Schlagwort: crypto business

• THORChain (RUNE) token price has gained 65% over the past week and 53% over the past month.
• There has been a significant surge in social volume around THORChain.
• The social volume is driving notable attention toward the cross-chain liquidity protocol.

Although the price of THORChain (RUNE) is still down 10% from its start of the year price, the token has been on a strong bullish trend since the beginning of August. It has risen by 68% since August 1, pushing the price from around $0.92 to the current price of $1.55.

While some are super excited with RUNE’s upward trajectory, some are sceptical that the token could experience a pullback seeing that the rise has been so sharp. To fully understand how far the token could rise and the possibilities of a pullback, we shall delve into the factors pushing the price up.

Why THORChian (RUNE) price is rising

According to data on Santiment, the THORChain price surge is fueled by a surge in social volume. According to the data, RUNE’s social volume increased by 4,300% between August 7 and August 13, driving significant attention toward the THORChian protocol and its native token.

In addition, THORChain’s positive investor sentiment also grew 6,100% within the same timeline. This further caused RUNE’s trading volume to spike as more investors jumped in.

THORCHian, which is a cross-chain liquidity protocol, in April, partnered with the web3 company Unizen to allow users to swap their Ethereum (ETH) and Avalanche (AVAX) for Bitcoin (BTC) while also permitting users to store assets on different chains. This has been a great driver of the increased activity in the THORChain ecosystem.

The post THORChain (RUNE) up 65%: here’s why the token is rising appeared first on CoinJournal.

• The US SEC charged Binance for offering unregistered securities in the United States.
• The SEC then went ahead to seek for the freezing of Binance.US assets although the two later reached an agreement.
• Binance.US is now complaining that the SEC is overstepping its mandate according to the agreement.

Binance.US, the US subsidiary of Binance, has filed to limit the extent of investigations by the Securities and Exchange Commission (SEC) in its case against the cryptocurrency exchange.

The SEC attempted to freeze all of Binance.US’s assets in June after expressing worries about the security of clients’ digital assets owned by the company. However, the US arm of Binance, doing business as BAM Trading Services and BAM Management US Holdings, entered into an agreement with the SEC as a result.

The agreement, which some commentators referred to as “burdensome” gave the SEC permission to conduct “limited expedited discovery” about the custody and accessibility of client funds.

SEC’s investigations into Binance.US

Binance in a late Monday filing claimed that the SEC’s discovery demands have exceeded the parameters set forth in the consent agreement and constitute an improper “fishing expedition.”

In particular, Binance.US asserts that the SEC is requesting lengthy correspondence and deposition evidence from firm executives on “dozens of topics” irrelevant to client assets, including its CEO and CFO, who the filing argues have no understanding of the custody concerns at the heart of the matter.

Binance’s request states that the company “worked in good faith to respond to the SEC’s requests” by supplying hundreds of documents, providing depositions from staff members knowledgeable about asset security, and taking actions to guarantee assets are in US custody.

The crypto exchange, in its protective request to the court, argues that despite years of investigation by the SEC and all the provided information, “the SEC still has not identified the slightest evidence that customer assets have been misused or mishandled in any way.” It also opposes deposing top executives like the CEO and CFO stating that that would be unproductive, unduly burdensome, and disruptive to operations.

The crypto exchange suggests that the SEC should first investigate employees responsible for asset custody since they are the ones with “far deeper knowledge” about digital asset custody.

The post Binance seeks court’s protection against US SEC’s probe appeared first on CoinJournal.

• Coinbase is seeking to expand into Canada as it faces tough times at home.
• Coinbase launched an Ethereum layer-2 network last week.
• It is worth noting that a number of crypto exchanges have excited Canada in the recent past citing poor crypto environment.

Coinbase cryptocurrency exchange is extending its already solid grasp on the North American market by expanding into Canada.

Coinbase will also provide Canadian citizens with a free 30-day trial of its recently established subscription service Coinbase One in an effort to attract new consumers. Coinbase One emphasizes staking and offers free trading and top-notch customer care.

Canadian crypto market

According to Coinbase’s statement, the crypto exchange chose Canada as its new home because of the country’s supposed high level of “crypto-awareness” and solid regulatory environment. This stands in stark contrast to the legal problems the company is currently facing domestically.

After the US Securities and Exchanges Commission (SEC) sued the exchange for allegedly failing to register as a securities exchange while allegedly providing unregistered securities to its users, Coinbase has felt the heat from American regulators.

A group of thirty Canadian parliamentarians made international headlines in late June when they released a study backing cryptocurrencies and blockchain technology, along with 16 recommendations for the government of the nation to develop a national strategy on the subject.

However, despite the research, Canadian authorities have given conflicting signals on cryptocurrencies and many crypto businesses have stopped operating in the country or have withdrawn. Binance, the largest cryptocurrency exchange in the world by trading volume was the latest to exit Canada.

Justin Trudeau, the prime minister of Canada, harshly criticizes opposition figures who support cryptocurrency.

Coinbase feels the heat of the bear market

The expansion into Canada comes at a time when Coinbase, the world’s second-largest exchange by trading volume, is suffering from the effects of a long-lasting bear crypto market. The exchange reported a $96 million loss for the second quarter despite its financial results exceeding expectations.

Coinbase opened Base, an Ethereum layer-2 network, to the general public late last week in an effort to promote the creation of fresh decentralized applications within its ecosystem. Immediately after its launch, Base took off and quickly rose to the top five layer-2 networks by the quantity of bridged traffic.

The exchange has also been investigating how to incorporate Lightning Network, a layer-2 scalability solution for Bitcoin.

The post Coinbase enters the Canadian market with Coinbase One, free 30-day trial appeared first on CoinJournal.

• A Bitcoin address with 1,005 BTC activated 12+ years later, shifts more than $29 million.
• Wallet speculated to be from a miner who mined a lot in 2010.
• Bitcoin price remains largely flat above $29k.

According to Whale Alert, the blockchain tracker and analytics system that provides regular updates of large coin transactions, another dormant Bitcoin address has just woken up.

Bitcoin that has remained dormant for a significant period waking up suddenly when being transferred has often been subject to market speculation regarding the intention of the hodler. Whale transactions such as these often see jitters hit traders afraid of a major dump, and that is the case even as this particular wallet moved coins not touched for nearly 13 years.

Per the details shared today around 12 pm ET, the said dormant address holds 1,005 bitcoin (BTC), whose market value at current prices is about $29,750,772. The wallet “has just been activated after 12.8 years.” Whale Alert posted on X:

💤 💤 💤 A dormant address containing 1,005 #BTC (29,750,772 USD) has just been activated after 12.8 years!https://t.co/rLkpUZUvfH

— Whale Alert (@whale_alert) August 14, 2023

According to one analyst who commented on the Bitcoin whale’s actions, the address appears to be of an early miner. Mempool analysis shows the individual had actively mined the flagship cryptocurrency in 2010.

Bitcoin price outlook

Bitcoin’s price has over the past few weeks struggled to strengthen towards the $30,000 levels even as bulls defend the critical support base near $29,000. Pressure remains given a technical outlook that could see bears target the buffer area in the $28,000-$28,500 range.

BTC’s chopping as seen over the last few weeks has resulted in a downtrend line on the weekly chart. Attempts to break higher have seen multiple upside wicks but no conviction from bulls. While bulls are capable of bouncing higher in the short term, any slight hammering could welcome the all-important $25k zone.

The post Bitcoin address with 1,005 BTC suddenly wakes up after nearly 13 years appeared first on CoinJournal.