The dispute between bankrupt cryptocurrency exchange FTX and the insolvent crypto lender Genesis has intensified, with FTX now contesting Genesis’ claim that FTX is entitled to zero reimbursement. Just last month, FTX was seeking nearly $4 billion from Genesis as part of their respective bankruptcy proceedings.
In a recent court filing in the New York Bankruptcy Court, FTX debtors raised objections to Genesis’ estimation that their claims amounted to nothing. FTX debtors alleged that they were not given any advanced notice nor were they involved in the mediation process before Genesis filed its estimation procedures motion, in which it proposed a null claim.
The FTX debtors deny the assertion by Genesis that they were kept informed throughout the proceedings. They contest the assertion in Genesis’ motion that they were working swiftly with all interested parties to draft a plan structure. FTX stresses that, as the largest unsecured creditors in Genesis’ Chapter 11 cases, their involvement in mediation is vital.
Genesis maintains that their zero-claim estimation is critical to avoid delays and move forward promptly with the confirmation of their Chapter 11 plan. However, FTX argues that without their involvement, the mediation process is wasting estate resources.
In a separate development, on May 3, FTX, invoking bankruptcy laws that allow it to reclaim “avoidable transfers” within the 90-day period before bankruptcy is declared, sought nearly $4 billion from Genesis. FTX debtors have since requested that the court lift the automatic stay on legal proceedings against Genesis, a common measure in bankruptcy proceedings.
This motion is slated to be heard on June 15. It follows an announcement by Digital Currency Group (DCG), Genesis Capital’s parent company, that it couldn’t fulfil its outstanding intercompany obligations that would otherwise help repay creditors.
Meanwhile, DCG has been in a mediation period with Genesis in response to creditors’ demands. Earlier this year, the company suggested a settlement plan that would provide Genesis creditors with an 80% recovery of funds post Chapter 11 bankruptcy declaration.
As cryptocurrencies continue to reshape the landscape of global finance, a steadily increasing number of people are seeking ways to tap into this burgeoning digital economy. For UK-based investors, understanding which exchanges are most suitable is paramount to success.
With the plethora of options available, this article aims to highlight the three best crypto exchanges in the UK, detailing their standout features, security protocols, and suitability for various types of investors.
1. Binance
Arguably the most popular cryptocurrency exchange worldwide, Binance has also established a substantial user base in the UK. Its comprehensive platform offers an array of features that caters to both novices and seasoned traders.
Breadth and Depth of Market: Binance offers over 500 cryptocurrencies for trading, including Bitcoin, Ethereum, and Binance Coin (BNB), its native cryptocurrency. It also provides a plethora of trading options, including spot trading, futures contracts, and leveraged tokens.
User-friendly Interface: With its intuitive user interface, Binance caters well to beginners. For more experienced traders, its advanced charting tools offer an opportunity to conduct sophisticated technical analyses.
Security: Binance employs state-of-the-art security measures, including multi-factor authentication and an advanced risk control system. It also operates an insurance fund named SAFU (Secure Asset Fund for Users), providing an extra layer of protection.
Educational Resources: For beginners, Binance offers an extensive learning platform, Binance Academy, packed with articles, videos, and quizzes covering the basics of blockchain and cryptocurrencies.
2. Kraken
Since its inception in 2011, Kraken has become one of the most reliable and secure digital currency exchanges globally. Its top-tier liquidity and extensive range of cryptocurrencies make it an excellent choice for UK investors.
Trading Options and Currency Pairs: Kraken provides over 50 cryptocurrencies for trading and several fiat currency pairings, including GBP. It supports various trading types, such as spot, futures, and margin trading.
Security: Known for its emphasis on security, Kraken has never been breached since it started operations. It deploys robust security protocols such as two-factor authentication, encryption, and cold storage for funds.
Transparency: A distinguishing feature of Kraken is its commitment to transparency. It was one of the first exchanges to provide proof-of-reserves audits, ensuring customer deposits are properly backed.
User Support: Kraken offers excellent customer support, including live chat and a comprehensive FAQ section. It also features a beginner-friendly guide on its platform.
3. eToro
eToro’s unique proposition lies in its fusion of traditional financial trading and the cryptocurrency market. This social trading platform allows UK investors to trade cryptocurrencies while leveraging the insights and strategies of other successful traders.
Social Trading: Users can mimic trades made by experienced traders through eToro’s “CopyTrading” feature. This function is particularly useful for beginners looking to learn from seasoned investors.
Selection of Cryptocurrencies: While eToro doesn’t offer the vast number of cryptocurrencies like Binance or Kraken, it does provide a selection of the most popular ones, such as Bitcoin, Ethereum, and Litecoin.
Ease of Use: eToro’s user interface is clean and simple to navigate, making it ideal for novice traders. The platform also allows trading in stocks and commodities, offering users a gateway to more traditional markets.
Regulated Platform: eToro is regulated by the Financial Conduct Authority (FCA) in the UK, which enhances its credibility and reliability for users.
Summary
In conclusion, while Binance, Kraken, and eToro all offer strong features, the best choice when it comes to crypto exchanges in the United Kingdom depends on individual needs. If you’re a beginner, the comprehensive educational resources and user-friendly interface of Binance, or the social trading aspect of eToro, might appeal to you.
For seasoned traders, the advanced features and depth of cryptocurrencies offered by Binance and Kraken are likely more attractive. Remember, in the world of cryptocurrencies, due diligence and research are your best allies.
The US House Financial Services Committee and House Agriculture Committee have proposed a draft discussion that may pave the way for certain crypto assets to be classified as digital commodities. This draft bill seeks to bring regulatory clarity to cryptocurrency firms in the US and presents an alternative to the current regulatory approach by the SEC.
It prohibits the SEC from blocking digital asset platforms from registering as regulated alternative trading systems, while encouraging these platforms to offer digital commodities and payment stablecoins.
The proposed bill offers a framework allowing specific digital assets to be classified as digital commodities if they are functional, decentralized, and obliges the SEC to supply an analysis of any counter-arguments against a firm being considered decentralized. The bill also pushes the SEC to update its rules to let broker-dealers custody digital assets given certain requirements, and to modernize regulations related to digital assets.
Paul Grewal, chief legal officer at Coinbase, praised the bill as it lays a strong foundation for regulatory jurisdiction and definitions. However, he emphasized the need for a thorough review before formal introduction. Meanwhile, the bill, presented by Republicans Patrick McHenry and Glenn Thompson, hasn’t included inputs from Democrats. Despite occasional bipartisan support for crypto regulation, it’s uncertain how far this proposed legislation can progress in a divided Congress.
At the time of this report, both houses of Congress had approved legislation to prevent the US government from defaulting by raising the debt ceiling, with President Biden expected to sign the bill into law on June 2.
Los Angeles, USA, June 2nd, 2023, Chainwire
OvalPixel announced the launch of its groundbreaking blockchain-powered artificial intelligence (AI) trivia game that pays players in crypto tokens.
The OvalPixel AI game token with symbol $OPAIG allows players of all ages and experience levels, from gamers to grandmas, to earn OPAIG utility tokens by correctly answering trivia/quiz questions generated in real time by OvalPixel’s innovative AI system.
We live in an age of constant connectivity and information at our fingertips. But one thing has been missing—until now. OPAIG is the first play-to-earn game that harnesses the power of AI, blockchain technology and crypto to revolutionize how people play and interact.
Players can then exchange their OPAIG tokens for real money through the Banana Crystal Payments platform or use them in-game to buy exciting 3D NFT trophies from the FlatPyramid 3D Model Marketplace.
To enable mainstream audience access, OvalPixel has partnered with Banana Crystal Payments. This allows anyone to play OPAIG and earn tokens which they can simply convert to USDT digital dollars. No complex crypto knowledge is needed.
OvalPixel will institute a continuous buyback and burn mechanism to increase the value of OPAIG tokens over time. In addition to buying back and burning OPAIG tokens, OvalPixel will also buy back redeemed tokens and reintroduce them into the rewards pool. Thus, preventing the need to mint additional tokens and inflating the supply, and helping with the preservation of OPAIG’s value.
This means that early adopters stand to gain the most as supply decreases and demand rises. The company will also airdrop free OPAIG tokens to early adopters and players.
“We believe OPAIG represents the future of gaming, AI and blockchain technology,” said OvalPixel CEO George Egbuonu. “For the first time, we have created a seamless experience that fuses these revolutionary technologies in an accessible way for the masses. Players of all backgrounds can now enjoy the benefits of crypto and be rewarded for expanding their knowledge.”
The OPAIG game is available now for play on the OvalPixel website. OvalPixel aims to onboard millions of active players in the first year and demonstrate how blockchain and AI can go mainstream. The revolution starts today at OvalPixel with the fusion of AI, blockchain technology and crypto. Users can play to earn and get paid in crypto.
OPAIG token is now trading on the Uniswap Polygon chain (Trading Pair: $OPAIG – $MATIC). Users can take part in the revolution and play to earn real crypto rewards.
About OvalPixel
OvalPixel provides a Play to Earn Blockchain-Powered AI Trivia & Quiz Game. The AI game generates new trivia multiple choice questions and answers on any topic on-demand so players are always challenged and expanding their knowledge. Players can play with ease and win OPAIG utility tokens and redeem them for digital dollars through the Banana Crystal payment platform.
Visit: https://ovalpixel.com/https://www.youtube.com/embed/a4B14_DbQLE?showinfo=0
About Banana Crystal Payments
Banana Crystal is the leading peer-to-peer payment provider enabling user-friendly web3 payment technology. It provides onramp and offramp crypto-fiat and vice versa solutions as the official payment network for AI and Gaming Applications. It is the only payment network that works anywhere and everywhere in the world and its users are able to send and receive payments for FREE.
Visit: https://www.bananacrystal.com/
Contact
OvalPixel AI Trivia Game | Play2Earn $OPAIG Tokens
OvalPixel
[email protected]
Singapore, Singapore, June 2nd, 2023, Chainwire
Pink Moon Studios, a leading innovator in the Web3 gaming industry, is thrilled to announce the launch of their latest sensation, “KMON: World of Kogaea.” This immersive 3D open-world game, available initially to Kryptomon NFT holders, underscores Pink Moon Studios’ expertise in crafting groundbreaking NFT metaverse games, harnessing the power of state-of-the-art Web3 gaming technologies.
Unveiling Pink Moon Shards: Ultra-Exclusive NFT Rewards for “KMON: World of Kogaea” Players
Pink Moon Studios has orchestrated a series of immersive campaign activities to celebrate the game’s launch. Foremost among these is the introduction of the “Pink Moon Shards,” unique tokens crafted using ERC-1125 blockchain technology that will be only available by completing the quests players will be given in World of Kogaea during the Early-Community Preview events. Exclusive to the game’s Early-Community Preview launch events, these shards will serve as tradable NFTs, bringing unprecedented rewards to the players.
The Pink Moon Shards present a unique opportunity for players to later interact during the game’s official release with the “KMON Forge,” Pink Moon’s pioneering on-chain crafting system. This system allows players to craft limited-edition NFTs that can’t be found elsewhere in the game, offering holding players significant advantages throughout the KMON Game Saga. Following the game’s official release, the shards will be airdropped into the players’ wallets based on their performance and event participation.
Brian Bento, the Chief Product Officer at Pink Moon Studios, shares his enthusiasm: “The launch of our initial community tech preview for ‘KMON: World of Kogaea’ is a monumental event we’ve eagerly awaited. It’s an invitation to our players to be the first to experience this new massive world we’ve brought to life. The unveiling of the exclusive Pink Moon Shards is equally exciting. These unique tokens represent a pioneering approach to in-game rewards, enhancing our players’ experience while enriching our gaming ecosystem. I’m ecstatic about what we’re bringing to the world of Web3 gaming, and I can’t wait to see our players dive into the captivating world of Kogaea to see what we have in store for them in the future.”
In addition to the exclusive shards, Pink Moon Studios will launch a vibrant community campaign spanning various social media platforms, in which participants will get an opportunity to win free Kryptomon NFTs for completing a few simple steps, providing a compelling incentive for players to engage in the celebration of the game’s official release. More information about the campaign can be found on the official website of KMON World of Kogaea.
Meet the Creators: Exclusive Live Streaming Event
To commemorate this exciting release, Pink Moon Studios will host an exclusive live-streaming event where the community can meet the team behind “KMON: World of Kogaea”. The creators will step into the world they’ve designed, exploring and experiencing it alongside community members while providing insights about the game’s creation and its unique Web3 gaming mechanics. This exclusive streaming event, which will feature Pink Moon Studios’ CEO Umberto Canessa Cerchi and other leadership members, will take place during the launch week. The exact date and time of the event will be announced in the next few days on the company’s official Facebook, Discord, and Telegram channels.
Revolutionizing the Gaming Industry with KMON Games
Since its inception, Pink Moon Studios has been at the forefront of innovation in the gaming landscape with its KMON Game Saga, all powered by the transformative potential of blockchain technology. This dynamic gaming universe allows players to breed, train, and battle with their NFT Kryptomon, forging unique digital companions.
The long-awaited “KMON: World of Kogaea” is a ground-breaking Web3 blockchain-enabled game that plunges players into an extraordinary 3D open-world metaverse experience, seamlessly integrating with the other two KMON games “Genesis”, its 2D casual training and battling game, and “Pink Moon”, the company’s AR treasure-hunt game. “World of Kogaea” offers players a multifaceted interaction with their Kryptomon NFTs across multiple platforms, propelling the gaming experience to unprecedented levels. https://www.youtube.com/embed/fjXTUN2oCXI?showinfo=0
The “KMON: World of Kogaea” launch is a testament to Pink Moon Studios’ robust capabilities and achievements in the Web3 gaming industry. As the world of blockchain technology continues to evolve, the gaming experiences offered by innovators like Pink Moon Studios promise to ascend to even more impressive heights. Umberto Canessa Cerchi, the CEO of Pink Moon Studios, expressed his excitement about the launch: “The unveiling of “KMON: World of Kogaea” marks a significant milestone for Pink Moon Studios and the Web3 gaming industry. This revolutionary game underscores our commitment to leveraging the power of blockchain technology and our groundbreaking Web3 gaming technologies to redefine the gaming landscape.”
Riding the Wave of Remarkable Success
Pink Moon Studios has already demonstrated significant success, amassing a noteworthy $11.4 million in two funding rounds and fostering a dedicated community of almost 450,000 members across various social platforms. This achievement reflects the company’s commitment to creating immersive gaming experiences and has drawn the attention of industry-leading partners, including Binance NFT, Crypto.com NFT, and others. Already during its first seven months of existence, Pink Moon Studios has generated over $18M in Kryptomon NFT transaction volumes alone, demonstrating its ability to fascinate the gaming community.
Beyond funding and partnerships, Pink Moon Studios’ relentless pursuit of innovation has led to the development of path-breaking technologies. These include the unique “Diamond Contract” and the on-chain “NFT Forging System,” allowing players to engage with their Kryptomon innovatively, fostering a unique digital bond.
Additionally, introducing its crypto and non-crypto user-friendly “Trainer Hub” and “KMarket” NFT marketplace has revolutionized how players buy and sell blockchain-based assets, providing seamless transactions without prior crypto knowledge or a crypto wallet.
The Dawn of a New Era in Gaming
The debut of “KMON: World of Kogaea” marks the beginning of an exciting new chapter in gaming, promising even more thrilling, immersive, and engaging experiences. As Pink Moon Studios continues to redefine the gaming industry with its unique blend of cutting-edge technology and inventive gameplay, it’s well-positioned to become a trendsetter in the rapidly evolving world of digital entertainment.
“KMON: World of Kogaea” is just the beginning, and the gaming community eagerly awaits the new waves of innovation that Pink Moon Studios is set to bring in the years to come. The future is certainly promising for Pink Moon Studios as they continue their journey, redefining the gaming landscape and delivering unparalleled experiences to players around the globe.
About Pink Moon Studios
Pink Moon Studios, initially known as Kryptomon, is a cutting-edge technology company established in 2021, specializing in pioneering Web3 gaming solutions. Composed of a vibrant team of experienced developers and entrepreneurs, they harness the power of blockchain technology, non-fungible tokens (NFTs), and augmented reality (AR) to reshape the gaming industry. Offering a suite of innovative services including the Diamond Contract, NFT Forging, Phygital NFTs, and the AR NFT Hunt, Pink Moon Studio aims to create immersive, engaging, and innovative gaming experiences that transcend traditional gaming boundaries. In addition to gaming innovation, Pink Moon Studio is deeply committed to social responsibility and environmental sustainability, indicating their dedication to driving positive change in the world. Their vision is not only to revolutionize gaming but also to foster a more responsible and sustainable future for the industry.
Contact
Chief Business Development Officer
Tomer Warschauer Nuni
Pink Moon Studios
[email protected]
+1 (347) 527-9811
AI has been dominating tech and business headlines in recent months, with ChatGPT in particular creating an unprecedented amount of buzz surrounding artificial intelligence.
Paul Farhi, the founder of Solidus AI Tech, recently shared his insight on the advent of blockchain-based artificial intelligence, highlighting its practical differences to more conventional AI.
Speaking exclusively to Crypto Intelligence News, Farhi highlighted the security benefits of blockchain-based AI.
“Blockchain-based systems are more resilient and less exposed to cyber vulnerabilities. They offer enterprise level traceability and a native blockchain revenue stream,” he told this publication.
“They offer a stronger level of encryption, more autonomy and more resilience.”
Solidus AI Tech is yet to launch its AI-related services – which will have applications in chat bots, sales and marketing automation, medical software, and autonomous vehicles – but they are scheduled to go live at some point in 2023.
“Our engineering team has already developed software modules to cover each vertical and we have a continuous research and development activity to sustain the demand,” Farhi added.
“We will also have an Artificial Intelligence market place where freelance developers or startups can publish their work into our platform under a revenue share business model.”
Asked about the risk of AI disrupting the labour market and causing mass redundancies, Farhi noted that certain jobs are at a greater risk of being made obsolete than others.
“AI has the potential to automate certain tasks and roles traditionally performed by humans, leading to changes in the job market,” he said.
“Routine and repetitive jobs are more susceptible to automation, while tasks requiring complex decision-making, creativity, and social interaction are less likely to be fully automated in the near future.”
Farhi stressed that AI will also create new employment opportunities and suggested that the mass adoption of AI-based solutions won’t necessarily result in a net loss of jobs.
“While AI may lead to job displacement in some areas, it can also create new job opportunities and change the nature of work.
“It has the potential to augment human capabilities, improve productivity, and unlock new industries and innovations.
“The overall impact of AI on the labor market will depend on various factors, including the pace of technological advancement, the ability of individuals and organizations to adapt, and the policies and regulations in place to address the challenges and opportunities presented by AI,” Farhi concluded.
SAN FRANCISCO, UNITED STATES, June 1st, 2023, Chainwire
OKX, a leading Web3 company, today introduced its proposal for a new, open-source BRC-30 protocol that enables staking of BRC-20 tokens and Bitcoin in order to earn BRC-30 tokens. The protocol is open-source and available for all developers to build upon.
OKX Wallet will add support for the BRC-30 standard according to the protocol, enabling users to earn passive income by staking BRC-20 tokens or Bitcoin on Web3 Earn without actively trading. This complements the existing range of curated DeFi earning products already available through the platform.
The introduction of BRC-30 and its staking functionalities is driven by OKX’s goal to provide users with additional opportunities to participate in the Bitcoin ecosystem and earn passive income.
OKX Chief Innovation Officer Jason Lau said: “We’re thrilled to have proposed and pioneered the BRC-30 standard to enable Bitcoin and BRC-20 token staking. With the OKX Wallet soon to incorporate BRC-30 support, users will be able to access Bitcoin staking and earn opportunities across multiple-chains. With the Bitcoin ecosystem seeing an explosion of new development, we’re proud to work with developers and projects across the community to contribute to the growth of the wider ecosystem.”
OKX is a longstanding supporter of Bitcoin, having integrated the Lightning Network to its centralized exchange over two years ago. OKX Wallet is also the first multi-chain wallet to support BRC-20 trading with the launch of its Ordinals Marketplace, as well as the viewing and transfer of Bitcoin Ordinals.
About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including the OKX Wallet, NFT Marketplace, DEX and Web3 Earn.
OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology to replace existing centralized systems.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. OKX IS NOT ASSOCIATED WITH ANY PARTICULAR DEFI PROTOCOL, MAKES NO WARRANTIES, REPRESENTATIONS OR UNDERTAKINGS RELATING TO ANY DEFI PROTOCOL’S OFFERINGS, AND IS NOT RESPONSIBLE OR LIABLE FOR ANY DIRECT OR INDIRECT LOSS OR OTHER DAMAGE ARISING FROM YOUR USE OF ANY DEFI PROTOCOL. OKX WALLET IS AN AGGREGATOR; ALL DISPLAYED ESTIMATED RETURN RATES ARE PROVIDED BY THE DEFI PROTOCOL, AND ARE NOT GUARANTEED NOR INDICATIVE OF FUTURE RETURNS. PLEASE CONDUCT YOUR OWN DUE DILIGENCE BEFORE INVESTING IN ANY DEFI PROTOCOL. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
Contact
London, United Kingdom, May 31st, 2023, Chainwire
Marking a seismic shift in the digital asset landscape, DeFi platform Bumper today unveiled the findings of their comprehensive simulation, exhibiting new pricing efficiencies over traditional options desks ahead of the protocol launch in August 2023.
This report delineates a milestone in financial technology, showcasing an altogether new financial instrument that consistently outperforms existing options desks in generating both competitive premia and sustainable yields, backtested against genuine, multi-year historical cryptocurrency market data and options prices.
The report is the culmination of a two-year exercise in Research and Development powered by a $20m investment and derived in collaboration with CADLabs and the Swiss Centre for Cryptoeconomics.
Key highlights from the simulation report:
- On average, Bumper Takers paid 9.3% cheaper premia than buyers of traditional put options.
- During the 2022 bear market, Bumper’s simulation showed a yield improvement of 46.2% for Makers compared to options pricing, without resorting to token incentives.
- The protocol remained solvent throughout the simulated conditions.
- Despite having different inputs and methodology, Bumper’s results reveal a remarkable correlation with the Nobel Prize-winning Black-Scholes model.
These results have been pivotal in understanding and honing the resilience of the Bumper protocol across diverse market conditions.
On the release of the report, Bumper CEO Jonathan DeCarteret expressed, “By challenging and potentially reshaping the accepted norms of options pricing, Bumper stands to revolutionise not just the crypto options market, but also has the potential to penetrate traditional finance and disrupt the colossal $13T derivatives market in the future.”
The report underscores the anticipated outcomes of Bumper’s dynamic pricing, based on forward volatility rather than the usual implied volatility.
The findings of the simulation report positions Bumper as an immensely appealing prospect for institutions and fund managers, in addition to retail crypto investors.
The economic simulation report released today marks the most significant validation of Bumper’s innovative approach to date, and signals what could be one of the most substantial challenges to the Black-Scholes derived pricing in half a century.
Read Bumper’s simulation report here and for more information on the protocol visit https://bumper.fi.
About Bumper
Bumper is a DeFi risk market that provides protection from downside volatility in the price of crypto assets. Users buying protection (Takers) set a price at which they wish to protect their crypto should the price fall, but they don’t lose out if the market heads upwards. Conversely, other users (Makers) earn a yield by providing stablecoin liquidity to the protocol.
Learn more about Bumper
Website | Twitter | Discord | Youtube
Contact
CMO
Jason Suttie
Bumper
[email protected]
Hong Kong law enforcement authorities have arrested employees from Trust Reserve, the payment company responsible for the CNHC and HKDC stablecoins tied to the Hong Kong dollar and RMB. A notification displayed on the company’s office door confirmed the judicial seizure on May 29, 2023. The nature of the charges leading to the arrests remains undisclosed.
Trust Reserve, known for its cross-border payment business, employs stablecoins—digital currencies whose value is tethered to traditional fiat currencies—but has not heavily publicized these.
Notable examples of stablecoins are Circle’s USDC and Tether’s USDT, both linked to the US dollar’s value. Recently, Trust Reserve secured $10 million in a funding round spearheaded by KuCoin Investments, Circle, and IDG Capital. This followed their relocation of headquarters from the Cayman Islands to Hong Kong.
The specifics surrounding the arrests remain murky. It’s speculated that Chinese authorities are reinforcing control over digital transactions, particularly those not utilizing its e-CNY central bank digital currency. The e-CNY has reportedly amassed 260 million wallets and expanded its footprint across 25 cities.
China maintains a firm ban on crypto trading and mining activities. Some analysts believe these recent arrests may signal the state’s intent to decrease reliance on the US dollar for cross-border transactions, shifting instead towards the RMB. This shift is evidenced by the interest expressed by nations like Saudi Arabia, Bangladesh, and India in utilizing the digital yuan for trading purposes.
Post-2008 financial crisis, China fortified its cross-border payments infrastructure with bilateral currency swap agreements and the Cross-Border Interbank Payment System. Recently, a broadcast on Chinese Central Television hinted at a potential change in China’s stance on cryptocurrency, prompting speculation about the lifting of its crypto ban. However, the broadcast was subsequently removed without further clarification or updates.
Since the start of April, the price of Ethereum (ETH) has experienced a downward trend, diverging from a pivotal long-term resistance level. However, projections from the wave count and short-term market activity imply a likely upward swing in the future.
Ethereum’s main token, ETH, was established by Vitalik Buterin on the Ethereum blockchain. Although the long-term weekly outlook is primarily bearish, it is also marked by certain contrasting indicators.
In the first week of April, Ethereum reached its yearly peak at $2,151, seemingly surpassing the resistance barrier around $1,950.
Nonetheless, a dramatic drop in the subsequent week resulted in a price below this resistance level, effectively solidifying it as a robust resistance area (highlighted by the red icon).
As a result, the earlier price surge is now considered void, and the bearish trend is substantiated due to the inability of buyers to maintain the upward momentum. The closest support zone is identified at $1,600.
Yet, the weekly Relative Strength Index (RSI) maintains a bullish outlook. The RSI is a valuable tool for traders, used to determine whether a market is oversaturated or underperforming, thus guiding their buying or selling decisions.
An RSI score over 50, along with a rising trend, points towards a market favoring the bulls, whereas a score under 50 signals the opposite. At present, an RSI reading over 50 is suggestive of a bullish trend in motion.
A Brighter Picture in the Short-Term The technical analysis from a short-term, six-hour timeframe provides a more optimistic perspective, largely owing to the wave count.
The dominant wave count infers that Ethereum is currently in a long-term second wave (white). As such, a noteworthy upward climb is anticipated following the completion of the current market correction.
The short-term wave count suggests that Ethereum is in a complex W-X-Y corrective structure, thereby influencing the shape of the channel.
If this count is accurate, the price will descend towards the 0.382-0.5 Fib retracement support level, falling between $1,600 and $1,725. This trajectory also aligns with the channel’s support line.
Upon reaching this point, a significant upward surge, potentially boosting the ETH price to a minimum of $2,500, is predicted.