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SwapSpace Introduces Crypto Loans – A Solution for Asset-Backed Borrowing

Kingstown, St. Vincent and the Grenadines, September 16th, 2024, Chainwire

SwapSpace, a leading cryptocurrency exchange aggregator, is thrilled to unveil its new Crypto Loans feature in collaboration with CoinRabbit, a service designed to help crypto enthusiasts manage their portfolios. 

With SwapSpace Crypto Loans feature, users can access stablecoins without selling their digital assets, providing flexibility for those who wish to maintain long-term positions in cryptocurrencies while addressing other financial needs.

Key Features of the SwapSpace Crypto Loans:

  1. Wide Range of Supported Cryptocurrencies- SwapSpace offers access to a vast selection of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and over 3,350 other digital assets. Users are able to use most of them as collateral and borrow against different tokens based on their portfolio.
  2. Simple and Quick Lending Process- Borrowing on SwapSpace is streamlined and transparent. Users simply select their preferred loan-to-value (LTV) ratio, providing flexibility in how much they wish to borrow against their collateral. The platform does not require complex procedures, and a collateralized position can typically be created within 5–10 minutes.
  3. Competitive Interest Rates- S SwapSpace offers competitive interest rates based on market conditions, helping borrowers balance the value of their loan while managing the cost of holding it.
  4. High Security- Assets are kept in unique wallets with regularly updated private keys for enhanced security.
  5. Flexibility- The loans have flexible terms, and can be repaid at any time. The accrued interest is to be paid only upon closure of the loan. There are varied LTV ratios available, which, in turn, affect the APR, which ranges from 12 to 17%.

As part of its mission to provide users with a comprehensive range of financial services, SwapSpace’s Crypto Loans signal the platform’s ongoing commitment to offering innovative solutions that enhance the crypto ecosystem. The new loan feature comes at a time when more investors are seeking ways to make the most of their crypto assets without compromising their market position. 

“At SwapSpace, we’re always looking for ways to give our users more control over their assets. With the introduction of crypto loans, we’re empowering them to unlock liquidity without compromising their investment strategy and missing out on the upside of their assets. This is a game-changer for anyone who wants to make the most of their crypto while holding onto it for the long term.” — Andrew Wind, CPO of SwapSpace

About SwapSpace

SwapSpace is a crypto exchange aggregator with 28 partners and over 3350 coins available for seamless and fast swaps at the best market rates without sign-up requirements. Users can securely swap, buy, and sell assets for fiat and spend crypto on popular marketplaces. The platform aggregates offers from the most trustworthy crypto exchanges, providing the best options with 24/7 support.

For more information, users can visit SwapSpace’s Twitter and Linkedin.

Contact

PR Manager
George Layne
SwapSpace.co
pr@swapspace.co

BTC Poised to Touch $92,000 Before the End of 2024

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After several months of decline, Bitcoin might be setting up for a significant rally, potentially surpassing $92,000 in the next three months according to some analysts.

Bitcoin’s recent movements on the charts hint at an upcoming surge, rooted in historical patterns observed after previous halving events.

Bitcoin BTC tickers down $60,177 recently touched a crucial support level on its weekly chart, which might serve as a springboard for an impressive climb, suggests noted analyst Titan of Crypto.

“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” he stated in a Sept. 13 X post.

Bitcoin recently reclaimed the $60,000 mark on Sept. 14, for the first time since Aug. 30. Over the past three months, the cryptocurrency has seen a 9% drop, per Bitstamp data.

Historically, September has often seen dips in Bitcoin’s price, with average returns around -4.69%, marking it as a typically bearish month, data from CoinGlass suggests.

However, following September’s usual downturn, Bitcoin has often rallied for three consecutive months.

Bitcoin averages returns of 22.9% in October, 46.8% in November — historically the second-best month for Bitcoin — and 5.4% in December.

During the last Bitcoin halving in 2020, the cryptocurrency’s value increased by over 27% in October and over 42% in November, part of a six-month rally that continued into March 2021.

This recent pullback might represent a pivotal buying opportunity before Bitcoin’s value escalates, according to popular crypto trader Mags, who shared on Sept. 15:

“Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”

Checkmate, a pseudonymous onchain analyst, also noted that Bitcoin’s current positioning mirrors its stance during past bull cycles. He elaborated on Sept. 14:

“Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”

Commodity Prices Suggest Crypto Preparing for Immense Bull Run – Analyst

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A market analyst has posited that both the cryptocurrency and commodities markets are on the brink of a significant rally due to their current undervaluation.

Michaël van de Poppe, an analyst and entrepreneur, highlighted in a September 15 post on X that commodities are at their lowest value since the years 2000 and 1971. He expressed strong expectations for growth, stating, “Commodities & crypto are extremely undervalued and it’s likely that commodities go into a 10-year-long bull market. I’m expecting a lot of upside from these two asset classes.”

The index comparison suggests that commodities are currently valued lower than during the 2000 bubble, before the markets soared leading up to the 2008 financial crisis.

Anticipation is also building around a potential Bitcoin breakout in October, which may be spurred by the forthcoming Federal Reserve meeting on September 18, where an interest rate cut is highly anticipated.

Related: SEC crypto ‘overreach’ cost small investors $15B: John Deaton.

Global liquidity is set to surge, according to Raoul Pal, the founder and CEO of Global Macro Investor. He suggests that the need to refinance debts by major economies will trigger this increase.

Global liquidity breakout. Source: Raoul Pal. In a September 15 X video, Pal explained, “As global liquidity rises, cryptocurrencies will rise, as will other markets like the Nasdaq… Global M2 is also starting to rise.”

BTC/M2 money supply. Source: Jamie Coutts. The expanding global liquidity is expected to bolster Bitcoin, contributing to the next upward phase of the 2024 cycle. This is due to Bitcoin’s strong correlation with the M2 money supply.

Bitcoin heading for three-month historic rally as analysts eye $92,000 BTC. Following a downturn lasting over three months, Bitcoin is gearing up for a possible three-month rally.

Bitcoin recently tested a crucial support level on its weekly chart, potentially priming it for a climb above $90,000, according to Titan of Crypto.

“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” noted the analyst in a September 13 X post.

Bitcoin Poised to Touch $92,000 Before the End of 2024

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After several months of decline, Bitcoin might be setting up for a significant rally, potentially surpassing $92,000 in the next three months according to some analysts.

Bitcoin’s recent movements on the charts hint at an upcoming surge, rooted in historical patterns observed after previous halving events.

Bitcoin BTC tickers down $60,177 recently touched a crucial support level on its weekly chart, which might serve as a springboard for an impressive climb, suggests noted analyst Titan of Crypto.

“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” he stated in a Sept. 13 X post.

Bitcoin recently reclaimed the $60,000 mark on Sept. 14, for the first time since Aug. 30. Over the past three months, the cryptocurrency has seen a 9% drop, per Bitstamp data.

Historically, September has often seen dips in Bitcoin’s price, with average returns around -4.69%, marking it as a typically bearish month, data from CoinGlass suggests.

However, following September’s usual downturn, Bitcoin has often rallied for three consecutive months.

Bitcoin averages returns of 22.9% in October, 46.8% in November — historically the second-best month for Bitcoin — and 5.4% in December.

During the last Bitcoin halving in 2020, the cryptocurrency’s value increased by over 27% in October and over 42% in November, part of a six-month rally that continued into March 2021.

This recent pullback might represent a pivotal buying opportunity before Bitcoin’s value escalates, according to popular crypto trader Mags, who shared on Sept. 15:

“Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”

Checkmate, a pseudonymous onchain analyst, also noted that Bitcoin’s current positioning mirrors its stance during past bull cycles. He elaborated on Sept. 14:

“Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”

USDC Issuer Prepares to Relocate to New York City Ahead of IPO

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Circle, a leading stablecoin issuer known for its USDC coin, is set to relocate its global headquarters to New York City, setting up shop in the iconic 1 World Trade Center. The company’s move is strategically timed ahead of its planned Initial Public Offering (IPO).

Jeremy Allaire, Circle’s co-founder and CEO, announced the relocation in a post on September 13: “We are moving our Global HQ to New York City, building out a flagship space on one of the top floors of 1 World Trade Center, a historically important landmark in standing for American global economic leadership.”

This relocation represents a significant development for Circle, positioning it at the heart of American finance. Circle’s choice of 1 World Trade Center underscores its ambitions to blend the legacy financial system with the burgeoning cryptocurrency economy, where stablecoins like USDC play a pivotal role in facilitating mainstream crypto adoption.

The firm, which launched in 2013, has scheduled the move for early 2025. Circle filed for an IPO in January 2024, which is pending approval from the Securities and Exchange Commission (SEC). This move comes at a transformative time for the crypto industry, marked by the introduction of the first spot Bitcoin and Ether ETFs in the U.S., heralding a new era of institutional acceptance.

Allaire reflects on the industry’s journey and Circle’s role in it: “2024 has been a turning point year in crypto, a year when stablecoins started to truly breakout in scale, importance and usage. 2025 will be the year when this goes mainstream.”

Circle’s transition to New York is not just a change of address but a strategic step towards greater influence and integration within the global financial ecosystem, aiming to enhance the utility of the US dollar and foster the development of a decentralized internet.

Grayscale Launches XRP Trust As Bull Market Prepares to Kick Off

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Grayscale Investments, a leading player in the cryptocurrency investment arena, has announced the launch of its new Grayscale XRP Trust on September 12. This new trust allows investors to gain exposure to XRP, the cryptocurrency associated with the XRP Ledger (XRPL).

The trust is now open for daily subscription by eligible individual and institutional accredited investors. Grayscale explains that this trust operates similarly to its other single-asset investment products, with a portfolio solely invested in XRP.

According to a report by Fox Business, the establishment of the Grayscale XRP Trust could be a precursor to an XRP exchange-traded fund (ETF), which would differ significantly from the trust structure. Fox Business reporter Eleanor Terrett elaborated on these differences, noting, “An ETF must be approved by the Securities and Exchange Commission since it is marketed directly to retail investors, while a trust’s structure and sales pitch to so-called accredited investors gets a lighter regulatory touch.”

Grayscale has outlined a four-phase product life cycle for the XRP trust, hinting at the potential future transformation of this trust into an ETF. “Each Product is intended to follow a four-stage life cycle — with the ultimate goal of uplisting the product to an ETF,” Grayscale mentioned in a FAQ. The company emphasizes that as the product advances through these stages, it will offer increased investor access and transparency.

Highlighting the significance of XRP, Grayscale’s head of product and research, Rayhaneh Sharif-Askary, emphasized its practical application: “By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.” Grayscale points to XRP’s utility in modernizing traditional financial systems, noting its capacity for facilitating swift international payments, tokenization, and decentralized finance, leveraging the decentralized and public nature of the XRP Ledger.

MicroStrategy Aggressively Buys More Bitcoin Amid Buy-the-Dip Opportunity

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MicroStrategy, a prominent business intelligence firm, has significantly increased its Bitcoin holdings, purchasing about 18,300 Bitcoins between August 6 and September 12. This recent acquisition, documented in a Form 8-K filed with the United States Securities and Exchange Commission (SEC), involved a $1.11 billion expenditure, averaging $60,408 per Bitcoin, inclusive of expenses and fees.

Since its initial Bitcoin purchase on August 11, 2020, under the guidance of CEO Michael Saylor, MicroStrategy has aggressively expanded its Bitcoin investments. The company now holds approximately 244,800 BTC, valued at roughly $14.14 billion. The average purchase price of the accumulated Bitcoins since August 2020 stands at $38,585 per Bitcoin, totaling about $9.45 billion in investment.

This strategy of substantial Bitcoin acquisition has stirred both debate and commendation among financial analysts, yet MicroStrategy has persistently pursued its course in bolstering its Bitcoin reserves. The funds for the latest purchase were sourced from the sale of company shares, facilitated by an agreement with several financial institutions established on August 1. By September 12, according to SEC filings, MicroStrategy had raised approximately $1.11 billion by selling 8,048,449 shares. The capital from this substantial share sale was directly used to increase the company’s Bitcoin portfolio.

As of August 10, MicroStrategy’s Bitcoin assets included 226,500 BTC valued at $13.77 billion, acquired at an average price of $37,000 per Bitcoin. At that time, Bitcoin’s price hovered around $60,500, providing MicroStrategy with $5.39 billion in unrealized profits. Since starting its Bitcoin investments in August 2020, MicroStrategy’s strategy has not only surpassed the performance of the S&P 500 index but also led to a dramatic 1,000% increase in the value of its MSTR stock, amounting to returns over 16 times those of the S&P 500 during the same timeframe.

Alchemy Partners with Cross Finance to Power dApp Development

San Francisco, USA, September 13th, 2024, Chainwire

Alchemy, the leading web3 development platform, has officially partnered with Cross Finance, an innovative DeFi platform, to power dApp development on the CrossFi Chain. This strategic collaboration will also see Alchemy become a core development partner, enabling the building and scaling of dApps on the CrossFi Chain and further advancing the possibilities of decentralized finance.

The CrossFi Chain, designed to bridge the gap between traditional and DeFi, provides an open, scalable infrastructure that empowers individuals and businesses to engage in secure, transparent, and efficient financial transactions. By partnering with Alchemy, Cross Finance leverages Alchemy’s robust dApp building tools to streamline development processes, powerful APIs, and state-of-the-art tools for developers building dApps on CrossFi.

“As Cross Finance launches its Mainnet, our goal is to push the boundaries of decentralized finance and deliver cutting-edge financial solutions,” said Alexandar Mamasidikov, CEO of Cross Finance. “Alchemy’s APIs and expertise in web3 dApp development will play a pivotal role in making CrossFi Chain the go-to platform for dApp development.”

Alchemy, known for its developer-first platform and robust APIs and SDKs, provides blockchain infrastructure that powers major networks like Ethereum, Polygon, and others. With this partnership, developers building on the CrossFi Chain will have access to Alchemy’s advanced API services, which facilitate everything from secure smart contract deployment to real-time data analytics. This will boost the performance and security of dApps.

Key Features of the Partnership Include:

  • Advanced Blockchain Infrastructure: Alchemy’s platform will provide dApp building toolsets for fast, scalable, and secure development on the CrossFi Chain.
  • Developer Support: Alchemy will work closely with CrossFi to provide developer tools and resources to allow teams to build and deploy decentralized applications more quickly and efficiently.
  • New dApp Ecosystem: The partnership will encourage innovation on the CrossFi Chain, with Alchemy’s support ensuring developers can create high-performing, secure, and reliable dApps across multiple industries.

“We’re thrilled to partner with CrossFi to onboard the next wave of builders to the CrossFi chain. Their ecosystem, uniquely coupling the benefits of Cosmos and EVM, provides builders with both scalability and efficiency, and is an amazing environment to deploy any dApp, from payments to cross-chain bridges. We’re excited to see what builders create on CrossFi!” said Suzanne Slaughter, Product Marketing Lead

With the upcoming launch of the CrossFi Mainnet, both companies are committed to fostering innovation within the blockchain ecosystem and providing developers with the tools they need to create solutions that will transform the future of finance. 

For more information on Cross Finance, please visit CrossFi.org.

For more information on Alchemy, please visit Alchemy.com.

About Cross Finance

Cross Finance is a decentralized finance platform focused on uniting traditional finance and DeFi to offer secure, transparent, and efficient financial services on a global scale. The CrossFi Chain is designed to enable seamless transactions and develop innovative decentralized applications.

About Alchemy

Alchemy is a leading blockchain development platform that provides the essential infrastructure and tools for developers to build high-performing decentralized applications. Alchemy’s technology powers the top blockchain applications globally, helping teams unlock the full potential of blockchain innovation.

Contacts

CEO & Founder
Alexander Mamasidikov
CrossFi Limited
owner@crossfi.org
CEO & Founder
Alexander Mamasidikov
CrossFi Limited
info@crossfi.org

Major Memecoins Lose Momentum Following Meteoric Gains

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In 2024, the memecoin market experienced a surge in popularity but struggled to maintain the high valuations seen earlier in the year. Well-known tokens such as Dogecoin, Shiba Inu, Pepe, and Dogwifhat have seen significant drops, with average declines around 63% according to data from Lookonchain released on September 2.

The influx of new tokens has dramatically changed the landscape. Safe-launch platforms like Pump.fun and BaseJump have simplified the coin launch process by removing many of the technical and financial barriers that once existed, leading to a flood of new entries into the market and heightening competition within the memecoin sector.

Ilias Salvatore, from the token analytics tool Flooz, noted the shift in market dynamics due to these new platforms, highlighting the changes in trader behavior and investment focus. “I think that money flows where attention goes,” Salvatore explained. He pointed out the popularity of platforms like Pump.fun and Solana for discovering new tokens, which attract a particular type of trader, different from those trading established memes on major exchanges.

Carlos Mercado, a data scientist at Flipside Crypto, observed that this frenetic pace promotes short-term trading behaviors that differ from traditional investment strategies. “We do see onchain evidence of rotation — volumes peak for most memes early, and traders pivot to more recently launched coins,” Mercado said, indicating a rapid turnover in the memecoin market.

The proliferation of new tokens, with over 1.98 million launched on Pump.fun alone since March, has led to increased competition among memecoins. However, the reality for traders is stark; a snapshot from September 11 showed that only 1.3% of tokens on Pump.fun reached a market cap of $69,000 to be listed on the decentralized exchange Raydium, signifying a “graduation.”

Despite the vast number of new memecoins, most investors face long odds, with a reported $100 investment on Pump.fun having worse success rates than casino roulette, underscoring the high-risk nature of investing in these volatile digital assets.

Web3 Accelerator Beacon Launches Largest Cohort of 17 Innovative Projects

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Beacon, a prominent web3 accelerator program founded by Polygon co-founder Sandeep Nailwal in 2022, has announced the launch of its fourth and most ambitious cohort yet. This new batch includes 17 cutting-edge companies, marking a notable expansion from previous groups.

These companies, selected from pre-seed to Series A stages, hail from diverse sectors within web3, such as DeFi, infrastructure, and AI. Notable participants include Stakestone, EXO, Nubit, Aligned Layer, and eoracle, with several already backed by major VCs like Pantera, Founders Fund, Framework, and Andreessen Horowitz (a16z).

“We’re thrilled to welcome our largest and most diverse cohort so far,” Sandeep Nailwal expressed. “The caliber of companies joining us in the latest program is truly exceptional, and we’re excited to see how, with the aid of our mentorship and resources, they’ll go on to shape the future of web3 and beyond.”

The launch follows the successful graduation of Beacon’s S23 cohort, which included standout companies like scalable data availability layer 0G and verifiable oracle protocol ORA, both achieving unicorn status post-graduation. Success stories from this cohort have set high expectations for the new entrants, especially given their strong backgrounds and early achievements.

Aligned Layer and Nubit, two of the cohort members, have already raised significant Series A funding rounds of $20 million and $12 million respectively. This cohort’s potential is further underscored by the innovative projects these companies are bringing to the table:

  • Aligned Layer is enhancing Ethereum’s efficiency with its decentralized network.
  • EXO enables individuals to run personal AI clusters using everyday devices.
  • Nubit is focusing on scaling Bitcoin’s data capacities to support applications like Ordinals and Layer 2 solutions.

Beacon’s three-month biannual program provides startups with critical mentorship, resources, and capital, aiming to propel their growth and establish them as leaders in the web3 space. “With the level of talent and innovation we’re witnessing in this new group, we are entirely confident that they can emulate, if not surpass, their predecessors,” Nailwal concluded, highlighting the program’s role as a catalyst in the web3 innovation landscape.

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