Lưu trữ cho từ khóa: CryptoCurrency

Phân tích

REDO token spikes 159% in three days following Durov’s arrest

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REDO token spikes 159% in three days following Durov’s arrest

The Resistance Dog token, a Ton-based asset, has seen a remarkable surge on the back of increased social media interest following the arrest of Telegram founder Pavel Durov. 

On Aug. 25, Resistance Dog (REDO) experienced a sharp breakout from a symmetrical triangle pattern, with its price skyrocketing over 100% in a single day. 

This surge was triggered by an outpouring of support from the crypto community, particularly after the Ton X account changed its display picture to REDO’s logo to show solidarity with Durov. CoinGecko also changed the Ton icon to REDO’s logo.

Interestingly, many crypto community members followed suit, triggering a rise in REDO’s social dominance. The gesture symbolized a stand against censorship, which REDO embodies, and resonated with the community that views Durov’s arrest by French authorities as an act of suppression.

Technically, the chart shows that the REDO crypto token price broke out from a narrowing symmetrical triangle formation — a bullish continuation pattern — indicating strong upward momentum. 

REDO 1D chart – Aug. 27 | Source: Trading View

The breakout was followed by a swift rise in price, reaching as high as $0.9 on Monday, before retracing slightly. The three-day rally, which has triggered a 159% increase, shows significant volatility and heightened trading interest.

However, the recent pullback shows a retest of the triangle’s upper boundary, which could serve as a support level. If the price holds above this support, further gains could be on the horizon, with potential targets at the recent highs near $0.9 and beyond.

REDO’s uptrend contrasts TON’s collapse in response to Durov’s arrest. The REDO Keltner Channel, which envelopes the price based on volatility, shows that REDO’s price has broken above the upper band, suggesting an overbought condition. 

Also, the Commodity Channel Index is currently at 174.98, confirming the overbought condition. This could imply a short-term consolidation or a slight correction before resuming its upward trend. 

Notably, REDO may face a temporary cooldown, giving the market time to digest the recent gains. At the reporting time, the REDO token has gained by another 3% this morning, currently changing hands at $0.6360.

REDO’s market cap is hovering over the $65 million mark at the reporting time.

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Theo Crypto News

Phân tích

Santiment: Litecoin’s small traders’ exit could signal bullish rebound

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Litecoin has been struggling with a significant price drop and reduced social interest, but a recent sell-off by small traders could hint at a market turnaround.  

Litecoin (LTC), ranked 25 in terms of market capitalization, has had a poor run recently, with data from crypto behavior analysis platform Santiment showing it lost more than 36% of its value in the last three months.

Further compounding that, the coin has been getting very little attention on social media and online crypto forums, reflecting reduced interest from the community. This has culminated with more than 45,000 wallets holding between 0.1 and 1 LTC reportedly exiting their positions in the last 24 hours.

According to Santiment, that number is the highest drop in LTC small holders in a 24 hour period since October 2022. While this means that many small investors have decided to give up on Litecoin, Santiment analysts have suggested that it could be an indication of an upcoming bullish phase for the coin.

Analysts on the platform suggest that when weaker hands sell off their cryptocurrency, the remaining investors tend to be more confident, which can lead to price recovery.

A recent analysis by TradingView user Jasminex1x2 seems to give credence to Santiment’s assertions. The trader suggested that prevailing market trends could potentially create a favorable environment that could push the price of LTC to new highs in the near future. 

Data from crypto.news shows that at the time of this writing LTC was priced at $63.49, a 1% drop from its Aug. 26 position. Furthermore, the price represented a 5.2% loss across seven days, and a more severe 9.6% plunge over one month.

Litecoin price chart, May 1-Aug. 27: Source: crypto.news

Interestingly, since the Aug. 5 crypto crash triggered by a less than ideal U.S. jobs report, LTC was one of the few cryptocurrencies that held a steady uptrend with no major price drops.

At the time, market watchers suggested that the price action could have been as a result of consistent buying pressure around the coin. Furthermore, Litecoin’s on-chain activity has doubled in the last year per data from IntoTheBlock. It grew from 196 million LTC moved on-chain, to more than 412 million LTC in the first two weeks of August.

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Theo Crypto News

DeFi

Helium up 14% in last 24 hours, defying broader market slump

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HNT, the native token of the Helium network, is leading the surge among the top 100 cryptocurrencies today, outperforming other altcoins that are mostly in decline.

On Aug. 27, the price of Helium (HNT) soared 14% to $7.17, while the crypto asset’s market cap surpassed the $1.6 billion mark. Following the price surge, HNT’s daily trading volume increased by 160%, reaching $31 million.

The latest jump in HNT’s price comes as a community call is set for Aug. 28 at 16 UTC to provide updates and debates on the Helium Network. The monthly event brings together developers, hotspot owners, and community members to discuss protocol governance and other Helium ecosystem-related concerns.

The call will take place on Helium’s discord channel.

Recent talks in the crypto space have focused on Helium‘s potential to transform wireless infrastructure. Traditionally, large carriers had to build more cell towers to increase coverage, which required a significant capital expenditure. Helium, on the other hand, provides a novel technique for increasing wireless coverage through a decentralized network of mobile nodes.

The network is apparently in contact with two big US carriers who are testing offloading their traffic to the MOBILE network. Carrier 1 has around 185,000 customers, and Carrier 2 has over 122,000 users taking part in the trial.

If effective, the carriers might save money and provide greater coverage, whilst Helium would gain from increased traffic and funds flowing to hotspot providers.

According to its statistics page, Helium MOBILE has about 20,000 active hotspots, while its IoT solution has 360,000 locations, and the figures are growing.

Coinglass data shows that the HNT total open interest has jumped by 65% to $6.71, showing a rise in trader interest in the altcoin, thus suggesting that new money is supporting the upward price rally.

Data from the market intelligence platform also shows that the total funding rates aggregated by HNT are hovering at 0.0049%, indicating traders’ bullishness on WIF’s price hike.

The Relative Strength Index is currently at 58.82, suggesting that there might be room for the price to go up before it’s considered overvalued. The Stochastic RSI, another indicator, also shows that Helium is underbought at the moment.

HNT price, RSI and Stoch RSI – Aug. 27 | Source: crypto.news

Both indicators suggest that HNT’s price might still see a significant rally before it reaches an overbought zone upon which the token might face a reversal.

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Theo Crypto News

Bitcoin

Crypto ATM provider CoinFlip expands to Mexico

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United States-based cryptocurrency ATM provider CoinFlip has expanded to Mexico as a part of its global expansion plans.

According to a press release shared with crypto.news, CoinFlip has deployed its cryptocurrency ATMs across Mexico, marking the Latin-American nation as its eighth international market. The rollout of these ATMs will span 20 locations across Mexico City, targeting high-traffic areas like shopping centers and coffee shops.

The company’s CEO, Ben Weiss, described the move as the “next logical step” for CoinFlip, adding that it would offer Mexicans a “convenient, secure and easy way” to access cryptocurrencies. 

CoinFlip’s entry into Mexico completes its expansion plans in North America, following its entry into Canada in 2022. The firm also offers services in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with its biggest market being the United States.

Coinatmradar ranks CoinFlip as the second-largest crypto ATM provider, with a network of over 5,200 machines installed globally. However, the announcement states that it ranks first in terms of transaction volume.

CoinFlip offers crypto ATMs, also called kiosks, with touchscreen interfaces that allow users to buy and sell cryptocurrency directly using cash. These machines feature a QR code scanner for the user’s wallet address, enabling the funds to be credited to the wallet without typing out lengthy wallet addresses. 

Besides Bitcoin, the ATMs also support other cryptocurrencies like ETH, DOGE, LTC, XLM, LINK and stablecoins like USDC, USDT and PAXG.

CoinFlip also has plans to expand outside of Mexico City throughout 2024.

A crypto hotspot

According to CoinFlip, citing a 2023 Chainalysis report, Mexico ranks 16 in the Global Crypto Adoption Index. Alejandro Bravo, Country Director of Mexico for CoinFlip expects “a significant uptick in cryptocurrency ownership in the Mexico market.”

At the time of publcation, Mexico housed at least 86 Bitcoin ATMs, with most in its capital, Mexico City. In 2022, the nation made headlines after a Bitcoin ATM was installed in the senate building by the Party of the Democratic Revolution.

On the global front, the number of crypto ATMs have dropped to a total of 38,789 down from an all-time high of nearly 40,000 recorded in December 2022. The drop coincides with a surge in frauds and scams involving crypto ATMs that has drawn regulatory attention.

On Aug. 20, Germany’s financial watchdog BaFin seized 13 crypto ATMs, citing a lack of necessary licensing and concerns around money laundering. The regulator has warned that ATM operators who fail to comply with local regulations could face up to five years of jail time.

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Theo Crypto News

Bitcoin

Semler Scientific expands Bitcoin portfolio with $5m purchase

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Semler Scientific has expanded its Bitcoin holdings to over 1,000 BTC, signaling continued confidence in the crypto as a strategic investment.

Semler Scientific, a medical tech company, is intensifying its Bitcoin strategy with the purchase of an additional 83 (BTC) for $5 million, raising its total holdings to 1,012 BTC at a cumulative cost of $68 million, including fees and expenses.

In a Monday press release, Aug. 26, the Santa Clara-based healthcare technology company, which specializes in chronic disease management solutions, said it had made the purchase primarily using cash from operations, supplemented by funds raised through its at-the-market equity program.

“We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of Bitcoin ETF assets under management.”

Eric Semler, chairman of Semler Scientific

Semler Scientific keeps buying Bitcoin

Semler Scientific’s initial foray into Bitcoin occurred in late May, when the company announced the acquisition of 581 BTC for $40 million.

At the time, Semler emphasized Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” citing its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty. Additionally, Semler also said at the time that the company believes that Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”

With the latest transaction, Semler Scientific ranks 17th spot in the list of top public companies all over the world that hold Bitcoin on their balance sheet, surpassing American Bitcoin mining company Bit Digital, Inc., per data from Bitcoin Treasuries.

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Theo Crypto News

Pháp Lý

KUNA founder: Ukraine’s central bank ‘killed’ local crypto market

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Michael Chobanyan, founder of KUNA, claims Ukraine’s central bank has effectively “killed” the local cryptocurrency market, prompting him to shift his focus to Europe.

According to Michael Chobanyan, founder of the KUNA crypto exchange, the crypto market in Ukraine is dead rather than alive. In an interview with Ukrainian news media Delo.ua, Chobanyan blames the National Bank of Ukraine for effectively “killing” the local crypto market. He criticized the central bank’s restrictive policies, which he claims have devastated the industry.

The founder described the current state of the Ukrainian crypto market as devastating, attributing the decline to the national bank’s stringent restrictions on crypto transactions in hryvnias, the country’s currency. Implemented over two years ago, the regulations have significantly curtailed market activity, leaving transactions limited primarily to cash, which presents logistical and security challenges.

“Therefore, until the Ukrainian economy begins to grow, we shouldn’t expect the crypto market to recover.”

Michael Chobanyan, KUNA founder

In response to the stagnant conditions in Ukraine, Chobanyan is shifting his focus to Europe. He is targeting the upcoming Markets in Crypto-Assets (MiCA) regulations as a promising opportunity. Chobanyan’s European venture, KUNA Pay, aims to capitalize on these new regulations by offering crypto payment processing and tax solutions.

According to Chobanyan, the KUNA Pay team is preparing for the launch of the digital euro between 2026 and 2028. By then, the team plans to establish a substantial network of merchants across the European Union and expand their offerings into other regions. Despite the challenges in Ukraine, he remains optimistic about the potential for growth in Europe, where he is preparing to expand KUNA’s operations to meet new market demands.

Since March 2023, Ukrainian banks have ceased processing requests to convert crypto to Ukrainian hryvnias and vice versa, citing technical difficulties. Subsequently, local news reports suggested that the crypto market might face crackdowns related to the Ukrainian government’s broader campaign against the gambling industry.

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Theo Crypto News

Phân tích

WLD’s 40% dive in 30 days puts 92% of holders at loss

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Worldcoin has been struggling over the past month with an increased number of holders at a loss, but new addresses seem to be growing.

Worldcoin (WLD) has recorded a 40% plunge over the last 30 days and dived to an 11-month-low of $1.36 on Aug. 5, per data from crypto.news. While the broader cryptocurrency market recovered some of its losses, WLD continues to struggle.

WLD price and network activity – Aug. 21 | Source: Santiment

WLD declined by 2.7% in the past 24 hours and is trading at $1.53 at the time of writing. Following the monthly decline, the asset lost its seat among the leading 100 cryptocurrencies and is currently sitting at the 103rd spot with a total market cap of $560 million.

According to data provided by Santiment, the number of Worldcoin daily active addresses increased by 19.2% over the past day — currently at over 330,000. Moreover, the number of new WLD addresses created per day has also increased by 133% since Aug. 18 — rising from 4,900 to 11,500, showing increased interest from new users despite the asset’s price fall in a month.

WLD addresses in profit and at loss – Aug. 21 | Source: IntoTheBlock

The data also shows that the number of whales holding between 1 million and 10 million WLD tokens surged from 14 to 18 over the past month. With the latest price dynamic, over 92% of the WLD holders are currently at a loss, per data from IntoTheBlock.

More than 4,000 addresses have accumulated the asset between $7.9 and $10.6, according to ITB. At this point, only 2% of the WLD holders are in profit and the remaining addresses are in a neutral zone.

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Theo Crypto News

Pháp Lý

The Democrats are ignoring crypto — is that a good thing?

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Crypto wasn’t mentioned once as the Democrats set out their priorities for the next four years, but some argue this indicates that Biden’s aggressive crackdown will end.

The 2024 Democratic National Convention kicked off in Chicago yesterday and will see Kamala Harris formally confirmed as the party’s presidential nominee.

In recent days, there have been murmurings that her campaign was gearing up to adopt a more open stance toward crypto regulation, in contrast to Joe Biden’s aggressive clampdown.

Groups such as Crypto4Harris have popped up, with senior Democrats and entrepreneurs arguing that Donald Trump doesn’t have a monopoly on proposing literate policies.

During a virtual town hall, Senate Majority Leader Chuck Schumer even declared that crypto legislation can be passed this year — ending years of paralysis in Congress.

So as the DNC kicked off, with the likes of Joe Biden and Hillary Clinton gracing the podium, there was some optimism that digital assets might get a fleeting mention.

All was going well until the Democrats set out their priorities for the next four years in an official 92-page document, which failed to mention crypto at all. 

This will be a disappointment to ardent believers who firmly believe in this industry’s potential, but don’t want Trump to secure a second term in the Oval Office.

There was further panic when rumors started to circulate that Gary Gensler, who has been accused of “regulation by enforcement” during a controversial stint as SEC chair, could be tapped as the next treasury secretary if Harris wins in the fall. 

Custodia Bank CEO and Bitcoin supporter Caitlin Long poured cold water on those reports by declaring that this speculation is false — and given how this would have swayed the decision of anyone voting based on crypto alone, that’s probably a good thing.

Given crypto’s omission from the agenda, it would be easy to assume that American investors should just expect more of the same: gray areas, inconsistency, and a flight of top talent to rival economies that are more open-minded to digital assets.

But weirdly, many BTC-holding Democrats have been seeking to argue that this is a good thing — and could actually herald a reset when it comes to how crypto is treated by legislators.

A ‘damn good’ pivot

Crypto analyst Adam Cochran believes that the absence of digital assets from the party platform may indicate more of a hands-off approach — and an end to “anti-crypto rhetoric.” 

He pointed to how some Democrats, including Senator Elizabeth Warren, had been lobbying for a much more aggressive stance against crypto, but there are growing signs that the party is now heading in another direction.

Cochran said that there would have been cause for alarm if the party platform had pushed for the SEC to have greater powers, an outright ban on crypto, or a “formal chokepoint strategy” designed to make trading impractical for consumers and businesses alike. He wrote on X:

“Crypto doesn’t need government handouts to succeed. It needs a non-hostile environment. Proactive and supportive policy is great, but it also takes time to develop.”

Not everyone agrees with his analysis here — with some arguing that complete silence on this issue doesn’t mean that things will change for the better.

The Bitcoin Voter Project, which has been established by a number of prominent U.S. mining firms, went on to claim that “the Democrats are missing a huge opportunity to energize and activate millions of left-leaning Bitcoiners.” 

Sure, crypto was worth a mention at some point in a 92-page party platform. But you could argue that Harris may have bigger fish to fry. Global wars are raging and fears are growing around climate change — with economic uncertainty and housing shortages a major concern. Given that the total crypto market cap stands at $2.2 trillion, which is less than 10% of America’s annual GDP, does the industry have an overinflated view of how much attention it deserves?

What’s more, it’ll be interesting to see how much crypto ends up swaying Americans in the ballot box come November. From education to the economy, healthcare to gun control, immigration to abortion, there are many challenges facing the country — and it seems naive to think that many Bitcoiners will cast votes based on this issue alone.

Between now and Thursday, it seems there will be little for the crypto industry to look forward to on stage in Chicago. But given how unpredictable and dramatic the race has already been, a lot can change over the next 76 days.

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Theo Crypto News

Pháp Lý

Examining crypto Wall Street ties: The good and the bad | Opinion

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On August 5, 2024, a cascade of opposing political and economic news triggered a massive drop in both US and Asian markets. This was swiftly followed by a sharp decline in the cryptocurrency market, which saw its total capitalization plummet by 12% within 24 hours. The broad stock selloff, driven by concerns over the economic outlook and escalating geopolitical tensions, intensified market volatility and dampened investor sentiment across the board, spilling over into the crypto market.

The recent market turbulence is a stark reminder of the growing interdependence between cryptocurrency and traditional financial markets. As cryptocurrencies gain mainstream acceptance and attract significant institutional capital, the lines between these markets are becoming increasingly blurred. While beneficial in many ways, this interconnection also means that tradfi shocks reverberate through the crypto space with greater intensity and speed.

The double-edged sword of institutional capital

The crypto industry has undoubtedly seen a significant influx of institutional capital in recent years. Still, this development has been a double-edged sword. On the one hand, the entry of institutional investors has driven crypto’s mass adoption and contributed to the industry’s maturation. On the other hand, it has also created a stronger correlation between the crypto and tradfi markets. When the stock market crashes, the crypto one often follows suit. 

Institutional capital has brought legitimacy and credibility to the cryptocurrency market. Financial giants and large investment funds entering the space have injected substantial liquidity and enhanced the industry’s image as a viable investment option. This influx has facilitated the development of sophisticated financial products and services—crypto futures, options, and ETFs, which have further integrated cryptocurrencies into the broader financial ecosystem.

However, this integration comes with its own set of challenges. The increased participation of institutional investors means that the crypto market is no longer insulated from the broader economic and geopolitical forces that drive traditional markets. When there is a broad stock selloff, as we witnessed recently, the ripple effects are felt in the crypto market as well due to this interconnectedness that amplifies the volatility and susceptibility of the crypto market to external shocks.

Monetary policy: The invisible hand shaping crypto prices

Monetary policy shifts, particularly changes in interest rates, profoundly impact cryptocurrency prices. The recent bets on US interest-rate cuts have sparked discussions about their potential positive effects on the crypto market. Historically, monetary tightening has posed significant challenges for the crypto industry. The recent significant liquidations in crypto bets serve as a stark reminder of this dynamic. When interest rates rise, liquidity tends to tighten, leading to a contraction in the availability of capital for investment in riskier assets like cryptocurrencies.

When central banks lower interest rates or engage in quantitative easing, the resulting increase in liquidity can flow into higher-risk assets, including cryptocurrencies. This influx of capital can drive up crypto prices as investors seek better returns than traditional assets. Conversely, when central banks shift towards monetary tightening to curb inflation or stabilize the economy, the reduced liquidity and higher borrowing costs can lead to a pullback from riskier investments, including crypto.

The recent market crash underscored this monetary policy impact. As central banks around the world grapple with inflationary pressures and the need to stabilize their economies, their policy decisions have direct and immediate consequences for the cryptocurrency market. Investors need to stay attuned to these developments and understand how shifts in monetary policy can influence market dynamics.

The inevitable crises and why we need to prepare

Despite the challenges, the crypto industry needs institutional capital to continue its growth trajectory. Institutional investments bring financial resources, legitimacy, and a broader acceptance of cryptocurrencies as a viable asset class. However, this reliance on institutional capital still means that the crypto market is increasingly influenced by the same factors that drive the tradfi ones. This growing connection highlights the inevitability of crises like the one we are currently experiencing—and also presents an opportunity for the crypto industry to evolve and mitigate the impact of such crises.

The crypto market’s susceptibility to external shocks is not inherently negative. It reflects the maturing nature of the industry and its integration into the global financial system. Still, it requires a more sophisticated approach to risk management. Crypto firms must recognize the interconnected nature of financial markets and prepare accordingly.

Strategies for resilience

One approach to enhancing the crypto industry’s resilience is the creation of reserve funds. Setting aside funds during stability periods can create a buffer to cushion the impact of market downturns—a concept akin to the tradfi practice of maintaining reserves. 

Reserve funds act as a financial safety net, providing liquidity during periods of market stress. Proactive reserves management lets firms weather short-term volatility without resorting to panic selling or other reactionary measures that could exacerbate market downturns.

Another critical measure is implementing proof-of-reserve mechanisms to demonstrate a commitment to transparency and accountability. These mechanisms involve third-party audits and regular reporting to ensure that firms maintain adequate reserves to cover their liabilities. This transparency reassures investors that their assets are secure and that the firm is operating in a financially sound manner.

As we look forward, it is clear that the relationship between the crypto and tradfi markets will only deepen. The key lies in our ability to adapt and implement measures that will maintain the long-term stability and resilience of the crypto industry. The integration of institutional capital into the crypto market is both a blessing and a curse. It drives the industry’s growth and maturation but also ties it more closely to the tradfi markets, making it vulnerable to the same economic and geopolitical forces. 

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Theo Crypto News