Schlagwort: crypto business

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Japanese lawmakers pass stablecoin bill to safeguard crypto investors

Japanese lawmakers on Firday passed a bill for stablecoins to protect crypto investors. The bill comes a month after the TerraUSD (UST) stablecoin crash that caused investors to lose billions of dollars as the stablecoin lost its value.

TerraUSD crash made a majority of countries think of an alternative way of legalizing cryptos. Japan being one of the biggest countries in terms of the size of its economy, has been at the forefront of drumming up crypto regulations and will be the first to craft regulations for stablecoins if the bill is signed into law.

A stablecoin is a digital asset whose value is linked to the actual asset like gold or the US dollar to maintain price stability. Currently, all stablecoins combined have a market value of about $160 billion.

What the new Japanese stablecoin Bill entails

According to the bill, stablecoins will now be recognized as virtual money tied to the Yen or any other legal tender to ensure that investors can convert them at their current prices.

In addition, the bill noted that stablecoins will only be issued by trusted firms, registered money transfer platforms, and licensed banks. However, existing assets that are backed by stablecoins like Tether and its counterparts stablecoins are not covered by the legislative act.

It’s important to note that the bill was created by Japan’s Financial Agency (FSA) and was expected to be passed by the House in late 2021. In mid-March, 2022, the parliament accepted the bill and today it has been passed officially.

Additionally, FTX Trading Ltd, a crypto exchange platform, also announced today the launch of FTX Japan which will provide services to Japanese consumers.

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EGLD price drops 6% as team starts investigating suspicious activity on Maiar DEX

The price of the EGLD token, which is the native token of Elrond Network is on the decline and has dropped by more than 6% today after an announcement that the Elrond team had started investing malicious activity on its main decentralized exchange (DEX), Maiar.

At the time of writing, EGLD was trading at $72.39, down 6.01% after dropping from a daily high of $77.48.

Malicious activity investigation

Elrond Founder and CEO, Beniamin Mincu, tweeted that his team was investigating “suspicious activity” on Maiar adding that his team will be providing the update “soon.”

In a later tweet Mincu said:

“Identified the potential issue, and working on an emergency fix.”

According to the reports, the Elrond Network went offline by a way of a “scheduled maintenance” with a message on its site noting that “operations will resume shortly.” However, the exchange has been offline for more than 7 hours.

Now, the rumors are spreading fast with some Elrond supporters saying that the network might have been compromised. 

Elrond has assured its users that they will be updating them once they fix their systems.

Following the incident, both EGLD and MEX, the native token of the Maiar DEX is also down with MEX failing to recover from its significant price drop where it lost almost 90% of its value late Sunday evening.

Maiar, launched late last year, had announced a $1.29 billion liquidity incentive program to improve the activities on the new exchange platform as well as push decentralized finance (DeFi) adoption beyond the crypto space into the mainstream.

At the time of the launch, the smart contracts installed on Elrond and the ones built for Maiar were advertised as having gone through a “rigorous auditing and formal verification.”

The post EGLD price drops 6% as team starts investigating suspicious activity on Maiar DEX appeared first on CoinJournal.

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Here’s why the Vite crypto price is soaring and what next

The Vite crypto price is in a slow recovery process as investors buy the dip. The coin is trading at $0.029, which is about 71% above the lowest level in May this year. It remains about 98% below the highest level on record. This brings its total market cap to about $27.8 million, making it a relatively small coin.

What is VITE and why is it rising?

Vite is a low-cost blockchain project that offers zero fees for web3 users. It uses a technology known as directed acrylic graph (DAG), which is a form of technology where individual transactions are linked to multiple other transactions. As such, there are no blocks of transactions in DAG networks.

As a result, Vite helps to ensure that there is instant confirmations and zero-fee transactions. At the same time, Vite has a ViteBridge, which is a generic and decentralized cross-chain transfer protocol to bridge all blockchains. As a result, it helps to bridge blockchains like Bitcoin, Cosmos, Harmony, Polkadot, and Near Protocol among others.

Another part of the Vite network is known as ViteX, which is a high-performance order-book decentralized exchange. It describes itself as the first DEX built on DAG, meaning that it has no fees and faster execution.

Learn more about how to trade crypto.

Some of the top platforms in Vite’s ecosystem are Viva, ExperimentDAO, ViteScan, and Viterium among others.

The developers have been working hard of late. In March this year, they introduced Solidity++ release on the mainnet. They are now working on ensuring that ViteBridge to deploy Avalanche bridge on testnet and introduce ViteX market orders.

It is unclear why the Vite price is in an upward trend. A potential reason is that the coin was recently added in Binance US ecosystem, meaning that Americans can now trade it.

Vite crypto price prediction

The daily chart shows that the Vite crypto price has been in a strong bullish trend in the past few days. It has managed to move from a low of $0.016. The coin remains below the important resistance level at $0.036, which was the lowest point on March 2.

VITE price has formed a bearish flag pattern and is between the 25-day and 50-day moving averages. Therefore, there is a likelihood that the Vite token price will resume the bearish trend and retest the key support at $0.01690.

The post Here’s why the Vite crypto price is soaring and what next appeared first on CoinJournal.

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Why is ICP up by more than 9% today?

The cryptocurrency market is recovering from the slump it suffered earlier this week. 

The cryptocurrency market is trading in the green zone after losing some of its value earlier this week. The market has added more than 1% to its value in the last 24 hours, but the total market cap remains below $1.3 trillion.

Bitcoin is still struggling below the $30k mark despite adding less than 1% to its value so far today. Ether is in the red zone, dipping by more than 3% in the last 24 hours. At press time, ETH is struggling to stay above the $1,700 support level.

ICP, the native token of the Internet Computer ecosystem, is currently the best performer amongst the top 50 cryptocurrencies by market cap. ICP has outperformed the other major cryptocurrencies in the last 24 hours.

There is no apparent catalyst behind ICP’s ongoing positive performance. In the last seven days, ICP has added more than 15% to its value.

The Internet Computer community might be warming up to DFINITY’s upcoming SUPERNOVA hackathon. This is the hackathon of the Internet Computer community, and could see some great projects deployed on the blockchain.

Key levels to watch

The ICP/USD 4-hour chart is bullish as ICP has been performing well over the past few days. 

The MACD line is within the positive territory, indicating bullish momentum. The 14-day relative strength index of 52 shows that ICP is no longer within the oversold region.

At press time, ICP is trading at $8.29 per coin. If the rally continues, ICP could move past the $9.14 resistance level before the end of the day. 

However, it would need the support of the broader crypto market to reach the $10 mark in the short term. 

The post Why is ICP up by more than 9% today? appeared first on CoinJournal.

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Bitcoin dips below $30k despite the market recovery

The cryptocurrency market is recovering from the slump it suffered over the past two days.

The cryptocurrency market is trading in the green zone after underperforming over the last two days. The market has added more than 1% to its value in the last 24 hours, but the total market cap remains below $1.3 trillion.

Solana’s poor performance has affected the broader market as the network experienced yet another downtime two days ago.

Bitcoin, the world’s largest cryptocurrency by market cap, maintains its position despite dropping below the $30k mark once again.

The world’s leading cryptocurrency is up by less than 1% over the last 24 hours and currently trades above $29,900 per coin. 

Bitcoin’s total market cap is down to the $570 billion level. This means that Bitcoin has lost more than 50% of its value in the last seven months since hitting an all-time high of $69k in November 2021. At the time, the total cryptocurrency market cap was above $1.1 trillion.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish despite Bitcoin currently trading in the green zone. The technical indicators show that Bitcoin has been underperforming in recent days.

The 14-day relative strength index of 42 shows that Bitcoin could enter the oversold region if the bulls don’t push its price higher. The MACD line is just below the neutral line, indicating slight bearish momentum. 

If the bulls regain further control of the market, Bitcoin could comfortably move past the major resistance level at $30,500. BTC has found it hard to stay above the $32k resistance level, and that could remain the case heading into the weekend.

In the event that the bears regain control, BTC could struggle to defend its position above the first support level at $28,750 over the next few hours or days. 

The post Bitcoin dips below $30k despite the market recovery appeared first on CoinJournal.