Notably, SOL’s price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern.Continue Reading on Coin Telegraph More
Mastercard (NYSE:MA) Announces NFT PartnershipsOn June 9, Raj Dhamodharan, an executive vice president of Mastercard, announced that the company had partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and MoonPay to enable NFT commerce.According to Raj Dhamodharan, Mastercard has been working over the past year to make the integration work. He adds that the partnerships are aimed at making the way people around the world purchase NFTs easier. Mastercard is working with these companies to allow people to buy NFTs using their Mastercard cards via the companies’ marketplaces or using their crypto services. This would significantly reduce the hassle involved in purchasing NFTs. To purchase NFTs now, you would need to fund a crypto wallet with ETH, Solana, or the crypto used on the market. With Mastercard, people will be able to buy NFTs with fiat.Mastercard to Build Digital Community for NFTsIn April, Mastercard filed 15 trademark applications for NFTs and metaverse needs with the U.S. Patent and Trademark Office. Mastercard is now looking to build a digital community where interactions will be fueled by NFTs and metaverse payment card processing and an eMarket for easy purchase of digital goods.On the FlipsideWhy You Should CareWith 2.9 billion Mastercard cards worldwide, the integration into Mastercard can greatly impact the adoption of NFTs and Web3.Get more information about Mastercard’s crypto card in:Nexo Partners With Mastercard to Launch the First Crypto-Backed CardMastercard Races to Expand Consulting Service to Include Crypto and NFTsRead about Visa’s NFT program below:Visa Launches Booster Program for NFT CreatorsContinue reading on DailyCoin More
Zen Capital, a venture capital fund affiliated with crypto investment giant Pantera Capital, has announced its support in the seed funding round of AvaxFi, a decentralized finance (DeFi) platform based on Avalanche network.According to information obtained by CQ, Zen Capital supported the said DeFi startup as it showed promise in “disrupt[ing] the world of finance.”Tomas Martunas, managing partner of Zen Capital, said:For its part, AvaxFi asserted that its team will display a fully automated lending protocol to DeFi customers on top of utilizing Avalanche’s speed and scalability. The DeFi platform will also launch its own native token Avfi to decrease transaction costs.A representative from AvaxFi also clarified that they will make the platform compatible with Bitcoin and tokens under the ERC 20 standard.AvaxFi is not the only startup that Zen Capital has invested in. Some successful companies within the Pantera Capital partner’s portfolio include NFT games SolChicks, Mars4, Ertha, SpellFire, and more. Aside from these, Zen Capital has invested in decentralized exchange (DEX) Soldex.Meanwhile, AvaxFi revealed that it is planning to proceed with a private funding round. When asked for further details regarding both the seed round and the upcoming private funding round, the startup only mentioned that it will announce the date soon.Continue reading on CoinQuora More
Key Terraform Labs’ (TFL) employees allegedly revealed a money-laundering scheme run by Do Kwon when interviewed by the Securities and Exchange Commission (SEC) of the US. The interview was to scrutinize the chain of events that occurred since the $LUNA and $UST crash and the subsequent launch of Terra 2.0.After the world witnessed the damage Terra made through its plummet; sweeping the entire market into the red sea, several allegations piled against the founder and TFL, with some holding strong evidence.As reported by Naver, Kwon knew that Terra was about to crash months before it happened, and ostensibly, within those months, he was keen to cash out as many funds as possible. As this is akin to money laundering, the SEC got involved and probed the depth of the matter.Reportedly, the interviewed employees confirmed to the SEC that Kwon withdrew $80 million from company funds and sent it to secret wallets and foreign bank accounts before LUNA crashed.During personal interrogation, some TFL employees apparently warned Kwon about the potential dangers pertaining to the design flaws in the Terra ecosystem, but he didn’t pay heed and continued with his money-laundering racket. A Terra Anchor Developer stated that Kwon deliberately raised interest from 3.6% to 20% causing the UST crash.Even the South Korean authorities have instigated an investigation and in that regard, the regulators allegedly gatecrashed the launch party TFL founder and employees were celebrating after the revised network of Terra 2.0 rolled out recently. South Korea held tax evasion charges against Kwon and the employees, because they are yet to pay fines and tax settlements of nearly $78 million.The US court has ordered Kwon and TFL to comply with the subpoenas issued by the SEC. In case the SEC finds evidence to support this allegation, Kwon and TFL will get into more hot water than they are already in.Despite being questioned and scrutinized by both the SEC and South Korean authorities for Terra Stablecoins’ catastrophe, many industry experts believe Kwon will not face any criminal charges.Continue reading on CoinQuora More
The financial service provider announced that it has been working on expanding their payment networks to NFTs over the past year. The firm has partnered with a number of leading NFT marketplaces to allow 2.9 billion cardholders to directly make NFT purchases without buying crypto first.Continue Reading on Coin Telegraph More
COLOMBO (Reuters) – One of Sri Lanka’s richest businessmen will replace the president’s brother in parliament, a ruling party official said on Friday, as the cash-strapped country moves forward on talks for a bailout plan with the International Monetary Fund (IMF).Sri Lanka is in the midst of the worst financial crisis since independence in 1948. Foreign exchange reserves have dropped to record lows leaving it struggling to pay for essential imports of fuel, food and medicine and triggering shortages and months of protests.In early April, President Gotabaya Rajapaksa dissolved the cabinet, which included his younger brother Basil Rajapaksa, who served as finance minister. Basil Rajapaksa on Thursday announced he was also stepping down from his parliamentary seat, vacating a slot in the 225-member legislature where the ruling party can appoint a new lawmaker without the need for a by-election.Dhammika Perera, a major Sri Lankan investor who holds stakes in dozens of companies, will take the former finance minister’s place, the ruling Sri Lanka Podujana Peramuna (SLPP) party’s General Secretary Sagara Kariyawasam said.”Perera’s name has been sent to the Elections Commission to be gazetted as the new member of parliament,” Kariyawasam told Reuters. “We expect it to happen very soon.”Perera, who could be given a ministerial portfolio after his appointment as a lawmaker, was unavailable for comment, his office said. Some analysts said Perera’s appointment as a minister would likely do little to offset Sri Lanka’s larger economic woes. “Regardless of Perera’s appointment we need to get the groundwork done. Sri Lanka is facing serious macroeconomic headwinds,” said Lakshini Fernando, a macroeconomist at investment firm Asia Securities. “Investors will look for an IMF program and debt restructuring.” An IMF delegation will visit Sri Lanka on June 20 and Prime Minister Ranil Wickremesinghe is hopeful a staff level agreement will be reached by the end of the month.Sri Lanka needs about $5 billion for imports this year, Wickremesinghe told parliament this week. More
According to Refinitiv Lipper data, investors withdrew $7.61 billion out of U.S. bond funds after the purchases of $7.09 billion in the previous week, which was the only weekly inflow since Jan 5. Graphic: Fund flows: US equities bonds and money market funds – https://fingfx.thomsonreuters.com/gfx/mkt/lbpgndkxjvq/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg U.S. benchmark 10-year yield surged by over 10 basis points during the reported week amid solid U.S. job additions. It hit more than a 3-1/2 year high of 2.862% on Friday, ahead of a report on consumer prices. Investors expect the Federal Reserve to raise interest rates by 50 basis points next week as inflation data, due later in the day, is expected to show steep rise of 0.7% in May.U.S. investors offloaded taxable bond funds worth $5.21 billion and municipal funds worth $2.4 billion, which were the biggest weekly outflow in three weeks.U.S. short/intermediate investment-grade funds, and short/intermediate government and treasury funds witnessed outflows of $3.63 billion and $2.77 billion, respectively, but investors purchased high-yield funds worth $1.17 billion. Graphic: Fund flows: US bond funds – https://fingfx.thomsonreuters.com/gfx/mkt/dwpkrnxmyvm/Fund%20flows%20US%20bond%20funds.jpg Meanwhile, money market funds gained a net $24.79 billion in purchases, after outflows of $9.3 billion a week ago, underscoring risk-off sentiments.U.S. equity funds witnessed net selling worth $1.82 billion after two successive weeks of inflows.U.S. growth and value funds saw outflows totalling $728 million and $869 million, respectively. Graphic: Fund flows US growth and value funds – https://fingfx.thomsonreuters.com/gfx/mkt/egvbkwrgqpq/Fund%20flows%20US%20growth%20and%20value%20funds.jpg In equities, investors disposed of tech and consumer staples funds worth $827 million and $558 million, respectively, while acquiring financials and utilities worth $394 million and $332 million, respectively. Graphic: Fund flows: US equity sector funds – https://fingfx.thomsonreuters.com/gfx/mkt/lgpdwedbxvo/Fund%20flows%20US%20equity%20sector%20funds.jpg More
Shiba Inu (SHIB) has reportedly ingrained itself in the minds of crypto HODLers within a short time since its launch in 2020. Despite being a meme coin, it has made several footsteps in price trends, and many people are holding the coin.Crypto Analysis signifies that more than 90% of the world is preparing to accept SHIB differently. With its vast community support, the SHIB token was accepted by many well-known sellers who used the coin for payment purposes.In detail, BitPay tweeted that Edge Wallet implemented the BitPay protocol on June 7, allowing its customers to spend cryptocurrencies online and in-store. Among these cryptocurrencies is SHIB. Hereby, Edge users in over 100 countries can now use SHIB for payments.Adding on, in another context of SHIB acceptance, WhaleStats posted that an ETH whale called “BlueWhale0159” has bought 187 billion SHIB tokens worth $1,985,940. This is evidence that many are holding or buying SHIB tokens for trading and also as a mode of transaction.Diving more, Sao Paulo FC, a Brazilian football club recently announced that it has started accepting SHIB for ticket payments. Moreover, the football club will also accept other cryptocurrencies for payment via Bitpay and Bitso.In a nutshell, buying and accepting SHIB coins by traders and also by popular companies have made the coin gain more support. Despite the coin signaling red, many SHIB users have reportedly bought the coin, creating a “buyer zone”. Currently, the coin trades at $0.00001057, with a 1.43% dip, in the past 24 hours. Interestingly, the team behind Shiba Inu posted that a huge green candle awaits the coin.Continue reading on CoinQuora More
