Liquid Staking Derivatives layer 1 blockchain is called Tenet.The blockchain will create a hub for Liquid Staking Derivatives (LSDs).Tenet’s testnet went live today allowing developers to interact and experiment with the platform.Former Ankr and Blockdaemon executives have joined hands to create Tenet, the first Layer 1 blockchain built to create a hub for Liquid Staking Derivatives (LSDs).The Tenet Testnet has been launched today, allowing developers to interact and experiment with the platform.Tenet protocol featuresTenet is an Ethereum Virtual Machine (EVM) compatible Layer 1 protocol. It is designed to bring additional liquidity and yield opportunities to LSDs by allowing users to re-stake their assets in the network and participate in the network’s DeFi ecosystem.Different from other Cosmos chains that rely on their own native tokens for PoS security, Tenet validators can make use of a unique mechanism called Diversified Proof of Stake (DiPoS). DiPoS allows validation by re-staking LSDs from other L1 ecosystems supported by Tenet, such as Ethereum, BNB Chain, Cosmos, Solana, and Polygon.Re-staking LSDs from other blockchains ensures the long-term security of the Tenet chain by leveraging the joint security of each of the Layer 1 ecosystems it services.Commenting on the launch of Tenet’s Testnet, the co-founder of Tenet, Greg Gopman, said:“At Ankr, we helped bring Liquid Staking Tokens to eight Blockchains and built out some of the best LSD infrastructure in the industry, but no one used it. Tenet was really a golden opportunity for being first to market in utilizing best-in-class technology with almost $20B in untapped liquidity. We analyzed what other projects like Berachain and Eigen Layer were doing and realized that there was a better way to position ourselves to best address the market. We’ve chosen to take a user-centric path, making the staking and LSD experience simpler and more secure for the average user.”Using LSDs on TenetThe re-staked LSDs on Tenet are usable just like LSDs or LLSDs to take advantage of DeFi opportunities on the Testnet ecosystem.Besides taking advantage of lending pools and DEXs, Tenet users will also be able to mint the Universal Stablecoin interest-free, allowing them to receive an “advance” on their future LSD yields.Tenet also offers the first L1 ecosystem with native gauges, which allow veTenet token holders to earn direct rewards to the pools they choose.The post EX Ankr and Blockdaemon executives launch Liquid Staking Derivatives L1 chain appeared first on CoinJournal.

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While crypto investing can produce significant percentage gains over a long-term timeframe, investors seeking quick gains at the top of prolonged rallies often see negative returns. The cryptocurrency market tends to fluctuate between maximum fear and maximum greed, with widespread bullish sentiment occasionally producing the inverse effect on the market.Crypto investing has been rewarding recently, with new projects such as <a href="https://metacade.co/en?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal&utm_content=63">Metacade</a> seeing major success during their early stages. Many participating in crypto investing are wondering whether prices will continue to rise or whether a correction is imminent, and what this might mean for promising new projects such as Metacade.Crypto investing becomes overbearingly bullish. What could this mean for Metacade?Sentiment has remained bullish in the cryptocurrency market as Bitcoin (BTC) <a href="https://www.reuters.com/technology/bitcoin-pushes-past-30000-investors-eye-end-rate-rises-2023-04-11/">recently broke through</a> a critical psychological resistance level at $30,000. Shortly after, Ethereum (ETH) broke $2,000 and kickstarted calls for an alt season following a multi-month Bitcoin rally.Alt seasons can be prime times to buy as crypto investing often produces significant returns during this period. However, it remains to be seen whether 2023 will have a fully-fledged alt season, as some leading tokens in the cryptocurrency market have yet to retest support.The cryptocurrency market is filled with new altcoin opportunities, including the emergence of Metacade – a comprehensive GameFi platform that brings <a href="https://sensoriumxr.com/articles/what-is-play-to-earn-gaming">extensive earning capabilities</a> to its community. The MCADE token has just been launched on UniSwap and Bitmart, which has generated excitement among the Web3 community.The MCADE token presale was a major success, raising $16.4 million worth of investment to develop the blockchain arcade. Metacade has been one of the most exciting new platforms in the cryptocurrency GameFi market during 2023, as investors have strongly backed its expansive, community-based and futuristic Game-Fi vision.Could MCADE reach $4 in 2025?Crypto investing during a bear market can potentially produce major long-term returns, especially when purchasing promising new tokens such as MCADE. Whether or not the recent rally in the cryptocurrency markets continues, the MCADE token is widely considered to have vast potential for the future.MCADE is fresh from a successful presale and two popular exchange listings in April 2023. The token can now be purchased on both Uniswap and Bitmart, which could boost overall demand for the project in the coming months and years.Crypto price analysts have highlighted MCADE’s innate utility and deflationary tokenomics as reasons to be bullish. Some put the 2025 MCADE price prediction at $3.50 – a significant price increase from its current price of $0.039.What is Metacade?<a href="https://metacade.co/en?utm_source=media&utm_medium=artc&utm_campaign=coinjournal&utm_term=internal&utm_content=63">Metacade</a> will become the largest on-chain arcade in <a href="https://ethereum.org/en/web3/">Web3</a>, offering a vast selection of different play-to-earn (P2E) arcade games that each has integrated earning potential for players. The project is a community-driven initiative built by gamers for gamers, which can help usher in a new era of gaming on the blockchain.A core aim of the Metacade project is to create a central hub for blockchain gamers to enjoy. To do this, the platform brings several variations of the classic P2E mechanic. Metacade’s earning capabilities go beyond gaming to include Create2Earn, Compete2Earn, and Work2Earn.How does MCADE work?The MCADE token is used to pay rewards in the metaverse arcade. As well as this, Metacade is developing various DeFi services for crypto investing, including staking to earn a passive…

Key takeawaysFlare has integrated its API Portal on the Google Cloud Marketplace.The integration grants developers access to a wide range of blockchain APIs.Flare partnered with Uppercent earlier this year to launch an NFT marketplace for e-learning. Flare integrates its API Portal on Google Cloud MarketplaceFlare, a Layer 1 blockchain that gives developers decentralized access to high-integrity data from other chains and the internet, has announced the integration of its API Portal on Google Cloud Marketplace.In a press release shared with Coinjournal, the team said it is launching some of the first blockchain APIs on the platform. This latest cryptocurrency news means that blockchain data from Flare’s nodes and Connected Chain nodes can be accessed by developers using Google Cloud Marketplace to perform easy blockchain transactions and read up-to-date states.Thanks to this integration, Google Cloud’s built-in Cloud Marketplace now supports blockchain APIs for Algorand, BNB Smart Chain, Bitcoin, Dogecoin, Ethereum, Flare, Litecoin, Songbird, and XRP.Furthermore, the Flare team said all of the blockchain APIs that are added to its API Portal in the future would be made available to Google Cloud developers. With blockchain APIs, developers can create applications that carry out transactions and query on-chain data pertaining to the chain’s latest state.By accessing APIs, developers no longer need to run their own nodes for the blockchains they wish to interact with. This is a useful feature for developers, especially when creating cross-chain applications that must query multiple data sources. Developers can access Flare APIs using their existing Google Cloud accountThe Flare team informed developers that they can access all of Flare’s current APIs via their existing Google Cloud account.While commenting on this latest development, Josh Edwards, Flare’s VP of Engineering, said; “Greater availability of leading blockchain APIs on platforms such as Google Cloud Marketplace reduces the barriers to Web3 participation. It makes it easier for developers to experiment with blockchain technology and its many use cases without being burdened by onerous hardware costs and ongoing maintenance. It also opens up the possibility for larger organizations and partners to experiment with a safe, secure, and approved set of Web3 APIs. As a result, developer teams have the flexibility to create applications without any infrastructure headache, which allows them to focus on creating and shipping great products.”James Tromans, Head of Web3 Engineering at Google Cloud, also said;“We’re excited to support and promote the ambitions of our Web3 partners in our ecosystem, with the integration of Flare’s high-performance APIs into our Marketplace.”Flare has been busy creating despite the bear market. In February, Flare partnered with Uppercent to launch the first NFT marketplace for e-learningFlare is an EVM-based Layer 1 blockchain that gives developers decentralized access to high-integrity data from other chains and the internet.The post Flare’s API Portal launches on the Google Cloud Marketplace appeared first on CoinJournal.

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DigiToads is currently conducting a presale of its native token, TOADS.At press time, the current presale stage Lilypad 5 was 83.84% sold out.A single TOADS token is currently going for $0.024.Meme coins might have taken their sweet time to enter the crypto hall of fame, but there’s no denying that they still have a long way to go. Inspired by viral internet memes, meme coins are edging ahead to establish themselves as a quality mainstream financial instrument. Take the example of <a href="https://coinjournal.net/dogecoin/what-is-dogecoin/">Dogecoin </a>or even <a href="https://digitoads.me/cjl">DigiToads</a>, which has raised more than $2.2 million in just four presale stages. Built on the <a href="https://coinjournal.net/ethereum/what-is-ethereum/">Ethereum </a>network, DigiToads has been garnering a lot of attention with its next-generation features that combine the utility of different cryptocurrencies. The hybrid model enables users to earn a passive income.DigiToads: Unravelling the full potential of DeFiDigiToads is an upcoming meme coin that offers stake-to-earn and play-to-earn features on its platform. Its native token is TOADs which can be used to access all its features. DigiToads’ unique DeFi model makes it an ideal option for those interested in learning all about cryptocurrency trading for beginners.You can stake tokens or trade them, participate in Web 3.0 games to win rewards, enter giveaways worth $150,000, and even stand a chance to win daily and weekly prizes. For those interested, the TOADS token has been released on presale. With 10 stages in all, the presale process is currently in its fifth phase ‘Lillypad 5’. You can participate in the presale <a href="https://digitoads.me/cjl">here</a>.DigiToads gameDigiToads game is based in a metaverse swamp where players have to show their skills by defeating their competitors with the help of DigiToads. These digital creatures have unusual abilities like strength or a special trait that can up a player’s game. Players can use TOADS tokens to acquire food, potions, and exercise equipment for their DigiToads.When the season ends, the players occupying the top 25% of the positions on the scoreboard are rewarded with TOADS tokens. As far as staking goes, there are ample opportunities to stake NFTs on DigiToads. The longer the period of staking, the higher the rewards that you will earn. The staking pool comprises 2% of the annual profits rakes by the project.The DigiToads team has laid out a community-centric roadmap for its future growth. These plans include donating 2.5% of the annual profits to organizations involved in the preservation of rainforests and replanting trees.The organizations that would get these donations would be picked out by the community members. Moreover, the team would be launching an online learning facility to offer sessions on cryptocurrencies and the DigiToads network. To access these sessions, one would have to own at least three TOADS NFTs.Dogecoin has a new patron: Sean Ono LennonDogecoin is one of the most-traded meme coins and its symbol briefly replaced Twitter’s iconic blue bird symbol. It draws inspiration from a Japanese dog breed and its meme coin’s native token is DOGE.Dogecoin was initially rolled out as a hard fork of Litecoin and the meme coin recently made waves internationally after former Beatles singer John Lennon’s son Sean Ono Lennon announced that he is now following Dogecoin founder Billy Markus on Twitter. He had earlier also extended his support to Bitcoin in a tweet.What are analysts saying about DigiToads?DigiToads has become a sensation within the crypto space and especially among the meme coins. If it continues on the same track, DigiToads could be among the meme coins that are going to shine in 2023.The major reasons behind TOADS’ popularity include its higher growth potential and the diversity it offers users when it comes to earning passive income. By choosing between various opportunities, users can look forward to building a respectable means of residual…

AltSignals presale is now 63% complete as investors camp on new tokens$ASI, the native token, will power ActualizeAI, an AI-based signal service$ASI could rise by 1,000% after listing on exchanges as more investors access the tokenAltSignals upcoming token $ASI, currently in the first phase of the presale, is 63.85% sold out. The quick sell-off of the token that will power an AI trading signal service by AltSignals underlines investors’ growing appetite for new tokens. $ASI will be the first of its own for a reputable trading service provider, explaining why investors are anxious. Investors can join the presale here.<strong>SUI token surges 1,000% amid strong demand </strong>SUI, the token of the highly anticipated Sui Network, went up 1,000% on May 03, shortly after it went live. The price increase underlined investors’ demand for newly launched tokens powering novel use cases. Sui is a Layer-1 blockchain network that operates similarly to established protocols like Bitcoin and Ethereum. However, unlike its peers, Sui facilitates instant transactions through Move, a native programming language. Sui also enables parallel transaction processing by scaling horizontally. Enthusiasts see this feature as crucial in the overall scalability and throughput of the network. As such, SUI is expected to be powerful in retail payments as well as gaming. The case for SUI is a testament that investors are always searching for the next big thing in crypto, despite the prolonged bear market. AltSignals token $ASI is in no way different. $ASI is unique, and its success is pegged on investors’ belief that it caters to an unmet need in the market – AI-enabled trading. So far, as the presale has shown, investors are highly optimistic.<strong>What is AltSignals and $ASI</strong><a href="https://www.altsignals.io/">AltSignals</a> is a UK-based signal service company that was launched in 2017. Since then, it has grown popular for providing quality trading signals to its over 50,000 members on Telegram. The trading signal service has earned a 4.8/5 star rating on Trustpilot. The AltSignals team wants to upgrade its signal-generating service after its early success. It seeks to integrate artificial intelligence, natural language processing, machine learning, and advanced sentiment analysis in signal generation. The new AI-powered trading platform, dubbed ActualizeAI, will be powered by $ASI crypto tokens. The tokens will be the unit of membership in ActualizeAI, which holders will use to vote on governance. The idea of fully automated trading, available 24/7, makes ActualizeAI a step higher and why investors are buying $ASI.<strong>Is $ASI a good investment?</strong>Looking at AltSignals in general, $ASI could be a good investment for investors looking to grow earnings through trading digital assets, shares, and forex. The good thing about the signal service is that it has earned a reputation for the past years. Investors know they are dipping their fingers into an already trusted service and company.$ASI is starting, and its price could skyrocket as more investors join ActualizeAI. It then makes sense to expect huge returns once the token completes the presale and starts to get listed on exchanges. Apart from speculating on the price of $ASI, investors can earn by staking the token and participating in trading tournaments. Investors also get early access to exclusive opportunities on the platform. As such, the token could be a good investment for investors seeking passive income. <strong>Will $ASI reach $1 in 2023?</strong>$ASI is valued at $0.015 presently. To get to $1, the token must rise by over 6,500%. This could be an over-ambitious prediction for 2023, although we can’t rule out the price in the future. Our conservative prediction is $0.15 when the token is listed on major exchanges, which is expected to occur in the second quarter. As we already saw with SUI, newly launched tokens easily rise by over 1,000% when demand is strong. Thus, if $ASI rises by similar margins, given the current and…

MicroStrategy Inc narrowed its bitcoin-related loss in the first quarter.Its executive chairman Michael Saylor remains bullish as ever on bitcoin.Bitcoin is currently up roughly 70% versus the start of the year 2023.Bitcoin has lost about 7.0% in recent weeks but Michael Saylor – the Executive Chairman of MicroStrategy Inc remains convinced as ever in its long-term potential.Michael Saylor on MicroStrategy’s Q1 resultsEarlier this week, the Nasdaq-listed firm said impairment loss related to its bitcoin holdings narrowed more than 90% sequentially to $18.9 million in the first quarter. According to Saylor:Bitcoin is the ultimate digital scarcity network. It’s moved up about 50% on average over the last three years. The key with bitcoin is to be able to hold on to it and stomach the volatility.MicroStrategy now owns a total of about 140,000 bitcoins. Naturally, therefore, the recent surge in BTC that’s still up some 70% for the year has been a meaningful tailwind for the company.“MSTR” has more than doubled since the start of 2023.Why is bitcoin price on the rise this year?Saylor attributes strength in the price of bitcoin this year partially to inflation that’s still running at an annualised rate of 5.0% in the United States – well above the Fed’s 2.0% target.The recent bank failures, he added, have also hurt confidence in the fiat currencies. On CNBC’s “Closing Bell: Overtime”, Saylor said:Bitcoin is a bank in cyberspace run by incorruptible software. So, the phase be your own bank has emerged as an investment idea in the United States.Interestingly, he dubbed the ongoing crypto crackdown a benefit for bitcoin as well since it has established a reputation as the safe-haven asset.The post Michael Saylor on bitcoin: ‘hold on to it and stomach the volatility’ appeared first on CoinJournal.

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My Neighbor Alice CEO, Lenny Pettersson, spoke at the three-day NFTNYC conference, which happened between April 12th and 14th, alongside other NFT projects and creators—sharing his insights with calmer than usual audiences to highlight the shifts in NFT for games, metaverse, as well as the importance to protect NFTs from falling in price.Speaking on the recent uptrend in investing in collectibles and gaming assets, Lenny has highlighted how blockchain games are now at the forefront and equivalent to the mainstream gaming industry. The younger investors are now looking to invest in blockchain games with reliable and credible development teams, with a much lesser interest in the token ecosystem of a project than in previous years.Another spotlight moment for Lenny was the moderation of a panel discussion on “NFTs: Placing More Power in Players’ Hands”, Lenny discusses the potential of a significant IP that offers interoperability through NFTs and the importance of keeping a healthy relationship between developers and players.He closes off his topic by addressing the issues of falling NFT prices. Although there is no guaranteed way to protect an NFT from falling in price from various factors, which includes market sentiment, supply and demand, and broader economic trends. Lenny advises NFT collectors to take additional steps to help mitigate the risk of their NFTs losing value by doing a thorough research and due diligence before buying an NFT. Look into the artist or creator, the rarity and uniqueness of the NFT, and the historical sales data for similar NFTs. Information on credible news channels to help investors make informed decisions and avoid overpaying for an NFT.In most cases, diversifying the NFT holdings by investing in various assets with different creators and themes can help spread the risk and reduce the impact of any individual NFT losing value. NFT collectors were advised to take a long-term approach to NFT investing and focus on assets with long-term potential value, such as those with strong community support, unique functionality, or historical significance. About My Neighbor AliceMy Neighbor Alice is a social online multiplayer builder game built on the Chromia blockchain platform. The project is designed to promote an end-to-end blockchain game ecosystem that allows for an easy transactions within the NFT and gaming community. The technology behind My Neighbor Alice is based on a staking and renting system. The system is being developed and will debut next year, allowing users to rent their NFTs for even more significant earnings potential. Ultimately sets them apart from other play-to-earn games. My Neighbor Alice aims to become a dominant entity in the blockchain gaming space and seeks to maintain and develop a vibrant community for diverse players.Media Contact: pr@myneighboralice.comContact Name: Fati HakimThe post NFTNYC 2023 Recap: Safeguarding NFTs –
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Federal Reserve raised the funds rate by another 25bpJerome Powell hinted at the end of the tightening cycleThe US dollar did not move following the Fed’s decisionThe Federal Reserve of the United States (Fed) delivered its interest rate decision yesterday. It was, by far, one of the most important Fed meetings because of the tough job lying ahead of Chair Powell.It was all about communication. On the one hand, the Fed tightened financial conditions again by raising the funds rate by 25bp.On the other hand, it wanted to say that it was time to pause the rate hikes without the market understanding that rate cuts would follow. The market, however, priced in several rate cuts until the end of the trading year – something that Powell dismissed completely.However, it would not be the first time when the market forced the Fed to do something it did not plan to. Therefore, there is always a struggle to find the right balance between the appropriate monetary policy decision and the right way to deliver it.MediaBitcoin chart by TradingViewThe crypto market did not move following Powell’s press conferenceThe rate hike was largely priced in way before the Fed’s statement. However, the press conference was supposed to move markets.But it did not. The US dollar traded in a tight range, which was also obvious in the cryptocurrency market.Bitcoin, for example, moves in a tight range for the industry’s standards and is still trading at levels seen at the start of April.Part of the reason for the lack of activity might be attributed to Jerome Powell. He delivered a great press conference that left no doubts about the Fed’s intentions. Hence, both bulls and bears were content, and now the focus shifts to the jobs report on Friday.The post Fed’s decision had no impact on the crypto market – yet appeared first on CoinJournal.

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Key TakeawaysThe balance of stablecoins on exchanges is at a 2-year lowIn the last 5 months, over half the stablecoin balance on exchanges has flowed out, equivalent to $22.8 billionTreasury yields above 5% have given viable alternatives for investors, with capital fleeing stablecoinsBUSD shutting down and USD Coin getting caught up with the SVB collapse has also pushed money outTether has its highest market share in two years, despite 30% of its supply on exchanges heading for the exit door since FTX collapsed six months agoA couple of months ago, I put together a <a href="https://coinjournal.net/news/45-of-stablecoin-balance-has-left-crypto-exchanges-in-4-months-but-where-has-all-the-money-gone-a-deep-dive/">deep dive</a> analysing the flood of stablecoins leaving exchanges. As of today, the exodus shows no sign of slowing down. Over half the total supply of stablecoins on exchanges has now fled in five months, equivalent to $22.8 billion.  As the above chart shows, the outflows kicked off in Q4 of last year, following the collapse of FTX, a time period during which Binance also came under heavy fire for how opaque its operation was. Some outflows are easily explained. In February, BinanceUSD issuer SEC was sued by the SEC for violations of securities law, the development meaning the Binance-branded stablecoin would be no more, its market cap set to gradually decline to zero. USD Coin, the US-domiciled stablecoin issued by Circle, has also had its issues. Firstly, being based in the US, there has been concern that regulators will come knocking for the same reason that Paxos came fire. More dramatically, however, was the collapse of Silicon Valley Bank, as 8.25% of the reserves backing USD Coin were held in the fallen bank.While the SVB debacle ended with the US administration guaranteeing deposits, it did briefly drive the USDC peg down to 92 cents, amplifying the outflows of an already-slipping USDC market cap. In fact, when comparing to before the FTX collapse in November, all the major stablecoins have seen significant outflows from exchanges: Tether market share growingEven Tether has seen large outflows, its balance falling 30%. This is despite the world’s biggest stablecoin growing even more dominant in terms of market share, now with its greatest share in over two years, as analysed in a previous <a href="https://coinjournal.net/news/tethers-market-share-grows-to-61-a-two-year-high-as-crypto-centralisation-grows-a-report/">data piece</a>.  My deep dive two weeks ago assessed the implications for crypto as a whole of the growing dominance of Tether, but while its market share may be growing, its balance on exchanges is still falling – in line with the rest of the stablecoin space.In truth, it goes beyond stablecoins.  Elsewhere in crypto, liquidity is also thinning. The Bitcoin supply on exchanges is <a href="https://coinjournal.net/news/bitcoin-supply-on-exchanges-lowest-since-2017-bull-market-peak-but-why-on-chain-report/">at its lowest</a> since the prior bull market peak in 2017. Ethereum is the same – the balance of ETH at a <a href="https://coinjournal.net/news/eth-on-exchanges-at-5-year-low-as-capital-continues-to-flee-crypto/">5-year low</a>. This makes sense when one takes a step back and reviews what has happened in the crypto space. Even beyond the issues specific to stablecoins that were mentioned earlier, the industry has been absolutely ravaged. Multiple scandals have rocked the space – LUNA, Celsius and FTX, to name a few. Regulators are moving quickly against some of the industry’s biggest players. And most pernicious of all is the wider macro environment: last year saw the Nasdaq shed a third of its value, its worst return since 2008. This amounted to the first significant and prolonged pullback in wider markets in the history of crypto’s short existence, as Bitcoin was only launched in 2009. A view of what has happened to Treasury yields should provide a clear picture of what has happened to liquidity. At the end of the day, interest rate hikes serve…

Key takeawaysThe Venom Network’s first testnet was successfully launched.The team revealed that 223,446 wallets created were created, and 69,000,000 transactions were completed.The Venom testnet is designed with ecosystem users and developers in mind.Venom Network launches its first public testnetVenom Foundation, a decentralised network aimed at accelerating Web3 development and which is licensed by the Abu Dhabi Global Market (AGDM), announced on Wednesday, May 3rd, that it has successfully launched its first testnet. Venom is a highly scalable layer-1 blockchain network designed to support a wide range of decentralised applications. A massive thank you to our incredible community for participating in this first week of #VenomTestnet! With your help, Venom will pave the way for a brighter future. Last week in numbers👇 pic.twitter.com/xqGuyhFH4I— Venom Network (@Venom_network_) May 3, 2023According to the Venom Foundation, 223,446 wallets were created in the first week of the public testnet. Furthermore, the team revealed that a total of 69 million transactions were carried out during the testnet. The Venom Foundation previously pointed out that the public testnet going live is a huge milestone for the blockchain ahead of its mainnet launch. In addition to the testnet, the Venom Foundation also launched several dApps developed in-house as it grows its blockchain ecosystem. Other than the testnet, Venom has also released multiple decentralized applications (dApps) developed in-house as part of the L1’s growing ecosystem. Peter Knez, the Chair of the Venom Foundation Council,While commenting on the testnet launch last week, “We’re excited to announce the launch of Venom’s public testnet, a crucial step towards our upcoming mainnet launch. With our highly scalable and reliable asynchronous blockchain, we’re confident that developers will be able to build innovative dApps, while users will be able to experience them firsthand.”1,370,189 NFTs minted during testnetIn addition to the record number of wallets created and transactions completed during the testnet’s first week, Venom also reported another important milestone.According to the Venom Foundation, a total of 1,370,189 NFTs were minted during the first week of the testnet launch. This is an important milestone as Venom seeks to become a leading blockchain in the NFT ecosystem. The post Venom Network’s public testnet records 69 million transactions appeared first on CoinJournal.

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AltSignals (ASI) token sale continues as crypto is poised to react higher.This follows hints by the US Federal Reserve of pausing interest rate hikes.ASI token could also benefit from expected explosion in interest around artificial intelligence (AI) projects.Artificial intelligence continues to make waves, with both consumers and businesses looking to tap into opportunities being presented by the technological leap. Airbnb CEO Brian Chesky said in an <a href="https://twitter.com/SquawkCNBC/status/1654116763087372288">interview</a> with CNBC on Thursday that <a href="https://coinjournal.net/news/tag/ai/">AI</a> could be bigger than the internet revolution.AltSignals, a trading signals platform looking to upgrade its algorithm by introducing an AI-powered layer, is among those attracting huge attention. The AltSignals presale is in progress, with the second stage nearly 70% sold out.Fed pause could see crypto prices react higher<a href="https://coinjournal.net/bitcoin/">Bitcoin price</a> currently hovers near $29,000 after investors reacted positively to the US Federal Reserve’s signal that it could pause its interest rate hike trajectory. The Fed’s hint towards taking a more cautious approach came after it raised rates by another 25 basis points on Wednesday. The US central bank’s interest rate rose to the 5.00%-5.25% range after the latest hike. It comes amid fresh uncertainties amid bank failures, warnings about the US debt ceiling and the continuing issue of inflation. Fed Chair Jerome Powell hinted to this in his speech, with the next FOMC meeting now of key interest to investors. With an end to the rate hike cycle likely coming, it could be time for markets to find new momentum, which we highlight <a href="https://coinjournal.net/news/feds-decision-had-no-impact-on-the-crypto-market-yet/">here</a>.The scenario in the crypto sector will likely be where interest in established assets like Bitcoin, Ethereum, Litecoin and others, spills into projects in categories such as layer 2s, GameFi, play-to-earn and artificial intelligence.Why would now be a good time to buy AltSignals?Investors are likely to continue seeing Bitcoin as a safe haven asset amid ongoing bank failures and economic woes that impact traditional assets. Crypto as a whole is also proving quite attractive as a way for people to diversify their portfolios.If the expected Bitcoin bull cycle sets in, soaring market could catapult ASI token higher – a scenario seen with other projects that launched during the last bull market. As crypto edges closer to the historically bullish period marked by BTC halving, taking positions with ASI at current presale prices could prove a great investment.Even if crypto fails to take on a new bull run going into its 2024 halving, the utility that ASI offers and the growing adoption of AI-powered tools in the trading market could be enough to propel AltSignals higher when it launches.  But as always, it is advisable to remember that investing comes with risks, which is true of crypto, including presales of new tokens.What’s unique about AltSignals?AltSignals launched in 2017, offering a trading signals and market alerts for cryptocurrencies, stocks and forex. Now the platform has planned an upgrade to its trading algorithm, with artificial intelligence, machine learning and natural language processing.The upgrade is set to launch later this quarter via an AI layer dubbed ActualizeAI, and will see traders benefit from 24/7 trading signals with improved accuracy and risk management. The system will be powered by the ASI token, a native token that will offer holders access to all trading signals on the new AI-powered system.Unlike many new projects, AltSignals (ASI) is a project that already boasts a growing community and ready market for its product. Trade calls can be traded on major exchanges and brokers, including those for all the top cryptocurrencies and major forex pairs.Taking a working product and bumping its capacity with new advanced capabilities is a strategy that could…

AltSignals is a financial markets trading signals service provider and it is working on an AI-based algorithm.AltSignals is currently conducting the presale of its new AI-based native token ASI.The ASI presale is currently in the second phase.The hype around artificial intelligence (AI) technology has found its way into the crypto world and AI-based cryptocurrencies are seeing quite a boom buoyed by the AI hype.Most of the AI-based cryptocurrencies are relatively new and were launched after the launch of OpenAI’s AI-based chatbot ChatGPT. Over the last seven days, most of these tokens have seen a triple-figure price rise. Omax Coin (OMAX) has raised by 108%, Forta (FORT) by 106%, and ChainGPT (CGPT) by 59%, just to mention the top three AI-based crypto gainers over the last seven days.AltSignals’ AI-based project prospectsSince its launch in 2017, AltSignals has grown popular for providing quality trading signals to over 50,000 Telegram members. Its trading signal service has earned a 4.8 out of 5-star rating on Trustpilot.Currently, the AltSignals team wants is working on upgrading its signal-generating service after its early success. The team is seeking to integrate artificial intelligence, natural language processing, machine learning, and advanced sentiment analysis in signal generation.The new AI-powered trading platform, dubbed ActualizeAI, will be powered by the ASI cryptocurrency, which will be the unit of membership in ActualizeAI, with holders being able to vote on the governance of the platform.AltSignals is currently conducting the presale of the ASI token and it is now at the second stage of the presale which at press time was 65.08 % sold out. Interested crypto investors can participate in the presale here.Going by the success that ChatGPT has had since its launch towards the end of 2022, AltSignals’ ActualizeAI project could also receive a significant uptake. The quick sell-out of the first AltSignals’ presale stage, the BETA stage, is already a testament that investors have confidence in the ActualizeAI project.Should I buy the ASI token?Well, the cryptocurrency market is extremely volatile and it can be quite a risky investment. Nevertheless, people have taken advantage of the crypto price movements and earned a good amount of money.Although the ASI token is still new in the market, its price has been on the rise since the start of the presale. In the BETA stage, it was selling at $0.01200. It has increased by 25% to the current price of $0.015.According to the schedule provided by AltSignals on its official website, the ASI is expected to continue rising in the remaining presale stages. It is projected to sell at $0.02274 at the end of the presale.AtlSignals (ASI) price outlook after presale endsAltSignals has already earned itself a reputation within the trading signals service market, which is a good proponent for the ASI token. Investors at least know they are investing in a trusted company which has been in the market for the past five years.The price of ASI could skyrocket just like its AI-based cryptocurrency peers once ActualizeAI goes live and starts attracting active users. Also, the ASI token is scheduled for listing on Uniswap and several other centralized exchanges once the presale is concluded; something that could further add impetus to the price surge.The post AltSignals (ASI) price outlook as AI hype sends AI-based tokens through the roof appeared first on CoinJournal.

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Key takeawaysWOO is the best-performing cryptocurrency amongst the top 100 by market cap today.The rally comes as Woo Network listed new perpetual products and revamped its community ambassador programme.WOO could be eyeing the $0.3500 psychological level following its recent rally.WOO price stands at $0.2893, up by more than 12% todayWOO, the native token of the Woo Network, is the best performer amongst the top 100 cryptocurrencies by market cap today. The token is up by more than 12% in the last 24 hours.At press time, the price of WOO stands at $0.2883 and could rally higher in the near term.The rally comes as the WOO Network listed the SUI perpetual token with zero fees on its platform. This latest cryptocurrency news means that traders on WOO can start trading SUI futures.🌊 Ride the #SUInami on $SUI – PERP with ZERO fees. @SuiNetwork the latest L1 platform token built with Move, has arrived on WOO X. ▶️ Start trading at https://t.co/lM1upFinM5 pic.twitter.com/iD6VKdLIyC— WOO X (@_WOO_X) May 4, 2023In addition to that, the Woo Network recently revamped WOO Force, its community ambassador programme. The revamp is designed to extend the reach of WOO’s growth initiatives.May the force forever be with $WOO ⚛️🔥 Recognizing the surging social activity around the $WOO ecosystem, we've recently revamped WOO Force – our community ambassador programme. ▶️ Learn about these changes and join the force today:https://t.co/lXTgCTkHop pic.twitter.com/dNSRkI6YiG— WOO X (@_WOO_X) May 4, 2023These latest developments could be the major catalysts behind WOO’s ongoing rally.Could WOO reach the $0.3500 psychological level soon?WOO has been performing well in recent days and could be on its way to reaching new highs. At press time, WOO is trading above the $0.28 level.If the rally continues, WOO could reach the $0.3500 psychological level for the first time since April 19.The fundamental conditions of the broader cryptocurrency market could also help WOO rally toward that price. Despite its recent positive performance, WOO remains 88% down from the all-time high of $2.4807 it achieved in November 2021. The post WOO price surged by 12% today: can it hit $0.3500 soon? appeared first on CoinJournal.

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Key TakeawaysCoinbase stock is down 87% from its IPO price, the company now worth $11 billionRegulators are moving in on the industry in the US, creating an increasingly hostile environmentShare price reflects these developments, as well as plummeting volume in the crypto space, writes our Head of Research, Dan Ashmore <a href="https://coinjournal.net/exchanges/coinbase/">Coinbase</a> is at war. The exchange is the only publicly traded crypto platform in the US, an attribute that appeared a massive strength at the time of its IPO in April 2021. This was a time when Bitcoin was trading at $63,500, dinner tables were filled with questions such as “how high can it go?”, and everybody wanted a piece of the crypto pie.Things are a little different today. Coinbase’s status as a public company may be helping it with regard to transparency in an increasingly opaque crypto industry, but it is also presenting its troubles for everybody to see. The stock is down 87% from the price it floated at.   Coinbase faces a fight on multiple frontsI wrote a <a href="https://coinjournal.net/news/what-is-wrong-with-coinbase-ceo-selling-2-of-stake-a-deep-dive/">deep dive</a> on the prospects of the company last October, after it was revealed CEO Brian Armstrong had sold 2% of his stake. Seven months on, crypto prices have rebounded strongly but Coinbase’s future seems murkier than ever. The company faces challenges on multiple fronts. The first, obviously, is the state of the crypto industry. Prices, volumes and interest have evaporated at an alarming rate over the 18 months. The Federal Reserve’s transition to tight monetary policy in the face of rising inflation has sucked liquidity out of the economy and crushed assets residing on the far end of the risk spectrum. And make no mistake, crypto is most definitely <a href="https://coinjournal.net/news/bitcoin-still-trading-like-a-risk-asset-despite-claims-of-decoupling-amid-banking-crisis/">out there on the risk curve</a>. Bitcoin has careened down as low as $15,500 this cycle, a drawdown of 77% from its peak. It currently trades at $29,000 following a bumper first quarter of the year, but the issues with Coinbase go beyond merely crypto prices. The industry has been under siege from regulators this year, with the SEC in particular clamping down on a space that conceived multiple scandals last year – most notably the spectacular collapse of not-so-stable stablecoin UST and <a href="https://coinjournal.net/news/ftx-insolvent-what-next-for-crypto/">crypto exchange FTX</a>. Coinbase is bracing itself for action after it received a Wells notice earlier this year. A Wells notice is a formal warning from the SEC that evidence of proof of lawbreaking has been found, and legal action will likely be recommended. The SEC claims Coinbase’s staking service, Prime and Wallet products, as well as its general listing process, may all be in violation of federal securities law.The exchange is fighting. It has accused the SEC of levelling legal accusations “on the fly” and contended that legal action against Coinbase would pose “major programmatic risks” and would “fail on the merits”. The exchange has repeatedly criticised the lack of regulatory clarity for crypto. SEC chair Gary Gensler has contended that “Crypto markets suffer from a lack of regulatory compliance. It’s not a lack of regulatory clarity”. But like it or loathe it, the SEC is calling the shots, and this is all very bad news for Coinbase. The fear is very real that the US environment is simply becoming too hostile for crypto. Coinbase knows this, even if it disagrees with why it is happening. This week, it announced the launch of the Coinbase International Exchange (CIE), an institutional platform for international derivatives trading. But the fear can really be seen in the share price. While we mentioned the fact the crypto industry has been ravaged, Coinbase has underperformed even Bitcoin significantly over the last year. Perhaps the two best benchmarks for Coinbase’s performance are Bitcoin and…

Woo Network, Conflux, and Kava prices held quite well even as American stocks continued plunging. WOO jumped by over 11.3% in the past 24 hours as we wrote here while Conflux and Kava soared by over 6%. Bitcoin remained steady at $29,000 while Ethereum and BNB prices held at $1,890 and $325, respectively. US equities plungeAmerican stocks continued falling on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. In it, the bank decided to hike interest rates by 0.25%, bringing the headline rate to between 5.0% and 5.25%. That was the highest rate the US has been in more than a decade.Analysts believe that the Federal Reserve will now pause rates as it observes the state of the financial market and inflation. The hope is that the elevated inflation will help to limit inflation. Data published last month showed that the headline consumer inflation dropped to 5.0% in March and analysts believe that the situation will continue as crude oil prices continue dropping.Cryptocurrencies like WOO, CFX, and KAVA did well even as the banking crisis in the US escalated. PacWest stock price has plunged by more than 50% on Thursday while Western Alliance and Comerica slumped. In all, the SPDR Regional Bank ETF dropped by over 5% and has crashed by more than 30% in the past three months. Therefore, there is a likelihood that we will see more banks collapse this year. Already, companies like First Republic, Silicon Valley Bank, Signature, and Silvergate have all collapsed. And on Thursday, the Dow Jones, Nasdaq 100, and S&P 500 indices dropped by almost 1% each.Bank collapses impact on cryptoAnalysts believe that the collapse of these regional banks has a positive impact on cryptocurrencies for two main reasons. First, some analysts and investors see cryptocurrencies as safe havens which do well when there are elevated risks. They, especially Bitcoin, are now being seen as safe-haven assets.Second, the collapse of these banks will lead to a slowdown of the American economy and force the Fed to intervene. In periods like these, the Fed tends to intervene by either reducing its quantitative tightening or by reducing rates.  A pivot of the Fed will likely be positive for WOO, Conflux, KAVA, and other cryptocurrencies as we saw during the pandemic.How to buy KAVA Binance.US Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry. Buy KAVA with Binance.US today Wazirx WazirX is India's largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries. Buy KAVA with Wazirx today The post WOO, Conflux, KAVA prices lead gains as bank stocks plunge appeared first on CoinJournal.

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Stacks price has declined 4% in the past 24 hours and is -15% this past 30 days.STX currently trades near $0.78, and has a key supply zone near the psychological $1.00 level.The price of STX rose sharply in February and March as the Ordinals hype hit the market.The price of <a href="https://coinjournal.net/stacks/">Stacks (STX)</a> made another higher low move on Wednesday, trading to highs of $0.82 after surging double digits alongside Bitcoin (BTC). The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike.But as the FOMC tide cools, STX is down 4% in the past 24 hours, cutting weekly gains to just 5% and wiping out gains from key price bursts in April.Will Stacks go back up after the recent dump?Stacks (STX) is a digital asset that has shown considerable fluctuations in price in the past few weeks. As CoinJournal highlighted in<a href="https://coinjournal.net/news/stacks-price-relentless-bull-run-gains-steam-is-it-still-a-buy/"> this article</a>, the main driver of Stacks price in February was the strong interest in Ordinals, a platform for <a href="https://coinjournal.net/bitcoin/">Bitcoin</a> inscriptions (crypto assets similar to NFTs).Stacks, which brings the power of smart contracts to Bitcoin, also surged in March as<a href="https://coinjournal.net/news/stacks-stx-is-a-whale-aggressively-loading-up/"> whales loaded up on the native STX</a>.As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February. The coin is up 5% this week but is in the red on the monthly chart after today’s declines helped erase gains made earlier in the year. STXUSD is down nearly 15% over the past 30 days.Incidentally, STX rose 122% in one week in February and another 51% over seven days in mid-March. So the question is: will Stacks go back up after retreating from year-to-date highs above $1.32? The surge in Bitcoin ordinals, which on-chain data <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis">shows</a> reached over 3.5 million this week, suggests interest in the inscriptions is still high. The activity on the Ordinals Protocol and other layer 2s on the Bitcoin blockchain and the potential uptick in BTC price are likely to be major catalysts of upside momentum for the <a href="https://coinjournal.net/news/tag/altcoin/">altcoin</a>.Below is the outlook for Stacks price from a technical perspective.Stacks price: short term outlook for STXFor a short-term technical outlook for STX, we can look at its weekly chart focusing on the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement levels.<a href="https://media.igms.io/2023/04/04/1683223211828-21871ca3-eb5d-4127-8513-f6230a61b33e.png">Media</a>Chart showing the price movement of Stacks (STX) with key technical indicators. Source: <a href="https://www.tradingview.com/x/fnsqMrDa/">TradingView</a>As shown above, the RSI indicator for STX on is currently at 57. This suggests that STX is largely neutral, indicating its neither oversold nor overbought. However, the MACD indicator is suggesting a potential bearish crossover. We can see the MACD line is above the signal line but could cross below to give the advantage to the bears.Meanwhile, the main barrier to the upside is likely to be at the Fibonacci retracement level at 23.6% that marks the retracement of the last swing from the highs of $3.37 to lows of $0.20. That level is currently around $0.95. Stacks also highlight the 50% and 61.8% retracement levels as main resistance areas.In case the Stacks (STX) price continues its downward trend, the first support level could be at a long-term horizontal line near $0.45. The 50-week moving average line is currently leveling up around this area, while the $0.20 demand reload line provides a key buffer zone.The post <a href="https://coinjournal.net/news/will-stacks-price-go-back-up-heres-the-short-term-outlook-for-stx/">Will Stacks price go back up? Here’s the short…

Block didn’t see an impairment loss on its bitcoin holdings in Q1.Analysts at KeyBanc continue to see upside in its shares to $85.Block stock is currently down about 5.0% versus the start of 2023.Block Inc says it did not see an impairment loss related to its bitcoin hoard in the first financial quarter. Shares are trading up in extended hours.Bitcoin price recovery helpedThe surge in BTC this year pushed the fintech company’s bitcoin revenue in Q1 to $2.16 billion – up 18% sequentially and a whopping 25% versus the same quarter last year.Gross profit from bitcoin holdings also increased 43% versus the previous quarter, as per its letter to shareholders. Block generated $770 million of total gross profit in its recently concluded quarter – up 16% on a year-over-year basis.The fair value of its position in bitcoin was $229 million as of March 31st versus the original purchase price of $220 million.Year-to-date, Block stock is down about 5.0% at writing.Should you buy Block stock now?Block ended the quarter with 20 million monthly active users on “Cash Card” – up 34%. Earlier this week, K33 analyst Vetle Lunde noted the similarity in how bitcoin is performing this year and how it recovered after the bear market of 2018-2019.If it continued on the same trajectory, he added, bitcoin could be worth as much as $45,000 in the coming weeks which could be a significant benefit to Block Inc both in terms of its financial performance as well as the share price.Those interested in buying Block stock today should also know that analysts at KeyBanc continue to see upside in it to $85 – up roughly 40% from here.Other notable bulls of the financial technology company include Cathie Wood – the Founder and Chief Executive of Ark Invest.The post Should you buy Block stock on a boost to bitcoin revenue in Q1? appeared first on CoinJournal.

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Metacade price has jumped by 275% from its all-time low.The token will benefit from a Fed pivot as US banks collapse.Technicals are supportive of the cryptocurrency.<a href="https://coinjournal.net/metacade/">Metacade</a> (MCADE) price has done well since going public in April this year. In all, data compiled by <a href="https://coinjournal.net/news/tag/uniswap/">Uniswap</a> shows that the token has jumped by more than 275% from its all-time low, making it one of the best-performing cryptocurrencies in the world. Here are three reasons why Metacade price will likely continue soaring in the near term.Macro events favor cryptocurrenciesThe first main reason to invest in Metacade is that macro events seem to favor cryptocurrencies and other assets. On Wednesday, the Federal Reserve decided to hike interest rates by 0.25%, bringing them to about 5.25%. Analysts believe that the Fed has now ended its hiking cycle since there are signs that the American economy is slowing.For example, GDP data published last week showed that the economy slowed down in A1. Further data showed that the manufacturing sector continued contracting in April this year. Retail sales have slowed as inflation remains stubbornly high.Most importantly, the banking sector is at its biggest risk in years. On Monday, the FDIC seized First Republic Bank and sold it to JP Morgan, as we wrote <a href="https://coinjournal.net/news/mcade-tops-0-027-as-analysts-turn-bullish-on-first-republic-sage/">here</a>. Other banks are at a significant risk. For example, PacWest shares tumbled by over 50% on Thursday while Comerica and Western Alliance fell by double-digits. Therefore, it is hard to fathom the Fed continuing hiking rates in a period when banks are collapsing. As such, there is a likelihood that Metacade will and other altcoins will do well because of Bitcoin’s role as a safe haven.  In fact, Bitcoin and other major tokens have outperformed stocks this year.Metacade important newsThe other main reason to invest in <a href="https://metacade.co/en">Metacade</a> is that there are some important news that could push the token higher. First, the number of MCADE holders has continued rising in the past few weeks. Data compiled by Etherscan shows that the <a href="https://etherscan.io/token/0xed328e9c1179a30ddc1e7595e036aed8760c22af">number</a> has jumped to 9,239, which is much higher than where it was last month. This is a sign that the token is gaining traction and that the number will get to 10k soon. The number of MCADE transfers has jumped to over 27,289.Meanwhile, according to the Metacade <a href="https://metacade.co/whitepaper/whitepaper.pdf">white paper</a><strong>, </strong>the developers are working to get the token listed in more centralized exchanges. Already, the token has been listed in platforms like MEXC and BitMart. Other potential exchanges where the developers plan to list it are Binance and OKX. In most cases, cryptocurrencies tend to do well after a major exchange listing.Further, the developers are working on the Metacade game, which is expected to be launched in the next few months. We expect that the game will do well, which will help the token gain traction in the next few months. Historically, crypto tokens tend to do well ahead of a major event.Metacade technicals are supportive<a href="https://media.igms.io/2023/04/05/1683261734716-36a2d1f5-1cdc-4137-bd90-62456824eded.png">Media</a>The other main reason to invest in MCADE is that technicals are supportive. On the four-hour chart, we see that the Metacade price has been in a bullish trend in the past few weeks. As it rose, the token moved above the important resistance point at $0.034, the highest point on April 20th. It has now retested that price in what is known as a break and retest pattern.Metacade is being supported by the 50-period moving average. Therefore, there is a likelihood that the token will bounce back as buyers target the all-time high of $0.045. A break above that level will see it jump to the next psychological level at…

Kenya’s Treasury Secretary outlined the tax proposals in a document sent to parliament on 4 May, 2023.The 3% crypto tax will target cryptocurrencies and NFT transfers on exchanges and by individuals.Kenya is one of the countries with the fastest growing adoption of cryptocurrencies in the world.Kenya is seeking a 3% tax on the transfer of digital assets, budget proposals from the Treasury ministry outline.The tax proposals were part of the Finance Bill 2023 that Njuguna Ndung’u, Cabinet Secretary for National Treasury and Economic Planning, sent to the National Assembly on Thursday, 4 May 2023. The Treasury CS is expected to present the budget statement to Parliament on 8 June, and could see the East African nation have the new taxation measures in place for the 2023/2024 budget year, the details of the proposal showed.Authorities eye tax for crypto and NFTsApart from cryptocurrencies, the tax proposals also target non-fungible token (NFT) transfers. These will relate to transactions made by exchanges as well as individuals.Digital assets are classified as property in Kenya, and any gains from the sale, exchange, or disposal of such assets would be subject to capital gains tax. Other than crypto, Kenya also targets monetized online content, with the sector set to be subject to a 15% tax.Around 8.5% of Kenya’s adult population own or hold cryptocurrencies. While countries in Africa such as Nigeria and South Africa have more people owning crypto, Kenya places higher in terms of percentage of the population. Recent statistics on global crypto ownership and usage by the UN ranked Kenya fifth worldwide and fourth among emerging economies – behind Ukraine, Russia and Venezuela.According to the latest ownership figures from Singapore-based crypto research company Triple A, over 2.7 million Kenyans own digital assets. Globally, cryptocurrency ownership has risen to an average of 4.2%, with numbers jumping from 320 million in early 2022 to over 420 million in May 2023.Kenya’s plans for crypto taxation rules come as the trend around the world sees increased regulatory scrutiny of cryptocurrencies. The UK, EU and other jurisdictions are looking to offer clear regulatory guidelines for the industry, particularly around overall protection of investors amid likely risks from unregulated crypto exchanges.The post Kenya eyes 3% tax on cryptocurrency transfers appeared first on CoinJournal.

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Key takeawaysFLOKI is the best performer amongst the top 100 cryptocurrencies by market cap today.The token has added more than 50% to its value today and could rally higher in the near term.Binance is set to list Floki Inu in its Innovation Zone while the token is now live on BitfinexFloki Inu price rally by more than 50% todayFLOKI, the native token of the Floki Inu ecosystem, has been the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours.At press time, the price of Floki Inu stands at $0.00005282, up by 56% over the past few hours. The rally comes thanks to two massive listings of the Floki Inu token. Earlier today, Bitfinex, one of the leading cryptocurrency exchanges in the world, listed FLOKI on its trading platform. We’re live now for trading – #FLOKI can now be traded with USD and Tether $USDt!You’ll also enjoy our trading fee promotion:
✅ ZERO fees for market makers
✅ 4 bps for market takersStart trading on Bitfinex:https://t.co/RXJ1Kg0JQ4 pic.twitter.com/2xHWKTmBgQ— Bitfinex (@bitfinex) May 5, 2023This latest cryptocurrency news means that FLOKI can be traded against USDT on the Bitfinex crypto exchange.Binance lists FLOKI in its innovation zoneFollowing the announcement by Bitfinex, Binance, the world’s largest cryptocurrency exchange, also announced earlier today that it would be listing Floki Inu and PEPE coins in the Binance Innovation Zone. #Binance will list @pepecoineth $PEPE and @RealFlokiInu $FLOKI in the innovation zone.➡️ https://t.co/yxcINj0whc pic.twitter.com/o4UTvWZkHj— Binance (@binance) May 5, 2023The Binance Innovation Zone was introduced to users of the cryptocurrency exchange a safe place to trade new and innovative projects. These latest developments were behind FLOKI rallying by more than 50% over the last 24 hours. The positive performance comes despite the broader crypto market currently stagnating.Bitcoin is down by less than 1% in the last 24 hours and continues to trade above the $29k level. Ether, the second-largest cryptocurrency by market cap, is up by less than 1% so far today and is trading just above $1,900. At press time, the total cryptocurrency market cap stands at $1.2 trillion. The post Here is why Floki Inu’s price surged by over 50% today appeared first on CoinJournal.

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Coinbase reports market-beating results for its fiscal Q1.Analysts are still keeping bearish on the Coinbase stock.Coinbase shares are now up roughly 70% year-to-date.Coinbase Global Inc are up nearly 15% on Friday after reporting its financial results for the first quarter that handily topped Street estimates.Coinbase stock up on narrowed lossLost $78.9 million versus the year-ago $429.7 millionPer-share loss also narrowed sharply from $1.98 to 34 centsRevenue tanked 34% year-on-year to $772.5 millionConsensus was $1.45 a share loss on $655 million in revenueTotal operating expenses were down 24% versus last yearThe crypto company attributed strength in its quarterly performance partially to the surge this year in the price of bitcoin. Still, Wells Fargo analyst Jeff Cantwell remains bearish on the Coinbase stock due to the regulatory uncertainty.His $43 price objective suggests more than a 20% downside from here.BofA is also dovish on Coinbase sharesRemember that Coinbase Global Inc had received a “Wells notice” from the U.S. SEC in late March. It is also noteworthy that trading volume in the recently concluded quarter came in at $145 billion and missed the consensus estimate by $2.7 billion.To that end, Bank of America analyst Jason Kupferberg also reiterated his “underperform” rating on the Coinbase stock today and said:We maintain our cautious view on Coinbase shares as we continue to think retail crypto volumes will remain weak and regulatory overhang will linger for some time.In its current quarter, Coinbase Global Inc expects its subscription and services revenue to sequentially decline to around $300 million, as per its letter to shareholders.The post Coinbase stock jumps 15% on strong Q1 results: sell into the strength? appeared first on CoinJournal.

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