Schlagwort: crypto market news

Despite the cryptocurrency sector facing a bleak future, Brazilian E-commerce giant MercadoLibre has launched its own cryptocurrency. The newly launched digital currency will primarily be used in Brazil.

MercadoLibre made the announcement on August 18 through a Twitter post that said:

“Today we launch Mercado Coin in Brazil, further boosting our loyalty program and taking another step to democratize financial inclusion in Latin America. MercadoLibre to create cryptocurrency as part of loyalty program.”

The MercadoCoin

The newly launched token is called MercadoCoin and is set to be used as part of the E-commerce giant’s loyalty program for its customers in Brazil.

According to the founder and CEO of MercadoLibre, Marcos Galperin, the cryptocurrency is a boost to the company’s loyalty program.

While unveiling the cryptocurrency, MercadoLibre said that any customer in Brazil will be eligible for earning the cryptocurrency whose initial value was $0.10. Customers can earn the coin as cashback, customers will have to use the E-commerce giant’s platform for purchases.

The accumulated coins can then be used for trading on MercadoPago (MercadoLibre’s financial services and digital payments platform for businesses and customers) or making other purchases.

At the moment, MercadoLibre’s cryptocurrency is available to over 500,000 customers in Brazil and is expected to be adopted by the entire base of 80 million clients in the country. There is however no mention of expanding the cryptocurrency to other Latin American countries so far.

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The crypto market has taken a significant dive today with all cryptocurrencies including the likes of Bitcoin and Ethereum dropping by about 9% at the time of writing. The Gnosis (GNO) has remained the only bullish coin besides the various stablecoins.

At the time of writing, the GNO coin was trading at $183.08 with a 3.63% rise in the past 24 hours as the global crypto market cap decreased by 8.15%. But why is Gnosis the only non-stablecoin cryptocurrency in the “green zone” today?

Why is Gnosis price rising?

The main reason why Gnosis is on a bullish trend as the majority of cryptocurrencies dip is because of a post made by MakerDAO about GnosisDAO yesterday.

In the post MakerDAO said:

“The GnosisDAO has submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token. The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year.”

The post by MakerDAO came right on the heels of Karpatkey’s post saying:

“We’ve been working jointly with the MakerGrowth CU and have put together a proposal to have GNO onboarded as collateral at MakerDAO.”

The onboarding proposal was received overwhelmingly by the MakerDAO community owing to Gnosis’ rich experience in the industry and its positive image in the crypto space.

What is Gnosis?

Gnosis, also known as GNO, is the native governance token of the GnosisDAO, launched in 2015 by Stefan George and Martin Koppelmann as part of ConsenSys. It builds decentralized infrastructure for the Ethereum ecosystem.

In November 2021, xDAI and GnosisDAO ecosystems were combined to create the Gnosis Chain, which is an Ethereum-based protocol that uses solid engineering to address scalability issues. The Gnosis Chain uses the xDAI token and it is the associated execution layer EVM chain for stable transactions.

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After a strong rally since the beginning of July 2022, the crypto market is once again under selling pressure. The broad crypto market has been retreating for the last four days with Ethereum price sliding below $1,850.

As of press time, Ethereum (ETH) was trading at $1,843.86 with a 5.46% decline over the past 24 hours. It is worth noting that ETH had gained almost 100% since the beginning of July, rekindling hopes of regaining the $2,000 level especially as the community look forward to the much anticipated Ethereum Merge Upgrade.

According to a digital data scientist at Coen Digital, David Kroger, investors and institutions are already gearing up for the Merge. Kroger sad:

“Institutions have been asking us about the Merge, along with the technicalities and probabilities associated with it for several months now.”

However, Kroger added that some players are already taking profits at the current ETH price and that could be one of the reasons why the Ethereum price is currently dropping.

Is the Merge craze fizzling out?

While the larger Ethereum community has shown support for the Ethereum Merge, some, especially miners, have been working to fork the Ethereum blockchain to continue using the proof-of-work (PoW) version of Ethereum.

Vitalik Buterin has however opposed the idea of forking Ethereum to continue using the PoW consensus mechanism saying that Ethereum will not support the Ethereum PoW after the transition to the PoS model is completed.

Arthur Hayes, the BitMEX CEO, has however cautioned that there could be a short spree for ETH if the Merge does not succeed. He said:

“If the merge is not successful, there will be a negatively reflexive relationship between the price and the amount of currency deflation. Therefore, in this scenario, I believe traders will either go short or choose not to own ETH.”

But he Arthur also said that a successful Merge upgrade would lead to a spike in the ETH price. He said:

“If the merge is successful… traders will buy ETH today, knowing that the higher the price goes, the more the network will be used and the more deflationary it will become, driving the price higher, causing the network to be used more, and so on and so forth.”

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Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has revealed that it wrote off its investment in Celsius. The Quebec-based pension fund had made an investment of $150 million (CAD$200 million) in the embattled crypto lender.

CDPQ manages approximately $303 billion (CAD$392 billion) in assets. It made the revelation of writing off the Celsius investment while giving its six-month (first half of the year) returns report, where the pension fund revealed that it made an average return of -7.9%.

Why did CDPQ write off its Celsius investment?

CDPQ CEO, Charles Emond said that the decision to write off the investment followed quite an extensive due diligence that involved experts and consultants. He also added that the decision was out of prudence saying that the fund had “arrived too soon” while the cryptocurrency sector was in transition.

CDPQ made the Celsius investment last October during a $400 million investment round that was led by the pension fund and WestCap Group.

But in recent developments since the Terra Luna crisis that plunged Celsius into a financial crisis, Celsius has been battling to remain afloat. It even filed for Chapter 11 Bankruptcy in July after halting withdrawals due to worsening market conditions and arising liquidity problems. And in a petition filed by the Law firm Kirkland & Ellis on Sunday shows that the crypto lender (Celsius) could become bankrupt by October.

Celsius currently owes depositors about $2.8 billion in crypto that it is currently holding since halting withdrawals. However, Celsius is currently implementing a restructuring plan that includes setting up another Bitcoin mining plant to ensure it returns to financial stability.

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Floki Inu revealed in a tweet thread that it has once again partnered with ApeSwap to allow its users to purchase its native token FLOKI at a discount via their new sustainable liquidity mining (SLM) program.

The tweet read:

“We’re excited to partner with @ape_swap to allow users to purchase FLOKI at a discount using their new sustainable liquidity mining (SLM) program.”

Floki Inu’s SLM program

Floki Inu’s team revealed that the sustainable liquidity mining program uses yield-bearing NFTs called Treasury Bills. Users can buy these Treasury Bills using Liquidity Provider (LP) tokens and receive FLOKI tokens at a discount.

To create liquidity, users will then be required to sell the Treasury Bills.

The SLM program is designed to allow users to purchase FLOKI tokens at a discount while also providing a way for Floki Inu to create protocol-owned liquidity sustainably and in a cost-effective manner.

To participate in the program, users should visit the Treasury Bill page on ApeSwap and choose “Floki-BNB Bill.” You can then go ahead and create a liquidity protocol by selecting “Get LP.”

The SLM programs provide an opportunity for FLOKI lovers to add to their bags at a discounted price.

It is worth noting that this is the second time that Floki Inu is partnering with ApeSwap for the SLM program.

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