Schlagwort: crypto business

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Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues

  • Curve DAO Token (CRV) price fell to lows of $0.44 on Wednesday as most crypto tokens lost recent gains.
  • CRV price has declined by 17% this past week.
  • Analysts point to potential declines to liquidation level below $0.40.

Curve DAO Token price plunged to lows of $0.44 on Wednesday, with bears still in control since the recent exploit on multiple stablepools on Curve. The next price level to watch is $0.4.

Elsewhere, crypto markets are largely uneventful as traders eye directional clarity. Last week’s price massacre has bulls searching for a fresh trigger, even as a significant chunk of attention is on the Federal Reserve’s Jackson Hole summit.

Both bitcoin and ether remain near key levels, while XRP is looking to stabilise above $0.50 after bulls pared all gains seen when price exploded on the Ripple win against the SEC.

Here’s why CRV price is under downside pressure

Curve DAO Token’s latest price declines come after bulls managed to recover above $0.64 earlier this month. The prior dump had come after the aforementioned exploit. But with efforts to prevent extensive damage taken in the form of OTC sales of CRV, possible whale dumping has traders anxious.

Much of the jitters are down to price moving closer to a liquidation level after Curve Finance founder Michael Egorov sold 210 million CRV to help steady the token. The sales were taken at the average price of $0.40, with buyers agreeing to an unenforceable lockup period of six months.

Speculation is that many of the OTC buyers have moved the acquired CRV to exchanges. If price breaks to $0.40, the next stop could be $0.37, the liquidation level of several CRV-backed loans that Egorov took.

Crypto trader and analyst Hsaka noted this via a post on X (fka Twitter. He shared a chart showing Curve DAO Token price outlook and noted the DeFi token continues to bleed.

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Cryptocurrencies face more slump, but Shiba Memu shines on presale

  • Shiba Memu presale has raised over $2.2 million

  • Increasing risk-off sentiment is hurting the rest of the sector

  • Shiba Memu could return by up to 1,000%

The past week has been a bloody period for cryptocurrencies. A more than 10% loss takes Bitcoin to slightly above $26,000, while Ethereum is back to below $1,700. The losses reflect an increasing risk-off mood, with the US dollar gaining strengths. But does that mean investors are giving up on the sector? Shiba Memu (SHMU), an upcoming meme cryptocurrency, has witnessed high demand. With over $2.2 million raised, the presale illustrates interest in high-potential crypto projects.

Risk-off sentiment and what it means for crypto

Appetite for high-risk appetite has cooled off lately, thanks to sector concerns and macro developments. Sector risks have been underlined by falling Bitcoin volume on exchanges. This follows reports that Elon Musk’s SpaceX has sold its Bitcoin holdings.

Meanwhile, the US dollar, which has an inverse relationship with Bitcoin, has been gaining. The most notable contributor is expectations that the Fed will hold its hawkish monetary policy. Ahead of this week’s annual Jackson Hole meeting, analysts have been sounding higher rates.

The expectations of hawkish policy reflect elevated inflation rates. Although the July consumer price index eased to 3.2%, it remains outside the band Fed considers appropriate. The US central bank has a 2% inflation target, with July readings above it. As such, the projection of a hawkish stance has spooked crypto markets ahead of the meeting. 

Shiba Memu defies the risk-off mood

Shiba Memu is a new crypto project that aims to be self-sustainable in the meme space. This has attracted demand as the native token, SHMU, carries a use case that outwits its meme peers. In particular, investors may be attracted to Shiba Memu’s AI angle. The project utilises AI capabilities such as machine learning and predictive analytics to self-market itself. 

Shiba Memu can also engage with its users through an AI-led application. A robotistic dashboard lets users ask the robot questions, give feedback, and provide suggestions. The use cases are expected to make Shiba Memu a unique user-led platform. In the future, there is no limit on what Shiba Memu can achieve with its AI application.

As investors shun risky holdings like Bitcoin, they could shift attention to Shiba Memu. A project of its nature is yet to unlock value, explaining the high demand. SHMU doesn’t rank on the same risk profile as the greenback. However, it gives investors an excellent alternative to mainstream assets. This could explain the fast-selling presale.

Shiba Memu carries a meme vibe

Whenever meme cryptocurrencies are mentioned, eyebrows are raised. They are assets that have shown huge promise to deliver up to 10 times due on pure online chatter. Shiba Memu is a meme cryptocurrency and reawakens similar thoughts. Investors expect huge gains once the value of this token is unlocked after listing on exchanges.

The meme vibe is also brought out in Shiba Memu’s price dynamics. The price of the cryptocurrency increases every day at 6 PM GMT.

For example, the price of the token is $0.022150. That compares to a price of $0.011125 when the presale was launched. The presale ends after eight weeks at a SHMU price of $0.0244. It means investors that bought the token at the initial stage will see the value of their holding double. The trend gives investors a meme vibe as these tokens are known to be always on the move.

Should you invest in Shiba Memu now?

Obviously, Shiba Memu’s presale is near its conclusion. Investors that missed a chance to buy at the initial stages can still do so now as the price is low. The value of SHMU could increase exponentially after listing. It means investing now allows investors to benefit from potential price increases.

Predictably, Shiba Memu could return up to 1,000% once listed. Highly subscribed projects have risen by more than the prediction. This gives Shiba Memu a realistic chance to rise by similar margins.

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BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims

  • FTX is attempting to collect funds that BlockFi withdrew from FTX.com and others paid as interest by Alameda.
  • BlockFi has however described FTX’s investment as a “gamble” that BlockFi creditors shouldn’t be held responsible for.
  • Three Arrows Capital argue that BlockFi’s efforts to block their claims may violate the previously granted bankruptcy pause.

Bankrupt crypto lender BlockFi is attempting to thwart attempts by FTX and Three Arrows Capital (3AC) to collect billions of dollars exchanged between the companies before their demise last year. In a court filing made on Monday, BlockFi asserted that FTX and Three Arrows Capital are not entitled to the $5 billion they are requesting. BlockFi is accusing the two companies of victimising it.

In the filing, BlockFi wrote that the doctrine of “unclean hands” should be applied in order to prevent future unfairness to the creditors of BlockFi’s estates.

Effect on repayment to creditors

The ongoing tussle might have a substantial impact on how much is paid back to each creditor in the individual bankruptcy cases of BlockFi, FTX, and Three Arrows.

BlockFi, which is already in the liquidation process, has raised concerns that the legal battles with FTX, Three Arrows, and other crypto companies may have a $1 billion negative influence on the repayment of its clients.

FTX claims

In its defence, FTX has stated that its main goal is to recoup loan repayments and collateral that were given to BlockFi prior to the company’s bankruptcy filing in November 2022.

Along with other preferential payments, FTX is attempting to collect the $90 million that BlockFi withdrew from FTX.com and the $400 million that its trading company, Alameda Research, paid back in loan interest.

However, the $400 million, according to BlockFi, wasn’t covered by a typical loan arrangement. Instead, BlockFi claimed it was an unsecured, 5-year term with interest rates far lower than the market average, and repayments weren’t required until the company would presumably mature.

The investment by FTX was described by BlockFi as a “gamble” that BlockFi creditors shouldn’t be held responsible for.

Three Arrows Capital claims

As one of the main creditors, Three Arrows has also asserted that BlockFi owes them more than $220 million through the liquidators acting on their behalf.

Under bankruptcy law, businesses have the right to reverse transactions that favoured some creditors over others in the months leading to filing for Chapter 11.

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Binance US revives US dollar on-ramp after MoonPay partnership

  • Binance.US lost its banking partners after the SEC filed a lawsuit against Binance and its affiliates.
  • It had announced it was switching to a crypto-only exchange after failing to get a banking partner.
  • The MoonPay partnership enables Binance US to resume USD deposits and withdrawals.

Binance.US has launched a new partnership with cryptocurrency payments company MoonPay to enable customers to purchase the US dollar-pegged stablecoin Tether (USDT). This comes two months after the crypto exchange switched to a cryptocurrency-only platform after failing to get any banking partner.

Binance.US experienced a breakdown with its banking partners, which resulted in the exchange’s fiat deposits being suspended as of June 9. The Securities and Exchange Commission, which had sued the exchange and its affiliates four days earlier, was blamed at the time for the disruption, using “aggressive and intimidating” tactics.

Customers can now use USD dollars on Binance US

The cryptocurrency exchange has announced that USDT would serve as the new “base asset” for all transactions, and its collaboration with MoonPay gives customers a way to transact in US dollars (USD).

According to the exchange’s announcement, US clients wishing to fund their accounts can now convert US dollars for USDT, which can then be used to buy other cryptocurrencies on the site.

The agreement provides customers with an on-ramp that permits purchases by debit and credit cards as well as Apple and Google Pay in addition to direct bank deposits, which are still disabled on Binance.US.

The exchange had a number of problems with withdrawals in US dollars on June 23, but it was able to temporarily restore operation although it at the time forewarned that the service would soon be withdrawn.

Before the SEC filed a complaint against Binance.US and its affiliates, the exchange allowed its customers to buy and sell cryptocurrencies through direct USD deposits and withdrawals.

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BNB price: headwinds mount, bulls could fall off cliff

  • Binance Coin (BNB) price is traded to lows of $204 after breaking below $210 and $208.
  • Declines for BNB come amid strong headwinds around Binance. 
  • BNB could drop to lows of $180 nad lower if bulls give up $200 zone.

BNB price has broken below a key level as regulatory headwinds and latest issues around payments partners add to the broader downside pressure around the native Binance coin.

According to data from CoinGecko, BNB traded to lows of $204 on Tuesday, with price down nearly 2% in the past 24 hours as of writing. Binance’s native coin has declined more than 14% in the past week. At current levels BNB is trading below a key technical support line and weakness could see bears push for the crucial $200 area.

The last time BNB decisively broke below the zone was in June 2022 after the Terra and Three Arrows Capital collapse. Prices wicked to lows of $183 then.

Why is BNB price down today?

Binance has faced multiple regulatory hurdles over the past several months. Among them is a lawsuit by the US Securities and Exchange Commission (SEC), which sued the crypto exchange in June. BNB price fell sharply at the time, dropping from highs of $306 to lows of $230.

The cryptocurrency has struggled since, with the latest developments likely to have contributed to the downward pressure being reports that the support for euro deposits and withdrawals had been halted. 

Notably, Binances EUR payments partner Paysafe announced in June that it would be halting support for the company.

As reported here, Binance has also recently suffered a setback after digital payments platform Checkout.com ended its relationship with the crypto exchange.

Binance Coin price outlook

The confluence of Binance-related issues and the weakness across risk asset markets sees BNB price face potential dip to lowest level in more than a year. This scenario is strengthened by the technical outlook for BNB/USD as seen on the weekly chart.

BNB price on the weekly chart. Source: TradingView

On the 4-hour chart below, the RSI and MACD indicators suggest bearish strength as is the exponential moving average and funding rate. Erroneous 

BNB price on the 4-hour chart. Source: TradingView

In BNB’s case, the path of least resistance appears to be downward and key to this is the $200 level. Break this and bears could have easy targets towards the $180 area. 

However, should price action push prices higher, reclaiming $210 will be critical to pulling bulls back to the $220-$250 region.

 

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