Lưu trữ cho từ khóa: CryptoCurrency

DeFi

Cardano remains in bearish territory despite Chang hardfork

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Cardano has experienced a drop in price despite the Layer-1 blockchain completing its highly anticipated  Chang upgrade.

The Chang hardfork introduces key changes to Cardano, including on-chain voting, Delegate Representatives, enhanced smart contract capabilities, and a new governance structure with cost model improvements. ADA holders can now vote directly on governance issues or delegate their voting power to trusted representatives.

At the time of writing, Cardano (ADA) was down 2.7%, exchanging hands at $0.3335 per price data from crypto.news. The crypto asset’s daily trading volume hovered around $307.4 million while its market cap stood at $11.75 billion.

The latest drop in price comes as, in the past 24 hours, Cardano saw liquidations totaling $731.46K, with the majority being long positions at $698.32K, while short positions accounted for $33.14K. This suggests considerable selling pressure as the token remains in a downtrend.

Technical indicators also indicate that bears are in control, with ADA trading near the lower boundary of its Bollinger Bands, suggesting a potential oversold condition that might lead to a stabilization or minor recovery in price. Nevertheless, the volatility of the market leaves room for further declines.

ADA price, Bollinger Bands and MACD chart – Sep. 2 | Source: crypto.news

The Moving Average Convergence Divergence indicates a strong selling pressure, with the MACD line positioned below the signal line, signaling a likely continuation of the downward trend. Similarly, the Relative Strength Index stands at 38.56, below the neutral threshold of 50, further indicating selling momentum without reaching oversold territory yet.

ADA Aroon and RSI chart – Sep. 2 | Source: crypto.news

Further, the Aroon indicator points to a predominantly bearish trend, with the Aroon Down at a full 100.00%, indicating strong downward momentum, while the Aroon Up is at a lower 35.71%, showing weak upward movements.

However, according to analyst Crypto Yapper, Cardano’s intraday losses are part of a multi-month Falling Broadening Wedge pattern characterized by two descending and diverging trendlines, indicating lower lows and higher highs with increasing volatility over time.

Falling Broadening Wedge pattern emerging on ADA chart | Source: X/Crypto Yapper

Given the nature of the Falling Broadening Wedge, if ADA can break above the upper trendline, it could lead to a sharp reversal, potentially driving the price higher. This volume spike reinforces the possibility of an approaching breakout, making it a critical level for traders to watch closely.

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Theo Crypto News

Bitcoin

Metaplanet taps SBI VC Trade for Bitcoin custody 

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Japanese investment firm Metaplanet Inc. has partnered with SBI VC Trade, a SBI Group subsidiary, to bolster its Bitcoin accumulation strategy.

According to a Sep. 2 announcement, the collaboration is a bid to double down on Metaplanet’s Bitcoin accumulation strategy by engaging with leading industry stakeholders like SBI holdings. 

As a part of the collaboration with SBI Group, Metaplanet will gain access to a corporate custody service focusing on compliance and tax efficiency. Further, the partnership could see Metaplanet using Bitcoin as collateral for financing.

SBI VC Trade is a fully licensed crypto trading platform regulated by the Financial Services Agency of Japan. It offers custody and trading solutions for institutional clients, such as hedge funds, asset managersor, and corporations like Metplanet.

“This aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing,” Metaplanet added.

In subsequent announcements, the firm will disclose the recent partnership’s impact on its “financials or material events.”

Asia’s Microstrategy

The announcement comes as Metaplanet has continued to increase its investments in Bitcoin (BTC) in response to Japan’s economic downturn and the yen depreciation. Notably, the Bank of Japan recently raised its benchmark interest rate from a negative or near-zero range to 0.25% in an effort to strengthen the yen. 

Since going public about what it calls its Bitcoin-first strategy, the firm has acquired 360.368 Bitcoins for roughly 3.45 billion yen, with the most recent purchase made on Aug. 20. 

Previously, the firm disclosed plans to raise $70 million through stock rights offerings and allocate 80% of those funds to buying Bitcoin. Metaplanet’s Bitcoin accumulation strategy has led to it being dubbed Asia’s MicroStrategy. The company’s foray into Bitcoin has also translated into significant growth for its shares, which are up over 662% year to date.

Metaplanet’s methods mimic that of MicroStrategy, the world’s largest corporate holder of Bitcoin. Over the past years, it has accumulated 226,331 BTC and is looking to buy even more by selling its class A shares.

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Theo Crypto News

Altcoin

Vitalik Buterin moves $2m in ETH to multisig wallet 

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Vitalik Buterin transferred 800 ETH (worth $2.01 million) to a multisig wallet on Aug. 30. Shortly after, the multisig wallet swapped 190 ETH for 477,000 USDC.

This is not the first significant transfer by Buterin this month. On August 9, the ETH co-founder moved 3,000 ETH, valued at $8.04 million, to the same multisig wallet.

On June 12, 2023, Buterin transferred 1,000 ETH ($1.85 million) to a different multisig wallet, and in April 2023, Buterin moved 2,500 ETH ($4.6 million) to a cold storage wallet.

These transactions suggest Buterin is consolidating or reallocating funds, possibly for security or strategic purposes, but the precise reasons for the transactions remain unknown. 

In October 2023, Vitalik Buterin posted on the decentralized social platform Warpcast, that he had not sold ETH for personal gain in over five years. 

Instead, he wrote that he often uses his ETH holdings to support various communities and contribute to non-profit organizations. 

For instance, in February 2023, Buterin donated Ethereum to aid victims of the 7.8 magnitude earthquake in Turkey.

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Theo Crypto News

DeFi

Chinese CoinGecko alternative Feixiaohao allegedly under investigation

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China’s largest cryptocurrency market data platform, Feixiaohao, is allegedly facing legal troubles as reports claim its team has been detained by law enforcement.

While the exact details behind the detention remain unclear, a report from Chinese media shared by journalist Coin Wu suggests it could be related to compliance issues or disputes concerning Feixiaohao’s business practices.

According to the report, the Inner Mongolia police have been investigating the platform for over six months, and several key team members are allegedly in police custody. Attempts to contact the representatives of the Shanghai-based platform have also been unsuccessful as reported by multiple sources.

Feixiaohao operated as a data aggregation platform, providing real-time data on various digital assets and exchanges. It generated revenue primarily through listing fees paid by cryptocurrency projects to be featured on the platform, selling advertising space, and entering into promotional partnerships with exchanges and project teams.

However, following China’s crackdown on the cryptocurrency sector, the platform had to cease operations in mainland China, but that did not end its troubles. 

The report states that Feixiaohao was previously scrutinized for promoting shady exchanges and scam tokens, which could have led to the investigation. For instance, in November 2021, Wu highlighted that the platform had advertised the Squid Game token, based on a popular Netflix show, which eventually turned out to be a rug pull.

Currently, a team claiming to be Feixiaohao exists, but the report alleges that this team is not the original. Instead, it is believed to be a new group that acquired access to Feixiaohao’s codebase and is attempting to continue operations using the Feixiaohao brand.

Since labeling cryptocurrency transactions as illegal in September 2021, Chinese authorities have continued to crack down on the broader digital asset ecosystem. In 2023 alone, that nation has witnessed over 42,000 individuals being prosecuted for involvement in fraudulent activities involving cryptocurrencies.

Yet China has continued to witness a rise in crypto-related crimes, as previously reported by crypto.news. 

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Theo Crypto News

DeFi

MUNCAT becomes top gainer in crypto market with a 70% surge

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MUNCAT, a newly launched meme coin based on the Tron blockchain, has jumped 70% over the past day, making it the top gainer in the crypto market.

At the time of writing, MUNCAT (MUNCAT) was exchanging hands at $0.0402, with its daily trading volume up 737%, hovering around $6.98 million, per data from CoinGecko.

According to DEX Tools, MUNCAT’s market capitalization surged to over $38.3 million, with the number of holders surpassing 8,900. The network activity was predominantly bullish, as reflected by the number of buy transactions, which exceeded 993.

The latest surge in MUNCAT comes as the meme coin has secured its listing on several crypto exchanges, including HTX, SunSwap v2, and Poloneix. Deposit services for MUNCAT began on Aug. 29, followed by the opening of trading and withdrawal services on Aug. 30.

MUNCAT was launched on SunPump, the meme coin launchpad on the Tron blockchain. The meme coin integrates charitable giving into its operations by allocating a portion of transaction fees to animal welfare causes.

In addition to MUNCAT’s success, another token, ROCK, has recently emerged as one of the top-performing cryptocurrencies within the SunPump ecosystem. Driven by speculation that Justin Sun had invested in it, ROCK surged nearly 100% on Aug. 28, reaching a high of $0.003375 and achieving a market cap of over $3.3 million.

Meanwhile, data from DeFi Llama shows that the total value locked in the SunPump ecosystem has reached $1.53 million, with annualized fee income climbing to $36.06 million.

Token generation platforms have emerged as highly profitable this year. Despite significant declines in most Pump.fun tokens, the ecosystem has generated over $100 million in fees over the past eight months. These platforms profit by charging fees for token launches and transactions.

Even after the announcement of a partnership with CoinMarketCap, SunPump tokens have continued to drop. This collaboration aims to introduce a new dedicated express support channel for Tron memes. Meanwhile, CoinGecko, CoinMarketCap’s main competitor, has already launched a dedicated page for these memecoins.

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Theo Crypto News

Bitcoin

Fidelity’s FBTC lead $71.73m Bitcoin ETF outflows, Ether ETFs also slide

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Spot Bitcoin exchange-traded funds in the United States experienced their third consecutive day of net outflows, while spot Ethereum ETFs also saw a return to negative flows.

According to data from SoSoValue, the 12 spot bitcoin exchange-traded funds recorded $71.73 million in net outflows on Aug. 29, marking the third consecutive day of outflows.

FIdelity’s FBTC led the lot, logging $31.1 million in outflows on the day — its highest recorded outflows since Aug. 6. Grayscale’s GBTC continued its outflow streak, with $22.7 million leaving the fund, pushing its total outflows to date to $19.78 billion.

Spot Bitcoin ETFs inflow/outflow | Source: SoSoValue

BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, recorded its first net outflows since May 1, amounting to $13.5 million. Despite this, the fund’s total net inflows remain at $20.91 billion.

Other funds, such as Bitwise’s BITB and Valkyrie’s BRRR, saw outflows of $8.1 million and $1.7 million, respectively. Ark and 21Shares’ ARKB was the only spot Bitcoin ETF to report net inflows, bringing in $5.3 million.

The total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.64 billion on Aug. 29, down from $2.18 billion the previous day. At the time of writing, Bitcoin (BTC) was down 0.4% over the past day, trading at $59,342 per data from crypto.news.

Meanwhile, the spot Ethereum ETFs in the U.S. returned to negative flows, recording $1.77 million in net outflows on Aug. 29, following modest inflows of $5.84 million the day before.

Grayscale’s ETHE was the only spot Ethereum ETF to report outflows, losing $5.3 million, which was partially offset by $3.6 million in net inflows into the Grayscale Ethereum Mini Trust. The remaining seven spot Ether ETFs saw no activity on that day.

The total trading volume for the nine ETH ETFs fell to $95.91 million on Aug. 29 from $151.57 million on Aug. 28. At the time of publication, Ethereum (ETH) was also up 0.9%, exchanging hands at $2,529.

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Theo Crypto News

DeFi

Polkadot’s logo to feature on Lionel Messi’s jersey with Inter Miami partnership

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Blockchain network Polkadot will now feature its logo on the football icon Lionel Messi’s training kit as part of a partnership with United States-based football club Inter Miami.

According to a press release shared with crypto.news, Inter Miami players, including football stars such as FC Barcelona legends Lionel Messi and Luis Suárez, will wear training kits featuring the Polkadot logo as part of the club’s new partnership with the blockchain platform, now its global training partner.

The logo will be featured on the front and back of the training tops for players and technical staff, which will be worn during training sessions and pre-match warmups. Inter Miami fans worldwide will be able to see the new kits for the first time on Aug. 31 before an away match with Chicago Fire FC.

Further, as a main partner, Polkadot’s branding will also be featured in signage across the Chase Statium, the football club’s home ground. Polkadot will also engage the club’s fanbase via interactive fan zone activities as a part of the deal.

Chrissy Hill, CLO & interim COO of Parity Technologies, the blockchain infrastructure firm behind Polkadot, said the project’s sponsorship of Inter Miami aligns with its commitment to the future of entertainment.

Introduced in 2020, Polkadot is a sharded multi-chain network co-founded by Ethereum co-founder Gavin Wood. The project aims to connect multiple blockchains via its central Relay Chain, which ensures shared security and consensus. This design allows independent blockchain networks, known as parachains—customizable blockchains with their own specific features and functionalities—to operate in parallel and communicate with each other, enhancing interoperability and scalability across the entire network.

The recent partnership follows Polkadot’s sponsorship deals with Indy 500 driver Conor Daly and gaming company Mythical.

Polkadot uses a decentralized governance model where the community votes on how treasury funds are allocated, including marketing expenditures and sponsorship deals. While the amount spent on the recent sponsorship remains undisclosed, the arrangement aligns with the network’s past marketing initiatives.

Earlier this year, the crypto community criticized Polkadot’s marketing practices after the project’s H1 2024 report disclosed spending roughly $37 million in the first half of 2024 on marketing rather than crucial ecosystem-building initiatives.

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Theo Crypto News

Altcoin

Ethereum ETFs outpace Bitcoin, but new entry BitNance offers an alternative

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As Ethereum ETFs gain traction and Bitcoin loses momentum, investors are turning to new and emerging tokens.

We’re a month into the launch of Ethereum ETFs and current data shows that Ethereum is gradually making headway in the ETF space. Meanwhile, Bitcoin ETFs have lost some of the momentum they initially had. Numbers wise, however, Bitcoin still has the upper hand with $49 billion in assets, while Ethereum ETFs have only managed around $7 billion. 

Yet, despite all of this push, BTC’s price has further dipped in the past 24 hours, landing at $59,377 at press time. This decline is driving investors to venture into new and unexplored corners of the crypto space. Among new players is an interesting new low-supply token — BitNance. 

BitNance (BTN) is a store-of-value token that runs on the BNB Smart Chain (BSC). It has a token supply of 10 million tokens, out of which 5.6 million has been allocated for its presale. 2.75 million is reserved for centralized exchanges and the rest of the supply will be used as initial liquidity on listing day. This gives early investors and adopters the chance to boost their earnings before it is for sale to the masses.

The current presale price of a token is fixed at $0.357. However, the expected price once the token is listed on exchanges is forecasted to be $0.465. 

While some projects explore dynamic supply mechanisms to navigate market fluctuations, BTN adopts a more conservative approach, limiting supply to less than 11 million coins. This is similar to Bitcoin’s original whitepaper design and it’s an effort to establish long-term stability despite the market’s notorious volatility. For this reason, there are several analysts calling BTN the new “Bitcoin on Binance Blockchain.” 

But this is not the only reason for this comparison. Like Bitcoin, it is a fully decentralized network that lets investors trade and transact with no central authority. The founders of BitNance have renounced control over contracts. Moreover, similar to Bitcoin, BitNance aims to be not just a cryptocurrency, but also a store of value and a hedge against inflation. 

With BitNance’s report of 60,000 tokens sold in its presale, this new coin is on the radar of analysts and investors. The BitNance team also hints that there could be a crypto product with BTN as the native coin during its presale’s final days. 

All this shows that the BitNance project is definitely exciting. But only time will tell if it’s worth the hype. New projects, especially those with low supply like BTN, can be highly volatile. Investors must be extra cautious when parting with their money.

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Theo Crypto News

Công nghệ

LINE messenger to introduce mini dApps via Kaia blockchain

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Japanese messaging giant LINE is gearing up to introduce mini-decentralized applications on its messaging app in collaboration with the Kaia DLT Foundation, a UAE-based organization that supports the Kaia blockchain.

According to an announcement on Aug. 29, mini dApps will be introduced as part of the Kaia Wave, an initiative launched by the Kaia DLT Foundation to support Web3 developers. 

The Kaia DLT Foundation was introduced as an independent body following a merger between two prominent blockchain projects, from Line and South Korean tech giant Kakao. Its purpose is to oversee the governance and management of the layer-1 EVM-based Kaia blockchain, which combines Line’s Finschia blockchain and Kakao’s Klaytn blockchain.

Kaia Wave was announced alongside the mainnet launch of the Kaia chain. The blockchain network is integrated with Kakao’s Kakaotalk platform and LINE’s LINE messengers, boasting a cumulative user base of over 250 million users.

With the Kaia Wave initiative, the Kaia DLT Foundation plans to incentivize developers to build mini dApps tailored to LINE’s extensive user base in countries like Japan, Taiwan, Thailand, and Indonesia. Developers would use Kaia’s NEXT WEB software development kit to create the mini dApps that would launch within the LINE Messenger.

The foundation is collaborating with LINE NEXT, the Web3 unit of LINE Corporation, as a part of the builders program.

“Through the Kaia Wave project, LINE NEXT will focus on delivering a more efficient Web3 platform for builders and improving accessibility and convenience for users.”

Young-su Ko, CEO of LINE NEXT

LINE plans to tap into the growing trend of integrating blockchain-based applications directly within messaging platforms pioneered by its competitor, Telegram. The messaging giant introduced support for what it calls ‘Telegram Mini Apps’ in 2023 and later allowed developers to integrate these applications with The Open Network blockchain.

Telegram’s popularity surged even further with the introduction of play-to-earn games that incentivize users with tokens launched on the TON blockchain, with projects like NotCoin (NOT) and Hamster Kombat amassing millions of users.

Subsequently, the messaging app has also introduced a mini app store to make it easier for its approximately 950 million users to access the Web3 space.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News