Schlagwort: crypto business

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Here is why NEAR is up by more than 4% in the last 24 hours

The cryptocurrency market is slowly recovering after underperforming earlier this week. 

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin remains the leading cryptocurrency by market and is currently trading above the $21,500 level after rallying by more than 3% in the last 24 hours. 

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

Ether is also performing well, up by more than 6% in the last 24 hours and is trading above the $1,400 level.

NEAR, the native token of the Near blockchain, is up by more than 4% in the last 24 hours. The positive performance came after the NEAR Foundation announced its partnership with Fireblocks. 

The Fireblocks integration with NEAR will allow institutional users to now access the NEAR Protocol’s fast and low-cost sharded proof-of-stake blockchain safely and securely.

Key levels to watch

The NEAR/USDT 4-hour chart is bearish despite the Near protocol performing well in the last 24 hours. The technical indicators show that NEAR has been underperforming in the last few days.

The MACD remains within the negative zone, indicating bearish momentum. The 14-day relative strength index of 40 shows that NEAR is no longer within the oversold region.

At press time, NEAR is trading at $3.718 per coin. NEAR could surge past the $4.094 resistance level if the positive performance continues. 

However, it would need the support of the broader market to reach last week’s high of $4.671.

The bears might regain control in the short term and send NEAR towards the $3.20 support level before the end of the day. 

The post Here is why NEAR is up by more than 4% in the last 24 hours appeared first on CoinJournal.

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CoinFlip launches $1 million fund initiative to support Web3 startups

Cryptocurrency ATM firm CoinFlip has announced a new fund venture set to boost the emerging Web3 ecosystem, according to a news release the fintech company shared on Wednesday.

The CoinFlip Ventures, which the Chicago-based crypto company will fund to a tune of $1 million, will seek to support start-ups and entrepreneurial teams across the Web3 space. 

Notably, the firm is looking to boost the efforts of university students and other underrepresented developer initiatives.

Startups in DeFi, NFTs to benefit

CoinFlip Ventures will support developer teams and projects focused on advancing growth within the decentralised finance (DeFi), NFTs and marketplaces and tokenisation.

Applicants need to have their projects at the pre-seed or early stage level. Such projects will either have a “prototype, service model or business plan, but [are] not yet profitable,” the company advised interested parties via the press release.

Successful applicants will receive financial help of up to $250,000 as well as industry insight, business advice and networking opportunities, including from CoinFlip’s executive team members.

“We’ve learned so much through trial and error since our founding and are honoured to pass along our knowledge and resources to startups we believe in,” CoinFlip founder Daniel Polotsky said in a statement.

CoinFlip is the largest cryptocurrency ATM operator in the world, with over 4,000 teller machines installed across 49 states. The company launched its operations in 2015 and has grown to include a Trade Desk that was announced in 2021.

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Fantom adopts use of burn fees to fund ecosystem projects

Fantom will use 10% of the burn fee to support various projects within its ecosystem.

The Fantom (FTM) community has passed an on-chain governance proposal aimed at supporting the continued evolution of the Layer-1 platform’s ecosystem.

The governance proposal was created on 5 July and sought the community’s approval via a vote. According to the Fantom Foundation, the vote passed on Tuesday, 26 July by a majority of 99.75%.

What’s the Ecosystem Support Vault?

The Ecosystem Support Vault allows Fantom to support new projects and ideas on the Fantom Opera network via funds set aside from a percentage of the 30% transaction fees burn rate.

Through the proposal, 10%, or a third of the 30% burn fees will go to a vault controlled by Fantom validators and stakers. 

The community will oversee the application of the funds on key ecosystem projects, doing so via on-chain governance mechanisms to ensure a decentralised approach is maintained.

Fantom is a high performance blockchain fully compatible with Ethereum and has seen over 200 decentralised applications (dApps) deployed.

These include apps across decentralised exchanges (DEXs), Lending and Borrowing, non-fungible tokens (NFTs) platforms, GameFi, wallets and Cross-chain Bridges. Top DeFi protocols on Fantom include Aave and Alpaca Finance.

Notably, the adoption of the governance vote means Fantom’s burn rate is effectively 20%.

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LEVER crypto price prediction: Why is LeverFi soaring?

LEVER crypto price jumped sharply on Wednesday as other coins rebounded. The coin rose by about 15%, according to data compiled by Binance. It was trading at $0.0030, which was about 20% below the lowest level this year. The small-cap coin has a market cap of over $41 million.

What is LeverFi and why is it rising?

The Decentralised Finance (DeFi) industry has seen significant growth in the past few years. While the past few months have been challenging, there are signs that it is bouncing back. For example, the total value locked (TVL) in the sector has risen to over $85 billion.

LeverFi is a relatively small blockchain project in the DeFi industry. The network allows users to yield farm using leverage. In other words, its lets traders to deposit yield-bearing collateral and trade the fluctuations in asset prices with up to 10x leverage. 

LeverFi accepts a wide range of assets such as mainstream coins like BTC and ETH and liquidity pool assets like Curve, UNI, and Cake. All these assets are then deployed in platforms like Yearn Finance, Convex, and Pancake to earn yields. These leveraged trades are then settled using the Lever platform.

According to the developers, Lever will be deployed in Ethereum’s blockchain and then scaled in other popular platforms like Avalanche and Arbitrum. 

The LEVER crypto price is rose as investors cheered the recent addition to the Binance platform. This means that users can buy and trade the $LEVER coin in its platform. At the same time, Binance Futures recently added the $LEVER perpetual contracts with up to 20x leverage. 

The current rally is mostly because of the upcoming Ask Me Anything (AMA) of Lever’s platform, which will be hosted by Binance. The company will give over $5,000 worth of rewards.

LEVER crypto price prediction

The hourly chart shows that the LeverFi price bounced back on Wednesday ahead of the upcoming AMA It moved slightly above the descending trendline that is shown in blue. It moved slightly above the 25-day moving average while the Relative Strength Index (RSI) moved below the overbought level. The coin will likely resume the bearish trend and retest the key support level at $0.0025.

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Kraken is under investigation over sanctions violations: report

Kraken is allegedly being investigated over violation of US sanctions on Iran, sources said in a report published by the New York Times.

US-based cryptocurrency Kraken is reportedly under federal investigation over what sources say are violations related to Iran, the New York Times reported on Tuesday.

According to the publication, the exchange has been under probe for allowing customers in sanctioned Iran to buy and sell cryptocurrencies, with the US Treasury Department’s Office of Foreign Assets Control  (OFAC) having undertaken the investigations since 2019.

OFAC is reportedly set to impose a fine against Kraken, making this yet another potential penalty against the privately held company in less than a year.

In September 2021, the Commodity Futures Trading Commission (CFTC) slapped the exchange provider with a $1.25 million fine for operating an unregistered off-exchange crypto trading service.

Increased regulatory scrutiny

Reports of an investigation against Kraken comes amid a general understanding that the crypto sector is facing increased regulatory scrutiny in light of recent events.

The collapse of Terra (LUNA) and the stablecoin project TerraUSD (UST), and crypto hedge fund Three Arrows Capital (3AC) appears to have just been the tip of the iceberg. The crypto winter lingers still, and turmoil has already seen crypto lenders Celsius Network and Voyager Digital go bankrupt. 

These events have only added fuel to the tougher regulatory approaches being witnessed from across the globe.

On Tuesday, it also emerged the US Securities and Exchange Commission (SEC) was probing crypto exchange Coinbase over the listing of alleged securities tokens. US-based Coinbase has refuted the SEC’s claim that the platform has listed securities.

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