cryptocurrency
Jump Trading moves $277m in Ethereum to exchanges amid market recovery
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1 month agoon
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adminJump Trading has shifted significant amounts of Ethereum and wrapped staked Ethereum, raising speculation about its intentions.
The Chicago-based trading giant has been actively moving its crypto assets, with notable transactions taking place over the past two weeks.
In the most recent development, Jump Trading unstaked 11,500 Ethereum (ETH), valued at approximately $29 million, from Lido Finance. This amount was moved to an address known as “0xf58,” which the company frequently uses to deposit ETH into centralized exchanges.
The transfer has led to widespread speculation that Jump Trading may be preparing to liquidate its holdings.
According to blockchain data tracker Spot On Chain, Jump Trading has also converted 16,210 wrapped staked Ethereum into 19,049 staked Ethereum (stETH) within a short span.
However, despite those movements, the firm reportedly still holds 21,394 wstETH, valued at $63.6 million, and 16,292 ETH, worth $41.3 million, in its wallets. Additionally, according to Spot on Chain, it has another 19,049 stETH currently undergoing the unstaking process from Lido.
Earlier updates from the blockchain sleuth revealed that Jump Trading transferred 17,576 ETH, worth $46.78 million, to various CEXs within 24 hours. This transfer came exclusively from its existing ETH holdings, leaving the firm’s total crypto assets under unstaking and in wallets significant but reduced.
Over the past ten days, the company has deposited a staggering $231 million worth of ETH into several major exchanges, including Binance, OKX, Bybit, Coinbase, and Gate.io.
The firm’s activity has seen the redemption of 83,091 wstETH, valued at $341 million, into 97,600 stETH and the subsequent unstaking of 86,059 stETH, worth $274 million, from Lido Finance. It has resulted in a net deposit of 72,213 ETH, valued at $231 million, into these exchanges.
These substantial movements coincide with Ethereum’s recent market recovery, with the price of ETH oscillating between a low of $2,423 and a high of $2,546 in the last 24 hours.
This recovery follows a period of significant volatility for the second-largest cryptocurrency by market capitalization.
However, Jump Trading’s large-scale liquidations have created an atmosphere of uncertainty, with some speculating that the company’s activities could lead to further market fluctuations.
The substantial unstaking and transfer of Ethereum to exchanges suggest that the firm might be preparing for further strategic moves, potentially impacting the cryptocurrency’s market performance in the near future.
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cryptocurrency
MAGA, FIGHT, and DJT surge as Trump’s crypto project announces WLFI token
Published
3 days agoon
September 17, 2024By
adminDonald Trump-themed cryptocurrencies surged as World Liberty Financial announced a new governance token.
Fight to MAGA (FIGHT) led the charge with a massive surge of over 150%, pushing its valuation to $10.3 million. TrumpCoin (DJT) also saw a strong rally, climbing 28% to reach $0.00032, its highest since Aug. 7, with daily trading volumes near $1 million. Meanwhile, MAGA (MAGA) rose by 18% over the past day, with a daily trading volume of $11.48 million.
All these gains helped push the total market cap of political-themed tokens past $481 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to Coinmarketcap data.
These tokens rallied after Donald Trump’s crypto initiative, World Liberty Financial, announced its plans to release a governance token named WLFI.
WLFI has been advertised as a non-transferable governance token, allowing holders to propose and vote on platform-related matters. Approximately 63% of the total token supply is designated for public sale, with 17% for user rewards, and the remaining 20% for the team and advisors.
While the token’s launch date remains undisclosed, the project team has confirmed that sales will be limited to accredited investors.
Despite the rise on Sept. 17, political-themed tokens have been experiencing a downturn, with their total market cap now down to $481 million.
These tokens tend to gain prominence during election seasons, potentially losing much of their relevance after the elections conclude. Traders often refer to these as “event coins” because their prices are influenced as the date of the related event approaches.
However, in the short term, these coins could see further gains if Bitcoin (BTC) breaks past its previous high, as meme coins often thrive during Bitcoin’s bull runs. Factors that could drive Bitcoin’s price higher include possible cuts in Federal Reserve rates, a weakening US dollar, and a continuing stock market rally.
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cryptocurrency
Indian police probe INR 10m crypto investment scam with suspected link to Hong Kong
Published
4 days agoon
September 16, 2024By
adminIndian police are investigating the “Datameer” crypto trading app, which allegedly duped at least 700 locals out of inr 10 million.
According to a local report, the scheme promised returns of up to 50% to unsuspecting investors who were told their funds were being invested in cryptocurrencies.
Once the investors transferred their money through the fake app, the app shut down, and the scammers disappeared. During the time it was active, the scam managed to dupe investors of more than inr 10 million (roughly $119,000).
India has witnessed a spike in crypto demand despite a lack of solid crypto regulations, and a punishing taxation regime, with the nation managing to claim the top spot in Chainalysis’ 2024 Global Crypto Adoption Index. However, this growing appetite for cryptocurrencies has opened doors for scammers who are exploiting the hype.
The Datameer app, which reportedly surfaced in April 2024 and was active for five months, managed to draw in both small and large investments, Superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, noted.
“The scammers lured gullible individuals through social media, encouraging them to invest in a scheme with promises of huge returns in a short period of time,” he added.
Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in Hong Kong. Authorities are currently coordinating with cyber wing experts from police forces nationwide, and more information will be disclosed as the investigation progresses.
Scams such as these have raised concerns due to their potential international links, particularly to regions in China. Similar connections have previously surfaced in other cases investigated by Indian authorities.
Back in March, the Enforcement Directorate (ED) filed a charge sheet against 299 entities, including individuals of Chinese origin, under anti-money laundering laws. These entities were tied to a mobile app called “HPZ Token,” which allegedly duped investors with promises of high returns from cryptocurrency mining.
In another case, crypto scammers tricked a doctor in India into transferring over $35,000 in a drugs-in-parcel scam. Authorities found that the stolen funds were funneled through multiple bank accounts, swapped for cryptocurrencies, and transferred to accounts in China and Taiwan.
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Bitcoin Cash
Top cryptocurrencies to watch this week
Published
4 days agoon
September 16, 2024By
adminA rebound push last week saw the global cryptocurrency market cap recover $180 billion amid a 9% surge in valuation. As a result, the crypto market cap recovered the $2 trillion mark to end the week at $2.1 trillion.
Following their impressive contributions to this rally, here are some top cryptocurrencies to watch this week:
BCH crossed 20-day MA
Bitcoin Cash (BCH) surged 9.36% last week, securing its place above $300. Although it faced a minor correction, it closed the week at $327, maintaining an upward trajectory.
Despite the price rise, the BBTrend — or Bollinger Band Trend — remains bearish, signaling weakness in the uptrend.
Volume peaked on Sept. 11, but has since declined, even as the price climbed. This divergence between price and volume could indicate a lack of buying strength. Therefore, the rally may lose steam without renewed volume support.
BCH crossed above the 20-day moving average ($319) on Sept. 11, which now serves as a key support level. If the uptrend continues, BCH could target $340 or $350.
However, a dip below $319 may signal a retest of $300 or lower. Investors should watch for volume increases to sustain upward momentum.
Bitcoin Cash was developed by a group that believed Bitcoin should be used more as a peer-to-peer digital cash system, as outlined in Satoshi Nakamoto’s original whitepaper, rather than as a store of value or “digital gold,” which has been Bitcoin’s main use case.
ELON performs below par
Dogelon Mars (ELON) gained 6.11% last week, performing below the broader market but managing to stay in the green.
The meme coin spent most of the week below the 20-day moving average ($0.00000012566) until the final day, closing at $0.00000012776.
Currently, ELON is positioned above the 20-day moving average (middle Bollinger Band) and the lower Bollinger Band ($0.00000011944), but below the upper Bollinger Band ($0.00000013075). This suggests it still has room to rise before hitting resistance at the upper band.
The RSI at 46.39 indicates that ELON is not overbought, signaling potential upside momentum. If the bullish trend continues, expect resistance around $0.00000013075, with support at $0.00000011944.
If it breaks above the upper Bollinger Band, ELON could push higher, but failure to hold above the 20-day MA might lead to a retest of lower levels.
ELON pays homage to both Dogecoin and Elon Musk, whose rocket company — SpaceX — is reportedly working on designs for a Martian city,
CKB tops gainers list
Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.
The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February.
This momentum carried into the new week, with CKB peaking at $0.01762 before pulling back slightly. The Fibonacci pivot levels show immediate resistance at $0.01351, which CKB has surpassed, with support at $0.00845 (pivot) if a retracement occurs.
The Commodity Channel Index reading of 369 signals extreme overbought conditions, suggesting that while the uptrend is strong, a short-term correction could be on the horizon.
Should a correction happen, investors should look for support around $0.00845, the pivot point.
If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.
The Nervos Network was created by a team of blockchain developers and entrepreneurs with expertise in cryptography. The core team includes co-founders Jan Xie, Terry Tai and Kevin Wang.
The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.
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