Schlagwort: crypto business

Veröffentlicht am

Cronos partners with Filecoin’s Protocol Labs to boost Web 3 adoption

  • Cronos Labs has announced a partnership with Protocol Labs.

  • Protocol Labs is the creator of Filecoin and IPFS.

Cronos Labs announced a major partnership with Protocol Labs, the creator of Filecoin, the popular decentralized storage platform. The deal will see the two companies provide finances and other tools to companies building in their ecosystem.

Creators in the Cronos Accelerator Program will receive mentorship and technical support from the two companies. Cronos is now implementing the third cohort of the accelerator program. In the first one, winners received $30,000 upfront and access to another $300k in funding. In a statement, Ruben Amenyogbo of Protocol Labs said:

“This partnership has tremendous potential to provide robust support and empowerment to the current and future cohorts of blockchain startups, fostering the growth of decentralized finance, GameFi, SocialFi, and web3 infrastructure projects. By pushing boundaries and spearheading computing breakthroughs, we aim to shape the future of the web and create a transformative impact.”

Cronos and Protocol Labs are both major players in the industry. Filecoin has built a leading decentralized storage platform that is used by many developers. It recently launched the Filecoin Virtual Machine (FVM), which is slowly gaining traction.

At the same time, the developers recently launched Filecoin Web Services, which provides tools like Kubernetes and containers to developers. 

Cronos Labs, on the other hand, is the 11th biggest DeFi chains in the world with over $416 million in total value locked (TVL). Some of the top dApps in the ecosystem are Tectonic, VVS Finance.and MM Finance among others. Cronos Labs is backed by Crypto.com, one of the biggest crypto exchanges in the world.

How to buy Filecoin

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 FIL with eToro today

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy FIL with Binance today

The post Cronos partners with Filecoin’s Protocol Labs to boost Web 3 adoption appeared first on CoinJournal.

Veröffentlicht am

CEL falls after Celisus Network and its former CEO found guilty

  • The United States Commodity and Futures Trading Commission (CFTC) has concluded investigations into Celsius Network.
  • The CFTC has found the former CEO and Celsius Network guilty of breaking several rules before the company collapsed.
  • The price of CLE, the native cryptocurrency of Celsius has lost 10% in value after the revelation.

After investigations, the United States Commodity Futures Trading Commission (CFTC) has concluded that cryptocurrency lender Celsius Network and its former CEO Alex Mashinsky broke US laws before it collapsed. 

According to the CFTC report, the findings indicate that Celsius deceived investors and neglected to register with the CFTC. The CFTC may file a lawsuit in federal court within the month if the majority of its commissioners concur with these findings.

New York Attorney General already sued Celsius

Letitia James, the attorney general of New York, has already filed a lawsuit following the demise of Celsius Network. James alleged that Mashinsky misrepresented the company’s financial situation and made false claims about the platform’s security.

James’ lawsuit charges Mashinsky with defrauding millions of investors, including more than 26,000 residents of New York, in a lawsuit that was filed in January. It states that Mashinsky made “false and misleading representations” in order to persuade clients to deposit enormous sums of money with the crypto lender.

What really happened to Celsius?

Celsius was founded in 2017 and it shot into the limelight during the Covid-19 pandemic when it introduced loan offerings and tempting interest rates for cryptocurrency deposits.

Mashinsky frequently presented these products as less risky options compared to those provided by conventional banks. However, the Celsius market boom did not last long since the demise of Terra’s algorithmic stablecoin UST and a slump in the cryptocurrency market had disastrous effects on its business.

Although Celsius initially denied making losses after the Terra Luna collapse, it faced a wave of customer withdrawals. Withdrawals were eventually frozen in June 2022, and a month later, bankruptcy protection was sought.

The Securities and Exchange Commission (SEC) and federal prosecutors in Manhattan are, however, also looking into Celsius in accordance with its bankruptcy filings.

In March this year, the court allowed Celsius withdrawals to resume and in June the crypto lender was allowed to convert its altcoin holdings into Bitcoin (BTC) and Ethereum (ETH).

The post CEL falls after Celisus Network and its former CEO found guilty appeared first on CoinJournal.

Veröffentlicht am

Coinbase stock could sink all the way back to $60 – analyst says

  • Piper Sandler downgraded Coinbase Global Inc on Wednesday.
  • Analyst Patrick Moley cited regulatory uncertainty for dovish view.
  • Coinbase stock has gained close to 60% over the past thirty days.

Coinbase Global Inc has been an absolute delight for shareholders over the past thirty days but a sharp downturn is likely moving forward, as per a Piper Sandler analyst.

Avoid Coinbase stock due to regulatory uncertainty

On Wednesday, Patrick Moley downgraded the crypto exchange to “neutral” and lowered his price target as well to $60 that signals a 25% downside from here.

The analyst turned dovish primarily because the U.S. Securities and Exchange Commission sued the Nasdaq-listed firm last month for operating as an unregistered exchange (read more).

In a research note today, he attributed the recent surge in Coinbase stock to prominent asset managers filing for a Spot Bitcoin ETF and the consequent benefit to crypto prices but said:

Rising crypto prices have not translated to increased trading volumes for COIN in recent quarters and the timing of a Spot Bitcoin ETF approval is anyone’s guess.

Coinbase Global will report a weak second quarter

Moley expects the crypto company to report monthly transacting users and trading volumes at a two-year low in its second financial quarter.

The Piper Sandler analyst agreed that Coinbase Global will eventually emerge as a major player within the crypto space but said:

We’d like to see more progress on regulatory front and a convincing turnaround in underlying fundamentals of the business before becoming more positive on Coinbase stock.

Despite the regulatory crackdown, though, Coinbase increased its market share last month to a new high since January 2023, as per data from Kaiko – a digital assets data provider.

The post Coinbase stock could sink all the way back to $60 – analyst says appeared first on CoinJournal.

Veröffentlicht am

Bitcoin Cash price moved to a bear market: Buy the dip?

  • Bitcoin Cash price has moved to a bear market after falling by 22%.

  • The coin has more short-term downside as it moves from the overbought zone.

  • Some investors believe this is a good time to dollar cost average (DCA)

Bitcoin Cash price has moved into a bear market as investors start taking profits after the spectacular performance in June. The coin retreated to a low of $250 on Wednesday, about 22% below the highest level in June. 

BCH enters a bear market

Bitcoin Cash had one of the best period in June as investors moved to proof-of-work cryptocurrencies after the SEC lawsuit on Binance and Coinbase. Investors believe that coins like BCH, Verge, and Litecoin will benefit if the SEC decides to move to war against crypto tokens like Solana and Cardano.

Bitcoin Cash price has now moved into a bear market by falling by over 20% from its highest level in June. This decline is mostly because of profit-taking since BTC was up by more than 250% between the lowest and highest points in June. 

Historically, investors tend to exit an asset after rising sharply in a certain period. When it drops, the so-called Fear of Missing Out (FOMO) situation reverses and people who bought during the uptrend starts to exit.

BCH price also retreated as Bitcoin price struggled to move above the upper side of the bullish flag pattern that has been forming. BTC is hovering at $30,300 and there is a possibility that it will move below $30,000 soon. 

Further, BCH also dropped as American stocks retreated after the Independence Day holiday. The Dow Jones index retreated by 50 points while the Nasdaq 100 fell by about 20 points.

Bitcoin Cash price forecast

On the daily chart, we see that the BCH price has retreated in the past few days. This retreat started after the coin moved to the extreme greed zone. The coin has now formed three black crows pattern, which happens when three red candles follow each other.

Bitcoin Cash remains much higher than the 50-day and 100-day moving averages while the Relative Strength Index (RSI) moved below the overbought level. Therefore, I suspect that Bitcoin Cash price has some more downside in the near term before making an eventual comeback.

This pullback will likely see it drop to the next key support at $210, which is the 25-day moving average. Therefore, dollar cost averaging, where a trader buys the coin as it drops could be a good idea since it will ultimately bounce back.

How to buy Bitcoin Cash

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 BCH 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 BCH with Bitstamp today

The post Bitcoin Cash price moved to a bear market: Buy the dip? appeared first on CoinJournal.

Veröffentlicht am

Australian regulator searched Binance Australia’s offices

Key takeaways

  • Australian Securities and Investments Commission searched Binance Australia’s office on Tuesday.

  • The cryptocurrency exchange maintains that it is focused on complying with rules. 

ASIC searched Binance Australia’s offices

The offices of Binance Australia, the Australian arm of Binance, were searched on Tuesday by the country’s financial markets regulator.

This latest cryptocurrency news comes as governments around the world are scrutinising the cryptocurrency exchange’s activities.  

According to a Bloomberg report, the Australian Securities and Investments Commission searched several Binance Australia locations on Tuesday. The search was part of an ongoing investigation into the cryptocurrency exchange’s now-defunct derivatives business, sources close to the matter revealed to Bloomberg. 

Binance has been experiencing crackdowns from governments in Europe and the United States. Last month, the US SEC sued Binance and its CEO, Changpeng Zhao, for breaking securities laws. 

On June 22nd, Brazilian authorities revealed that they were investigating Binance for suspected pyramid schemes. Binance is also being investigated for helping customers get around a restriction on crypto derivatives investments in Brazil.

A few days later, Binance dropped its licence application in Austria after the German regulators denied its application to operate in the country. 

External pressure is hurting Binance, says CZ

At a Twitter Space on Wednesday, Binance CEO, CZ, admitted that the external pressure is hurting the company. He stated that;

“Many of those things are outside of our control, but short term, they have negative impacts on our business.”

Despite the pressure, Binance remains the number one cryptocurrency exchange in the world. However, its global share of crypto spot trading fell for a fourth consecutive month in June. Data obtained from CCData showed that Binance now controls 42% of the global crypto spot trading volume, a 10-month low for the company. 

The ASIC investigation comes after Binance Australia announced in April that it would wind down the local derivatives exchange while keeping its spot platform open. 

At the time, Binance said it closed the derivative positions of numerous Australian users because they were falsely classified as wholesale investors.

A spokesperson for ASIC stated that

“We are unable to confirm or deny any operational detail such as possible searches. ASIC’s review of the company is ongoing.”

The cryptocurrency exchange said it is working with local authorities, and its sole focus is to meet local regulatory standards in order to serve its Australian users in a fully compliant manner.

The post Australian regulator searched Binance Australia’s offices appeared first on CoinJournal.