Schlagwort: crypto business

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FTX not planning to acquire Robinhood, CEO says

FTX CEO Sam Bankman-Fried (SBF) refuted rumors that the crypto exchange was planning to acquire the trading platform, Robinhood. This is after Bloomberg News reported yesterday that FTX was in talks to buy Robinhood.

However, the FTX CEO today issued an emailed statement saying:

“We are excited about Robinhood’s business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built. That being said there are no active M&A conversations with Robinhood.”

It is possible that the rumors suggesting that discussions were underway on how FTX would buy the brokerage app were based on an earlier comment by Fried that Robinhood was “an attractive investment.” 

Robinhood dual-class shareholder structure

Since Robinhood has a dual-class shareholder structure that gives its founders more power, it will be difficult for FTX to make a buy-out without the approval of the founders.

Robinhood CEO, Vlad Tenev and CCO Baiju Bhatt own about 8% of the trading platform and have 64% voting power of the company.

According to a filing with the US Securities and Exchange Commission (SEC) last month, Sam Bankman-Fried has purchased a 7.6% stake in Robinhood and regards Robinhood as an “attractive investment.” 

However, Fried said that he has no intentions to influence or change Robinhood.

Robinhood revenue growth

Even though Robinhood offers limited assets on its trading platform, its revenue growth has been greatly influenced by the incomes from the crypto-related trading platform. 

After joining the industry four years ago, Robinhood is currently trying to expand its crypto offering, where it launched a wallet functionality on its platform this year.

The post FTX not planning to acquire Robinhood, CEO says appeared first on CoinJournal.

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Steem price prediction: Is $STEEM a good buy as it rebounds?

Steem price has made a strong comeback in the past few weeks. The token jumped to a high of $0.2500, which was the highest point since June 11th. This price was about 64% above the lowest level this month. It has a market cap of over $93 million, making it the 262nd biggest coin in the world.

What is Steem and why is it rising?

Social media has become one of the most important industries in the world. Today, many young people spend hours every day on popular social media platforms like Twitter, Facebook, and TikTok. 

A common challenge for social media users is on how to monetize their work. Many users, especially those on YouTube make money by displaying ads in their content.

Steem is a blockchain project that is changing how creators make money online. It is achieving this by enabling people to create tokens that help monetize their content and grow communities. These Smart Media Tokens (SMT) have near-instant settlements and zero transaction fees. At the same time, creators can use these tokens to fundraise through an Initial Coin Offering (ICO).

Further, developers can build applications that are based on Steem’s technology. Some of the most popular applications in Steem are Steemit, DTube, and Utopian. According to the developers, Steem is now used by more than 1 million people while the number of Steem apps has risen to 324. They have also paid over $59 million in rewards to creators.

It is unclear why the price of the Steem token has surged in the past few days. The most likely scenario is that investors are buying the tokens dip since it was down by over 70% from its highest point on record. Another reason is the ongoing giveaway by the developers. 

Steem price prediction

The four-hour chart shows that STEEM price has been in a strong bullish trend in the past few weeks. It has managed to move above the 25-day and 50-day moving averages. The coin has even crossed the important resistance level at $0.2163, which was the lowest point on May 31st.

Therefore, there is a possibility that the coin’s price will keep rising as bulls target the key resistance level at $0.2805. This was the highest point on June 9th. A drop below the key support level at $0.2163 will invalidate the bullish view. 

The post Steem price prediction: Is $STEEM a good buy as it rebounds? appeared first on CoinJournal.

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Here is why Tezos’s XTZ is up by more than 9% today

The cryptocurrency is trading in the red zone again, with most cryptocurrencies recording losses at the moment. 

The cryptocurrency market has had a poor start to the day. The market lost more than 2% of its value earlier today but is slowly recovering and is only down by 1.25% at the time of this report

The total cryptocurrency market cap stands above $950 billion. Bitcoin, the world’s leading cryptocurrency, is down by 1.3% in the last 24 hours. BTC dropped below the $21k psychological level a few hours ago but is now trading above $21,100.

Ether has maintained its price above $1,200 despite losing 0.7% of its value in the last 24 hours. 

XTZ, the native token of the Tezos blockchain, is one of the best performers amongst the top 40 cryptocurrencies by market cap. XTZ is up by more than 9% in the last 24 hours and currently trades at $1.65 per coin.

The catalyst behind XTZ’s positive performance could be the launch of the Open Web Forum 2022 Hackathon. The hackathon, organised by HackerEarth, is powered by Tezos.

Key levels to watch

The XTZ/USD 4-hour chart is currently bullish as Tezos is performing positively. The technical indicators show that XTZ is outperforming the other major cryptocurrencies. 

The MACD line is within the positive territory, indicating bullish momentum. The 14-day relative strength index of 66 shows that XTZ could soon enter the overbought region.

If the rally continues, XTZ could surge past the $1.73 resistance level soon. However, it would need the support of the broader market to trade above $1.9 for the first time in two weeks. 

XTZ could drop below the $1.5 support level if the bears regain control of the market in the short term. However, XTZ should comfortably defend its position above the $1.34 support level over the coming hours. 

The post Here is why Tezos’s XTZ is up by more than 9% today appeared first on CoinJournal.

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Highlights June 28: Chiliz rallies on Ronaldo partnership with Binance

The crypto market was in the red this morning, with the majority of top 10 cryptos registering losses. 

Top cryptos

The flagship crypto had lost approx. 2% at the time of writing, trading above $20,000. Ethereum was also down around 2%, Cardano was around 3% lower, and XRP registered losses of around 4%.

Solana is currently down around 6%. The blockchain had a harrowing escape with one of its protocols, Solend, almost facing liquidation. It was saved in the nick of time – by none other than Binance. Dogecoin is down 7%, reversing recent gains. 

Cryptos outside the top 10 are deeply immersed in the all-pervasive bearish trend. The biggest loss was for Polygon and Uniswap, each down 9%. 

Top movers

Outside the top 20, the tendency was also bearish, with most coins losing 3-5% of their value. Notable standouts include XDC Network and Zilliqa, which lost 10% resp. 6%. Stacks saw an end to its bull run and has shed 18% of its value so far today. 

On what seems to be a bad day for privacy tokens, Zcash lost 7%, and Monero lost 6%.

Of the bigger coins by market cap just outside the top 20, Cosmos is down 7%, and NEAR Protocol’s token NEAR has lost 8%.   

The winners

The day wasn’t without its winners. ApeCoin is up 7% on validation from rap royalty, and Tezos gained 9% on news of positive NFT developments. USDD, Tron’s stablecoin, is stabilizing, although it’s still a cause for concern to investors. 

Chiliz is up 9% so far today and is nearing a weekly breakout, according to specialists. Cristiano Ronaldo’s partnership with Binance for NFTs seems to be having a positive impact on Chiliz, too, as many football teams have partnered with Socios.  

TerraClassicUSD, Terra’s renamed stablecoin, added 86% to its value today, bringing its weekly gains to an impressive 472%. 

The post Highlights June 28: Chiliz rallies on Ronaldo partnership with Binance appeared first on CoinJournal.

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Analyst: ‘main market-native risk to crypto is contagion’

While Bitcoin (BTC) remains perched above $20,000 amid the crypto winter, digital asset market analyst Marcus Sotiriou says the main risk for the market is the contagion linked to the crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network.

For 3AC, today’s notice of default from Voyager Digital all but confirms the demise of the hedge fund, whose problems go back to the collapse of cryptocurrency Terra Luna in May.

Multiple companies exposed to 3AC

Crypto brokerage Voyager’s exposure to 3AC is via a loan of over $675 million – in $350 million of USDC and 15,250 BTC. Three Arrows is unable to repay the loan and hence Voyager’s attempt to explore legal means of getting the funds repaid.

And it’s not just Voyager, the rot affects multiple crypto firms that have had exposure to the crypto hedge fund, whose not-so-good investment practices could see it sink with others. Sotiriou says the contagion could be deeper. This is what the crypto market currently faces.

“As every major lender has been severely impacted by the demise of Three Arrows Capital, including BlockFi, Celsius, Voyager and Genesis, it is clear that the main market-native risk to crypto is contagion,” he said in emailed comments.

Together, these firms could see billions of dollars worth of investments go up in flames.

Notably, though, FTX founder and CEO, billionaire Sam Bankman-Fried is emerging as a ‘lender of last resort’ with his multiple bailout credit facilities. SBF noted last week that the key reason to help some of these firms is to “prevent contagion.” But he notes some may have to be left to die.

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