BC.GAME Launches its Redesigned Website with New Features

BC.GAME announced the official launch of its new website, integrating better features and advantages for its users.

Named the Crypto Casino of the Year, BC.GAME is one of the most popular crypto casino platforms. Now, in order to provide a better experience for users, it will launch a redesigned website, giving its players the best experience and satisfaction worldwide.

In addition to the release, BC.GAME signed two new partnerships with AFA and Cloud9.

The Redesigned Website of BC.GAME

BC.GAME’s new website will have a new UI layout, with a cleaner and slicker aspect compared to the old version. 

At the same time, the new website will allow players to select different languages for the interface, translating the descriptions for a better understanding. The new languages available on the website will be Portuguese, Indonesian, Russian, Vietnamese, Korean, and Spanish. 

Furthermore, BC.GAME recently signed new partnerships with two of the most recognized names in football and eSports — AFA and Cloud9. These will be displayed on a special page dedicated to sponsors. This particular section is designed so the community can stay updated about the latest events involving the casino’s partners.

New Features for BC.GAME’s Users

One of the most critical aspects of the new BC.GAME website will be its updated security. With new security characteristics such as a new Official Staff Verification page and an updated KYC feedback feature, players can now enjoy a better and more secure casino experience. 

Moreover, users will now access helpful content thanks to the new design, including game recommendations specific to each user, information about the game developers, and game descriptions. 

New interactions were also added to the website, with users being able to rate, like, comment, share, and offer feedback on the games they play.

Chris, Chief Operating Officer at BC.GAME shares his thoughts about the new updates on the BC Game website:

“The iGaming industry moves fast. Keeping up with it is no small feat. As industry trailblazers, we pride ourselves on doing more than just staying ahead of the curve. Our goal is to create the curve. The only way to accomplish this is by keeping the communication channels with our community open. On behalf of the BC.GAME team, I would like to thank our loyal community for all the feedback and suggestions they gave by presenting this latest upgrade.”

About BC.GAME 

BC.GAME is a community-based crypto casino that aims to provide its users with a distinctive and high-quality experience. Launched in 2017, BC.GAME is among the first casinos to support Lightning Network, revolutionizing the casino industry and the blockchain space. 

Users now have access to more than 10,000 games, including sports, slots, live table games, and even the well-known Bitcoin (BTC) crash game, thanks to the recent addition of sports betting. BC.GAME was named the Crypto Casino of the Year 2022, thanks to its numerous awards from the industry. The platform now accepts fiat payments in addition to several popular cryptocurrencies.


More information about the launch and other services provided by BC.GAME is available on the official BC.GAME website.

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

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Bitcoin Crosses $20K Mark, as Whales Continue to Accumulate Tokens

After slipping to lows of $18,000, Bitcoin (BTC) has gained some momentum and crossed the psychological price of $20,000.

The leading cryptocurrency was up by 7.77% in the last seven days to hit $20,154 during intraday trading, according to CoinMarketCap.

The upward momentum is experienced amid Bitcoin whales on a spending spree based on heightened accumulation. Market insight provider Santiment explained:

“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k BTC have collectively added back 46,173 BTC back to their wallets as large USDT holdings have dropped.”


Source: Santiment

Therefore, whales on the Bitcoin network are showing a sustained hodling trend, which can also be depicted by the fact that more coins have been leaving crypto exchanges.

Santiment added:

“Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls.”


Source: Santiment

Bitcoin exiting exchanges usually reflect a hodling culture because coins are transferred to digital wallets or cold storage for the future other than speculation. Therefore, it’s a bullish signal because it slashes selling pressure.

Bitcoin hodlers have not shown signs of relenting in their quest to have more coins because more than 42 million addresses hold BTC despite the bear market. This is 4.5 million more than 2021; data analytic firm IntoTheBlock pointed out

The bullish momentum being experienced in the BTC market is coming at a time when the UNCTAD has cautioned the federal reserve not to throw caution to the wind when tightening fiscal and monetary policies because this could prompt a global recession. 

The Fed has been at the forefront of increasing interest rates, which have been detrimental to the crypto market as bears continue to bite. 

Therefore, if the Fed heeds to this call, a bullish trend might be triggered in the crypto market because interest rate hikes have been the primary stumbling blocks. 

Image source: Shutterstock

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Immutable X (IMX) gains over 50% in recent weeks

As most coins in the crypto market continue to slump, Immutable X (IMX) has been posting incredible gains over the last week or so. Recent chain news has driven much of this surge but can IMX keep this going? Here are some highlights:

  • Immutable X (IMX) announced it had raised $200 million to fund the expansion of its ecosystem.

  • Despite the rally, Immutable X (IMX) still remains significantly lower compared to its ATH

  • At press time, the coin was trading at around $1.8.

Data Source: Tradingview

Immutable X (IMX) – Price prediction

The recent 50% surge for Immutable X (IMX) came as a welcome surprise for investors. The market over the last few days has been very volatile and it’s been harder every day to find some good news across the board. But despite this, we expect IMX to pull back slightly.

In fact, at the time of writing, the coin had lost around 5% over the last 24 hours, trading at $1.85. The most important thing to watch right now is the $1.95 mark. If indeed, IMX can find enough bullish uptrend to test or even cross that threshold, then we could see more gains coming in the near term.

But there still remains a significant risk of a sell-off. When coins rally like this, they will plateau at some point. For IMX, it seems that the point is $1.8. A break below that could lead to more losses.

Is Immutable X (IMX) worth it?

There is no doubt that Immutable X (IMX) has fallen sharply since it reached all-time highs a few months back. The coin has also been on a bearish trend for the most part of this year.

While this can be a problem for the short term, from a long-term point of view, Immutable X (IMX) still remains a decent buy with significant potential.

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BREAKING for Ripple: SEC has to turn over documents

  • The court overruled SEC’s decision of withholding the draft of the 2018 Hinman speech which could unlock a pot of gold for Ripple.
  • The XRP price shot 12 percent straight with the Ripple community expecting the case settlement to happen soon.

In a major breakthrough for Ripple in its legal battle with the SEC, U.S. District Court Judge Analisa Torres overruled the SEC’s attempt to withhold the documents of Hinman’s speech. These documents relate to the speech delivered by former SEC chairman William Hinman at the Yahoo Finance All Markets Summit in June 2018.

In its speech, Hinman noted that the Ether (ETH) cryptocurrency is not a security. Ripple Labs has referred to this speech as its defense and a key piece of evidence to prove that the sales of Ripple’s XRP back in 2013 were not violating the securities laws. However, it still remains to be examined whether the language used by Hinman in his speech is of any use to Ripple. The letter filed by Judge Torres on Thursday, September 29, notes:

The Court has reviewed the remainder of the thorough and well-reasoned Orders for clear error and finds none. Accordingly, the Court OVERRULES the SEC’s objections and directs the SEC to comply with the Orders.

Judge Sarah Netburns also stated that the email drafts of the speech haven’t been protected by the deliberative process privilege, as claimed by the SEC. The SEC later claimed attorney-client privilege over the process, however, Judge Netrburn overruled that as well.

Ripple community celebrates, XRP shoots 12%

Soon as the news broke out on Thursday, the Ripple community celebrated the development. Many in the crypto space believe that Ripple is edging closer to the win against the SEC and this could be huge for the overall crypto market. Attorney John Deaton who has been closely following the case stated:

This is why the crypto market should be thankful @Ripple is fighting this case. If you add up the legal fees Ripple has paid to finally get a ruling from Judge Torres it is likely $2-3 million and they still don’t have the documents. Next step: SEC asks to certify or Mandamus.

Note that this is not the final ruling in the case. However, the development could bring the final ruling closer. The U.S. Securities and Exchange Commission (SEC) filed the lawsuit back in December 2020 and it is nearly two years of court trials now. Ripple CEO Brad Garlinhouse has been very confident that this company will emerge victorious in the ongoing legal battle.

Soon as the news came on Thursday, investors flocked to XRP taking its price higher by 12 percent in the last 24 hours. As of press time, XRP is trading at $0.48 and has a market cap of $24.4 billion. Amid the news of positive developments over the last few weeks, the XRP price has surged more than 50 percent over the last month.

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DAO Developer Learnings from MCON and DappCon

Conferences are always an interesting glimpse into where the ecosystem is headed.

Through listening to talks, attending side events, and having friendly conversations in-between presentations, we learn about what people are most excited about, what trade-offs we’re all thinking through, and the best practices that are flourishing from experience.

Juliette Chevalier speaking at MCON 2022.

After attending MCON and DappCon back-to-back, here are some patterns that became prevalent to our Developer Advocate Juliette Chevalier:

Product-developer fit leads to product-market fit

Product-developer fit leads to product-market fit

Because the protocol layer is open for anyone to read on the blockchain, it inevitably works as a developer-facing product. Teams have to deploy the contracts in order to build the interface, which means that developers are seeing what’s coming first.

Devs are the early adopters of web3 products and the ones truly grasping the potential of what’s possible. So, they’re also the ones driving the product-market fit.

Front-end interfaces then serve as the mechanism through which non-technical users can interact with these contracts. The frontend and the backend are two different products targeting two different audiences.

To reach the audience through the app layer, we need to bring the devs in first.

Product-market fit can only be achieved once the developers decide your product is worth building upon.

The devs truly are the users of the ecosystem, and attracting them should always be your first goal as a new protocol.

Memes are the strongest form of narrative

Memes are the strongest form of narrative

Memes have proliferated on crypto twitter in the last few years, but they have more use-cases than just fun: they build movements. Memes transmit behavior-changing ideas to a wide-ranging audience.

In Web3, memes shape industry-wide understanding of what we’re building and why it matters.

Nailing down the what and the why of our projects through a simple, easy-to-digest meme is one of the strongest, most sustainable signals a project can send.

Memes don’t have to be funny—they can be narratives, talking points, mental models, or anything that sticks and proliferates. When building the narrative of your organization, think deeply about what is memorable, what is unique, and what might peek users’ interest in the form of a short sentence, idea, or image. Memes truly feel like the future of marketing!

Current compensation models within DAOs hinder us from recruiting skilled, diverse talent

Current compensation models within DAOs hinder us from recruiting skilled, diverse talent

Right now, many DAOs operate with bounties and one-off assignments to contributors. This prevents top talent from sticking in an organization and leads to disjointed contributions that aren’t as high-quality as they could be.

Although project-based models work well for many freelancers, moonlighters, and young professionals building a portfolio, the lack of job security and clear career paths within DAOs does not encourage long-term, diverse talent to join crypto projects.

Not all jobs can be done through a bounty or a short-term contract, and often the most rewarding projects require longer than a few months of commitment. Offering opportunities paid in stablecoins rather than native tokens, creating an opportunity for DAO contributors to get benefits such as health insurance, providing legal protection for contributors, and hiring formally rather than off-the-books can provide opportunities for diverse and under-represented groups to join forces.

As we strive to build the new wave of the internet, building it with a more diverse group is a key aspect of making this a reality.


Aragon partners with two DAO Experts, Opolis and Work DAO, that provide benefits and legal protection for DAO contributors. Learn about them here!
Engineers drive software and product lifecycles in web3

Engineers drive software and product lifecycles in web3

Web2 and web3 software and product lifecycles have some key differences that make building in this space an entirely new frontier.

In web2, entrepreneurs and UX designers come up with an idea, prototype it, and pass it on to developers to build the front and back-end infrastructure of the product. Web3 is completely different: with just a few thousand developers who can code in Solidity, web3 is much more dev-run than entrepreneuer-run. In other words, the devs are the entrepreneuers.

There are many layers beyond just the number imbalance of web2 devs vs. web3. The blockchain is immutable, so each new smart contract deployment must be well thought-out, planned, and audited, which means no more “move fast and break things” or endless A/B testing. Web3 is also open by default, meaning all code is open-sourced and publicly readable on the blockchain and in Github repos. Thinking of building a moat around your code? Think again.

Security audits are another layer putting devs in the driver’s seat. Engineers have the final say on what stays and what doesn’t, not entrepreneurs or marketers. And every time a new feature is added, the smart contracts need to go through another months-long auditing process and redeployment to the blockchain.

Lastly, the decentralized decision-making ethos contributes to devs driving product development. They like to build a product and let it run, rather than having control over every aspect of it for its entire lifecycle. It’s more common to build something and set it free to the ecosystem rather than to hold on tightly and build a unicorn startup around it.

Due to contract immutability, the open-source inevitability of web3, the need for security audits before launch, and the decentralized ethos of decision-making within the industry, the engineers are mostly the ones who end up establishing a product’s functionality, rather than the UX designers or entrepreneurs of the web2 world.

In short, engineers drive the software development lifecycle in web3.

This is entirely different from our Web2 software engineering practices, where the back-end infrastructure is built based on the front-end demands. In web3, the user interface is built to service the protocol. The back-end is where everything starts, and we need to translate that code into human-readable, easy-to-interact-with apps on top.

Finding a web3 revenue-generating model is extremely hard

Finding a web3 revenue-generating model is extremely hard

Crypto innovation moves incredibly fast because of open-source composability. Developers can fork open-source code and build on top of it, rather than having to start over from scratch every time.

The open-source, forking-friendly environment makes it incredibly hard to find a sustainable business model.

If everyone everywhere in the world can use your code, how do you build a moat around your business?

Open-source software generates an ecosystem of public goods, or software provided for free. The composability we enjoy means we’re able to build on top of each other’s work and advance faster as a collective. It also means finding a proprietary value proposition is almost impossible. Most existing web3 revenue streams have revolved around speculative assets. This method is great for raising initial funding rounds, but hardly function well as sustainable revenue models.

Projects continue to struggle to find ways to accrue value, without the extractive practices that have reigned in web2 to this day. It will be interesting to keep up with the projects thinking this through and see what choices they make around value accrual.

DAOs are tightening up membership and permissioning their onboarding processes

DAOs are tightening up membership and permissioning their onboarding processes

Early DAOs often used a “come one come all” strategy, opening their Discord and Forum to the world and airdropping their native tokens to thousands of people. But, DAOs quickly realized that that strategy incentivized “token go up” attitudes rather than meaningful community building and membership.

After the airdropping hype of the last bull run, organizations are realizing that community members with few incentives to contribute holistically, from a mindset beyond just profits, can be extremely detrimental to an organization. This is especially true for organizations building a product from scratch on a low budget.

In response to these learnings, DAOs today are tightening up and restricting membership, as well as thinking more carefully about who they onboard and why.

Strategies for onboarding and attracting the right mission-aligned community members are key to ensuring a DAO’s mission is fulfilled. Getting mission-aligned contributors in the door helps keep everyone on the same page, moving toward a single goal. Equally as important are offboarding practices, or transitioning someone out of an existing role in the DAO, which encourage a healthy organization and shared responsibility.

SubDAOs and permission management systems are also becoming extremely popular. Autonomous, tightly aligned, but loosely coupled organizations are emerging as a way to solve for scalability, without loosing productivity and accountability.

DAOs are in their teenage and experimentation phase, and we’re here for it

DAOs are in their teenage and experimentation phase, and we’re here for it

Redesigning how we collaborate at scale is a task of giants. Within DAOs, we’re experimenting with governance at the speed of software, breaking old paradigms of governance, and reconstructing centuries-old structures.

Sometimes our experiments work, other times we find ourselves right where we started. We’re going through this acne-filled, self-awareness stage to reach a sustainable path to adulthood.

We’re throwing spaghetti at a wall and seeing what sticks, hoping for a new model that makes the old one obsolete.

If you’re passionate about redesigning collaboration at scale, this is a great time to get involved in DAOs.

Why? Because every decision we’re making will impact the years to come. We’re laying the foundational groundwork for digital organizations to succeed. Having the chance to rethink structures and build from scratch is an incredibly exciting opportunity, and one we shouldn’t squander.

If you’re building a DAO, check out our upcoming Aragon App for onchain deployment and join the early access list to be one of the first to hear about the release. Or, if you’re already in the process and looking for help on your journey, check out our verified and vetted DAO Experts to find the service provider that fits your needs today!

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The CBDC Push Moves On: Russia Plans to Use CBDC in Trade With China

Russia is ramping up plans to develop central bank digital currency. A new report says settlements with China are its next target.

As reported by Reuters, the Russian government is intensifying its plans to use its own central bank digital currency (CBDC), or digital ruble, for international trade with China by the end of 2022.

The central bank is reportedly exploring the possibility and use case of CBDC with multiple experiments and expects to begin the implementation in early 2023.

Russia’s Shelter From Sanctions

Sanctions imposed by Western forces have pushed Russia to seek refuge in alternative assets.

The country’s regulators have recently introduced a new policy change that facilitates the use of Bitcoin and cryptocurrencies in cross-border transactions.

Digital ruble, on the other hand, remains the focal development to blunt the force of sanctions and settle international trade.

Anatoly Aksakov, Chairman of the parliamentary Financial Market Committee, the financial squeeze move of the US and Western countries’ sanctions put pressure on Russia’s international trade market amid the Russian-Ukrainian military conflict.

The tension leads to reduced accessibility to cross-border trade settlements and higher prices. In response to the status quo, Moscow heads toward developing alternative modes of payment, and national digital currency seems to be the answer.

“The topic of digital financial assets, the digital rouble and cryptocurrencies are currently intensifying in society, as Western countries are imposing sanctions and creating problems for bank transfers, including in international settlements,” said Aksakov.

More than 100 countries are now developing CBDCs in diverse aspects. China is without a doubt the most active nation in terms of CBDC programs.

The country has been well ahead of the competition, having already carried out real-world experiments with digital yuan.

Russian progress may motivate other countries to embrace CBDCs in mutual settlements, increasing worldwide crypto acceptance. According to the Central Bank of Russia’s latest report, the authorities will begin integrating all banks and credit institutions into the digital ruble from now until 2024.

That would be a significant milestone for Russia, as the country is set to have presidential elections in March 2024, with incumbent President Vladimir Putin having the constitutional right to run for re-election.

Are CBDCs the Answer?

While maintaining ambitions to introduce CBDCs, Russia has lagged behind the targets of regulating the cryptocurrency business with numerous false rumors. The Central Bank of Russia suggested an outright ban on cryptocurrencies in January but reversed course in March with a more liberal stance.

Meanwhile, Russia’s lower house of parliament has spoken out in opposition to the cryptocurrency prohibition, calling for full regulation. In short, it is still difficult to establish a united voice on crypto in Russia.

The process by which central banks develop and issue currencies is being disrupted by factors such as globalization, digital banking, the requirement for increased financial access, and the need for stronger regulations.

Since the middle of the 2010s, the world’s central banks have been exploring whether or not CBDCs may be used as a method of convergence in their monetary policies.

The regulatory bodies in the United States are also gearing ready to investigate and issue CBDC. The United States Treasury Department released its study on digital assets on September 20. The paper highlights the digital dollar as the future of money.

The European Central Bank is likewise considering the possibility, but there has been no action taken. Despite this, and despite the fact that it has not yet been decided whether or not to construct one, the European Central Bank (ECB) stated on September 16, 2022, that it would be calling on Amazon to produce prototypes of user interfaces.

In addition, the European Commission is laying the groundwork for CBDCs with its “EU Digital ID Wallet” project.

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Terra Classic (LUNC) Prediction: LUNC Price Targets $0.00030

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The Terra Classic (LUNC) price manages to maintain its position, while the bulls maintain the desire to defend the support at $0.00027.

Terra Classic (LUNC) Prediction Statistics Data:

  • LUNC price now – $0.00027
  • LUNC market cap – $1.7 billion
  • LUNC circulating supply – 6.15 billion
  • LUNC total supply – 6.9 trillion
  • LUNC Coinmarketcap ranking – #31

LUNC/USD Long-term Trend: Bearish (4H Chart)

Key Levels:

Resistance levels: $0.00036, $0.00040, $0.00044

Support levels: $0.00020, $0.00016, $0.00012

LUNCUSD – 4 Hour Chart

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LUNC/USD is undergoing a much-needed break to the positive side as the coin trades within the 9-day and 21-day moving averages. The Terra Classic is posting gains of over 4.46% at the time of writing, trading above the 21-day moving average at $0.00027.

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Terra Classic (LUNC) Prediction: Where is LUNC Price Going Next?

The LUNC price resumes back in the middle of consolidation as the coin crosses above the 9-day and 21-day moving averages. The price is now roaming around the $0.00027 level. Meanwhile, if the market continues the upward movement, the $0.00030 resistance level is likely to surface in the next few positive moves. More so, LUNC/USD pair might further look for higher price levels if the bulls continue to show commitment.

However, the market is currently displaying a sign of subduing volatility with choppy price action. On the other hand, if LUNC/USD crosses below the 21-day moving average and heads toward the lower boundary of the channel, the price may likely roll back to the previous supports at $0.00020, $0.00016, and $0.00012. But as the Relative Strength Index (14) moves above the 50-level, the next resistance levels could be located at $0.00036, $0.00040, and $0.00044 respectively.

LUNC/USD Long-term Trend: Bearish (1H Chart)

On the 1-hour chart, LUNC/USD is ranging, as the coin recently trades above the 9-day and 21-day moving averages, as it continues to rise towards the nearest resistance level of $0.00030. Meanwhile, heading towards the upper boundary of the channel may hit the resistance level at $0.000040 SAT and above.

LUNCUSD – 1 Hour Chart

On contrary, any bearish movement by the bears may find the support level at $0.00020 and below. Meanwhile, the technical indicator Relative Strength Index (14) remains above the 50-level.

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MEXC Users Surpass 10M, and MX Token fee deduction scheme is Launched

On Sept. 26, MEXC, the world’s leading cryptocurrency trading platform, announced that the number of platform users had surpassed 10 million. At the same time, MEXC also launched a new MX Token fee deduction scheme: Users can use the MX Token to deduct the fee for futures trading and can enjoy a 10% discount on spot trading. During the period from 10:00 on Sept. 26 to 10:00 on Oct. 2 (UTC+8), MEXC will also launch an event where futures traders can share a 20,000-Tether (USDT) bonus.

This is another core application scenario centered around the MX Token after launching the MX_USDT perpetual futures in July. So far, MX Token can be used to deduct the trading fee of spot, futures, and other trades on the platform, and holders can also participate in various welfare activities such as Launchpad, MX DeFi, M-Day, Kickstarter, and so on.

MX Token is proof of rights and interests issued in the MEXC ecosystem. It is a tradable encrypted digital proof of rights and interests and was first launched in 2018 with an initial supply of 1 billion.

On Dec. 31, 2021, after 38 repurchases, MEXC permanently burned a total of 450 million MX Tokens. Meanwhile, according to the MX Token 2.0 proposal, after being voted by the MX Token community, 100 million MX Tokens have been transferred to the black hole address again and permanently burned (these tokens were held by MEXC Foundation Reserve). After the burn, the total supply dropped to 450 million, 100 million of which are circulating on the secondary market.

As of July 31, 2022, through the latest repurchase and burn, the total supply of MX Tokens has reduced to 443,857,130, and the circulating supply has dropped to 93,857,130.

After repeated repurchases, burns, and increasing application scenarios, the MX Token rose from a low of about 0.119 USDT to the peak of 3.7 USDT in the bull market from June 2020 to June 2022, with a maximum gain of 3,009%.

According to CoinGecko and Etherscan data, the price of MX Token is 0.98 USDT, its market cap is $98 million, and its total supply is 443,857,130.

About MEXC

MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, exchange-traded funds, futures, staking, NFT Index, etc., and serving more than 10 million users worldwide. The core team has a solid background in traditional finance and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. 

In October 2021, MEXC Global won the “Best Cryptocurrency Exchange in Asia.” Currently, it supports the trading of more than 1,400 cryptocurrencies and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.

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Chief Executive Of Distressed Crypto Lender Celsius Alex Mashinsky Resigns




The chief executive of bankrupt cryptocurrency lender Celsius has called it quits.

Alex Mashinsky, the head of Celsius, tendered a letter of resignation to the firm’s Board of Directors. His abrupt departure is more noticeable as Celsius still struggles to repay creditors following its bankruptcy.

Mashinsky Steps Down As Celsius CEO

Alex Mashinsky is no longer the CEO of Celsius.

A press release on Tuesday revealed that Mashinsky had resigned from his position with immediate effect.

“I elected to resign my post as CEO of Celsius Network today. Nevertheless, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors — which is what I have been doing since the Company filed for bankruptcy,” Mashinsky posited.




The company’s chief financial officer, Chris Ferraro, has been appointed as the interim CEO and chief restructuring officer.

In his official letter, Mashinsky stated that he regretted how much of a “distraction” his presence had become as Celsius’ chief executive. Mashinsky added that he was “very sorry” about the financial challenges that the company’s customers are facing since its downfall earlier this year.

The Celsius Liquidity Crisis

Celsius’ troubles started after the crypto lender paused all customer withdrawals and swaps in June amid a harsh crypto winter. The company filed for Chapter 11 bankruptcy protection a month later, disclosing it had a $1.2 billion hole in its balance sheet.

Celsius was notably one of the many prominent crypto lenders to go bust after Terra’s dollar-pegged algorithmic stablecoin UST lost its peg. Three Arrows Capital, Vauld, Voyager Digital, BlockFi, and Genesis Trading all suffered during a multi-month crypto liquidity crisis.

Nearly two weeks ago, Celsius requested the court’s permission to sell its stablecoin holdings amounting to $23 million. The insolvent crypto lender company hopes to use the proceeds of the sale to finance its daily operations.

Prior to that, Mashinsky had floated the idea of rebranding Celsius to “Kelvin”. Under the new plan, the company would pivot away from crypto lending and become a custodial services provider.

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Michaël van de Poppe Predicts Abrupt Rally For Bitcoin, Ethereum, and Chainlink

According to a prominent crypto analyst, three digital assets will experience a sudden upswing driven by short sellers.

In his recent tweet, Goepfert revealed that retail traders have spent $18 Billion on put options and accumulated $46 billion worth of short positions on index futures – both of which are record-setting figures.

After seeing a post from financial analyst Jason Goepfert, crypto strategist Michal van de Poppe decided to share it with his 628,000 followers on Twitter. Let’s get a grasp on the critical points of the most discussed crypto assets:

Traders, Beware: A short squeeze is headed your way!

According to Van de Poppe, the unprecedented level of short positions in the traditional markets is a sign of strength.

In a short squeeze, investors are obliged to purchase back units of an asset they borrowed at a higher price in the expectation of selling them at a lower price for a profit (short).

The cryptocurrency analyst believes Bitcoin (BTC) will rise in tandem with the traditional markets.

Bitcoin (BTC) Price Analysis: 

  • Bitcoin maintained support near $18,500 and is currently attempting to break out of that range.
  • On Monday, it runs another test for $19,500, and then it will be ready to go.
  • It’s important to note that the key holding cost is $18,500.
  • The current market price of Bitcoin is $18,887.

Ethereum (ETH) Price Analysis:

According to Van de Poppe, Ethereum is maintaining the $1,200 support level.

  • Ethereum is still trading at support, which was once resistance.
  • It should hold here and test the level between $1,425 and $1,450.
  • Ethereum is currently trading at $1,305

The decentralized oracle network, Chainlink (LINK), is also under the analyst’s watchful eye. Van de Poppe speculates that LINK is due for a temporary correction before launching the next move higher.

He noted that the price action of chainlink would also be gripping to keep an eye on.

“Two levels I’d keep an eye on LINK (and I believe we’ll be approaching $12-$15 soon).”

  • A scalp short would be resistant around $8 to be tested.
  • Swing longs are approximately $7.
  • LINK is currently trading at $7.77, up by more than 2%.

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