeared first on Coin Journal.

At 4am local time this morning, Russian president Vladimir Putin announced a military operation against Ukraine, live on national TV. He claimed the action was necessary to “defend” the Russian-speaking people living in the country. This effectively torpedoed Bitcoin.

Here’s what 3 notable crypto personalities had to say.

Buterin: Ethereum is neutral, but I’m not

Ethereum cofounder Vitalik Buterin condemned the decision on Twitter in his native Russian language:

Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. Russia’s invasion of Ukraine is a crime against both the Ukrainian and Russian people.

SBF: Do something nice for someone

Sam Bankman-Fried, the CEO of crypto exchange FTX, also took to Twitter. He was far less succinct than Buterin, offering a Bitcoin price prediction against the backdrop of war:

In the last day, the S&P500 is down about 4%, and BTC is down about 8%. There are 2 types of people in the world: fundamental investors and algorithm followers. Fundamental investors look at the situation and are uncertain which direction BTC/USD should move.

Algorithm followers consult the data.  Historically, what’s the trend? Over the last year, there’s been a really high correlation between crypto and equities. The main reason is monetary policy: moves in expectations of inflation and interest rates change in USD and other fiat currencies.

The algorithms look at the data, and decide based on that: BTC should be 80% correlated to the S&P500, with a beta of 4 (i.e. if S&P500 moves 1%, BTC moves 4%).

Then war happens.

Fundamental investors are neutral, but algorithmic investors see the S&P500 go down 4%, and so expect BTC to go down 4*4%=16% based on historical studies.

Fundamental investors are buying and algorithmic investors are selling; BTC ends up halfway in between, down 8% on the day, half of the 16% that the algorithmic investors predict. At which point their model updates a bit–BTC went down less than the 4x they predicted–and a cycle begins.

He then switches gears:

Maybe the real effect here is liquidity. If you’re risk averse, maybe you’re selling whatever you have right now, because who knows what’ll happen. And markets are illiquid right now–who’s buying volatile assets?

He admits he has no idea what will happen next, concluding:

Do something nice for someone. The world could use it right about now.

Nick Schteringard: This man is out of his head

Russian crypto news outlets with staff in Ukraine have felt the impact. Nick Schteringard, chief editor of Russian-language crypto news outlet ForkLog, said the lives of several key members of the team were at risk. He was adamant:

It’s absolutely clear that this man [Putin] is out of his head and has to be stopped.

Schteringard added, perplexed:

I don’t quite understand people who are now taking to Twitter to post about how the war brings an opportunity to buy the dip. What Bitcoin, what stocks, just wake up, the war is at your doors!

The post 3 notable crypto personalities commenting on war appeared first on Coin Journal.

Crypto assets were trending downward on Wednesday night, but when Russia began attacking Ukraine on Thursday morning, they took a dive even further.

US stocks went into freefall yesterday as tensions in Ukraine intensified. The SPX500 (-2.25%), DJ30 (-1.69%) and NASDAQ100 (-3.1%) all finished heavily in the red as investors fled for safe-haven assets.

The BEA will publicize preliminary GDP data for the fourth quarter of 2021 at 13:30 GMT, which may generate volatility in the markets.

Oil surged past $97 this morning as Russia began attacking Ukraine.

Top cryptos

Most coins in the top 20 lost around a tenth of their value on average. Five of the top 10 cryptos dropped by double digits over the past 24 hours: Cardano more than 15%, Avalanche 14%, Ethereum and BNB 12%, and XRP more than 11%.

Bitcoin was trading under $35,000 at time of writing, down more than 8% in the past day. Outside the top 10, Dogecoin, Polkadot, and Polygon lost more than 15%.

Top movers

The situation looks even worse outside the top 20, where the minimal loss suffered by a cryptocurrency is around 8%. Chainlink is down by more than 17% and Fantom, The Graph, Gala, and Elrond each lost 18%.

VeChain and AAVE have lost almost 17%. Theta Network, Harmony, Enjin Coin, Curve DAO Token, and Loopring each shed 19% of their value on news that Putin declared war on Ukraine.

PancakeSwap’s losses are just under 18%. Kadena has lost between 19-20% and Mina is down 20%. The biggest loser is Convex Finance, which shed almost a quarter of its value.

Trending

Unifty provides Contracts-as-a-Service solutions to enable digital artists and collectible issuers to create their own contracts for different purposes without coding knowledge. The token added 82% to its value in the last 24 hours.

Amid the gloom and doom, ACCEL is rallying on news of a Binance listing scheduled for today. The token has gained more than 18% in the last 24 hours. It is a multi-utility asset that claims to bring several real-world utilities to the crypto space.

  

The post Market highlights February 24: Five of the top 10 cryptos dropped by double digits appeared first on Coin Journal.

The live ACCEL price today is $0.05 with a 24-hour trading volume of just over a million. It’s rallying on news of a Binance listing to take place today, gaining 18.32% in the last 24 hours. If you are attracted to unique features and want to learn how and where to buy ACCEL, this guide is for you.

Top places to buy ACCEL now

As ACCEL is such a new asset, it’s yet to be listed on major exchanges. You can still purchase ACCEL using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy ACCEL right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for ACCEL

Now that you’re connected, you’ll be able to swap for 100s of coins including ACCEL.

What is ACCEL?

ACCEL is a multi-utility token that brings several real-world utilities to the crypto space including an escrow payment application, a decentralized exchange trading application, and P2E game development.

In addition, ACCEL’s Launchpad offers developers a safe and effective place to launch their own projects from while utilizing ACCEL’s safe, in-house developed smart contracts.

ACCEL is creating the first ever DAO-based educational crypto community: ACCEL University. ACCEL University is a database and community that offers investors resources and tools to support their crypto experience.

Should I buy ACCEL today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never take any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose.

ACCEL price prediction

Analysts Price Prediction are bullish on this token. They predict it will trade for at least $0.088 next year, but it could go up to $0.10.

In 2024, the price of ACCEL will be at a minimum of $0.13 and a maximum of $0.15. The price of 1 ACCEL is expected to reach at least $0.19 in 2025.

ACCEL on social media

🚀#BKEX Spot Top 3 Gainers

Time: 10:30 02/16 (UTC+8)

🏆 #WGMI @wgmi4thepeople
👇Trade it now?https://t.co/COkLir5Oh5

🥈 #ACCEL 🥉 #CULT

Registration link: https://t.co/6Nla92IuiH pic.twitter.com/87BahWj6Gv

— BKEX (@BKEXGlobal) February 16, 2022

The post ACCEL is up 18% in 24 hours: here’s where to buy ACCEL today appeared first on Coin Journal.

Once again, the price of Terra (LUNA) is has soared past $55 as it attempts to regain a bullish trend.

At the time of writing, it was trading at $61.56 up 13.18% in the last 24 hours and it has hit a daily high of $63.99 and a daily low of $52.71.

Why Terra (LUNA) is surging?

One of the main reasons for Terra (LUNA) price surge is the recent raising of $1 billion by Luna Foundation Guard (LFG) through an over-the-counter sale of LUNA to form a UST reserve in Bitcoin.

For a background, LFG is a non-profit organization that was launched in early January 2022 to facilitate Terra ecosystem growth.

Some of the participants of the LUNA sale include the Three Arrows Capital, Jump Crypto, DeFiance, Tribe Capital, GSR, and Republic Capital among others.

Claims are that LFG chose Bitcoin-dominated Forex Reserve because it is less correlated to the Terra ecosystem.

How the UST reserve works

Terra native stablecoin UST is a popular algorithmic stablecoin in the DeFi ecosystems that does not use collateral to maintain its price and is the first of its kind and it has a market capitalization of more than $22 billion.

According to Terra:

“When the demand for Terra is high and the supply is limited, the price of Terra increases. When the demand for Terra is low and the supply is too large, the price of Terra decreases. The protocol ensures the supply and demand of Terra are always balanced, leading to a stable price.”

New Terra-based stablecoins can be minted by burning LUNA tokens or burning UST to mint LUNA. But the challenge is the hypothetical risk of a ‘bank run’ Scenario and its reflexive nature.

Concerning the choice of Bitcoin as a reserve asset, LFG said:

“Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system.”

The post Why has Terra (LUNA) jumped 13% today? appeared first on Coin Journal.