Schlagwort: crypto business

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Here’s why the Bitcoin SV (BSV) price just went vertical

Bitcoin SV price surged to the highest level since March 1 as investors moved to the coin, which is an alternative to BTC. BSV jumped to a high of $42.10, which was about 48% above the lowest level this year. The coin’s market cap has jumped to more than $748 million.

Is this a pump-and-dump scheme?

There was no news that pushed Bitcoin SV higher on Tuesday. A likely reason why the BSV is rising is because some investors believe that it is a better alternative to Bitcoin. As we wrote in this article on Monday, Bitcoin’s fees jumped on Monday because of elevated congestion in the network. 

As a result, Binance, the biggest crypto exchange in the world, suspended Bitcoin withdrawals several times on Monday. Bitcoin SV, which has less volume than the main Bitcoin, is therefore seen as a better alternative. For one, its transactions take less than 2 seconds to complete while the average transaction fee is about $0.0001. Also, the network can handle over 50,000 transactions per second (tps).

However, it is worth noting that the BSV price rally could be a pump-and-dump scheme. This is a situation where insiders or large holders buys an asset, promote it, and then exits at a profit, leaving buyers holding the bag. This situation is common among low-volume coins like Bitcoin SV.

Bitcoin SV price prediction

The daily chart shows that the BSV price has been in a strong bearish trend. It has crashed by over 90% from the highest point on record. The coin has also moved below all moving averages. It moved slightly above the crucial resistance point at $34, the lowest point on November 22 last year.

Therefore, I believe that this Bitcoin SV rally does not have legs. As such, there is a likelihood that it will resume the downward trend to where it was before it jumped. This could see it retreat to the next key support at $30.

The post Here’s why the Bitcoin SV (BSV) price just went vertical appeared first on CoinJournal.

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Paxful P2P exchange reopens after closure

  • Paxful remained closed for the last month.
  • A legal dispute between Paxful’s co-founders had disrupted the exchange’s operations.
  • The Paxful wallet however remained open throughout the shutdown.

Paxful on May 8, announced that it will be reopening its services after a month-long shutdown. The P2P crypto exchange, however, said that it will gradually restore its services in the coming days.

When Paxful announced its shutdown on April 4, 2023, it gave users alternatives to where they could transfer their assets although the Paxful wallet remained open throughout. The P2P exchange closure sent shockwaves across the crypto market seeing that it followed the closure of LocalBitcoins.

Paxful is currently owned by a custodian

Paxful closure was a result of tensions between Paxful co-founders Ray Youssef and Artur Schaback. While Schaback hoped for the P2P exchange to resume operations, Youssef apparently recommended new providers to Paxful users.

According to sources, Paxful is currently under the management of a custodian who acts as a company director and “tie-breaker” alongside the two cofounders Ray Youssef and Artur Schabeck.

Ray Youssef resigned from his position in Paxful and contributed his personal company shares to a fund intended to compensate Paxful shares. However, by April 17, Paxful had restored access to 88% of funds although $4.4 million remained frozen due to the legal conflict between the co-founders.

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Bittrex US files for Chapter 11 Bankruptcy

  • Bittrex has filed for bankruptcy just over a month after the SEC filed a lawsuit against it.
  • The exchange has listed liabilities and assets totalling $1 billion apiece.
  • The development comes days after Bittrex US informed its users to withdraw funds.

Bittrex cryptocurrency exchange has officially filed for Chapter 11 bankruptcy protection in the US. The bankruptcy filing comes barely a month after the US Securities and Exchange Commission (SEC) charged Bittrex for repeatedly breaking the security regulations in the country.

In the Bankruptcy filing submitted on May 8 to the United States Bankruptcy Court for the District of Delaware, Bittrex reported that it has $500 million to $1 billion in assets, $500 to $1 billion in liabilities and more than 100,000 creditors.

The bankruptcy protection filing does not involve the Liechtenstein-based global trading exchange firm Bittrex Global GmbH. It only applies to Bittrex US and its affiliates.

SEC’s lawsuit against Bittrex

The US SEC last month filed a lawsuit against Bittrex in the Federal court alleging that the exchange violates violated the securities regulations from 2017 through to 2022 generating at least $1.3 billion in revenue.

The SEC alleges that Bittrex occasionally operated as an exchange, brokerage, and clearing agency without having filed the necessary paperwork. The lawsuit also classifies three tokens (ALGO, OMG, and DASH) in specific as unregistered securities.

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Aave V3 launches on Ethereum layer-2 network Metis

  • Aave V3’s launch on Metis follows a community vote that went live earlier this month.
  • According to the Metis team, there are various ways in which the Aave V3 integration will benefit ecosystem users.
  • The DeFi protocol’s V3 is also live on Avalanche, Polygon, Optimism and Arbitrum.

Aave, a decentralized liquidity protocol, has deployed on the Ethereum layer-2 scaling platform Metis, offering a range of decentralized finance (DeFi) features and products to its ecosystem.

The launch on the Metis Layer-2 comes after a community proposal for the zero-knowledge (zk) proof EVM, which enables Aave governance to activate the Aave V3 Metis pool by completing the initial setup and listing WETH, USDC, USDT, DAI, and METIS.

“The integration of Aave Protocol V3 brings enhanced capital efficiency with valuable new security and risk mitigation features,” Metis co-founder Kevin Liu said.

Capital efficiency for users

V3 integration offers numerous benefits to ecosystem users, with network speed and security enhanced. Users will also take advantage of features such as lending and borrowing of assets with less collateral. 

The launch of Aave V3 on Metis also means DeFi users can now generate yield easily via various supported assets even as they tap into enhanced risk management tools and reduced transaction fees through gas optimization. Overall, the integration brings more capital efficiency for Metis users and developers, the latter also accessing key tools for innovating decentralised applications.

Aave is a widely used DeFi protocol, boasting over $5.24 billion in total value locked (TVL). The protocol’s V3 version deployed on the Ethereum mainnet in January 2023 after successful launches on various Ethereum layer-2 protocols, including Polygon, Avalanche, Arbitrum, and Optimism.

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Should you trade Metacade in May, even as Binance comes under pressure?

  • Metacade is correcting after claiming a high above $0.045

  • The token could benefit from increased listings and market events facing Binance

  • MCADE is a potential buy as a support zone develops around $0.026

Metacade is now entering an exciting phase that could make a significant difference. That is becoming available to a large number of investors after major listings on Uniswap, BitMart, and MEXC. 

But even after listing on these exchanges, the token of the arcade platform has slowed down. As of press time, it exchanged hands at $0.0269, compared to its highest price of $0.045 at the start of the month. Is this a good opportunity to buy, or should investors stay away?

Binance on US probe for averting sanctions to Russia

Crypto markets could once again be staring at a red light. The world’s largest crypto exchange Binance is under probe by the US Justice Department for possible subversions of sanctions placed against Russia. 

Reports indicate that the US regulators want to know if Binance helped Russian customers move money and overcome sanctions. 

The Binance investigation could be monumental to crypto should US officials find the exchange guilty of the wrongdoing. As the leading exchange, increased scrutiny could spark market fears and potentially trigger fund withdrawals, as it has happened in the past. 

Another potential impact is client shifts to decentralized exchanges like Uniswap. This happened when FTX collapsed in November 2022, which saw huge inflows into DEXs. Whether these two possibilities are bound to happen is highly speculative. But one thing is for sure should it occur. Tokens that are listed on DEXs like Metacade will benefit from the investor shift. 

What is Metacade, and what uniqueness is it offering?

Metacade is a Web 3.0 community hub allowing gamers, developers, and crypto fans to collaborate. The platform wants to become the biggest gameFi arcade that is community governed. Investors earn through different methods – Create2Earn, Compete2Earn, and Work2Earn. They can also stake the native token to grow their bottom lines.

Since its launch and during the presale, Metacade has witnessed strong investor interest. Thanks to its robust earnings mechanics, Metacade promises to be a leader in the Web 3.0 space that is growing exponentially. The platform aims for a thriving ecosystem for its community. As such, it has committed to initiatives like Metagrants that will support new projects and applications. A platform launchpad, game testing, and advertisements are also expected to make Metacade a self-sustaining ecosystem. 

Metacade more than doubles in price after exchange listings

The uniqueness of Metacade has helped the token’s presale to sell out quickly. Now, the token is at the stage of exchange listings and has successfully debuted on Uniswap, BitMart, and MEXC Global.

As analysts had projected, the price of MCADE increased exponentially on the listing. At the beginning of May, the price rose above $0.045. The token’s price during the final presale phase was $0.0.020, meaning it has more than doubled in value. 

The price has now cooled, allowing investors to buy before more exchange listings follow. Let’s look at how the price could behave at the current level. 

MCADE – a potential opportunity in May?

As previously pointed out, MCADE is in a correction phase. This is a normal occurrence for every token or financial instrument after a prolonged uptrend. However, investors know corrections offer a chance to buy an asset at a lower price and ride the uptrend with a lower risk-return ratio. 

Metacade has been making these corrections. Each time, it has claimed a higher high and higher low. That means the token is still on an uptrend, and the correction could be an opportunity to buy. 

For instance, if we look at the current price, MCADE has held to the level for the past 3 days. It means potential support is developing around $0.026. If this level holds, it could be the perfect zone to buy MCADE in May. Considering the token is already available for trading on three exchanges, trading volumes could build up, and MCADE could claim a new high. 

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