Day: May 11, 2022

fanztar funding: Web3 creator monetisation platform Fanztar raises Rs 5 crore in funding led by India Quotient

Anthony B

Mumbai: Fanztar, a blockchain-based monetisation platform, raised Rs 5 crore in a funding round led by India Quotient. Angel investors included ShareChat founders Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan, as well as Sarthak Misra, SoftBank India’s investment director, Manohar Charan (ShareChat’s CFO), and Tarsame Mittal, founder of TM Ventures. Fanztar plans to use the funds to develop new products and expand its technological and commercial teams. Fanztar will also use the capital for product innovation and launching the industry-led product in the market. Founded by IIT Delhi graduates…

Ether Futures Lead $1.2B in Liquidations, Crypto Market Cap Drops 16% Overnight

Shaurya Malwa

Losses exceeded $1.2 billion in the past 24 hours, the highest so far this year. They came as major cryptocurrencies saw steep drops: Bitcoin fell 11%, BNB Chain’s BNB lost 26%, and Solana’s SOL lost 37%. Terra’s LUNA fell out of the top ten cryptos by market capitalization to the 81st rank – it fell 96% in the past 24 hours to under 40 cents. Author: Shaurya Malwa Source link

Terrible crypto trader gets 42 months for fraud, claiming he was a total gun

Jesse Coghlan

A crypto trader who defrauded over 170 people was sentenced to 42 months in prison on May 11 for operating a series of cryptocurrency funds claiming to make big returns but in reality were losing money and instead operated as a Ponzi scheme. The DOJ said that 25 year old  Jeremy Spence had solicited millions through false representations, “including that Spence’s crypto trading had been extremely profitable when, in fact, Spence’s trading had been consistently unprofitable.” Spence, who operated the social media channels for a crypto investment scheme called “Coin…

Ethereum Dives 15%, Why Close Below $2K Is The Key

Aayush Jindal

Ethereum gained bearish momentum below $2,000 against the US Dollar. ETH even traded below $2,000 and remains at a risk of more losses. Ethereum started a fresh decline below $2,100 and $2,000. The price is now trading below $2,100 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if there is a close below the $2,000 support. Ethereum Price Breaks $2K…

Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend

Aayush Jindal

Bitcoin failed to recover above $32,000 against the US Dollar. BTC is gaining bearish momentum and trading below the key $30,000 support zone. Bitcoin started a fresh decline and traded below the key $30,000 support zone. The price is now trading below $30,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate lower below the $27,500 and $27,000 levels in the near term. Bitcoin…

Could the SEC case against Ripple falter over a conflict of interest?

Brian Newar

Newly discovered documents could pose a major roadblock for the Securities and Exchange Commission (SEC) in its case against Ripple if they prove a former commission official had a conflict of interest. The SEC has been embroiled in a legal battle against blockchain company Ripple (XRP) since 2020 in which the crypto company and senior executives Brad Garlinghouse and Christian Larsen were charged with selling XRP tokens as unregistered securities. In a May 10 announcement, corruption watchdog Empower Oversight claimed that documents obtained under a Freedom Of Information request suggested…

Bitcoin at 16-Month Low as UST Collapse Shows Risks of ‘Algo’ Stablecoins

Shaurya Malwa

Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at $28,500, down about 7%, although it fared better than most other major cryptos, underscoring its status as a less risky option during tumultuous times for the wider digital assets market. Ether, the second-largest crypto by market cap, was also off, declining approximately 11% over the same period, to roughly $2,050. Author: Shaurya Malwa Source link

Terra contagion leads to 80%+ decline in DeFi protocols associated with UST

Jordan Finneseth

The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin have spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the DeFi ecosystem have seen their prices hammered.  The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC’s current drop to $29,000 and analysts fear that DeFi platforms that have liquidity pools primarily comprised of UST and LUNA will collapse.  LUNA, ANC, ASTRO and MARS in USDT pairings. 4-hour chart. Source: TradingView…

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