Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). The companies will also qualify for other benefits, including rent subsidies.Continue Reading on Coin Telegraph More
American crypto giant Coinbase’s top-ranking officials allegedly dumped company stock worth more than $2.6 million in one day. The stock dump comes just days after the crypto exchange’s CEO and investors were sued by a shareholder for dumping the company’s shares in a bid to avoid a billion-dollar loss back in 2021.A crypto sleuth who goes by Bitfinexed on Twitter took to the social media platform recently to lay out the details of the millions of dollars worth of Coinbase stock dumped by its executives. According to Bitfinexed, the executives include the company’s Chief Operating Officer, Chief Legal Officer, Chief People Officer, and Chief Financial Officer.The Form 4 filed with the U.S. Securities and Exchange Commission (SEC) on May 20, 2023, to report the stock sales revealed that the combined value of the shares dumped by the executives exceeded $2.6 million. President and COO Choi Emilie’s filing showed that she sold over 19,000 shares worth $1.08 million.Chief People Officer Brock Lawrence sold 12,737 shares worth nearly a quarter million dollars. Chief Legal Officer Paul Grewal sold 9,451 shares worth $536,000. It is important to note that these were employee stock options that were vested. Some Twitter users highlighted that the sales may be to pay for the tax obligations that arise from the vesting.The alleged stock dumps come just days after a Coinbase shareholder sued the company’s CEO Brian Armstrong along with board member Marc Andreessen for selling company stock within days of its initial public offering in 2021. The lawsuit alleged that the executives dumped the stock in a bid to avoid a $1 billion loss.The post Coinbase Executives Dump $2.6 Million Worth of Stock in One Day appeared first on Coin Edition.See original on CoinEdition More
The total market capitalization of the cryptocurrency market has dropped $1.16 trillion amid slowing market volatility. Data from the cryptocurrency aggregation platform, CoinGecko shows the total crypto market cap reached a yearly high of $1.34 trillion in the middle of April 2023.Total Crypto Market Cap on CoinGeckoThe total crypto market capitalization measures the cumulative value of all circulating cryptocurrencies. Crypto analysts use it to gauge the health of the cryptocurrency market and to check the rate of capital inflow or outflow per time.As of writing, the $1.16 trillion total crypto market cap on CoinGecko comprised the individual market caps of 10,240 tokens in 103 categories across 745 exchanges.The total crypto market cap attained its highest value in November 2021, when the value rallied to $3.05 trillion at the peak of the bull run. Since then, that value has retraced, dropping as low as $826 billion in December 2022.In the last 24 hours, the total crypto market cap gained 1.24%. However, compared to one year ago, it is still lower by 9.6%. Also, at $1.16 trillion, the value hovers around its low price for May 2023, having attained a monthly high of $1.27 trillion.Bitcoin remains the dominant cryptocurrency with a market cap of $514 billion, reflecting 44.32% of the total crypto market cap, per CoinGecko. Ethereum claims 18.75%, while Stablecoins share 7.17% of the entire crypto market cap.Although the value has dropped slightly, crypto users expect a resurgence soon, especially with the anticipation of a bull run. As the next Bitcoin halving nears, users look forward to increased market volatility and a capital influx that could push the market higher. If that happens, the total crypto market cap may discover new levels and establish another all-time high (ATH).The post Total Crypto Market Cap Drops Slightly to $1.16 Trillion appeared first on Coin Edition.See original on CoinEdition More
Recent reports revealed that the venture capital conglomerate Digital Currency Group (DCG) has decided to shut down its institutional trading platform TradeBlock which provided trading and brokerage services to investors.According to a Bloomberg report published on May 26, Breanne Madigan’s TradeBlock will officially cease its activities on May 31. DCG’s decision to end the services of its subsidiary has been a result of the strained market conditions that followed the bankruptcy filing of Genesis Global Hodco.On May 26, Bloomberg shared the news on Twitter stating, “Barry Silbert’s crypto conglomerate, Digital Currency Group, is shuttering its TradeBlock institutional trading platform”:The macroeconomic conditions affecting the crypto space, along with the sudden fall of the crypto giant FTX, have seriously affected the firm, as per the words of the people familiar with the matter. The prolonged crypto winter that has been a major crisis that hit the whole industry equally affected DCG. As a result, the platform closed its wealth management division headquarters in January.A spokesperson commented on DCG’s move quoting:The previous year, as reported by CoinDesk, DCG lost an amount of almost $1.1 billion as a consequence of the downward trend of the crypto market, especially due to the fall of the crypto hedge fund Three Arrows Capital (3AC). At the end of 2022, the firm held just $262 million in cash.The post DCG Closes Subsidiary TradeBlock, Citing Difficult Market Conditions appeared first on Coin Edition.See original on CoinEdition More
Bitcoin has formed a bearish crossover on the weekly chart’s moving average convergence divergence (MACD) indicator. According to the crypto YouTuber, CryptoKid, that could lead to a price drop of up to 19% by the pioneer cryptocurrency.CryptoKid made the statement during a video interview with the host of The Moon, a crypto YouTube channel that discusses crypto market trends and price developments. CryptoKid confirmed that using the MACD bearish signal, he has opened a short swing position for Bitcoin.Aside from the MACD signal, CryptoKid observed that the Bitcoin chart could develop into a head and shoulders pattern. He shared a chart in the video indicating the head and shoulders pattern is still developing, with significant bearish tendencies. CryptoKid believes that fulfilling that pattern would imply that Bitcoin’s price will drop from the current level.Although the signals are there, CryptoKid noted it is still too early to confirm the fulfillment of the bearish trend on Bitcoin. He observed that the price is still above the 200 moving average, representing strong support for Bitcoin’s price. According to him, if the price should bounce from the 200 moving average, the trend could change completely.CryptoKid noted that a bounce from the moving average could lead to the formation of a double top, at which point the stop loss in his short position would be triggered. He explained that if that becomes the case, the trend could flip, and he would potentially enter a long trading position.Despite the bearish signals on the weekly time frame, CryptoKid acknowledged the existence of bullish potential in the shorter time frames. With what he described as a ‘trend within the trend’, users can take long positions and ride the move to the indicated resistance for a significant profit.At the time of writing, Bitcoin traded at $26,515, a price within the horizontal channel that CryptoKid expects a breakout would confirm the next Bitcoin direction. The post Bitcoin Threatened by Bearish MACD Crossover on Weekly Chart appeared first on Coin Edition.See original on CoinEdition More
According to Glassnode data, only 14.85% of the total Ether supply is currently held on centralized exchanges, compared with the 25–26% of supply held during the 2021 bull run.Continue Reading on Coin Telegraph More
There is a need for crypto regulators across the world to talk to each other as it would help to check bad actors from exploiting regulatory gaps, according to Elisabeth Wallace, Associate Director, Policy and Strategy, Dubai Financial Services Authority (DFSA).There are plans in place by the DFSA to update its rules on crypto tokens and related operations in the region. In line with that, Wallace has urged other regulators to foster bilateral communications. She believes regulators from different jurisdictions could synchronize their rules by talking to each other or find ways to plug the gaps currently exploited by some practitioners in the industry.Speaking during a virtual conference, Wallace observed that several crypto businesses hide under one umbrella to operate a significant number of activities. According to her, such practitioners are spread across the whole globe and attempt to exploit the gaps left by varying regulatory protocols between jurisdictions.Regulatory variation across jurisdictions is a common situation in the cryptocurrency industry. Countries have moved at varying paces in creating regulatory frameworks for operating crypto-based businesses. The inconsistency leaves gaps that mischievous operators tend to exploit.For instance, while jurisdictions like Hong Kong and Dubai incline towards attracting crypto-related investment, Singapore is focused on curbing retail-investor participation in the industry. At the same time, the US regulators seem more interested in clamping down on crypto firms following the collapse of the FTX exchange and the consequent ripple effect.Wallace believes regulators from different jurisdictions talking among themselves will plug the existing gaps and limit the exploitation risks from insincere operators.The post Dubai Regulator Warns on Crypto Jurisdictional Regulatory Gaps appeared first on Coin Edition.See original on CoinEdition More
In a recent video update, the Cardano (ADA) blockchain founder, Charles Hoskinson, provided an overview of the progress and developments within the ecosystem, particularly pertaining to the much anticipated CIP 1694 and the upcoming global governance workshops.According to Hoskinson, CIP 1694, or Cardano Improvement Proposal (CIP), is making significant strides as the development team is diligently building and testing the protocol on node 8.0, with node 8.1 already in the works for release in the coming weeks.Notably, CIP 1694 proposes a new on-chain governance system for Cardano, aiming to achieve a more decentralized and democratic approach. Currently, governance is controlled by the Cardano Foundation and a small group of stakeholders, but CIP 1694 seeks to involve all ADA holders in decision-making.Furthermore, the Cardano founder also talked about the plan to launch a grant and a Request for Proposal (RFP) program to facilitate the development of community tooling, inviting interested individuals and organizations to contribute to the ecosystem.The details of these programs will be announced in June and July, encouraging the creation of infrastructure, dashboards, and voting accountability mechanisms.Additionally, Hoskinson mentioned that the Cardano project is collaborating with the University of Edinburgh’s decentralization index lab to measure Cardano’s level of decentralization compared to other major cryptocurrencies such as Bitcoin and Ethereum.The results are expected to showcase Cardano’s substantial decentralization, which aligns with the project’s primary goal of building decentralized protocols.The YouTube update also touched on various other ongoing projects within Cardano, including developments in peer-to-peer mechanics, signature support, and advancements in the Hydra open-source program.Ultimately, Hoskinson emphasized the importance of focusing on progress rather than being deterred by industry criticism.The post Hoskinson Provides Update on CIP 1694, Launch of Grant and RFP Program appeared first on Coin Edition.See original on CoinEdition More
