Connect with us

Cryptocurrency

Crypto Flipsider News – MATIC Gains 27%, Citi Custodial Service, Binance Zero Fee, Canada Penalizes Exchanges, e-Commerce Looks to NFTs

Published

on


Crypto Flipsider News – MATIC Gains 27%, Citi Custodial Service, Binance Zero Fee, Canada Penalizes Exchanges, e-Commerce Looks to NFTs

Read in the Digest:

  • Polygon (MATIC) Jumps 27% After Achieving Carbon Neutrality, Bitcoin Falls Back to $20k
  • Citibank Partners with Metaco to Launch Crypto Custody for Institutions
  • Binance.US Introduces Zero-Fee Bitcoin Trading, Coinbase (NASDAQ:COIN) Discontinues Coinbase Pro
  • Canada’s Ontario Securities Commission Bans KuCoin and Fines Bybit
  • eBay (NASDAQ:EBAY) Acquires NFT Marketplace, Shopify (NYSE:SHOP) Launches Marketplace, and Token-gated Stores

Polygon (MATIC) Jumps 27% After Achieving Carbon Neutrality, Bitcoin Falls Back to $20k

Polygon (MATIC), the popular Ethereum layer-2 scaling solution, has achieved carbon neutrality, a balance between emitting and absorbing carbon.

The announcement has given MATIC a big price boost. Over the last 24 hours, MATIC has gained 27% to peak at $0.5121, a new 10-day high. Polygon’s rally makes MATIC the biggest gainer in the top 100 cryptos ranked by market cap over the last 24 hours.

The 24-hour price chart of Polygon (MATIC). Source: CoinMarketCap

On Polygon’s (MATIC) journey to carbon neutrality, the crypto has become a whale favorite. On-chain data shows that whales holding between 10k and 10m MATIC have increased their holdings by an average of 8.7%.

As MATIC rallied, the world’s biggest crypto, Bitcoin, recorded a dramatic trend change. Bitcoin, which traded as high as $21k on Wednesday, fell drastically, hitting an interday low of $19,848.08.

The 48-hour price chart of Bitcoin (BTC). Source: CoinMarketCap

Bitcoin registered its decline just after Glasnode reported that whales had dumped over 50,000 BTC between June 20 and 21. Bitcoin is now picking up momentum, trading at $20,630 on the back of a 0.4% gain over the last 24 hours.

Flipsider:

  • Popular crypto analyst Rekt Capital has predicted that if Bitcoin fails to sustain bullish pressure above the 200-week moving average, the price could drop lower.

Why You Should Care

The achievement of a carbon-neutral status by Polygon could inspire other crypto projects to do the same, reducing their impact on the environment.

Citibank Partners with Metaco to Launch Crypto Custody for Institutions

American banking powerhouse Citibank announced its partnership with Metaco, a Switzerland-headquartered cryptocurrency custody firm, to establish a crypto custodial service for institutional investors.

The partnership aims to merge Metaco’s technology and digital solutions with Citibank’s extensive custody network to form a platform that would allow customers to securely hold and settle digital assets like Bitcoin (BTC).

Citibank, which manages over $27 trillion in assets under custody, will integrate METACO’s bank-grade digital asset custody and orchestration platform and “harmonize” it into its existing infrastructure to develop its digital asset custody platform.

Flipsider:

  • The crypto market crisis has led to the rapid devaluation of crypto firms and the demise of crypto hedge fund Three Arrows Capital.

Why You Should Care

The increasing digitization of traditional investment assets and new native digital assets led Citibank to launch the service.

Binance.US Introduces Zero-Fee Bitcoin Trading, Coinbase Discontinues Coinbase Pro

Binance.US, the American affiliate of the biggest crypto exchange, has announced that it will begin offering zero-fee Bitcoin (BTC) trading on its platform. Binance.US was already known for offering some of the lowest fees.

Binance.US CEO Brian Shroder explained that implementing zero-fee trading generates positive user sentiment for the exchange. Binance.US revealed that it would add more tokens to its free trading category over time.

Major Binance competitor, Coinbase, has announced its intention to suspend Coinbase Pro, an advanced trader-focused service, by the end of the year. Coinbase Pro will be replaced by Advanced Trading on the main Coinbase app.

All Coinbase Pro users will be migrated back to Coinbase. In addition, the new Advanced Trade option is now live for desktop Coinbase.com users, with mobile app integration expected in the coming weeks.

Flipsider:

  • As Coinbase Pro users complain about the suspension of services against the backdrop of falling crypto prices, shares of Coinbase Global (COIN) have fallen more than 9% over the last 24 hours.

Why You Should Care

Crypto exchanges Binance.US and Coinbase are increasing the appeal of their services as they seek to gain a competitive advantage and attract more users.

Canada’s Ontario Securities Commission Bans KuCoin and Fines Bybit

Canada’s top financial regulator, the Ontario Securities Commission (OSC), has levied penalties on crypto exchanges, KuCoin and Bybit, for operating non-compliant platforms that allowed Ontario residents to trade unregistered securities.

In March, the OSC warned exchanges offering derivatives or securities trading in Ontario that they must contact the OSC or face enforcement action. The warning included an April deadline.

For failing to comply with Ontario securities law, the OSC slammed Bybit Fintech Limited (Bybit) with a $2,468,910 fine and an additional CAD 10,000 towards the OSC investigation cost.

The enforcement action against KuCoin was less friendly. The exchange received a CAD 2,000,000 fine and a further fee of $96,550.35 towards the OSC investigation costs. In addition, KuCoin was permanently banned from operating in Ontario, Canada.

Flipsider:

  • Bybit was praised by the OSC for maintaining an open dialogue, providing requested information, and engaging in registration discussions.

Why You Should Care

With the increase in regulatory oversight, the approaches of KuCoin and Bybit could be representative of what exchanges get from regulators.

eBay Acquires NFT Marketplace and Shopify Launches Marketplace and Token-Gated Stores

eBay, one of the world’s oldest e-commerce platforms popular for auctioning, has made its biggest move yet into the world of digital collectibles with the acquisition of the NFT marketplace, KnownOrigin.

eBay, which started allowing NFT sales on its site last year, has acquired KnownOrigin to attract a new wave of NFT creators and collectors. The exact value of the deal concluded on June 21 hasn’t been disclosed.

Another leading e-Commerce platform, Shopify, has released some new crypto features allowing consumers and merchants to connect through their crypto wallets. A key highlight of the launch is token-gated stores.

Token-gated stores and brands can now release tokens and NFTs to their fanbase on Shopify. In addition, Shopify has an NFT feature allowing creators to directly mint and sell their NFTs from the blockchain and onto the online store.

Flipsider:

  • The bearish market has led to the decline in the floor prices of NFT collections, with Bored Ape dropping by 25% in a day as Bitcoin fell under $20k.

Why You Should Care

E-commerce platforms eBay and Shopify have recognized the potential of NFTs as the future of digital arts and e-commerce.

Continue reading on DailyCoin

Cryptocurrency

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

Published

on


‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

“It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Published

on


Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.

Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.

BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi Digital
ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi Digital
BTC/USD weekly price vs. 14-week RSI. Source: Delphi Digital
BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi Digital
Crypto Fear & Greed Index. Source: Alternative
BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi Digital
BTC/USD price vs. percentage of supply in profit. Source: Delphi Digital

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Published

on


Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.

Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView
SHIB/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView

Continue Reading on Coin Telegraph

Continue Reading

News

Economy8 mins ago

Asia stocks edge down after Wall Street falls; oil rises

© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic...

World8 mins ago

Rescuers dig for survivors of Russian missile strike on Ukrainian shopping mall

5/5 © Reuters. Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia’s...

Sports & General8 mins ago

Dozens of migrants found dead in truck in San Antonio

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Economy8 mins ago

Japan says hard to confirm impact from Russia’s debt default

© Reuters. FILE PHOTO: Japan’s new Finance Minister Shunichi Suzuki wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak,...

World8 mins ago

Russian missile strike kills 16 in shopping mall, Ukraine says

2/2 © Reuters. Ukraine’s President Volodymyr Zelenskiy attends a working session of G7 leaders via video link, as Russia’s attack...

Stock Markets8 mins ago

Asian Stocks Down as Oil Rises on Tight Supply Concerns

© Reuters By Zhang Mengying Investing.com – Asia Pacific stocks were mostly down on Tuesday morning after Wall Street fell...

Commodities38 mins ago

U.S. hostage envoy visits Venezuela for talks about jailed Americans-official

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General38 mins ago

Mexican consul en route to Texas site where migrants found dead in trailer

© Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in San...

Economy38 mins ago

Euro gains traction ahead of inflation data, dollar steadies

© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7,...

Sports & General1 hour ago

At least 40 people found dead in truck in San Antonio – source

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Commodities2 hours ago

Venezuelan officials meet US delegation, Maduro says

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General2 hours ago

Twenty people found dead in truck in San Antonio, local media report

© Reuters (Reuters) – At least 20 people were found dead inside a trailer truck in San Antonio, Texas, local...

Stock Markets2 hours ago

China Evergrande faces winding-up lawsuit for $110 million deal obligation

© Reuters. The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021....

Stock Markets2 hours ago

Heineken to expand Mexico operations with $90 million plant

© Reuters. FILE PHOTO: Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. REUTERS/Daniel Becerril/File...

Cryptocurrency3 hours ago

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau For Maurice...

Stock Markets3 hours ago

U.S. commerce secretary presses lawmakers to greenlight $52 billion for chipmaking

© Reuters. FILE PHOTO: Commerce Secretary Gina Raimondo testifies on Capitol Hill in Washington, D.C., U.S., February 1, 2022. Andrew...

Stock Markets3 hours ago

JetBlue refuses to give up its quest for Spirit Airlines

© Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21,...

World3 hours ago

Biden pick for immigration enforcement withdraws after long delay

© Reuters. FILE PHOTO: Ed Gonzalez testifies on his nomination as director of the U.S. Immigration and Customs Enforcement (ICE)...

Stock Markets3 hours ago

Four big U.S. banks raise dividends after stress tests

2/2 © Reuters. A person walks past a Bank of America sign in the Manhattan borough of New York City,...

Stock Markets4 hours ago

Blackstone, Carlyle, Apollo to cover U.S. abortion-related travel costs

2/2 © Reuters. Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew...

Stock Markets4 hours ago

Nike forecasts downbeat quarterly revenue on lingering China worries

© Reuters. FILE PHOTO: People walk past a store of the sporting goods retailer Nike Inc at a shopping complex...

World4 hours ago

Trump’s election attorney John Eastman says FBI seized his phone

© Reuters. FILE PHOTO: John Eastman, former attorney for former U.S. President Donald Trump, is seen speaking in a video...

Sports & General4 hours ago

Three dead in Amtrak train crash and derailment in Missouri

(Reuters) -An Amtrak train carrying hundreds of passengers derailed in northern Missouri on Monday after hitting a dump truck at...

Stock Markets4 hours ago

Dow Futures Move Higher Following Negative Session

© Reuters. By Oliver Gray  Investing.com – U.S. stock futures were trading slightly higher in Monday’s evening deals after major...

Sports & General4 hours ago

New Mexico shields abortion clinics ahead of expected patient surge

© Reuters. FILE PHOTO: Democratic candidate for governor Michelle Lujan Grisham sits down for a meal at Barelas Coffee House...

Stock Markets4 hours ago

Bankman-Fried’s FTX says no talks to acquire Robinhood

© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s...

World4 hours ago

Missiles strike Ukraine shopping mall; G7 vows to keep pressure on Russia

6/6 © Reuters. FILE PHOTO: A smoke rises over remains of a building destroyed by a military strike, as Russia’s...

Stock Markets4 hours ago

JetBlue sweetens Spirit takeover offer with ‘ticking fee’

© Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21,...

World4 hours ago

Biden to announce extension of U.S. troop presence in Poland -NBC News

© Reuters. FILE PHOTO: A U.S. Army soldier takes an oath as he reenlists next to the site where U.S....

Cryptocurrency4 hours ago

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000 Bear markets have historically been challenging to navigate for...

Trending