Schlagwort: crypto business

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What’s the bull case for Shiba Inu as whale holdings remain high?

  • Shiba Inu is the most held cryptocurrency by Ethereum whales after stablecoins.

  • The cryptocurrency is undergoing a market correction.

  • SHIB has to recapture $0.000012 resistance to consider a bullish case.

Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT, and stETH, which rank in the first three positions. WhaleStats data show that the whales have a combined $133,680,683 worth of SHIB holding. 

Amid the sizable share, Ethereum whales have reduced their SHIB holding. As of August 25, the total stake was $162,127,202. By then, SHIB was trading at a high of $0.000014. The meme token now trades at $0.000011 amid a market correction.

A large whale holding indicates a belief in Shiba Inu’s recovery. Recently, Shiba Inu’s burn rate rose by more than 1,500%, prompting a price recovery. However, Shiba Inu lacks a sustained momentum to stay bullish. Key developments expected to boost the token, including the Shiba metaverse, remain far from becoming a reality. A series of non-starter developments amid the macro jitters have been responsible for SHIB’s decline.

Shiba Inu meets resistance as the price recovers slightly

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Source – TradingView

Shiba Inu’s price action shows the token at a key resistance zone around $0.000012. The price is showing limited upside potential. The formation of inside bars from a mother bearish pin bar at the resistance could force a bear market. 

Recently, the 20-day MA crossed below the 50-day MA, affirming a bearish momentum. The RSI shows some upside since the token touched a nearly oversold $0.000010 level. 

Concluding thoughts

Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish movement could see the token retest the $0.000010 support again.

The post What’s the bull case for Shiba Inu as whale holdings remain high? appeared first on CoinJournal.

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Managing public finance via blockchain can reduce embezzlement of funds: Report

In a report released earlier today, the Official Monetary and Financial Institutions Forum (OMFIF) has put forward that using blockchain technology to develop a public finance management system could be extremely beneficial for countries.

The organisation is an independent global think tank for central banking and economic policy that has previously worked extensively with blockchain and digital assets via its Digital Monetary Institute.

The OMFIF report discussing the modernizing of public finance management through blockchain technology explains that such a system could offer government officials the necessary information to formulate and design fiscal policy.  

The report particularly highlighted how blockchain technology can help prevent embezzlement and misuse of funds. This could be a particularly game-changing feature considering the rise in cases of fraud, ransomware and cybersecurity attacks worldwide.

Further, with the increasing interest in central bank digital currencies across the globe, a blockchain-led public finance system could, according to the report, clarify “the government’s financial position.”

However, while a digital currency would work effectively with the system, it is not a necessity the report stated:

“Many of the benefits can be achieved without changing payments rails, simply by improving the [public finance management] architecture. Governments would also be more effective at efficiently managing their cash and forecasting their future cash position.”

Explaining how blockchain can facilitate fraud prevention, the think tank stated that the system could combat invoice fraud by allowing users to complete payments with the click of a button without using personal information. It would also enable transparency and traceability for government spending.

Commenting within the report, multinational professional services partnership Ernst & Young Global stated that blockchain can reduce the administrative effort associated with financial reconciliations, tracking and reporting public financial obligations. 

“Business terms or eligibility and compliance rules can be embedded into the system to automate transaction controls via smart contracts. Automated tracking and reporting can significantly reduce the cost for partners interacting with government,” the consulting, assurance, tax and transaction services provider concluded.

The post Managing public finance via blockchain can reduce embezzlement of funds: Report appeared first on CoinJournal.

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Nexo acquires stake in a US-federally chartered bank

  • Nexo has reportedly acquired a stake in Hulett Bancorp (DBA Mode Eleven), the bank that owns Summit National Bank.
  • The deal with the US federally chartered bank offers Nexo an opportunity to further serve its US customers in a regulated environment.

Nexo, a leading regulated digital assets platform with more than $4 billion in assets under management, has announced an industry-changing deal that sees it acquire a stake in a regulated US bank.

The crypto lender revealed the transaction on Tuesday, noting in a press release sent to CoinJournal that it had taken a stake in Summit National Bank, the US federally chartered arm of Hulett Bancorp (DBA Mode Eleven).

The deal makes Nexo the preferred digital assets partner for Summit and is part of Nexo’s growing footprint in the US market. 

With it, the crypto exchange and lending company provide its services to both retail and institutional clients, including bank accounts, asset-backed loans, custodial solutions and card programs among others, Nexo said in the release.

Nexo expands amid need for further compliance

The acquisition announcement comes just a day after multiple US states filed enforcement actions against Nexo, with claims the platform was offering its interest-bearing account product without the requisite registration approvals.

The New York Attorney General Letitia James said she had sued the crypto company for failing to register and lying about this to investors. 

Given the cease-and-desist orders from the US state regulators for Nexo to end its yield product, today’s announcement that the platform has acquired a stake in a local US bank could suggest a response of sorts from Nexo to growing regulatory challenges.

As CoinJournal reported yesterday, eight state regulators have filed actions against the crypto company.

Indeed, Nexo co-founder and managing partner Kalin Metodiev hinted at this “evolving regulatory landscape’ in a statement, noting:

“This investment marks another landmark in Nexo’s relentless drive to better serve our US customers in compliance with the constantly evolving regulatory landscape.”

Metodiev, who recently joined the Summit National Bank board as a member, added:

“We care deeply about our customers and are thrilled that this development will grant them access to some of the most innovative products at the intersection of traditional finance and blockchain technology.”

In its press release, Nexo says that the deal will allow its customers to benefit from top quality services even as they enjoy appropriate legal safeguards available via its banking partner’s federally regulated lending and payments infrastructure.

Nexo also has long-term ambitions of securing global expansion for its banking capabilities, including through the Summit National Bank partnership and via additional banking licenses across other jurisdictions.

The post Nexo acquires stake in a US-federally chartered bank appeared first on CoinJournal.

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Harmony price prediction: Is ONE a safe coin to buy?

Harmony ONE price has been in a strong bearish trend in the past few months. It dropped to a low of $0.016, which was the lowest level since February 2021. It has fallen by more than 94% from the highest level, making it one of the worst performers in the industry.

Why has Harmony crashed?

Harmony is a blockchain project that hopes to help developers build fast decentralized applications (dApps). Apps in its ecosystem complete transactions in less than 3 seconds. Some of the top applications in its ecosystem are SushiSwap, Tranquil Finance, and Synapse among others.

Harmony was one of the biggest projects in the blockchain industry. This changed a few months ago afer the giant hack that led to a loss worth over $100 million. According to US investigators, the Horizon Bridge hack was instigated by North Korean hackers.

As a result, the total value locked (TVL) in the network crashed from an all-time high of over $1.3 billion to less than $30 million. This explains why ONE price has crashed in the past few months. Indeed, only 5 applications in its ecosystem have a TVL of over $1 million.

Harmony has been working on how to fix the network after the hack. In a statement, the developers announced that they had decided not to mint tokens to compensate those who lost their funds. They said:

“We propose not minting more ONE tokens nor changing our tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”

Still, from a fundamental perspective, Harmony has a long way to go to regain its trust among developers and investors.

Harmony ONE price prediction

The daily chart shows that Harmony has been in a strong bearish trend in the past few months. It has managed to move below the 25-day and 50-day moving averages. Its volume has crashed as demand remains much lower. The MACD has moved to the neutral level.

ONE price has also formed what looks like a head and shoulders pattern. Therefore, the coin will likely have a bearish breakout in the coming weeks. If this happens, the next key support level to watch will be at $0.015.

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Uniswap price prediction: UNI is ripe for a bullish breakout

Uniswap price bounced back on Tuesday as investors moved back to blue-chip DeFi projects. UNI, the platform’s token, rose to a high of $6.61, which was the highest level since September 13. It has risen by more than 30% from the lowest level this week.

Uniswap growth continues

Uniswap is a leading blockchain project that seeks to become the biggest decentralized exchange (DEX) in the world. In the past few years, it has handled over $1.1 trillion worth of transactions and processed over 111 million transactions.

In addition, Uniswap has built a protocol that makes it possible for developers to build decentralized apps in the finance industry. Some of the top applications in its ecosystem are Endaoment, TrustWallet, Universe Finance, and Token Terminal among others. 

Uniswap’s UNI token is rising on Tuesday as other cryptocurrency prices rebound. Bitcoin surged back to $20,000 while Ethereum, BNB, XRP, and Solana rose. According to CoinMarketCap, the total market cap of all cryptocurrencies jumped to over $972 million. Historically, cryptocurrencies tend to move in sync.

Uniswap price also rose as the total value locked (TVL) in the ecosystem tilted upwards. According to DeFi Llama, Uniswap has a TVL of over $5.3 billion, making it the fifth biggest DeFi platform in the world. Still, this TVL is much lower than its all-time high of over $10 billion. In terms of trading volume, it is the biggest DEX, far bigger than PancakeSwap.

Uniswap price has also risen recently as the developers make plans to disrupt leading centralized companies like Coinbase and Binance. Speaking at the recent Messari’s Mainnet event, the company’s COO said that it was eying several new products to boost its market share. For example, the firm intends to become a leading player in the NFT industry.

Uniswap price prediction

The daily chart shows that UNI price has been in a consolidation phase in the past few days. The coin has moved above the 25-day and 50-day moving averages. The MACD has also moved slightly below the neutral level. 

This price is slightly below the descending trendline shown in black. Therefore, there is a likelihood that the coin will have a bullish breakout as buyers target the next key resistance level at $10. A move below the support level at $5.25 will invalidate the bullish view.

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