Schlagwort: crypto business

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Coinbase stock could see a near-term pullback – analyst says

  • Atlantic Equities downgraded Coinbase stock to “neutral” on Wednesday.
  • Cathie Wood also trimmed her stake in the crypto exchange today.
  • Coinbase stock is currently up more than 150% versus the start of 2023.

Investors should pull out of Coinbase Global Inc now that it’s rallied more than 150% since the start of this year, says Simon Clinch – an Atlantic Equities analyst.

Coinbase stock has downside to $80

On Wednesday, Clinch downgraded the crypto exchange to “neutral”. His $80 price target warns of a 10% downside from its previous close.

In his research note, the analyst cited valuation and ongoing regulatory scrutiny as reasons for turning dovish on Coinbase stock.

The risk/reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop.

The Securities and Exchange Commission sued Coinbase Global Inc last month for violating the U.S. securities laws. The Nasdaq-listed firm also added an instant messaging feature to its wallet on Wednesday.

Cathie Wood trims her stake in Coinbase

Clinch recommends moving to the sidelines in Coinbase stock also because the USDC market cap has declined which will affect the company’s interest income.

With these factors in mind, we’re concerned the outlook for rest of FY23 may have deteriorated incrementally despite strength in crypto asset prices over the past month.

Coinbase Global Inc is expected to lose 84 cents a share in its current financial quarter versus $4.95 per share a year ago.

Also on Wednesday, famed investor Cathie Wood trimmed her stake in the crypto exchange. Her flagship Ark Innovation ETF sold 135,152 shares of Coinbase for roughly $12 million.

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Coinbase adds instant messaging feature to wallet

  • Coinbase Wallet now supports instant messaging across any two Ethereum addresses.
  • The feature will leverage the XMTP protocol and offer encrypted and private wallet-to-wallet communication and crypto payments.
  • Coinbase is rolling out the feature to a small subset of users first before expanding it.

Coinbase has introduced a new feature that allows for instant messaging between two wallet addresses for users of Coinbase Wallet.

A blog post the company published on July 12 stated that the messaging capability will utilise a built-in system powered by Extensible Message Transport Protocol (XMTP). With this feature users can now tap into all-in-one messaging and payments, which includes gas-free USDC transfers on Polygon.

To send any of the crypto assets that Coinbase Wallet supports, users will simply need to start a chat.

Encrypted and private messaging

The wallet-to-wallet messaging will be fully encrypted, private and portable, Sid Coelho-Prabhu, Director of Product Management at Coinbase, wrote.

Users can connect directly through their wallets, and will be able to take conversations and chat histories across other XMTP compatible apps. Coinbase Wallet is rolling out the messaging feature to a small group of users first, including those of Web3 social platform Lens protocol.

One needs access to the Coinbase Wallet mobile app to get started. They also need a .lens account, or should have an invitation sent via QR code. If one has used other XMTP apps, including Orb and Lenster, they will find all their chats in their Coinbase Wallet inbox.

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LBRY Credits Token plummets after federal court ruled against LBRY Inc.

  • At press time, LBRY Token had plunged to $0.009298 from a high of $0.01235 on July 11.
  • The plunge followed a ruling that LBRY Inc. violated US securities laws.
  • LBRY Inc. has stated that it is shutting down its business.

The LBRY Credits (LBC) fell by 24% early today as a result of a Federal Judge’s ruling that LBRY, Inc, the company that created the LBRY protocol, is responsible for breaking US securities laws. . LBRY was sued by the SEC in March 2021 for offering unregistered securities.

Following the final judgment, the company is permanently prohibited from selling unregistered securities unless it first registers with the US Securities and Exchange Commission (SEC). LBRY, Inc also has thirty days to pay a fine of $111,614.

Winding LBRY Inc. down

After the ruling, the decentralized content-sharing project LBRY Inc. was quick to announce its next steps stating that it working on winding down completely.

It’s crucial to note that the SEC never requested a total shutdown of the project, at least not in their initial complaint, despite the project’s announcement that it is closing. On the contrary, the regulator sought to prevent unregistered securities offerings of any kind and the return of “ill-gotten” profits from those activities, and civil penalties.

The SEC cited explicit statements on LBRY’s website that it was selling LBRY Credits (LBC) tokens to “financially support its operations” both through their protocol and on secondary markets, which refer to the buying and selling of tokens on platforms that aren’t the cryptocurrency’s original issuers. These statements were made during the litigation process.

Last year’s ruling against LBRY

In November last year, Judge Paul J. Barbadoro of the U.S. District Court of New Hampshire ruled against LBRY Inc. ruling that the project could not provide “any reasonable trier of fact that could reject the SEC’s claims.” As a result, LBRY Inc. declared they lost.

However, LBRY Inc. filed and won an appeal focusing on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve. 

After yesterday’s ruling, the company’s CEO, Jeremy Kauffman, tweeted that “neither the SEC nor the federal judge himself can tell me what the law allows and doesn’t allow,” adding that “all I’ve ever wanted to do is follow the law.”

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AltSignals’s stage 2 presale quickly closes the 50% mark amid the rush for AI-trading

  • Phase 2 of AltSignals presale is 50% sold out

  • The token’s demand has been fueled by a proprietary trading service and AI craze

  • $ASI could rise to $0.1 in 2024 as more investors join ActualizeAI

Days after a successful presale in phase 1, investors are back on AltSignals ($ASI) in the second stage. Phase 2 of the presale has raised more than $1.15 million, representing approximately 51.12% of the tokens. The quick presale underlines strong investor interest in the token of the trading signal service, despite the price rising slightly to $0.01875 in the second phase.

AltSignals AI angle exciting for investors

AI has nearly been a buzzword in 2023, with analysts predicting it to be a game-changer for numerous industries. The launch of ChatGPT in late 2022 started the craze as enthusiasm also gripped crypto and stock markets. 

In trading, AI has been touted as a game-changer as it aids in machine learning, predicting modelling, and sentimental analysis to generate quality trading signals. AltSignals is tapping into the power of AI to supercharge trading results. The trading signal service has previously used a highly successful algorithm to generate signals for its over 52,000 traders.

Dubbed AltAlgo™, the algorithm has produced over 3,782 trading signals, with accuracy rates averaging 64%. Owing to the increase in AI application, AltSignals want to take the game higher and make its platform a go-to place for new and seasoned traders in stock, forex, crypto, and CFD markets.

What is AltSignals’s AI trading service’s value proposition?

AltSignals AI trading service will be dubbed ActualizeAI. The team looks at ActualizeAI as the ideal iteration to expand the scope of the trading instruments covered and increase the accuracy of the signals. Investors will become ActualizeAI members by buying $ASI, the token that will power the trading community and become the medium of exchanging value. 

One of the benefits of owning $ASI is access to quality trading signals by the AltSignals team. With the early success of AltSignals since its founding in 2017, there has been a lot of enthusiasm that the AI service will grow investors’ earnings. Investors also benefit from the appreciation in the value of $ASI as the AI trading service continues to garner popularity.

ActualizeAI members acquire trading-related skills by participating in tournaments and competitions on the platform. They also get to accumulate $ASI for winning competitions against other traders. 

Other utilities that $ASI carries include participation in community governance which gives holders the decision-making power in the affairs of the platform. There are also exclusive presale opportunities and access to AI-powered products for ActualizeAI members.

Will $ASI reach $0.1 in 2023?

$ASI is a token with a lot of potential, given that $AltSignals has been in existence and has organically built a trusted trading community. Coupled with the growing popularity of AI, the potential for the token to rise by up to $0.1 is strong.

A prediction of $0.1 in 2023, however, looks too soon since it means the price must rise by 1,000%. As the token starts listing in the third quarter, investors should expect substantial price increases, with a prediction of three-digit percentage rises more likely.

Predictably, a 1,000% is likely in 2024. This is when all the developmental activity of ActualizeAI will have occurred, opening the doors to more investors.

Should you buy $ASI this week?

$ASI is in its second presale phase, and the price is rising at each stage. With less than 50% left to end phase 2 of the presale and the price to rise, it could be the right time to buy the token. 

Also, $ASI is geared toward listing on Uniswap in the third quarter. Listing on an exchange means the token will be opened up to more investors, giving it a chance to skyrocket in price. This means that buying now presents a better opportunity for investors as the token’s value is still low.

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South Korean companies to disclose crypto holdings from 2024

Key takeaways

  • South Korean financial regulator wants companies to disclose their crypto assets in their financial statements.

  • The aim is to improve accounting transparency amongst companies operating in the country.

South Korea introduces a new crypto bill.

South Korea would soon require companies that own or issue cryptocurrencies to disclose their holdings in financial statements. 

The country’s financial regulator released this draft on Tuesday, and if approved, companies that hold cryptocurrencies would be required to disclose their holdings starting in 2024. 

Per the new rules, companies would be required to provide investors with information about the quantity, characteristics, business models and accounting policies regarding the sale of cryptocurrencies. 

Companies will also need to provide other information such as profits, volume and market value of their crypto.

South Korea seeks to boost accounting transparency

While commenting on this latest cryptocurrency news, the Financial Services Commission (FSC) said it is making this move to improve accounting transparency following the passing of the Virtual Asset User Protection Act last month.

In the past, companies and auditors differed regarding the timing and criteria for determining whether the sale of cryptocurrencies to customers is regarded as profit. However, the new rules stipulate that if companies sell cryptocurrencies and other virtual assets, the sales would be recognised as profit after the company fulfills obligations to its holders.

Furthermore, the regulatory agency said costs incurred while developing virtual assets and platforms would not be classified as intangible assets. 

South Korea remains one of the countries in the world with clear cryptocurrency regulations. In May, the National Assembly approved a bill that requires South Korean officials to disclose their cryptocurrency holdings. 

Per the bill, government officials must declare all crypto holdings that amount to $760 or more. The requirement was already in place for cash, stocks, and bonds, among other assets.

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