Category: Cryptocurrency News

In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding.  The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility. Uniswap Foundation Seeks Community Approval The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and obtain non-profit status from the Internal US Revenue Service (IRS), as the company is based in Brooklyn New York, ensuring clarity on tax implications before receiving the larger portion of funds. The UF obtained this status in the spring of this year, prompting the request for the second tranche. Related Reading: LINK Price Broke Critical Level, Macro Downtrend Behind? Analyst Forecasts The first tranche of funding, approved by Uniswap governance last year, aimed for $20 million but experienced a decrease in value due to a drop in the price of UNI, the native token of the Uniswap Protocol.  Consequently, the Uniswap Foundation received $17.3 million worth of UNI, creating a remainder of $56.7 million to be requested in the second tranche. A 10% buffer of $5.67 million has been included to account for potential price fluctuations, bringing the total request to $62.37 million. The Uniswap Foundation plans to receive the funds in UNI, with the amount determined using a 30-day UNI/USD TWAP (Time-Weighted Average Price). The pricing and its source will be explicitly noted in the on-chain proposal to ensure transparency in the process. Regarding future operations, Uniswap currently holds 452,534 UNI tokens for employee vesting, valued at around $1.9 million. Factoring in a capital loss of $259,000 and the current UNI price, the UF has approximately $9.24 million remaining for operational expenses, expected to sustain them until Q4 2024.  Lastly, according to the proposal discussion, the Uniswap Foundation anticipates revisiting governance in mid-2024 to extend its operational runway. UNI Consolidates Amid Bearish Market Sentiment Uniswap’s native token, UNI, has been consolidated between the price range of $4.198 and $4.311 over the past week.  This price stagnation comes from the overall market trend and a bearish macro outlook, with the token experiencing a 0.5% decline in the fourteen-day timeframe. Furthermore, UNI has dropped 9.6% over the past 30 days, reaching a four-month low. In the short term, UNI bulls must defend the current price floor to establish a strong support level. They aim to surpass the resistance walls at $4.418 and $4.487 to break the downtrend structure and potentially rally toward $6.259. It is worth noting that this price level is still below UNI’s annual high of $7.629. Related Reading: Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price According to Token Terminal data, Uniswap’s circulating market cap currently stands at $3.67 billion, experiencing a recent decrease of 6.66%. The fully diluted market cap, which considers the total number of UNI tokens that could enter circulation, stands at $4.27 billion, displaying an 8.15% decrease. The total value locked (TVL) in Uniswap, representing the amount of cryptocurrency assets deposited and utilized within the platform, has recently declined by 5.31%. This decline reflects the broader Decentralized Finance (DeFi) sector’s challenges. Featured image from Shutterstock, chart from TradingView.com 

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An impending U.S. government shutdown may be accelerating the launch of Ethereum futures ETFs, analysts suggest.

The Ethereum price is hovering around yearly lows compared to the dominant cryptocurrency, Bitcoin. This decline, notable since September 2022, has brought ETH to trade as low as $1,594 at the time of writing. However, amid the concerns about Ethereum’s notable plunge, there are hints of a potential trend reversal, according to the latest report from crypto research firm K33 Research. Related Reading: Ethereum Price Stages Recovery But Can It Overcome This Key Hurdle? Ethereum Price Declines, Underlying Reasons K33 Research, a renowned figure in the crypto analytical space, has been closely monitoring the relationship between Ethereum and Bitcoin. Their recent findings highlight a palpable drift in the market’s preferences between these two titans. Ethereum’s native token is under strain, hovering at a trading value near 0.06 Bitcoin. This trend traces back to a pivotal moment in Ethereum’s timeline – its transition from proof-of-work to proof-of-stake consensus, a migration dubbed “The Merge.” However, Ethereum’s trajectory isn’t solely a product of its internal variation. External market factors have also played their part. The Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) sectors have seen their buzz quiet down, which has indirectly cast a shadow over Ethereum’s performance. Lunde, a Senior Analyst with K33, alongside Vice President Anders Helseth, reflected on this scenario in their recent report. The analysts pointed out: Ether has experienced a steady downward trend throughout the year as DeFi and NFT activity has faded. Without any meaningful narratives or adoption stories, ether has struggled to maintain strength versus bitcoin Market Sentiments And Potential Catalysts Furthermore, insights from Chicago Mercantile Exchange (CME) derivative traders reveal a bearish sentiment towards Ethereum. According to the report, despite a notable 60% surge in open interest since August, the disparity between ETH futures prices and its spot remains considerably lower than that of Bitcoin. Lunde and Helseth interpret this data to suggest that expectations of potential ETH futures ETFs being approved in the forthcoming weeks failed to gain the attention of the CME Ethereum traders. However, not everything appears grim for Ethereum. Despite the bearish landscape, analysts at K33 are optimistic about a shift as the year ends. According to the report, the potential approval of new Ethereum futures-based Exchange Traded Funds (ETFs) could reverse this trend. Such financial products could infuse new vigor into the market, attracting more institutional interest and potentially driving Ethereum’s value against Bitcoin. If approved, they could not only bolster the confidence of existing investors but might also lure new participants to the ETH platform. Related Reading: Bitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming? Meanwhile, Ethereum and Bitcoin have seen losses over the past week. Ethereum has been down 2.1% with a current trading price of $1,591, and Bitcoin is down by 3.7% with a current price of $26,212. Featured image from Shutterstock, Chart from TradingView

We are promoting adoption of Ethereum, with a real world use case and open source code for others to use and copy. This is a post about technology’s advancement, more than our situation… ​ What's the problem? The video website Rumble comes under pressure from the UK government to remove Russell Brand’s monetization or go…
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Hong Kong-based cryptocurrency exchange Hashkey will now support trading the Avalanche (AVAX) token on its platform. However, traders must meet an interesting requirement before interacting with this cryptocurrency on the exchange. Traders Must Meet $1 Million Portfolio Requirement: SFC On Wednesday, September 27, Hashkey announced the listing of the AVAX token on its platform, with trading expected to commence on Thursday, September 28. However, only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million), according to Hong Kong’s Securities & Futures Commission (SFC). 🚨 Attention #Crypto Enthusiasts! $AVAX @avax will be available on HashKey Exchange. Deposit and withdrawal are live, and AVAX/USD trading pairs begins on September 28. Professional investors, this one is for you ! #CryptoAlert Read more: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39 — HashKey Exchange (@HashKeyExchange) September 27, 2023 Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the only cryptocurrencies approved by the SFC for retail trading as of this writing. Meanwhile, other altcoins like AVAX are restricted to professional investors or individuals with a $1 million portfolio. Related Reading: ETH Gate Saga Continues: What Is Lubin’s ‘Piece Of Paper’? Since Hong Kong authorized retail crypto trading in August, the Securities & Futures Commission has placed significant restrictions on the operations of exchanges, including Hashkey. For instance, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process. According to CoinGecko data, Hashkey, the first to receive a retail crypto license in Hong Kong, has a daily trading volume of roughly $4.93 million, which pales compared to its global counterparts. For context, Binance, the world’s largest crypto exchange, boasts a 24-hour trading volume of nearly $4.9 billion. AVAX Price Continues Decline In September Although the listing of AVAX on the Hashkey exchange poses a potential opportunity for increased adoption, it is worth noting that the cryptocurrency’s price has been struggling in recent months. And September wasn’t different for AVAX, as the token lost nearly 14% of its value in the past 30 days. This continuous decline underscores Avalanche’s overall performance in 2023, which reflects the uncertain condition of the general market. The cryptocurrency has been on an estimated 58% plunge since notching a high of $21 in April. Related Reading: AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock According to data from CoinGecko, the Avalanche token changed hands for $8.91, with a 0.31% dip in the last 24 hours. As of this writing, the cryptocurrency has a daily trading volume of $117,251,082, reflecting an 18.4% rise in the past day. Avalanche ranks as the 24th-largest cryptocurrency, with a market cap of over $3.1 billion. AVAX price continues downward trend on the daily timeframe | Source: AVAXUSDT chart on TradingView Featured image from IQ.wiki, chart from TradingView

The Terraform Labs co-founder has pushed back against the SEC’s request to question him in the United States.