Day: August 26, 2023

JPMorgan forecasts stability in crypto markets

JPMorgan predicts the ending of the recent crypto market selloff, forecasting limited downside and potential stability in the near term. The latest downturn in the cryptocurrency markets seems to be approaching a conclusion, according to a new analysis by JPMorgan Chase & Co. The firm argues that long-position liquidations in the crypto world are mostly resolved and that further sharp declines are unlikely. While still echoing, the crypto markets’ recent behavior suggests that the market’s unwinding phase is near its end. Open interest in the futures contracts of Bitcoin (BTC)…

Pepe coin loses 20% one week amid rug-pull concerns

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Pepe Coin’s price plunged 20% in one week as substantial token transfers by the developer team to exchanges ignited fears of rug-pull, shaking investor confidence. Pepe Coin, once a celebrated deflationary meme coin, has found itself at the center of investor anxiety. The developer team’s sudden movement of an immense number of coins to centralized exchanges has ignited fears of a potential rug-pull scenario. This development could have devastating consequences. Quick thread on what just happened…

ARK Invest and 21Shares join forces for crypto ETFs

ARK Invest and 21Shares have jointly applied for two futures exchange-traded fund (ETF) products involving ether (ETH) and bitcoin (BTC).  The applications lodged with the Securities and Exchange Commission (SEC) by Empowered Funds, the investment advisor for the products, on Aug. 24 detail two ETFs: the ARK 21Shares Active Ethereum Futures ETF (ARKZ) the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). Unlike direct investment in digital assets or spot products, these ETFs will focus on cash-settled futures contracts traded on registered commodity exchanges like the Chicago Mercantile Exchange (CME).…

Top US Crypto Exchange Coinbase Says It Will Axe Trading Support for Multichain (MULTI) and Five Other Altcoins

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Leading US-based cryptocurrency exchange Coinbase will suspend trading for the crypto asset of the bridging platform Multichain (MULTI) effective September 6th. The decision comes after Multichain advised its users to stop using its services. Earlier this year, the protocol announced that its team members couldn’t find the project’s CEO, Zhao Jun, amid technical issues. “The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.” Cybersecurity firm PeckShield also revealed last month that…

Colombian peso-backed stablecoin debuts on Polygon with yield benefits

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP. This new digital asset, pegged to the Colombian peso, is now live on Polygon.  The company claims nCOP will offer users an 8% yield. Num Finance aims to offer digital financial tools to the people of Latin America for their everyday financial needs. As an overcollateralized stablecoin, nCOP promises stability and heightened…

XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline

Back in July when Judge Analisa Torres first declared XRP programmatic sales do not qualify as securities, the token price had rallied. However, now that the euphoria from the ruling has worn off and the United States Securities and Exchange Commission (SEC) has begun to fight back, the coin’s price is correcting back downward, prompting massive sell-offs of the token. Whale Moves 29.3 Million XRP To Exchange On-chain whale tracker has flagged an XRP transaction that could spell bearish pressure for the price of the cryptocurrency. According to the post…