Schlagwort: crypto business

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Aave (AAVE), Compound (COMP) and Maker (MKR) might offer buy opportunities: Santiment

Aave and the three other tokens COMP, MKR and REN have shown ‘clear price bottoms recently’, according to on-chain analytics platform Santiment.

Aave’s price has dipped 2.5% in the past 24 hours and nearly 15% over the past week as of writing, with the altcoin’s price falling alongside that of major cryptocurrencies such as Bitcoin and Ethereum.

The top two crypto assets by market cap are down 4% and 3.3% respectively amid a slowdown across the markets, with sentiment driven by inflation concerns, the US Federal Reserve’s move to hike rates and tensions related to the Russia-Ukraine crisis.

While cryptocurrencies are likely to trade lower as they mirror losses in the equities market, Santiment has noted that Aave (AAVE), Compound (COMP), Maker (MKR) and Ren (REN) could offer a great buy opportunity in the short term.

In a “spotting the dips” analysis, Santiment points to the ratio of active deposits to daily active addresses (AD/DAD) to highlight that the four altcoins could be trading at “clear bottoms.”

 “AAVE, COMP, MKR, and REN have all shown very clear price bottoms recently. And they have all been accurately predicted by looking at how many active deposits have made up the total address activity of [the] asset,” the analytics platform noted.

Aave (AAVE)

Looking at Aave, Santiment notes:

“Looks like price likes to grow from this metric’s bottom. We could suggest that low values of AD/DAD ratio are indicating a nice buy opportunity.”

AAVE chart showing the AD/DAD ratio. Source: Santiment.

On the likelihood of opposite price action, the platform shared:

“Higher levels of AD/DAD indicate ‘exit’ points, where holders probably tend to exit their positions. The higher deposits (AD), the higher holders ‚panic‘ level.”

Compound (COMP)

Santiment suggests Compound (COMP) is also poised for an upside. “Compound’s AD/DAD dipped to all time low just a few days ago. Good sign,” they wrote.

Compound chart showing the dip in the active deposits to daily active addresses. Source: Santiment

Maker (MKR)

Maker’s AD/DAD also shows the latest dip has pushed prices to a decent buy level. However, it’s likely to dip even more after reaching current levels at the end of January. Santiment says the ratio could surge more, indicating further declines, but “not as strong as other tokens.”

REN (REN)

REN/USD touched year-to-date lows on 24 January, with a decent spike in February helping it break above $0.40. However, an 11% dip over the past seven days has left it battling pressure around $0.35.

Another “panic” move to recent lows could offer a fresh buying opportunity.

The post Aave (AAVE), Compound (COMP) and Maker (MKR) might offer buy opportunities: Santiment appeared first on Coin Journal.

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Ukraine legalises Bitcoin and other cryptocurrencies

Ukraine has been in the news a lot recently. Well, it has cropped up again, although not in the way you may expect.

Today, the government officially passed a law legalising Bitcoin and other cryptocurrencies. The bill was originally passed last September, although Ukrainian President Volodymyr Zelanskyy had sent it back to parliament for changes. Today, four months later, it has been formally signed into law.

What it Means

“The development of a new industry will allow attracting transparent investments and will strengthen the image of our country as a high-tech state,” Mykhailo Fedorov, Ukraine’s vice prime minister of digital transformation, had commented on the bill in September.

It is a positive step that strives to protect digital asset owners, exchanges and other stakeholders in the industry. Particularly notable is the inclusion of the terms digital wallet, private key and virtual assets in Ukrainian legislation for the first time. While there will always be groups who protest the introduction of regulation into crypto, overall it is a promising development for the industry and should encourage more transparency and confidence for those operating in Ukraine, as well as reducing fraud. The hope is that covert mining operations, evasive tax schemes and other “shadow” crypto activities should now decrease, while innovation will spike and foreign investment will flow into the country.

Political Turmoil

Unfortunately, there is an elephant in the room here. Even diehard crypto fans are unlikely to be queuing up to book one-way tickets to Ukraine, given the ongoing issues with a certain Mr. Putin. The reality is that you can list all the Ukrainian crypto positives you want – such as low taxes, streamlined legal framework, improvement in technical infrastructure and an abundance of engineers – but as long as there are 150,000 Russian troops stationed at the border, Ukraine’s hope to become the digital asset hub of Eastern Europe isn’t likely to be achieved anytime soon.

However, political concerns aside, it sees Ukraine steam towards the front of the European countries legal framework on crypto. While South America has been particularly welcoming in their approach to crypto legalization, Europe to date has not been as warm. The EU has begun to place a tighter leash on crypto transfers, striving to make them more traceable. While individual states have legalized it – perhaps most notable was the passing of a law in Germany last year allowing German Spezialfonds to allocate up to 20% of their assets to crypto – Ukraine still had high hopes to lead the virtual charge on the continent, back when the bill was originally put forward.

Of course, the final interesting quirk in this story is the stark contrast compared to Russia. Putin has been notoriously anti-crypto, pushing for an outright ban on the industry and instead focusing efforts on the development of a central bank digital currency.

It’s one more thing for them to disagree with Ukraine on.

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UAE to issue crypto licenses as it pushes to become a fintech hub

The UAE is eyeing companies and other providers within the growing crypto industry with a licensing framework that makes the country a crypto-friendly jurisdiction.

 The United Arab Emirates is reportedly eyeing the global crypto and fintech space with plans for licensing framework set to attract the world’s leading virtual asset service providers, a report published by Bloomberg on Thursday says.

According to the report, the crypto licenses are meant to make it easy for major digital asset firms and other financial technology providers to set up in the country, with the goal being to make the UAE a global hub.

The Securities and Commodities Authority, UAE’s securities regulator, is said to be working on the final outlook of the proposed licensing regime.

When unveiled, sources closer to the matter told Bloomberg, the framework will provide a seamless licensing route meant to see crypto exchanges and other VASPs want to set up their offices and operations in the country.

The national crypto licensing program is reportedly developed in accordance with guidelines provided by the Financial Action Task Force (FATF). Per the global regulator, countries need to ensure stringent registration protocols are followed when allowing crypto-related companies to set up operations, the key being to ensure anti-money laundering (AML) compliance.

In UAE’s case, the securities regulator (SCA) will work alongside the central bank to oversee the national regulation of crypto companies. Meanwhile, local financial regulators will have the mandate to handle licensing processes specific to their region and in line with the crypto company in question.

In offering a crypto-friendly environment, the UAE is likely targeting a huge part of the crypto market that could be looking at destinations such as Hong Kong and Singapore.

As well as the crypto licenses, the country wants to attract miners via key regulations that support the industry while promoting the use of green energy.

The post UAE to issue crypto licenses as it pushes to become a fintech hub appeared first on Coin Journal.

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Bullieverse raises $4M to create fair and transparent metaverse

Bullieverse, one of the first 3D metaverses centered on content creators, has raised $4 million in a funding round led by OKX Blockdream Ventures, CoinJournal learned from a press release. 

Other notable Web3 investors who took part in the round were 6th Man Ventures (founded by TheBlock co-founder Mike Dudas), Fundamental Labs, C² Ventures, Spark Digital Capital, GravityX, Rainmaker Games, Good Games Guild, Shima Capital, Mintable, DWeb3, and more.

An immersive metaverse

Bullieverse is an immersive, open metaverse for the community of creators and players. Gamers enjoy the fair and transparent monetization underlying the play and earn economy and an overall extraordinary experience.

Ever-expanding product offerings

Bullieverse features an ever-growing range of product offerings. The first major game on the metaverse is The Bear Hunt, which will be available to the public in Q1 2022. At the moment, you can sign up for the game, kill bears, and receive unique Bear NFTs as a reward.

Srini Anala, CEO and cofounder of Bullieverse, commented:

Closing this funding round is a key milestone in Bullieverse journey. We now have all the momentum we need to achieve our vision of being ‘The Metaverse’ platform. We will double down on our focus of our themes ‘Play, Earn, Own and Experience’ by executing our product and growth roadmaps. There are very few Web 3.0 projects that have a live product even before token launch – and we are one of them. We are also the first 3D metaverse play on Unreal Engine with a live game. The next 12 to 18 months of execution is critical and we look forward to that.

Mike Dudas and Serge Kassardjian of 6th Man Ventures added:

As investors in the Web 3.0 space, we focus on product and the team. Bullieverse clearly has a top tier metaverse-gaming product, and is led by a very experienced and balanced team. Both 6th Man Ventures and Bullieverse believe in the true potential of Play-and-Earn gaming, its ability to expand and reign in the gaming industry. We look forward to having a great journey together!

The post Bullieverse raises $4M to create fair and transparent metaverse appeared first on Coin Journal.

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Shiba Inu rallies after Foxbit listing

While all the leading cryptocurrencies are in red, Shiba Inu is in the green and has registered a 2.17% rise.

Although the SHIB token is currently struggling below $0.000031, it is owned by more than 1.17 million people.

At the time of writing, it had hit a daily high of $0.00003232 and a daily low of $0.00003015.

SHIB listing on Foxbit

One of the factors attributed to today’s SHIB price surge is its listing on Foxbit, a top Brazilian crypto exchange.

On February 10th, Foxbit had stated that it will list Shiba Inu but it waited until Thursday (today) for SHIB trading to go live. It announced that Shiba Inu and four other crypto assets, Gala (GALA), LooksRare (LOOKS), Fantom (FTM), and Illuvium (ILV), are now available for trade.

According to the data from CoinMarketCap, Shiba Inu’s price did not register a very large price movement after the listing as would be expected after such a major listing. However, there was a slight surge of 4.59% in the trading volume. The increase in data volume indicates a buyer’s desire to purchase.

Foxbit Exchange

Foxbit is one of Brazil’s most prominent crypto exchange firms and it was founded in 2014. It has over 950,000 registered customers and it is built on three pillars that are: security, transparency, and agility.

One of Foxbit’s reputations in Brazil is that registered customers in Brazil can trade Bitcoin (BTC) with a 0% deposit fee against the Brazilian Real.

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