Schlagwort: crypto business

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Why is EOS performing positively in the middle of a bear run?

The cryptocurrency market has started the week in a poor fashion, but EOS is currently the best performer amongst the top 100 cryptocurrencies by market cap.

EOS, the native token of the EOSIO ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. EOS is up by more than 4% in the last 24 hours, outperforming the other major coins and tokens in the process. 

The cryptocurrency market has lost more than 2% of its value today, resulting in the total market cap dropping below $1 trillion for the first time this month.

Bitcoin is down by more than 1% in the last 24 hours and is struggling to maintain its price above the $21k resistance level. Ether, the second-largest cryptocurrency by market cap, is down by more than 3% today and could drop below the $1,500 resistance level soon.

EOS’s rally comes as the community continues to prepare for the cryptocurrency’s rebrand. 

The EOSIO rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain. 

Key levels to watch

The EOS/USD 4-hour chart continues to be bullish despite the broader cryptocurrency market underperforming at the moment. The technical indicators show that EOS is outperforming the broader crypto market at the moment.

The MACD line remains above the neutral zone, indicating EOS’s bullish momentum at the moment. The 14-day relative strength index of 57 shows that EOS could be heading towards the overbought region if the rally can be sustained.

At press time, EOS is trading at $1.480 per coin. If the positive momentum is maintained, EOS could surge past the $1.585 resistance level. In the event of extended bullish momentum, EOS could surpass last week’s high of $1.671 over the next few hours or days.

The bears are still in control of the broader market, and that could affect EOS’s performance in the short term. If that happens, EOS could drop below the $1.362 support level before the end of the day.

The post Why is EOS performing positively in the middle of a bear run? appeared first on CoinJournal.

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SSV Network price prediction as it defies gravity. Is it a buy?

The SSV Network price has defied gravity in the past few weeks even as other cryptocurrencies recoil. The token’s price jumped to a high of $17.50, which was the highest level since April 20th. It has jumped by over 276% above the lowest level in July, bringing its total market cap to about $103 million.

What is SSV and why is it rising?

SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of those applications are staking pools, staking services, and solo stakers. Some of the top projects building on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape among others.

SSV Network price has jumped sharply in the past few weeks as investors wait for the upcoming Ethereum merge event. Merge is an important process that will transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.

As a result, Ethereum will become a substantially fast and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the same time, the average transaction cost will drop to just cents. This transition also explains why ETH price has jumped sharply in the past few days.

SSV price has also risen because of the growing adoption of the platform. Some of the top companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool among others.

SSV Network price prediction

The daily chart shows that the SSV Network price has been in a strong bullish trend in the past few months. The uptrend started when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to move above the important resistance level at $5.50, which was the lowest level on June 22nd.

The coin has managed to move above the 25-day and 50-day moving averages. It also rose above the 61.8% Fibonacci Retracement level. The Relative Strength Index (RSI) has rallied above the neutral level of 50.

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.

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FCA allows Future Fintech to acquire UK money payment firm Khyber

  • Financial Conduct Authority (FCA) has given a nod to the acquisition of a UK money payment firm by US-based company.
  • Blockchain company Future Fintech will acquire 100% of Khyber Money for  €685,000 (about $687,534).
  • The deal is expected to close within the next three months.

Future FinTech Group Inc., a Florida-based publicly traded blockchain applications technology firm, is set to acquire UK-based money payments services firm Khyber Money Exchange following approval from the Financial Conduct Authority (FCA).

Following the approval, Future Fintech will acquire 100% of Khyber Exchange equity, at a disclosed purchase price of €685,000 (roughly $687,534).

The Nasdaq-listed fintech company, which also engages in cryptocurrency mining, operates a blockchain-based e-commerce platform and offers crypto investment management services, announced this on Friday.

FCA approves wholly-owned subsidiary

Per the firm, the FCA greenlight was given to its wholly-owned subsidiary FTFT UK Ltd, which is regulated in the United Kingdom.

“We are pleased to have received approval from the FCA to acquire Khyber Exchange since it further extends our fintech footprint and diversifies our geographical reach,” Future Fntech CEO Shanchun Huang noted.

Khyber Exchange offers global money transfer services across its agent locations, on the web vial its online portal and through mobile access. The UK-headquartered company was founded in 2009 and has offices in Italy and Germany.

The acquisition will help Future Fintech tap further into the money payment services business, which Huang said is a high margin industry and one that’s likely to boost goals towards global expansion.

Future Fintech expects the deal to close within the next three months as outlined by the FCA.

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FTX revenue soared 1,000% amid last year’s crypto craze: report

  • FTX saw its 2021 revenue grow from $89 million to hit over $1 billion as the crypto market rallied.
  • Growth came amid huge expansion across the globe, CNBC said in a report citing leaked documents.
  • Despite crypto winter, FTX has looked to add to its growing portfolio of companies. 

FTX saw its revenue grow more than 1000% in 2021 as the massive bull market that took Bitcoin to highs of $69,000 pushed the cryptocurrency exchange’s revenue from below $90 million in 2020 to over $1 billion last year.

A CNBC report, citing leaked audited documents, revealed that the company, led by CEO Sam Bankman-Fried, generated the huge revenue amid a growing footprint built on crucial acquisitions.

FTX’s revenue hit $1.02 billion

In 2021, as rallying markets pulled in new money and helped crypto business establish a foothold following the previous market cycle, FTX emerged as one of those that took full advantage.

Financial success only helped to fuel global expansion for the company, adding to the overall revenue growth year-over-year, per documents the publication cited. Indeed, FTX’s revenue reportedly jumped from $89 million in 2020 to $1.02 billion in 2021 – reflecting an increase of more than 1000%.

The crypto exchange also saw its net income rise significantly – while in the previous year it stood at around $17 million, the crypto craze helped push that to $388 million. The company’s operating income went up from $14 million in 2020 to over $272 million in 2021.

Documents also showed FTX had cash holdings of nearly $2.5 billion at the end of 2022, with 27% profit margins.

FTX continues to grow its global footprint 

The revenue in Q1 2022 was $270 million, with forecasts looking at $1.1 billion for the year. This outlook is likely to be clearer with the release of Q2 figures, given the impact of crypto winter on crypto prices during the quarter.

Despite the crypto winter, Bankman-Fried’s company has looked to continue with its acquisition blitz. Evidently, the crypto turmoil seen in the first half of the year has provided an opportunity to snap up some companies on the cheap.

For instance, June saw FTX acquire Canada-based crypto trading platform Bitvo, and FTX US acquire clearing firm Embed. The deal with the latter has been key in FTX US’ offering of stocks trading. Other deals on the FTX table are for crypto lender BlockFi and Bithumb, a South Korea-based cryptocurrency exchange.

As well as these major acquisitions, FTX has struck deals and bought multiple businesses around the world. 

Notably, the leaked documents show 15 smaller firms spread across Singapore, Australia, Germany, Turkey, Switzerland and the United Arab Emirates, Cyprus and Gibraltar, among other countries.

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FDIC issues cease and desist letter to FTX US over misleading statements

  • FDIC sent the cease and desist letter to five companies, including FTX US and mentioned alleged misleading tweets from FTX US president Brett Harrison.
  • The agency wants the crypto company to ensure any misleading details are removed and compliance confirmed in writing within fifteen days.

The Federal Deposit Insurance Corporation (FDIC), a US government agency that offers deposit insurance to customers of insured banks, has warned crypto exchange FTX US over what it calls “false and misleading statements about FDIC deposit insurance.”

The agency’s cease and desist letter to the US-based crypto platform comes after the FDIC sent a similar warning to FTX US president Brett Harrison.

And other than the exchange, other four crypto-related companies also received letters from the US watchdog, according to details shared in a press release on Friday. 

The others warned are Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com.

FTX US is not FDIC-insured 

FDIC says evidence shows the listed firms misrepresented or offered false claims “including on their websites and social media accounts,” about the insurance by FDIC of some crypto–related products or stocks.

“In one case, a company offering a so–called cryptocurrency also registered a domain name that suggests affiliation with or endorsement by the FDIC. These representations are false and misleading,” the agency warned,

On Thursday, the FDIC had written to FTX US about the issue, and highlighted a tweet Harrison shared on 20 July. In the tweet, the FTX US boss had noted that “direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.”

The agency also flagged the claim that “stocks are held in FDIC-insured and SIPC-insured brokerage accounts.”

Similarly, FTX US had been described as being FDIC-insured on two of the above websites. The regulatory body says such allegations are likely to mislead and/or harm consumers. The agency said FTX US is not FDIC-insured.

In a tweet acknowledging the FDIC warning, Harrison said:

“Per the FDIC’s instruction I deleted the tweet. The tweet was written in response to questions raised on twitter regarding whether direct USD deposits from employers were held at insured banks (i.e. Evolve Bank).”

In its cease and desist demand, the FDIC asked FTX US to remove all reference to the deposit insurance claims shown to be false.

Also, other than ensuring this is not repeated at any other time or form, the exchange has to within fifteen days of receiving the letter, write to the agency to confirm compliance.

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