Schlagwort: crypto business

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Ripple technical analysis update following last week’s landmark federal ruling

  • A US federal judge ruled last week that Ripple is a security when sold to institutional investors
  • Ripple’s price jumped by more than 30%
  • Only a close above parity would invalidate the bearish bias

Ripple squeezed higher last week following a landmark decision from a federal judge ruling that it is a security when sold to institutional investors. If crypto is a security or not has been the subject of many debates lately.

The ruling is a major victory for Ripple, even though the same judge ruled that Ripple is not a security when sold to retail investors. Nevertheless, Ripple’s price bounced from its long-term consolidation area, up over 30% in one single day.

For technical traders, the question is whether the higher spike is enough to break the bearish trend. As it turns out, bulls will have to push some more for Ripple’s bearish trend to end.

Ripple chart by TradingView

Ripple should trade above parity with the US dollar for the bearish bias to end

Despite the spike higher, Ripple’s price remains under pressure unless it manages to climb above parity with the US dollar.

In other words, it remains sensitive to US dollar news, and any dollar strength should result in Ripple giving up more of its recent games.

However, it would all change if the market climbs above parity. This area has provided resistance since the start of 2022 and still does – after all, it contained the price action following last week’s news.

The good part for bulls is that breakout came at the end of a bullish triangle. The said triangle acted as a reversal pattern, and triangles like these usually appear at the end of bearish trends.

All in all, the bias remains bearish unless more strength leads to Ripple trading above parity. Until then, look for US dollar news to drive the price action.

The post Ripple technical analysis update following last week’s landmark federal ruling appeared first on CoinJournal.

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Katie Haun: SEC “unlikely” to appeal XRP decision

  • Katie Haun is the founder and CEO of Haun Ventures and also a former US Department of Justice prosecutor.
  • In a tweet on Sunday, Haun said the SEC is unlikely to appeal as the agency wouldn’t want to lose on appeal.
  • XRP price rose significantly after the judge’s summary ruling.

Katie Haun, the founder and CEO of Haun Ventures and former prosecutor at the US Department of Justice, believes the US Securities and Exchange Commission (SEC) is unlikely to seek an “immediate appeal” of the court ruling that effectively declared XRP not a security.

SEC immediate appeal “unlikely”

Haun, who sees the win for Ripple after its tussle with the agency as a great outcome for crypto, shared her opinion via tweeted remarks on Sunday. The comments follow last week’s summary court ruling that was largely welcome across the industry.

“I’ve spoken with trusted legal colleagues (including @HaunVenturesv advisors Steve Engel and James Burnham) and the consensus is that the court drew a reasonable line—distinguishing between XRP itself (not an investment contract and thus not a security) and certain XRP transactions in which institutional investors paid money to Ripple directly and Ripple made contractual commitments in exchange, creating an investment contract under Howey,” Haun tweeted.

According to her, the distinction has offered the crypto industry an avenue to explore in cases the SEC has brought against some of the top exchanges. The argument here is that “tokens are never “investment contracts” on their own.”

“Only binding contracts imposing post-sale obligations on the seller can constitute investment contracts and hence tokens traded on exchanges or secondary markets would almost never qualify.”

On whether the SEC will appeal the court’s decision, Haun notes that there’s a possibility it could. However, it’s unlikely to be an immediate appeal. On why this could be the case, the former a16z fund manager explained:

“… an immediate appeal seems unlikely both because the agency would have to ask the court to split this decision from the portion going to trial and because I’m skeptical the SEC actually wants legal clarity. The Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I’d be surprised if the SEC tried to appeal now.”

Congress needs to step in

XRP price skyrocketed more than 100% as a result, hitting highs of $0.94. However, the coin’s value is hovering near $0.75.  The partial win for Ripple could be key in pushing XRP above the $1 supply wall.

Some observers have opined that the court’s decision could be reversed on appeal, while some say Ripple faces a significant penalty in case of settlement. The overall sentiment though is that while the ruling delivered a blow to the SEC, what remains to be seen is what it does for the broader question of regulation. 

Can Congress step in? Haun says it’s imperative they do so.

“Even if the outcome here was positive overall, the complexity of the court’s reasoning suggests that existing laws and jurisprudence may be ill-equipped to contend with all the important policy concerns at play. The major questions doctrine seems built for crypto at this moment: major decisions on policy like this are for Congress, not unelected agencies,” she noted.

The post Katie Haun: SEC “unlikely” to appeal XRP decision appeared first on CoinJournal.

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AltSignals AI angle attracts investors to native token amid huge price prediction

  • AltSignals is in its second presale phase with huge demand for the tokens.

  • AI has grown popular, with AltSignals expecting it to increase the quality of trading signals.

  • $ASI price could start to rise in the third quarter as the token will begin to list.

There has been a new reawakening in artificial intelligence since ChatGPT was created, and big tech companies started making multi-billion-dollar investments in the sector. One company that has realised this trend is AltSignals, a trading signal service platform founded in 2017. Since launching the presale of the $ASI token, powering the AltSignals AI platform, investors have been accumulating. The first presale phase sold out quickly, and more than half of the tokens are bought in the second phase.

The power of AI trading and AltSignals iteration

Trading is becoming automated daily, and AI is becoming integral to that. The trading industry has used automation for enhanced market analysis and predictions. Since starting in 2017, AltSignals has benefited from automation, using the AltAlgo™ indicator to generate quality trading signals. That has made it an on-demand platform, attracting over 52,000 members on Telegram and more than 1,400 VIPs.

AltSignals want to take the game of automation to the next level. Owing to the increasing popularity of AI, the company seeks to incorporate AI to tap into the power of deep machine learning, forecasting, and sentimental analysis. The company expects AI to increase the quality of signals generated. 

AltSignals also expects AI to revolutionise trading experiences. With AI, traders can make entries with clearer confluences and better risk management. With an already winning strategy that generates signals with average success rates of over 64%, AltSignals expects AI to be a game-changer for its trading community.

What buying $ASI means

Investors buying $ASI will have access to the AltSignals AI platform dubbed ActualizeAI. The platform confers investors full benefits of trading signals and interacting with other traders. $ASI also decentralises AltSignals governance. Members can vote on issues and determine the directions taken by the AltSignals team.

But AltSignals also want investors to grow with the platform. As such, there will be trading competitions and tournaments. Users participating in the contests will have an additional chance to win $ASI. This could be ideal for investors looking to advance their skills in trading by learning from others and applying their competencies. 

Members of ActualizeAI have exclusive access to presale opportunities and future AI-powered products. The AI Members Club also lets users earn $ASI by giving their ideas and feedback on AlSignals products. 

Is AltSignals a good investment, and what is its price potential in 2023?

Altsignals powers a demanded service. The platform has a following and is only advancing to the next level. Investing in $ASI means taking a position in an already successful platform. It could be a good investment for investors looking to improve their trading or benefit from quality trading signals to increase their incomes. 

$ASI also carries huge potential given the already successful project and growing application of AI. As the presale has shown, the demand for the token is already high. The token could explode in value and generate returns for investors.

The price of $ASI could start to rise in the third quarter of 2023 when the token will list on Uniswap. However, the real price potential could be realised when the AI platform launches in early 2024 and more investors join. 

In a conservative prediction, double or triple-digit price increases should be the minimum by the end of 2023. In 2024, the price could rise by over 1,000%, following similar trends set by newly launched projects and tokens.

Should you buy $ASI this week?

$ASI is valued at $0.01875 this week and is in its second presale phase. The price began at $0.015 in the first phase and will rise at each stage. Buying now could be ideal for investors looking to spend less and get more before the price increases.

The post AltSignals AI angle attracts investors to native token amid huge price prediction appeared first on CoinJournal.

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Binance recently laid off 1,000 employees: report

  • Binance is reported to have dismissed about 1,000 of its employees recently.
  • The report cites sources close to the exchange and comes at a time Binance is battling regulatory pressure.
  • The leading crypto exchange celebrated its 6th birthday on July 14.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly cut its employee number by 1,000 in recent weeks.

The Wall Street Journal reported on Binance’s layoffs on Friday, citing a source as saying the crypto exchange could still dismiss more of its workforce in coming months amid staff reorganization. According to the report, the crypto company could lay off up to a third of its workforce.

Binance celebrated its sixth year since it launched today, July 14, 2023. 

Binance’s employee layoffs

Multiple crypto and mainstream companies have in the past year or so aggressively cut on their headcount, with crypto’s situation exacerbated by the debilitating crypto winter. Binance was among those to eye staff reduction as Wu Blockchain revealed in a May 31 tweet.

Prior to the expected employee cut, the Changpeng ‘CZ’ Zhao led company had an estimated 8,000 employees globally. Reports highlighted plans to send 20% of the workforce home.

Binance remains the world’s largest crypto exchange by trading volume. However, the past month has been tough for the company in terms of the myriad of regulatory challenges it has faced. 

The early June lawsuit by the US Securities and Exchange Commission (SEC), came as the exchange exited a number of countries due to regulatory reasons. It included Belgium and the Netherlands, and it ended its pursuit of a license in Austria. Menwhile, it also faced scrutiny in France and recently Australia.

There have also been exits by top executives, including exchange’s former Chief Strategy Officer Patrick Hillmann.

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BlackRock CEO says crypto will transcend international currencies

  • BlackRock CEO Larry Fink believes crypto is an international asset that can transcend any global currency.
  • Fink did not talk about Bitcoin specifically, noting he’s prohibited by virtue of BlackRock’s spot ETF filing.
  • In his interview with CNBC on Friday, Fink mentioned how gold ETF changed the gold investing market.

BlackRock CEO Larry Fink has yet again shared bullish remarks about cryptocurrencies, noting in an interview with CNBC’s Squawk on the Street on Friday that crypto has the capacity to transcend any international currency.

According to the BlackRock CEO, who recently commented on the potential of Bitcoin as digital gold and an international investment asset, repeated the viewpoint in his latest remarks. In particular, he pointed to the global demand for crypto as something that signifies its potential.

Fink on ETFs and crypto’s international appeal

BlackRock filed for a spot Bitcoin ETF last month and together with Fidelity Investments, Ark Invest and others, are convinced they have done everything required to have the SEC approve the first such ETF for the US market.

The $9 trillion asset manager’s recent outlook of crypto investing, and what its entry into the spot ETF market could mean for the broader industry continues to trigger positive vibes a month since its initial SEC filing.

Fink said:

“I can’t talk about Bitcoin because we have a SEC filing and I’m prohibited, but I can talk about crypto in general and what we have done. We believe we have a responsibility to democratise investing. And we have done a great job and the role of ETFs in the world is transforming investing. I think we’re only at the beginning of that.”

The BlackRock chief then noted that ETFs industry is set to grow into a multiple trillion dollar market as the fixed income market expands. He also highlighted what has been achieved since the gold ETF debut 20 years ago, especially in democratising gold investing and bringing down the cost of transactions for physical gold.

An ETF will democratise the crypto investing space in the same way, Fink opined, adding that BlackRock’s clients have over the last five years continually asked about crypto’s role. He says he believes crypto is an “international asset.”

“It has differentiating value versus other assets. But more importantly, because it is so international, it’s going to transcend any one currency and currency valuation.”

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