Schlagwort: crypto business

Veröffentlicht am

Court allows Celsius to sell altcoins for BTC, ETH starting July 1

Bankruptcy Judge Martin Glenn of the US Southern District Court of New York on Friday ordered that bankrupt crypto lender Celsius can begin to sell or convert altcoins to Bitcoin (BTC) and Ether (ETH).

The price of CEL, the native Celsius Network token, rose sharply on Friday, trading above $0.15 with 33% gains in the past 24 hours.

Celsius can sell altcoins for BTC, ETH from July 1

The liquidating of the said altcoins comes ahead of a planned distribution of assets to creditors and will start on or after July 1, the judge ordered.

“The Debtors, in consultation with the advisors to the Committee, may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts (collectively, the “Altcoins”) to BTC or ETH commencing on or after July 1, 2023,” reads part of the ruling.

Celsius is expected to use “commercially reasonable efforts to maximize the value of the Altcoins to be sold or converted to BTC or ETH.” However, with the SEC having recently alleged some of the altcoins held by the crypto lender as securities, the sales are expected to comply with the “applicable exemptions to the US securities laws.”

Among the tokens the US regulator recently highlighted as securities in its cases against Binance and Coinbase include Cardano (ADA), Polygon (MATIC) and Near (NEAR). Celsius holds these and other alts such as Bitcoin Cash (BCH), Litecoin (LTC) and Chainlink (LINK). 

The tokens have recently traded higher alongside the broader crypto market and it remains to be seen what impact, if any, the offloading will have on prices. 

Celsius filed for bankruptcy in July 2022 after pausing customer withdrawals amid crypto contagion from the collapse of Terra and Three Arrows Capital. 

According to court documents, the company has been in dialogue with the SEC and state regulators as it looked to update its restructuring plan to only distribute crypto to creditors in bitcoin and ether.

The post Court allows Celsius to sell altcoins for BTC, ETH starting July 1 appeared first on CoinJournal.

Veröffentlicht am

Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate

  • Bitcoin price reacted sharply to news that the SEC had said Bitcoin ETFs filings were inadequate.
  • The SEC had reportedly returned the filed documents to BlackRock, Fidelity.
  • However, BTC recovered above $30k as more details emerged.

Bitcoin briefly crashed to below $30k within minutes on Friday as the US Securities and Exchnage Commission (SEC) reportedly told Nasdaq and the Cboe that recently filed spot Bicoin ETFs by BlackRock, Fidelity and other Wall Street giants were “not clear and comprehensive.”

The regulator has reportedly returned the spot ETF documents.

The markets reaction to the initial news by the Wall Street Journal was swift, with Bitcoin falling to $29,790 and Ethereum below $1,840.

 “Affected by the news, the market crashed within 30 minutes. BTC once fell by more than 5% to below $30,000, ETH fell by more than 4%, and BCH and COMP, which had a large increase today, fell by more than 10%.  Coinglass data shows that in the past 1 hour, the liquidation of the entire network exceeded 84 million US dollars,” Blockchain news reporter Colin Wu tweeted.

However, as it was reported that BlackRock and other asset managers only had to refile their applications correctly, Bitcoin moved back above $30k. Crypto analyst Will Clemente noted:

The post Bitcoin briefly falls below $30k as SEC says spot Bitcoin ETF filings are inadequate appeared first on CoinJournal.

Veröffentlicht am

Bitcoin Cash jumps to 14-month high amid South Korea volume spike

  • Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase.
  • BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
  • A spike in volume on South Korea exchange Upbit helped push CBH price higher on Friday.

Bitcoin Cash rallied to its highest price in 14 months on Friday morning, trading at highs of $326 on US-based crypto exchange Coinbase.

Why is BCH price rallying today?

Bitcoin Cash had stagnated below $165 since dipping below the level in June last year. However, with Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH roared to a one-year high.

The bulls have been relentless since, with price crossing the psychological $300 mark today with more than 30% gains in 24 hours. The cryptocurrency has rallied nearly 200% over the past two weeks, and is now in the green by 110% over the past year.

It is notable that the price of BCH had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies including Fidelity and Charles Schwab, listed Bitcoin Cash. EDX only lists three other coins – BTC, ETH and LTC.

Enthusiasm across the BCH community from this listing has added to the upside momentum. On Friday, the positive outlook on the cryptocurrency’s potential saw volume spike on a leading South Korea-based crypto platform.

As crypto markets bid to hold onto the positive sentiment, Bitcoin Cash appears to be getting some extra leg from South Korea. Over the past 24 hours, the BCH/KRW pair on crypto exchange Upbit rose to $557 million, more than thrice the volume of BTC/KRW and nearly 6x greater than BCH/USD.

Data from CoinGecko shows daily trading volume across all exchanges has increased 165% in the past 24 hours to over $2.4 billion. As IntoTheBlock points out, BCH volume rose to above $750 million on Thursday, a one-year high.

The post Bitcoin Cash jumps to 14-month high amid South Korea volume spike appeared first on CoinJournal.

Veröffentlicht am

Solana technical analysis update – can it jump to $40?

  • Solana rallied in 2023 but failed to break above the horizontal resistance
  • A bullish case remains valid unless the price moves below the 2022 lows
  • If it breaks above horizontal resistance, Solana may trade above $40

Cryptocurrency investors must be thrilled with the 2023 price action. After all, Bitcoin bounced from last year’s lows, triggering a similar move in other major cryptocurrencies.

Solana followed suit.

The price more than doubled this year, rising from $10 to over $25 in what appeared to be a clear bullish breakout.

However, after trading above $26 in January, the market failed to build on the bullish trend. Instead, a consolidation started, bringing doubts to bullish traders.

The best way to clear such doubts is to look at the bigger picture. As the chart below shows, it is difficult to build a bullish case while the market holds below horizontal resistance.

However, the 2022 lows remain in place, so one can build a bullish scenario as long as the market does not dip below those lows.

Solana chart by TradingView

A break above horizontal resistance should trigger more gains

Solana’s price remains bearish while below horizontal resistance. However, a break above it implies more strength ahead.

That is especially true if the US dollar’s weakness resumes. So far in 2023, the dollar traded with a mixed tone.

But as the Fed is on pause, renewed weakness will bode well for cryptocurrencies and for Solana.

A daily close above horizontal resistance opens the gates for a move above $40. If the Fed believes that the US inflation data follows the right path, the dollar should weaken in the year’s second half.

The post Solana technical analysis update – can it jump to $40? appeared first on CoinJournal.

Veröffentlicht am

A bullish case for Ripple – if current lows hold

  • Ripple builds energy to break higher
  • A series of higher lows points to more upside
  • The bullish case is valid as long as the price holds above $0.3

Ripple is one of the major cryptocurrencies that rallied in 2023. It opened the trading year at $0.3 and rallied all the way to $0.55.

But traders now wonder if the inability to move above $0.55 is a sign of weakness.

It may well be.

However, if Ripple holds above $0.33, a technical trader can build a bullish case for it.

Ripple chart by TradingView

Ripple tries to break above the $0.55 resistance level

Ripple tried to break above the $0.55 resistance level three times in a row. It failed every time.

But each rejection brought nothing but new buyers buying the dip. Moreover, the series of higher lows holds intact, suggesting that the market builds energy to break above horizontal resistance.

Providing the price action holds above $0.3, which proved to be horizontal support part of a possible double bottom pattern, one can build a bullish case for Ripple.

First, the double bottom pattern does suggest that more upside should follow a break above $0.55.

Second, the market built a series of higher lows, a typical structure in bullish markets.

Therefore, bulls may want to wait for Ripple to close above $0.55 until establishing long positions. Ripple should find little or no resistance until the $0.75 level on such a move.

The post A bullish case for Ripple – if current lows hold appeared first on CoinJournal.