Schlagwort: crypto business

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Brian Armstrong to meet House Democrats about crypto legislation

Key takeaways

  • Coinbase CEO will meet with House Democrats to discuss crypto regulation.

  • Armstrong wants clearer rules on crypto from Washington.

Coinbase CEO wants clearer crypto regulation in the US

Coinbase Inc. Chief Executive Officer Brian Armstrong is set to meet with House Democrats behind closed doors Wednesday morning. This is according to a Bloomberg report on Monday, citing sources familiar with the plans. 

According to the report, Armstrong will speak privately with lawmakers from the New Democrat Coalition about cryptocurrency legislation and related issues, including tax, national security, privacy and climate. 

This latest cryptocurrency news comes as Coinbase faces a lawsuit by the Securities and Exchange Commission.

Recently, lawmakers from the House and Senate have introduced bills that would bring clarity to the cryptocurrency industry in the United States. However, the divided nature of Congress makes it unclear whether the bills would be adopted soon. 

Coinbase continues to battle SEC in court

On June 6, the US SEC charged Coinbase with violating federal securities law, adding that the cryptocurrency exchange was operating as an unlicenced broker, national securities exchange and clearing agency.

The cryptocurrency exchange responded, saying that the SEC’s action violates due process and constitutes an abuse of discretion. 

On June 29th, Coinbase submitted a motion to the United States District Court for the Southern District of New York, asking that the SEC complaint charges be dismissed for lack of merit.

Coinbase’s stock price has grown by nearly 200% since the start of the year, thanks to Bitcoin’s price rallying by nearly 50% during that period. At the start of the year, COIN was trading at $40 per share but currently stands at $105.55. 

The post Brian Armstrong to meet House Democrats about crypto legislation appeared first on CoinJournal.

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Chainlink price prediction: LINK just formed a double top pattern

  • Chainlink announced a new plan to expand in the traditional finance industry.

  • It unveiled the Cross-Chain Interoperability Protocol (CCIP).

  • The coin has formed a double-top pattern on the 4H chart.

Chainlink price rose to a high of $7.32, the highest level since April 26th. At its peak on Tuesday, the LINK token was up by more than 53% from the lowest level in June. It has outperformed other coins like Bitcoin and Ethereum.

Chainlink expands its offerings

Chainlink is the biggest oracle network in the blockchain industry. An oracle is a network that links off-chain data to the on-chain. It is widely used to provide price feeds in decentralized and centralized exchanges.

Chainlink has been growing its ecosystem in the past few years. In June, the developers announced that they had begun testing connecting banks to the blockchain by partnering with Swift.

In a statement on Tuesday, the company unveiled Chainlink’s Cross-chain Interoperability Protocol (CCIP). CCIP is designed to connect traditional financial institutions to the blockchain. The initial blockchains will be Avalanche, Ethereum, Optimism, and Polygon. Early adopters in this testing were Synthetix and Aave.

Therefore, LINK price jumped as investors hope that the network will see more action in the coming months. 

Data compiled by DeFi Llama shows that the network has a total value secured (TVS) of over $21.85 billion. This makes it the biggest oracle provider in the world. The other big oracles are Chronicle, WINKLink, Pyth, TWAP, and RedStone.

Chainlink price prediction

LINK price has been in a strong bullish trend in the past few days. On the 4H chart, the coin has moved above the 25-period and 50-period moving averages. It has also formed an ascending channel shown in black. The price is a few points below the upper side of the channel.

Most importantly, Chainlink has formed a double-top pattern at $7.30. In price action analysis, this pattern is usually a bearish sign. The neckline of this pattern is at $6.50. Therefore, despite the new product launch, there is a likelihood that LINK price will have a bearish breakout.

If this happens, the next level to watch will be at $6.50, which is ~6.50% below the current level. On the flip side, a move above the double-top level of $7.30 will invalidate the bearish view.

How to buy Chainlink

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Buy LINK with eToro today

Bitstamp

World’s longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.

Buy LINK with Bitstamp today

The post Chainlink price prediction: LINK just formed a double top pattern appeared first on CoinJournal.

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CROWN Token Project launches limited-edition NFTs on ADOT marketplace

  • The NFT collection will unlock opportunities for lovers of animated films, starting with Legend of Two Heroes.
  • CROWN Token’s NFTs will be available on the platform’s ADOT NFT marketplace.
  • The Legend of the Two Heroes NFT series features 590 NFT mints from 39 NFTs.

CROWN Token Project, a Web3 platform that bridges the traditional IPs market with blockchain, has launched its first non-fungible token (NFT) collection.

The NFTs debut is on ADOT, the CROWN Token’s own NFT marketplace, and will roll out with a limited-edition of the animated film Legend of the Two Heroes.

According to a press release shared with CoinJournal on Tuesday, July 18, the NFT series will showcase characters from the $15 million budget film from Hong Kong director Hernan Yau and renowned screenwriter Robert Lence. 

Toy Story, Beauty and the Beast and Shrek are some of the feature masterpieces to incorporate Lence’s scripts.

590 mints across 39 NFTs

While Legend of the Two Heroes is in post-production and is scheduled for global release early next year, CROWN Token says its NFT series on the feature film will be open for minting beginning July 19, 2023. The timing of the mint will see NFT holders included in the film’s creation, right from ideation to release on the big screen.

Pan Lorattawut, CEO of VUCA Digital which manages the CROWN Token Project, said:

“It’s exciting to see this project with our ADOT marketplace come to life. We want NFT holders to be involved in the animated action film’s creation in every possible way. This is one of the ways we not only reward our ecosystem, but continue to expand the benefits of IPs.”

The limited NFT series will allow for 590 mints spread across 39 NFTs, with each NFT having 15 mints. Meanwhile, there will also be 5 rare NFTs each of which will have only 1 mint. Collectors can only buy the rare NFTs with CROWN Token, the platform said.

The top three main characters in the film to feature in the NFTs will later be added to an upcoming MMO role-playing game.

A character from Legend of the Two Heroes. Source: CROWN Token Project

Although the global NFTs market size shrank alongside the broader crypto industry during the crypto winter, projections are that the market size will expand at a CAGR of 27.6% to $342 billion by 2032. 

According to a report by Market Research Future (MRFR), key drivers of this growth will include cryptocurrency use and rising global demand for digital art.

CROWN Token Project expects its ADOT Marketplace to experience growth in coming years, with the utility of its token expanding as a result. CROWN Token is a crypto project by VUCA Digital, a blockchain consulting firm affiliated to IP management firm T&B Media Global.

The post CROWN Token Project launches limited-edition NFTs on ADOT marketplace appeared first on CoinJournal.

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Judge orders Ripple, SEC to agree to possible settlement dates

  • US Judge Analisa Torres referred Ripple vs. SEC case to Magistrate Judge Sarah Netburn.
  • Last week’s ruling was that XRP was not a security.
  • The Ripple vs. SEC case continues but Judge Netburn has suggested both Ripple and SEC can agree to possible settlement conference dates if they believe it to be “productive” at this stage.

The latest Ripple news is that US Magistrate Judge Sarah Netburn has ordered both Ripple and the US Securities and Exchange Commission (SEC) to agree on possible dates for a settlement conference.

The order came not long after Judge Analisa Torres of the US District Court for the Southern District of New York referred the next phase of the Ripple vs. SEC court battle to Judge Netburn.

According to a court document filed on July 17, Judge Netburn, who will now preside over the General Pretrial, has recommended that the parties come to this agreement 6-8 weeks beforehand, referencing the court’s busy schedule.  As noted in the judge’s order, the parties should agree to three mutually convenient dates. 

Will SEC and Ripple want to settle?

The pretrial phase includes aspects of the case around “scheduling, discovery and non-dispositive pretrial motions.” It is also likely the stage where the parties would want to settle. While the anticipation is that the SEC might want Ripple to settle, the coming days could make it clear whether any of the two sides view this as a route to take.

Fox Business journalist Eleanor Terrett shared the outlook on Twitter:

Last week, Judge Torres effectively declared XRP not a security and sparked a massive rally for the token and the broader crypto market. 

Even though the outcome of the rest of the case is anybody’s guess, the crypto industry believes Ripple’s partial victory provided a watershed moment that could translate into the much needed regulatory clarity.

The post Judge orders Ripple, SEC to agree to possible settlement dates appeared first on CoinJournal.

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MATIC, LINK, AAVE among $59M worth of altcoins moved by Celsius

  • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
  • The crypto lender plans to convert the tokens to BTC or ETH.
  • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

Celsius moves Polygon, Chainlink and Aave tokens to FalconX

According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

The Data Nerd shared details of the transfers:

The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.

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