Category: cryptocurrency exchange

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Crypto Fund Moves From BLUR to Lido and IMX: Supporting DeFi?

According to data from Lookonchain, Sigil, a fund in Gibraltar, swapped BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X, a dedicated Layer 2 scaling solution .mainly for NFT trading. .

Sigil Fund sells BLUR to IMX and LDO

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, a cash exchange rates. The exchange was carried out through multiple transactions and on-chain.

The exchange comes approximately three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund exits BLUR as the token has dominated performance over the past few trading days.

To quantify, the token more than doubled this week alone, reaching new highs in the second half of 2023, above US$0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.

The rotation of the Gibraltar-based crypto investment fund from BLUR to Lido DAO and Immutable was immediate which could have advised the fund to exit BLUR, and not simply travel on the current journey, to LDO and IMX.

In retrospect, the move could be an endorsement of the resilience of decentralized finance (DeFi) and its inherent growth prospects. The rotation of funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than the speculative NFT craze as is currently the case with BLUR, which is growing rapidly fueled by the Season 2 airdrop.

LDO and IMX are key to DeFi and NFT

As of November 2023, Lido DAO and Immutable X are some of the top platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. While recent issues at FTX and other CeFi players such as FTX partner Alameda Research continue to limit the rise, Sigil’s allocation change is an endorsement of DeFi.

Going forward, it is not immediately clear whether LDO and IMX prices will rise. For now, it is still in an uptrend, but overall it is volatile and not galloping upwards like BLUR. The token is up 80% from its October 2023 lows at press time. Meanwhile, IMX is extending its gains to 2023 highs by watching the price action on the daily chart.
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Bitcoin Bitcoin Wallet cryptocurrency exchange Cryptocurrency news

Matrixport Analyst Predicts Rise in Bitcoin ETFs After $4.3 Billion Binance Deal

Investors appear to have remained concerned amid Binance CEO Changpeng Zhao’s $50 million lawsuit settlement and Binance’s $4.3 billion settlement that sent ripples through the cryptocurrency world. In contrast to recent market sentiment, Matrixport analyst Markus Thielen believes this result is a boon for Binance and predicts its continued dominance over the next 2-3 years.

Additionally, Thielen foresees an increase in supported exchanges and sees this deal as a catalyst for the long-awaited approval of a spot Bitcoin ETF in the United States.

Binance deal will raise expectations for Bitcoin ETFs

Markus Thielen of Matrixport emphasizes the regulatory impact of the Binance deal and claims that the cleanup of the industry by US agencies positions Bitcoin as a safe haven asset. Meanwhile, the expected increase in supported exchanges, along with increased scrutiny, sets the stage for the long-awaited approval of a Bitcoin spot ETF.

Notably, Thielen states in a recent interview with CNBC that the deal dramatically increases the likelihood of a Bitcoin spot ETF next year, marking a fundamental shift from unregulated to regulated exchanges in the crypto landscape.

As the industry adapts to a more regulated environment, institutions are expected to take center stage in 2024, with Bitcoin potentially becoming a focal point in investors’ portfolios. Meanwhile, the future, marked by regulatory hurdles and institutional adoption, promises transformative developments in the crypto space.

Also read: Sam Altman returns to OpenAI, what happens now with Microsoft?

Legal turmoil on Binance

According to recent reports, Binance CEO CZ agreed to pay a fine of $50 million, while Binance faces a payment of $4.3 billion. On the contrary, Matrixport analyst Markus Thielen sees this as a favorable outcome, suggesting that with CZ’s resignation and the smaller-than-feared fine of around $10 billion. Furthermore, he predicts that Binance is poised to maintain its status as one of the top three cryptocurrency exchanges in the near future.

The settlement, which addresses money laundering violations and other charges totaling $898 million, includes agreements with FinCEN, OFAC and CFTC, of which $1.8 billion will go to these agencies. Although CZ is banned from operating a business for three years, the possibility of a “clean” return to Binance remains open.
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Bitcoin Bitcoin Wallet cryptocurrency exchange Cryptocurrency news

Bitcoin (BTC) Price Analysis: Bulls Resume Ascent and Test 37235 – November 12, 2023

Bitcoin (BTC/USD) resumed its upward gains early in the Asian session, with the pair finding additional bids above the 36,892.78 level, representing a 38.2% retracement of the 35,103.14 to 37,999 appreciating range. Upward progress was temporarily halted around the 37,221.93 area. . which represents a 50% reduction in the depreciation range from 37,548.80 to 36,923.15. Key stops were chosen above the 34,965.04 and 37,516.08 levels during BTC/USD’s recent strongest appreciation since May 2022, upside price objectives associated with buying activity around the 19,568.52, 15,460 and 24,900 levels . Additional upside price objectives in these appreciating ranges include the 38,602, 42721 and 44481 areas. Following continued appreciation, areas of technical support and possible buying pressure include 34757, 33499, 32873, 32561, 31351 and 30837.

Large Stops were also recently elected above the 35,912.28 area, representing a 38.2% retracement of the depreciating range from the all-time high of 69,000 to 15,460. Furthermore, large Stops were triggered above the 37,362 area. maximums of the month. , an upside price objective related to historical buying pressure around the 3858 and 15460 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200 bar MA (every 4 hours). Additionally, the 50-bar SMA (hourly) is bullish, indicating above the 100-bar MM (hourly) and above the 200-bar SMA (hourly).

Price activity is closest to the 50-bar MA (4-hourly) at 35,613.79 and the 50-bar MA (Hourly) at 36,958.23.

Technical support is expected around 31238.97/30028.62/28818.26 and stops are expected below.

Technical resistance is expected around 38584.16/39596.82/42721.31 and stops are expected above.

Bitcoin Price Analysis Daily News.

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Bitcoin Investment cryptocurrency exchange Cryptocurrency news NFT Investment

Nike-RTFKT NFT universe rises to $1.4 billion in transactions

The collaboration between Nike and digital art studio RTFKT has opened a new chapter in NFT trading, with its collections approaching a volume of US$1.4 billion. With revenues reaching $170 million, this partnership highlights the growing intersection of digital assets and physical goods. The recent frenzy was catalyzed by a counterfeiting event that allowed NFT holders to pre-order limited edition Nike-RTFKT sneakers, triggering a 600% increase in trading.

NFTs unlock exclusive physical sneakers

Consumers have shown great enthusiasm for Nike-RTFKT offerings, with special events granting NFT holders exclusive access to tangible products. This step not only improved consumer engagement but also strengthened the authentication process. Sneaker fans, including LeBron James, have embraced this innovative approach, bridging the gap between physical collectibles and their digital counterparts. Furthermore, these initiatives have supported the digital authentication process, guaranteeing the legitimacy of the coveted sneakers.

Market resonance and forging success

The recent Dunk Genesis Cryptokicks parody has caused a spike in trading activity. In October alone, transactions for the necessary NFTs increased to more than half a million dollars. Furthermore, the market response to physical sneakers was equally strong, with after-sales on platforms like eBay reaching prices four times higher than the initial cost.

This strong market resonance signifies the powerful appeal of integrating NFTs with exclusive physical products, a trend that is becoming increasingly common in the sneaker industry.

Significantly, Nike and RTFKT’s digital venture is a testament to the effective fusion of NFT technology with traditional consumer goods, increasing not only the value but also the authenticity of sneakers for collectors around the world. As this blending of the physical and digital worlds takes firmer root, it is clear that the collectible footwear landscape is undergoing a significant transformation.

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Bitcoin cryptocurrency exchange Cryptocurrency news

Thailand’s Bank Kasikorn Acquires Majority Stake in Satang Crypto Exchange

Kasikorn Bank, Thailand’s second-largest bank, has reportedly acquired a 97% stake in cryptocurrency exchange Satang. The deal was completed through Unita Capital, a subsidiary of Kasikorn Bank, and involved 3.705 million Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted cryptocurrency news in a post on X on Monday, citing CoinDesk.

   Thailand's second-largest bank, Kasikorn Bank, has acquired a 97% stake in the parent company of cryptocurrency exchange Satang. The deal is valued at 3.705 million Thai baht ($102.8 million). K-Bank recently obtained a crypto exchange license and launched a $100 million fund targeted...

Satang Corporation, founded in 2017 and one of Thailand’s leading digital asset exchanges, offers trading in over 45 cryptocurrencies. Details show that the platform’s customer base exceeds one million.

According to a local media report published on Monday, the completion of the deal will see Satang renamed as Orbix, with three subsidiaries, namely: Orbix Custodian, Orbix and Orbix Technology.

Kasikorn, also known as K-Bank, recently received a cryptocurrency exchange operator license and launched a $100 million fund for Web3, fintech and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in foraying into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy giant that recently partnered with Binance to expand global crypto exchange services in the country.