Source for BlockChain News

Monthly archive

June 2007

Altcoins See Red as Bitcoin Capitulation Drags Down Market

by
Altcoins

Altcoins

Almost all the leading altcoins are shrinking in value today after Bitcoin (BTC) crashed below the $7,000 mark earlier on Friday before recovering to around $7,300 at the time of writing.

The sizeable decline in BTC sent crypto investors scrambling as altcoins followed suit, with Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB) leading the way. Ethereum, the largest of the altcoins, dropped nearly 10% earlier today to below the main $165 USD support area. Bitcoin Cash nosedived below $210, while XRP is currently worth just $0.23. Interestingly, Tether actually gained slightly to just above the $1 mark.

The value of Bitcoin and the various altcoins are closely linked given BTC’s dominance of the crypto space. When it first emerged as the pioneering crypto asset a few years back, investors flocked to the scarce digital currency with many millionaires being made during that massive 2017 bull run. As a result, altcoins such as Ethereum rocketed in popularity as traders sought out alternative ways to flip a profit on the emerging crypto buzz.

Now, almost two years later, the crypto market is stagnating due to a general lack of interest. Bitcoin’s early 2019 rally started to bring some interest back into the market, but since then, the volume in BTC is also drying up. The market for altcoins had appeared to be picking up pace amidst a crypto crackdown in China and a general boredom in the market. While Bitcoin has regained a portion of its value from that 2017 run, many altcoin holders are sitting on losses in excess of 90%.

>> Bakkt to Launch Cash-Settled Bitcoin Futures on December 9

The altcoin market capitalization has shrunk over the past year despite an increase in trading volumes, and this can be largely attributed to the falling price of the more prominent altcoins such as Ethereum and Ripple. At present, the combined capitalization of the 2,022 crypto assets with a known market cap is roughly $222 billion USD.

Featured image: DepositPhotos © artjazz

If You Liked This Article Click To Share

Telegram Denies All SEC Allegations and Requests Dismissal of Trial

by
Telegram

Telegram

Telegram has refuted allegations by the US Securities and Exchanges Commission in court, which claim that the planned Gram token from the messaging app is a security and, therefore, subject to regulations from the commission and has requested that the trial be dismissed because of this.

Last month, the SEC successfully sought an injunction preventing Telegram from launching TON due to the fact that the ICO used to raise funds to develop the network was illegal. As a result of the injunction, investors in two separate ICOs were offered the chance to receive 77% of their initial investment back, but have instead decided to back Telegram’s blockchain plans and have accepted an extension on the launch of TON until April 30, 2020.

“[The SEC’s] claims are without merit as Telegram’s private placement to highly sophisticated, accredited investors was conducted pursuant to valid exemptions to registration under the federal securities laws and Grams will not be securities when they are created at the time of launch of the TON Blockchain,” said Telegram in the latest filing. However, the SEC has responded by warning Telegram and other issuers that they cannot escape federal securities laws by simply labeling their product as a cryptocurrency or digital token.

The messaging app did concede that it had not filed an official registration statement with the commission due to the fact that “none was, is or will be required under the federal securities laws,” and went on to accuse the federal body of engaging in “improper regulation by enforcement.” As a result, Telegram has requested that the Southern District Court of New York dismiss the claims made against it.

>> Vechain (VET) Soars 100% in Few Weeks: Here are the Key Drivers

No resolution on the matter will be reached until next year at the earliest, with the next hearing scheduled for February 18 and 19. That hearing was due to take place last month but had been pushed back in order to allow both parties adequate time for discovery.

Featured image: DepositPhotos © prykhodov

If You Liked This Article Click To Share

Binance DEX Now Live! Create Your Wallet and Expect Trading Soon

by

On Tuesday, April 23, Binance announced that its much-awaited decentralized exchange is now live. Here’s what we know so far about the Binance DEX.

Binance DEX Now Live

Today, Binance, a top crypto exchange, said that the Binance DEX is now live. Trading has not yet commenced, but users can create wallets on the new decentralized exchange (DEX).

Tuesday’s launch of Binance DEX is significant for more reasons than one. For starters, the exchange has gone live well ahead of schedule; and it comes one week after Binance Chain, its native blockchain, went live.

Second, according to CEO Changpeng Zhao, decentralized exchanges can “bring new hope and new possibilities.” On top of that, the “Binance DEX offers far more control over your own assets.” So, not only will the Binance DEX impact the crypto community, but it will also give Binance an edge up on competitors and a chance to further the crypto industry.

When Should We Expect Trading?

According to CoinDesk, trading on Binance DEX will start “as soon as tokens are issues and listed on Binance DEX.” Trading on the exchange has been put through a testnet period, but in addition to waiting for tokens to be issued and listed, trading has to wait for trading pairs to be created.

>> Bitcoin Golden Cross: Market Rallying on First Golden Cross Since 2015

Don’t worry, though; crypto traders won’t have to wait months to use the DEX. In fact, a representative for Binance has said they are expecting tokens to be issued and listed “in the next few days.”

Thoughts?

Considering the optimism surrounding the use of decentralized exchanges, it will be worth paying attention to Binance over the next few days to see if a date for trading to begin has been set. And if you’re a crypto trader, we want to know if you’re planning to use Binance DEX. If so, have you created your crypto wallet on the platform yet?

Let us know in the comments below!

Featured image: DepositPhotos © NadaK2

If You Liked This Article Click To Share

Chainlink (LINK) Soars 50% This Month

by
Chainlink

Chainlink

The first few weeks of 2020 have been a bit of a mixed bag for the crypto sphere, but one of the most remarkable happenings has been the rally in Chainlink (LINK). The cryptocurrency has gained as much as 50% over the course of the past month and has emerged as one of the tokens to watch for market participants.

We’re taking a closer look at the LINK project. Over the years, plenty of new projects have emerged in the blockchain space, but LINK has proven to be one of the more interesting ones.

Key Analysis

Since it started its operations, Chainlink has managed to emerge as one of the more progressive blockchain projects in the industry, and it is no wonder that people are now taking notice. In recent times, the LINK token has actually outperformed many other tokens.

Many of the leading altcoins in the crypto space have been beaten by LINK, and at some points, it even managed to outperform Bitcoin. Experts believe that the sort of performance that LINK has delivered so far is an indication that it could end up being one of the best-performing crypto tokens in 2020.

One of the most important creations by the project has been the Chainlink Oracle, a venture aiming to expand its usage considerably. It is the flagship product that the venture has produced so far. Chainlink is also in the process of building apps that are highly important for those working with data.

>> Kik Adviser to Face Deposition from SEC This Week

Such apps are expected to have great demand in the crypto space, and those offerings could prove to be a major step for Chainlink. At the end of the day, blockchain projects can only grow if they can find appropriate use cases and applications. In that regard, Chainlink has done well, and the rally in the token is hardly surprising.

Featured image: DepositPhotos © eskaylim

If You Liked This Article Click To Share

Go to Top