GildCoin - Crypto News

2022-08-13 22:00:04 ​​Crypto exchange BlockFi secures $250M credit from FTX amid bear market.

At a time when a significant number of crypto platforms are struggling to remain afloat, BlockFi hopes the new credit line would help them secure user’s funds

BlockFi, a cryptocurrency exchange and digital wallet service provider, has secured a $250 million credit from leading crypto platform FTX.

BlockFi has signed a term sheet with FTX crypto exchange to secure a $250 million revolving credit facility. A revolving credit facility is a type of credit that enables you to withdraw money, use it to fund your business, repay it and then withdraw it again when you need it.

Zac Prince, the CEO of BlockFi, confirmed the news in a Twitter thread, claiming the new flow of capital would bolster the firm’s balance sheet and strengthen the platform. Prince said:

“The proceeds of the credit facility are intended to be contractually subordinated to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed.”

The $250 million credit for BlockFi comes amid the market-wide turmoil that has seen many crypto firms cut their workforces and make crucial changes to their operations to remain afloat. Many crypto platforms also had to shut their operations and pause withdrawals owing to the bearish dominance in the market.

Prince lauded the efforts of his team during the ongoing volatility in the crypto market and stated that the new line of credit will be put toward safeguarding users’ funds across all accounts type.

BlockFi was fined $100 million in February this year for its high-yield interest accounts, which were deemed as security products by the United States Securities and Exchange Commission. Open / Comment

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2022-08-10 20:00:08 ​Bitcoin, Ethereum Technical Analysis: ETH Surges Back Above $1,700 as US Inflation Falls to 8.5%

Ethereum was once again volatile on Wednesday, as prices of the token fell below $1,700 ahead of the latest U.S. inflation report. However, following the report, which came in at 8.5% in July, the token surged back above this point. Bitcoin was trading lower, as it continued to hover below $24,000.

Bitcoin (BTC) was once again trading below $24,000 in today’s session, as the token continued to react to increased levels of market turbulence.

Wednesday saw the world’s largest cryptocurrency fall to an intraday low of $22,771.52, which comes less than a day after trading above $23,900.

Today’s low saw BTC/USD drop to its lowest point in the past five days, and this came ahead of the release of the latest U.S. inflation report.

Following the report, which showed that inflation in the United States fell to 8.5% annualized in July, versus the expected 8.7%, BTC moved higher.

As of writing, BTC/USD is trading at $23,593.37, which is almost $1,000 higher than the day’s earlier low.

This move came as the relative strength index (RSI) bounded from its floor at the 53.90 level, and is currently tracking at 56.10.

After starting the day lower, ethereum (ETH) was also buoyed by the better-than-expected consumer price index (CPI) report.

ETH/USD began the day trading at a bottom of $1,665.09. However, as we neared the release of the data, prices climbed by over $100.

As of writing, ethereum is trading at a day’s high of $1,761.56 and rising, as bulls reentered the market following recent consolidation.

Looking at the chart, ETH now looks set to test its current resistance level at $1,785, and if broken, we may see the token climb back above $1,800 today.

Similar to bitcoin, price strength in ethereum has gained, following a false breakout of the support level of 60, in the 14-day relative strength index indicator.

The index now looks to be heading for a higher ceiling at 65, and if reached it is likely ETH/USD will be at or above $1,800. Open / Comment

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Website:
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2022-08-07 20:00:09 ​Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021

While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and projects obtained last year.

A significant sum of money has been injected into specific blockchain projects and startups within the crypto industry, according to the “H1 2022 Fundraising Report” published by Messari and Dove Metrics, a subsidiary of Messari Holding Inc. According to the report, centralized finance (cefi) outpaced decentralized finance (defi), as cefi captured more than $10.2 billion in H1.

Defi managed to gather $1.8 billion, while Web3 and non-fungible token (NFT) projects and related companies raised $8.6 billion in the first six months of the year. $9.7 billion was injected into blockchain and crypto infrastructure sector and while Web3 and NFTs saw the third largest capital raised, the Web3-NFT sector saw the most fundraising rounds with 530 rounds during the first two quarters.

Defi’s biggest month was the month of June, as a number of defi projects and businesses raised $624 million. “Despite DeFi’s maturity, seed rounds continue to dominate,” Messari researchers explain in the report. The most funds raised during a month for infrastructure was February, for cefi the top month was January, and the Web3-NFT sector’s best month was April.

Ethereum-based defi projects and startups have received the most rounds and the highest dollar amounts, in comparison to alternative smart contract blockchains like Solana, Avalanche, and Polkadot when it comes to fundraising. Ethereum-based defi projects saw 54 deals in Q1 and 61 deals in Q2. In Q1, Ethereum-based defi projects raised $387 million while projects from alternative blockchains raised $309 million during the first quarter of 2022.

In Q2, ETH-based defi raised $890 million while alternative chain-based projects gathered around $193 million. Messari researchers note that in the Web3-NFT sector, early-stage funding rules the roost and gaming eclipsed most of the NFT funding. Once again, Ethereum also dominated in the Web3-NFT industry, in comparison to alternative smart contract platform networks.

As far as centralized finance is concerned, cefi “continues to mature,” Messari’s report says as it highlights that $10 million+ funding rounds “make up 50% of activity.” Messari’s latest H1 fundraising report follows the recently published “4th Annual Global Crypto Hedge Fund Report 2022,” authored by the international professional services firm Pricewaterhousecoopers (PWC).

The insights from PWC’s recent crypto study show that hedge funds injecting capital into cryptocurrency and blockchain projects have increased since last year. PWC researchers estimated that 21% of hedge funds participated in financing rounds tied to crypto, while this year’s participation rate is up to 38%.

Messari’s fundraising report details that many sectors are “maturing” as Series A financing rounds or later made up 40%+ of H1’s crypto infrastructure dedicated rounds. Web3’s Series A rounds or later equated to around 30%+ of the fundraising rounds in H1 2022. Investors mentioned in Messari’s fundraising report include companies like FTX, Mechanism Capital, Pantera Capital, Sequoia Capital, Gumi Cryptos, Dragonfly Capital, Slow Ventures, Seven Seven Six, and around a dozen and a half others. Open / Comment

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