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Hxro Cryptocurrency Trading Platform Raises $15 Million: Report

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Hxro cryptocurrency trading platform raised $15 million in a private token sale to hedge fund Commonwealth Asset Management as per a press release that we have in our latest crypto news today.

In addition to supporting derivatives trades and betting markets, Hxro cryptocurrency trading has its personal Ethereum-based network token HXRO and the token holders can use it to get rebates and rewards while still trading on the platform. The going rate for the token is now set at $0.75 which is a 14% increase over the past week. Hxro made the name with Moonrekt which is similar to an online game that is built around betting whether the asset will surge and increase in price over a certain timeframe or get “rekt” and drop in value. The company offers an investment product called TixWix aims towards a retail market and it operates via a partnership with FTX with the exchange run by crypto wunderkind Sam Bankman-Fried.

Commonwealth is based out of Los Angeles and has ties to investors like Alan Howard and Louis Bacon as both of them invested in the forthcoming EOS-based exchange Bullish Global. CIO Adam Fisher said:

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“Having been active in financial markets over the last 20 years, we think a liquid options market is the next step in the evolution of decentralized crypto trading and the network is extremely well positioned for success.”

As recently reported, Hxro, a gamified crypto trading platform, has announced that it will be joining the Nervos ecosystem as it ramps up for expansion in the Asia-Pacific region. By building on Nervos, Hxro plans to bridge its centralized trading platform with new DeFi products slated for release across several Asian markets, starting with a decentralized version of its existing product.

Designed for first-time and hypercasual traders, Hxro’s pari-mutuel market gamifies the crypto trading experience and lets users bet on price movements. A unique trading system called ‘MoonRekt’ lets traders take bullish or bearish positions in widely-traded, standardized time frames with the tap of a button. Nervos will provide the foundation for Hxro to bring a decentralized iteration of its core product to Asia–a key market for Hxro.

hxro

According to Hxro’s co-founder and CEO Dan Gunsberg, Asia is an especially attractive market for expansion due to its “strong gaming and trading culture coupled with the region’s growing crypto adoption.” The company plans to launch a suite of fully on-chain Hxro products on Nervos for the Chinese and Southeast Asian markets.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/hxro-cryptocurrency-trading-platform-raises-15-million-report/

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Microstrategy And Michael Saylor Could Be The Biggest Risk For BTC

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Microstrategy and Michael Saylor could be the biggest risk for Bitcoin while its price is in a precarious position after the major selloff that happened on the market. All whole this happened, the CEO of the company still continued with his BTC purchase and added to the corporation’s sizeable position but what can this mean for the number one cryptocurrency? We find out in our latest bitcoin news.

While there are a lot of market participants that are cheering the decisions of Saylor every time he tries to buy some more BTC, the more the company holds there is a risk that it will bring to the first crypto and its network, and here’s why. At the expense of going against the popular opinion today and the risk that comes along with it, there is a need to call more attention that is created for bitcoin thanks to Michael Saylor.

The entire point of BTC was so that no third party or another actor could influence the network of money itself because even the creator of the coin, disappeared from existence because of this reason. The emergence of figureheads in the crypto space is new with the likes of Elon Musk coming out of nowhere and commanding masses of crypto holders as they listen. Dogecoin surged like Musk said but then came crashing down to reality and now there’s almost nothing to be done.

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The impact of Musk cannot be understated because Tesla has nowhere near the position as Microstrategy because the company turned from a software solutions company to a crypto-exposure asset and it did well for its MSTR shares for now. Because Saylor kept on loading up on BTC over the past year, he is now at a loss on his purchase price and because he keeps adding more, he could become a target to whales who want to force the corporation to liquidate its positions.

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A satirical take on all the times Saylor stacked more BTC Source BTCUSD on TradingView.com

Saylor stayed quite strong while Musk had a great time so the man still gets credit for his commitment to the crypto and its adoption. He is also a great guy and is spending time talking to people online about crypto and promoting more education and advocacy across the world. The problem is his lack of risk aversion that can lead to him and his company becoming a target. Because Musk turned also, there’s an example of the damage that can be done when it happens on record. So if Saylor is forced to sell, and turn his back on BTC how bad could things get?

Microstrategy and Michael Saylor could even be in the center of centralization because having that many coins in one man’s hands can have dangerous implications even with the best intentions.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/microstrategy-and-michael-saylor-could-be-the-biggest-risk-for-btc/

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Cardano Founder Predicts That Ethereum Will Overtake Bitcoin

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Cardano founder predicts that Ethereum will overtake Bitcoin as a quick victory over the dominant and number one cryptocurrency so let’s read more in our latest bitcoin news today.

Charles Hoskinson talked about crypto and why he thinks Ethereum is poised to overtake BTC in the near future. He started out by talking about the speed of BTC transactions and pointed to the sluggish character of the network and how slow it is compared to other proof of stake networks. Focusing on ETH, in particular, he said that the coin outperformed BTC in many ways as ETH gained popularity over the years as digital currencies became popular. It is now the second biggest coin behind BTC with lots of investors pouring their money into it. Believing that the coin is set to be greater than Bitcoin, the Cardano founder predicts that that could happen in the near future.

Ethereum’s London Hard Fork, eth, eip-1559

One of the ways that Hoskinson said ETH is better than BTC was the development culture associated with it. A good evolution was one of the main advantages he referred to amongst others. The faults found in Ethereum are flexible compared to Bitcoin because there are no issues that are locked into the network which is what makes development in the blockchain so flexible. Ethereum 2.0 is a clear example of this as the development was in the pipeline for a while. It is meant to replace the current network and by doing so, it will solve the bottlenecks that come with using the network and will also make it cheaper to send coins in high traffic times.

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The upgrade is going to help with security and scalability and will make the entire network more secure. This is also being developed by the teams across the entire ETH Ecosystem. Hoskinson even called out BTC for being his own worst enemy. He said that Bitcoin is riddled with network effects but pointed out that there was no way to change the system which means that improvements are not possible for Bitcoin. This makes fixing the obvious flaws associated with BTC impossible.

BTC Continues To Drop , price, bitcoin, level, resistance

The high network fees associated with sending BTC were a debated issue in the crypto space which was meant to be solved with lightning technology. But even with the new technology, the high network fees are still the norm. That is not to say that ETH doesn’t have the problem of high network fees in the high traffic times but compared to BTC it remains a better alternative. Cardano beats both in this regard which is why the coin is using only a penny or two to send out on the network.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/cardano-news/cardano-founder-predicts-that-ethereum-will-overtake-bitcoin/

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South Korean Authorities Seized $47M From Crypto Tax Evaders

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South Korean authorities seized $47 million from crypto tax evaders as 12,000 people in the country had their cryptocurrneices confiscated so let’s read more in our latest cryptocurrency news today.

Officials in the South Korean province of Gyeonggi seized $47 million in crypto from tax evaders and now the exchanges in the country started delisting the coins ahead of the new regulations that are coming into force. The South Korean authorities seized $47 million in crypto after performing one of the largest tax seizures in the country. The long investigation led to the confiscation of $47 million in ETH, BTC, and other cryptos as per the Financial times so officials called the event the biggest crypto seizure for back taxes in Korean history.

bitcoin investors have, tax, file, IRS, BTC

Gyeonggi is the most popular province in South Korea and it includes Seoul as well. The officials seized funds from 12,000 tax evaders by connecting their activity on crypto exchanges with their phone numbers. The investigators parse through the data manually because most exchanges didn’t collect formal identification of the account holders and it is unclear which exchanges were investigated. However, the exchanges’ lack of formal KYC identification was one of the key drivers behind South Korea’s regulatory crackdown. The National Assembly of South Korea passed a new law demanding the local exchanges to comply with AML and terrorist financing guidelines from the Financial Action Task Force. The crypto exchanges had to earn approval from the Financial Services Commission as well and the Korean Internet and Security Agency before September 24, 2021.

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The law included new requirements for identifying the users as well as the clarity on which the assets can be listed. If the project’s coin had low volume, the inactive development or the missing clear channel of communication with the team will be a subject to delisting. Upbit one of the big four exchanges in South Korea already started delisting a few coins and the platform was one of the firsts to earn the license and to continue operating in South Korea.

South Korea Starts, cbdc, bank, crypto

As for the much smaller exchanges, compliance has been difficult which is because the platforms have to partner with the bank to earn a license. Banks however are most of the time reluctant to associate with crypto exchanges and create what one operator called a “existential crisis.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/south-korean-authorities-seized-47m-from-crypto-tax-evaders/

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