GildCoin - Crypto News

2023-07-28 22:00:45 Biggest Movers: SHIB Surges to 2-Week High on Friday

Shiba inu was a notable gainer on Friday, climbing to a two-week high during today’s session in the process. The move came as the meme coin rose by as much as 6%, despite the global crypto market cap mostly consolidating. Tron rose for a fourth straight session today.

Shiba inu (SHIB) rallied to a two-week high on Friday, after breaking out of a key resistance level.

SHIB/USD surged to a peak of $0.000008217 earlier in today’s session, following Thursday’s low at $0.000007754. Friday’s move came as shiba inu broke out of a key resistance level at the $0.000008000 mark, hitting its highest point since June 15 in the process.

Another reason for today’s action appears to be the relative strength index (RSI) moving above a ceiling at 55.00. Currently, price strength is tracking at the 60.09 level, which is marginally below a ceiling at 61.00.

Should bulls manage to race past this point, there is a good chance the next target price will be $0.000008500. Open / Comment

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2023-07-25 20:26:01 Biggest Movers: DOGE Surges to Fresh 2-Month High, AVAX Rebounds on Tuesday

Dogecoin rose for a third consecutive session on Tuesday, as markets continue to speculate what role the meme coin could play on the newly rebranded X platform. The latest surge took the price to its highest level since early May. Avalanche was another notable gainer today, rebounding from recent losses.

Dogecoin (DOGE) climbed to a fresh multi-month high on Tuesday, as traders continued to react to Twitter’s rebrand to X.

Following a low of $0.07353 to start the week, DOGE/USD spiked to a peak of $0.07811 earlier in today’s session. This resulted in the meme coin climbing to its strongest point since May 6, which is the last time price was above $0.08000.

In the event this destination is reached, there is a good chance that DOGE will be back at $0.08000.

Additionally, avalanche (AVAX) was back in the green during today’s session, after rebounding from Monday’s decline. AVAX/USD ascended to a high of $13.38 earlier in the day, a day after slipping to a bottom at $12.92 to start the week.

The move came as the token closed in on a key support level at $12.90, however bulls rejected a breakout on this occasion. Open / Comment

2023-07-22 18:57:01 FTX Sues SBF, Former Execs to Recover Over $1 Billion

Crypto exchange FTX is trying to regain $1 billion in a lawsuit against founder Sam Bankman-Fried (SBF) and some former executives. FTX’s new management argues the funds were misappropriated through dubious deals and transactions made before the coin trading platform went bankrupt last fall.

Besides Bankman-Fried, among the defendants named in the suit are co-founder and former FTX Chief Technology Officer Gary Wang, former CEO of SBF’s Alameda Research hedge fund Caroline Ellison, and former FTX Engineering Director Nishad Singh.

The transfers took place between February 2020 and November 2022, when the company sought Chapter 11 protection. According to FTX, these transfers can be reversed under the U.S. Bankruptcy Code or Delaware law as they were made before the bankruptcy filing on Nov. 11.

The lawsuit alleges that the fraudulent transactions included over $725 million of equity that FTX and West Realm Shires, another entity controlled by SBF, awarded “without receiving any value in exchange.” Open / Comment

2023-07-19 18:12:00 SEC’s Classification of So-Called Crypto Securities Amounts to $98 Billion in Combined Value

Throughout the last year, the U.S. Securities and Exchange Commission (SEC) has identified numerous crypto assets as securities in cases involving Binance, Bittrex, Coinbase, Terra’s Do Kwon, Tron’s Justin Sun, and several more. The aggregate worth of these prominent digital assets, considered securities, currently amounts to $98 billion, making up over 8% of the cryptocurrency market.

The SEC has classified a significant number of crypto assets as securities within its purview; these include decentraland (MANA), dash (DASH), algorand (ALGO), beaxy token (BXY), solana (SOL), binance coin (BNB), cardano (ADA), and several others.

The top five crypto assets deemed securities, in the SEC’s view, by market valuation include binance coin, cardano, solana, tron, and polygon.

Some tokens cited in this list like Mirror Protocol’s synthetic stock tokens possess no tangible worth but were still regarded as securities by the SEC along with luna classic (LUNC) and terrausd classic (USTC).

Though the SEC has deemed these crypto assets as securities, this doesn’t mean they actually are. Open / Comment

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2023-07-17 17:42:02 US Dollar Shortages: Ethiopia and Nigeria in $100 Million Currency Swap Transaction

According to a report, the central banks of Ethiopia and Nigeria recently consummated a $100 million currency swap transaction. Under the arrangement, an Ethiopian airliner was paid local currency equivalent to $100 million while Dangote Cement is said to have received a similar amount of nairas.

The central bank of Ethiopia is reported to have performed a $100 million currency swap transaction with its Nigerian counterpart.

According to a local report, the two central banks resorted to the swap transaction because the arrangement obviates the need for U.S. dollars when settling.

Under the arrangement, Ethiopian Airlines, which could not retrieve about $180 million from Nigeria, will receive the local currency equivalent of $100 million from the National Bank of Ethiopia (NBE).

Meanwhile, the unnamed sources at NBE have reportedly characterized the swap transaction as a temporary measure. Open / Comment

2023-07-13 18:45:09 BIS Report Cites ‘Inherent Limitations’ of Cryptocurrencies; Questions Their Role in Global Economy

The Bank of International Settlements (BIS) has published a report on cryptocurrencies and explains that the technology has serious “flaws.” BIS researchers insist that permissionless blockchains have “inherent limitations” that lead to network congestion and high fees.

The BIS report details that the splintered landscape of the crypto sector sharply counters the unifying, ripple-like impact observed in conventional networks. The crypto industry, leaning heavily on decentralized validation methods, fosters a fragmentation that nullifies the function of money as a synchronizing tool, thus rendering crypto an ill-fit for a monetary system, BIS researchers argue.

In a brisk span of little more than a decade, crypto has vaulted from a peripheral interest to an influential player in the mainstream financial arena, the report notes.

The banking organization acknowledges that the capabilities of cryptocurrencies offer a level of automation in financial transaction sequences and facilitate their fluid integration. Paired with the concept of tokenization, these attributes could potentially minimize the requirement for manual oversight that presently hampers transaction speed and amplifies costs, the BIS report submitted to the G20 finance ministers and central bank governors explains. Open / Comment

2023-07-10 19:32:02 Biggest Movers: BNB Rebounds on Monday as SOL Slips Following Recent Gains

Binance coin was one of Monday’s biggest gainers, as the token rebounded following a move close to a key support point on Sunday. The move pushed the price near a one-week high, and came as the global crypto market cap fell 0.07% lower as of writing. Solana also dropped, following a recent bull run.

Binance coin (BNB) was a notable gainer on Monday, as the token rose by nearly 5% to start the trading week. After falling to an intraday low of $232.01 earlier in today’s session, BNB/USD rose to a peak of $244.80.

This resulted in BNB hitting its strongest point since last Tuesday, when the token climbed to a high of $246.90. From the chart, it appears that this latest rally occurred as the relative strength index (RSI) broke out of a ceiling at 48.00.

At the time of writing, the index is tracking at 49.33, with the next visible point of resistance at 52.00. Should the index reach this point, there is a good chance that BNB will be near $250.00.

After climbing to a two-month high last week, solana (SOL) was in the red on Monday, falling for a second straight day. SOL/USD hit an intraday low of $20.57, which comes less than 24 hours after price peaked at $21.53.

The move appears to be a result of profit taking, since solana reached its highest point since May 6, this past Saturday. Looking at the chart, it seems that sentiment is still somewhat bullish, as traders opted to reject a breakout below $20.00. Open / Comment

2023-07-07 19:25:09 Biggest Movers: SOL Hits Fresh 4-Week High on Friday, ADA Snaps Losing Streak

Solana was one of Friday’s biggest gainers, as the cryptocurrency rose by over 11% during today’s session. The move came as markets reacted to June’s nonfarm payrolls report, which came in at 209,000, below expectations of 229,000. On the other hand, cardano ended a three-day losing streak.

Solana (SOL) rallied for a second straight session on Friday, as the token rose above a ceiling at $20.00. SOL/USD hit an intraday peak at $21.22 earlier in today’s session, which came in response to the latest U.S. nonfarm payrolls report.

As a result of the surge, solana hit its strongest point since June 5, when the price peaked at $22.06 Looking at the chart, the move came as the relative strength index (RSI) broke out of a resistance level of 65.00.

The next visible point of resistance appears to be at the 70.00 level, and in the event it reaches this point, it is likely that SOL will hit $22.50. Open / Comment