Schlagwort: crypto business

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OKX plans to open an office in Turkey

  • OKX President Hong Fang said in a press release that the expansion is a big step towards empowering users.
  • The exchange expects the new office in place over coming months.
  • OKX was founded in 2017 and offers spot, margin and derivatives trading for its customers across the world.

OKX, one of the largest crypto exchange platforms and a leading Web3 company, plans to expand its global presence with a new office in Turkey.

The Seychelles-based crypto platform was founded in 2017 and has grown to become one of the best crypto exchanges in the world. The firm has millions of customers and offers access to spot, margin and derivatives markets for hundreds of crypto tokens. The company also offers DeFi, gaming dApps and an NFT marketplace.

In the press release published on Monday, OKX said it plans to have the office in operation in coming months.

“Opening an office in Türkiye will be a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Türkiye is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto ecosystem,” OKX President Hong Fang said in a statement.

OKX execs to speak at Blockchain Economy Istanbul Summit 2023

The OKX team revealed the plans ahead of the Blockchain Economy Istanbul Summit 2023, with the exchange being a Title Sponsor and Premium Partner. The company’s President Hong Fang, Chief Innovation Officer Jason Lau and Chief Marketing Officer Haider Rafique are set to be keynote speakers and panelists at the summit expected to run from 8-11 May, 2023.

The summit is Eurasia’s largest blockchain event and the 8th edition in Istanbul will feature various crypto industry players, including investors, entrepreneurs and developers. Key topics will include Web3 and blockchain innovation.

Crypto ownership in Turkey has increased in the last few years, with the country currently home to over 13.6 million crypto owners. According to estimates, that’s 16% of Turkey’s population – making the country one of those with the largest number of people owning cryptocurrencies.

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Trillion dollar coin could be good news for Bitcoin, Cardano, Solana

  • The US government could be forced to print a $1 trillion coin soon.

  • Democrats and Republicans are yet to reach an agreement on a debt ceiling.

  • Analysts expect that the two sides will ultimately reach an agreement.

The US government is at a crossroads as divisions in Congress put the country at an elevated risk of a default. In a recent statement, Janet Yellen, the Treasury Secretary warned that the American government could default in June if Democrats and Republicans fail to reach a deal. This is one of the top reasons why gold price has now soared to an all-time high.

The trillion-dollar coin

It is still unclear whether the US will default on its obligations if Congress fails to raise the debt ceiling. I believe that the situation will not get to that point because of its impact to the American economy. 

Analysts believe that a default will lead to higher unemployment and possibly the collapse of the economy as we know it. 

Therefore, the two sides will likely reach an agreement in the coming days. Signs of potential compromises will happen when Biden will meet Kevin McCarthy on Monday.

There are several options if the two sides fail to raise the debt limit. A likely solution will be to print a trillion dollar coin. The concept of that coin was mooted in 2011 when the US faced another debt ceiling issue. 

It would allow the Mint to come up with one platinum coin valued at $1 trillion. These funds would then be distributed to the Federal Reserve, which would then deposit it to the National Treasury. By doing that, the Treasury would then elimiate part of the national debt and postpone the need for raising the debt ceiling. A professor at Willamette University said:

“At this point, if any of the other solutions, the so-called more serious solutions would work, then they would’ve been used by now. But they keep not actually being strong enough. The coin’s the only one that’s strong enough.”

Bullish for Bitcoin, Solana, Cardano

Such a move would be positive for Bitcoin, which is seen as a digital version of gold. Unlike fiat currencies, Bitcoin cannot be printed because its supply of 21 million coins cannot be adjusted. If Bitcoin rises, we could now see altcoins like Solana, Cardano, and Tron rise because of the close correlation that exists.

The reality is that the American government is at risk of major changes going forward. For one, the total public debt has been in a strong upward trend in the past few years. It has jumped from just $320 million in 1970 to over $31.4 trillion today. 

And the situation will continue worsening because of the large budget deficits. By 2030, analysts expect that debt will rise to over $44 billion. The CBO believes that the budget deficit will hit 5.9% of GDP by 2040.

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PEPE price dives after Whale transfers trillions of tokens to Binance

  • At press time, PEPE was trading at $0.000002328.
  • The token price has declined by 10.93% in the last 24 hours.
  • PEPE hit an all-time high of $0.000004354 on May 5, 2023.

Three days after hitting its all-time high, PEPE, a meme token that has seen its popularity go through the roof recently, is now on the decline.  

The price of PEPE has dropped by 46.53% in just three from its all-time high of $0.000004354, which it hit after the meme token got listed on several major exchanges including OKX and Binance.

PEPE price

 

About 4.23 trillion PEPE tokens sent to Binance

According to a tweet by blockchain data provider Lookonchian, a giant whale bought 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC. The whale then deposited all the purchased PEPE to Binance.

The above transactions were made on May 5, the same day Binance announced PEPE’s listing. Immediately after purchasing the trillion of PEPE tokens, the price of PEPE skyrocketed making the whale accrue a profit of about $14.5 million at the time he was depositing the token in Binance.

There is fear in the market that the move by the whale to send the meme coins to Binance could be in preparation to sell the tokens in order to recoup profits before the token dumps. These fears have exerted pressure on the market resulting in the current price drop.

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US DOJ investigating Binance for potential violations of Russian sanctions

  • DOJ’s national security division is investigating Binance.
  • Binance is accused of enabling Russians to circumvent US sanctions.
  • The inquiry is focusing on both Binance and its officials.

Binance, the largest cryptocurrency by trading volume, is under investigation by the US Department of Justice (DOJ) for potential violations of Russian sanctions.

The DOJ’s national security division is investigating whether Binance was used to enable Russians to evade US sanctions and transfer money through the exchange.

Growing regulatory crypto scrutiny

The DOJ is specifically investigating whether the crypto exchange or its officials violated or assisted in violating the sanctions against Russia.

DOJ’s investigation highlights the increasing regulatory scrutiny of crypto exchanges across the world and mostly in the US as authorities kick in to prevent illegal activities.

Binance troubles in the US

It is not the first time Binance is getting investigated by US securities. On March 27, the US Commodity Futures Trading Commission (CFTC) issued a 74-page complaint labelling Ethereum (ETH), Binance USD (BUSD), Litecoin (LTC), Tether (USDT), and  Bitcoin (BTC) as commodities and also accused Binance and its CEO Changpeng Zhao of market manipulation and lack of compliance. Changpeng ‘CZ’ Zhao however came out and rejected the CFTC’s allegations against Binance and himself.

Although Binance was yet to comment on the reported DOJ investigation at press time, it has previously stated that it is committed to complying with all laws and regulations in all the jurisdictions in which it operates in. The exchange has also invested heavily in complying with Know Your Customer and Anti-Money Laundering measures to prevent illegal activities.

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ETH retests $2K: Here’s why Ethereum price is up today

  • Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.
  • ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.
  • Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.

On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.

Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level. 

Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips. 

Why did Ethereum price go up?

The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.

A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak. 

The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.

The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.

While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.

The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.

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