Schlagwort: crypto business

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Dogecoin tests resistance as trading volumes soar and buyer interest rise

  • Dogecoin was a top trending cryptocurrency on Wednesday

  • Binance announced new rewards for users of Dogecoin

  • Its native token DOGE saw trading volumes surge while price spiked

Dogecoin DOGE/USD lighted retail traders’ talks on Wednesday. The token trended on popular social investing platform Stocktwits as retail traders circled. On Twitter, DOGE was one of the most mentioned cryptocurrencies. The interest saw the trading volume in the last 24 hours soar 67% as of press time. The price of DOGE was also up by 9% in the same period.

Crypto tokens like DOGE are known to be fueled by a retail frenzy. The rise in social media mentions is a strong price catalyst. On the same day, Binance announced new rewards for DOGE users. Users will be able to stake the token and earn APYs as high as 10%.

We can’t establish the connection of Binance news with the social media frenzy around DOGE. However, we know that the DOGE community can be excited at the least of news, including a sneeze by Elon Musk. The latest development is positive for DOGE lovers, and investors should keep tabs.

DOGE contained by a resistance amid buyer interest

Source – TradingView

Technically, DOGE looks set for a correction after hitting resistance at $0.07. We can’t confirm if a correction will occur as the crypto’s buyer interest remains high. A potential breakout is also a likely event should investors hang on. MACD lines remain above the moving average, revealing that bullish momentum is underway.

Investors should consider a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE could slide back to $0.06. Investors could still find strengths to break past the resistance, and investors should keep watch.

Summary

DOGE is attracting buyer interest. The price has hit a resistance, with a potential breakout or correction. Look to buy above the $0.07 resistance.

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Should you buy BNB after breakout from an ascending triangle?

  • Binance crypto exchange has remained stable in the market crash

  • Its token BNB has broken past an ascending triangle

  • We recommend buying BNB on a retracement.

Binance coin BNB/USD is strongly bullish as most cryptocurrencies show up. At a price of $262, BNB is past $243, which previously acted as a resistance. We explore more whether BNB is worth buying for the short and long term.

BNB is the native token of the world’s leading crypto exchange Binance. The crypto exchange remains unchallenged at the top spot. Despite a strong bear crypto sector, Binance showed strengths. A few weeks ago, it announced that it sought to fill at least 2,000 positions. That happened despite most crypto exchanges scaling down operations. 

Binance continues to attract regulatory scrutiny owing to its opaque operations. Users have nothing to worry about as Binance continues to be welcomed in major jurisdictions. The crypto-friendly Abu Dhabi is one that granted Binance an in-principle operation license. Due to these fundamentals, the BNB token has a good future and is a good cryptocurrency to invest in. The key question is, should you buy in BNB now?

BNB breakout occurs at the key $243 level

Source – TradingView

$243 was a highly watched level for BNB. This was after rejecting price severally, resulting in the formation of an ascending triangle. Following the recent gains, BNB has breached the resistance and is going higher. The reference bottom is now at $243.

We think you should buy BNB on a retracement. At $263, BNB has met a minor resistance and could correct lower. The retracement would offer a chance to buy and ride up to the next level at $288. After that, BNB could rise to $324.

Summary

BNB has confirmed a bullish momentum after a breakout from an ascending triangle. The cryptocurrency should be bought on a retracement as the price tests a minor resistance.

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Blockchain security startup Halborn raises $90 million in Series A round

The Series A funding round was led by Summit Partners, with participation from Castle Island Ventures, Digital Currency Group and Sky Vision Capital among others.

Halborn, a blockchain security startup based in Miami, has secured $90 million from investors in its series A funding round, Bloomberg reported on Tuesday.

The firm, whose core services include security advisory, advanced penetration testing and smart contracts audit, said the funding round was led by Summit Partners.

Other participants included Castle Island Ventures, Digital Currency Group, Third Prime, Sky Vision Capital, Fenwick and Brevan Howard.  The startup did not provide a valuation.

Security focus despite crypto winter

Halborn’s financing comes amid a crypto winter that has prices of Bitcoin and other cryptocurrencies battered and a market environment that has seen several companies crash due to contagion.

But while the outlook for many crypto companies hinges on the market trajectory, it’s almost business as usual for Halborn. According to the firm’s CEO Rob Behnke, focusing on cybersecurity has helped the startup stay buoyant as price “has nothing to do with [its] business.”

He noted that their main motivation is growth for the industry, with security critical as bad actors continue to search for vulnerabilities and ways to steal crypto.

The backdrop to this is an increased demand for cybersecurity services, Behnke added.

Halborn, which was founded in 2019, has grown its employee numbers to 100 and collaborates with top crypto companies including Coinbase and Solana on risk assessment and platform security.

The company also counts global tech giant Amazon, investment banking firm BNY Mellon and sportswear behemoth Nike among those it advises.

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Southeast Asian crypto exchange Zipmex halts withdrawals

Zipmex, a Thai-based crypto exchange, has halted withdrawals citing a combination of circumstances. The Southeast Asian exchange has halted withdrawals until further notice.

A tweet by the exchange said:

“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.”

Failed acquisition by Coinbase

Prior to the halting of withdrawals, Cointelegraph had issued reports that Zipmex could be in trouble but the crypto exchange ended up dismissing that as just rumors. This came after a failed acquisition of Zipmex by Coinbase.

Responding to Cointelegraph, the CEO and co-founder of Zipmex, Marcus Lim, said:

“While Coinbase is an interesting partner, an investor makes more sense at this stage.”

Lim went ahead to explain the reason for the failed acquisition saying:

“The acquisition fell through due to market conditions. They’ve pulled out in many countries around the world such as Turkey and in Latin America. Coinbase is a great strategic partner to the business.”

Coinbase had made an offer to acquire Zipmex in the first quarter of 2022 but the acquisition plan fell on June 9. However, Coinbase went ahead to make a strategic investment into the Thai-based crypto exchange.

Other than halting withdrawals, there are reports that Zipmex is planning for a Series B+ that could value it at $400 million.

By August 2021, Zipmex had reached a 200,000 user base with over $1 billion in gross transaction volume since it was launched in 2019.

Zipmex troubles

According to sources some funds, about $100 million from Zipmex were given to Hong Kong-based asset manager Babel Finance with the aim of generating yield. However, there is a risk of default since Babel halted withdrawals in June due to unusual liquidity pressures resulting from the crypto market meltdown and hasn’t resumed the withdrawals.

Though not confirmed, there are fears that Zipmex could go the way of Celsius, which has already filed for bankruptcy seeking financial restructuring.

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Why Business Owners Should Explore Forex Currency Pair Trading

If you’re an entrepreneur, you’re probably always looking for new ways to maximize your income. This is why an increasing number of investors are turning to the forex market. The international currency trade is the most important economic market in the world. Traders select currency pairs and attempt to predict the next move in value with the aim of profiting from that move.

Inexperienced currency traders may wonder why they should trade currency pairs rather than more traditional investments like stocks and bonds. Many established businesses find this intriguing because of the four patterns.

As for getting started, it’s very simple and inexpensive

With minimal initial outlay and simple economic resources, Forex trading is a money-making opportunity for many businesses. Due to the digitization of this new market, all you need to get started is a workstation, a forex broker account, a broadband connection, and some basic knowledge.

Be sure to do your due diligence on any broker you are considering before signing up. Investing in currency trading does not require a huge initial outlay. It won’t cost as much as starting a new business or moving to a new area.

Are you looking to grow your business? AvaPartner can save you the day. Why? You will have access to professional banners, landing pages and other promotional tools to increase your commissions and customer base. AvaPartner is the name of the affiliate network offered by AvaTrade, an award-winning online currency trading platform.

Improve your personality

Entrepreneurs lead a demanding lifestyle. Trading currency pairs is a convenient option as it can be done even if one only has an hour of free time per day. Also, using social trading makes the process much more reasonable.

Since the forex market is open 24 hours a day, 7 days a week, you can conduct financial transactions whenever it suits you. This means that you can engage in currency trading while still being able to conduct and operate your business effectively.

High liquidity

The level of buying and selling activity in a financial market defines its liquidity. This means that the forex market contains a large number of buyers and sellers who are matched in a split second. Because of this, traders are more likely to profit from their trades as they can buy and sell currency pairs at prices that fall within a respectable range.

Due to this factor, the foreign exchange market is quite liquid. A low probability of price manipulation by a select group of large participants is linked to high market liquidity. It is extremely difficult to manipulate prices in the market due to the huge liquidity and size of the market.

The ability to generate income quickly.

In order to make big profits, several companies trade currency pairs on the international forex market. Every day, the forex market processes trillions of dollars worth of transactions.

Anyone who knows how to trade and uses the perfect combination can make a lot of money quickly. When it comes to forex, unlike stocks, you can generate income in just one day of trading.

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