Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.
In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.
Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.
The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.
This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed
According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.
Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”
Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.
The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.
In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.
This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.
Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.
The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.
This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.
A popular crypto strategist sees significant rallies ahead for Solana (SOL), Chiliz (CHZ) and a low-cap gaming project as the metaverse heats up.
The pseudonymous trader SmartContracter tells his 178,600 Twitter followers that he firmly believes SOL will reach $900 this cycle, which would represent a 275% increase from its current value of $233.
The analyst uses a Solana futures chart to show that SOL recovered from a dip more quickly than Ethereum (ETH) after each token hit new all-time highs (ATHs) this week.
“SOL once again first to recover and make ATH, couldn’t have done it without all that ETH maxi salt earlier today, we thank you guys.”
Source: SmartContracter/Twitter
The trader says the SOL/ETH chart can be utilized to try and time an ideal rotation from Solana to Ethereum.
“Update: SOL still pushing up against USD [US dollar], BTC and ETH, clearly the winner here.
As a profit maxi, rotating back into ETH after SOL/ETH makes a new ATH is going to be a godlike rotation for the ETH to $20,000.”
Source: SmartContracter/Twitter
SOL surged to an all-time high of $249.64 on Wednesday but has now settled back to $233.51, still up nearly 25% from a weekly low of $186.95, according to CoinGecko.
Looking at tokenized sports exchange Chiliz, SmartContracter also expects the CHZ altcoin to jump in price on the Bitcoin (BTC) chart.
“CHZ/BTC also painting a monster weekly bullflag breakout.I really think this thing’s gonna rocket 2-3x from here.”
CHZ is currently the 76th-ranked crypto by market cap and sits in the middle of its 7-day price range at $0.45, according to CoinGecko.
Finally, the analyst is eyeing the native tokens of the gaming metaverse Star Atlas DAO.
“POLIS and ATLAS finally gearing up for a run. Initial listing hype died off, got that NFT gaming/metaverse narrative plus clean trendline break on volume, SNED [SEND].”
POLIS is trading for $8.57 at time of writing, up 36.5% from its all-time low of $6.27 on October 27th.
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Real Vision founder and CEO Raoul Pal is highlighting four altcoin projects that he believes have major upside in the long run.
Pal tells his 711,000 Twitter followers that altcoins targeting unique social and virtual use cases are currently the most undervalued on the market.
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He points to the non-fungible token (NFT) platform Rally (RLY), tokenized sports exchange Chiliz (CHZ), and gaming metaverses The Sandbox (SAND) and Decentraland (MANA) as four of the most early and promising protocols in all of crypto.
He’s also a big believer in the NFT-focused company Dapper Labs.
“I obviously also own BTC and a whole bunch of other crypto (layers 1’s, DeFi and interoperability stuff). I think the most undervalued plays for the future (not now) are Rally, Chiliz, Dapper Labs, The Sandbox, Decentraland and other metaverse and social tokens…
I’m not shilling them as they are big-picture future plays. I am not looking for quick gains in those strategic, undervalued bets so don’t follow me in expecting a pump.”
According to Pal, Facebook’s recent rebranding to Meta is a fresh sign that a virtual transformation is underway that will introduce the masses to blockchain technology.
“Make no mistake – Meta/Facebook with Diem and the metaverse experience is a way to onboard billions of people into this world of distributed ledger technology…
This is what adoption looks like – it maybe not what you want, but it is what it is. Again, we have the choice to participate or not. This is very different to the physical world. Your opinion of Meta is just a matter of where you hang out.”
Pal also says now he holds “irresponsibly” long positions in Ethereum (ETH), which recently hit a new all-time high, that dwarf all of his other personal investments.
“Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more).
My view horizon for this part of the trade is 6 to 9 months.”
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Featured Image: Shutterstock/solarseven/Andy Chipus/Sensvector/pikepicture
PSG, a fan token launched by Paris Saint-Germain, resumed its uptrend Thursday after Lionel Messi confirmed that he is joining the French football club.
The PSG/USD pair jumped by 10.57% to hit an intraday high of $41.90. The pair’s latest upside move followed an almost 40% bearish correction from its all-time high of $61.53, achieved on Aug. 10 amid speculation that Argentinian football superstar Messi would sign a multi-year contract with Paris Saint-Germain.
“Paris Saint-Germain is a possibility, yes,” Messi stated during his emotional farewell address after ending his 19-year stint at FC Barcelona, on Sunday. However, he added that “nothing is confirmed” and that he is still talking about the possibility of joining Paris Saint-Germain.
The cost to purchase one PSG token almost doubled after Messi’s public address. It later corrected due to what appeared like profit-taking but resumed its bull run entering the Thursday session, almost a day after Messi finalized his two-year contract with Paris Saint-Germain.
PSG price performance throughout its trading history. Source: TradingView.com
Moreover, Paris Saint-Germain revealed that the €35 million per season financial package to Messi would also include payments in PSG fan tokens. The news service cited sources from the football club, claiming that PSG would be a part of Messi’s “welcome package,” provided by Socios.com, the club’s fan token provider.
Socios’ own in-house currency, Chiliz (CHZ), rallied up to 12.30% to $0.368 for the first time in almost two months, after the Messi-PSG news broke out.
Chiliz price daily chart. Source: TradingView.com
Tokenizing sports
The news, on the whole, served as a validation of the sports industry’s active foray into the widely untapped world of cryptocurrencies. In doing so, clubs attempted to employ digitized tokens to provide holders the right to vote on minor decisions and enable them to buy sports merchandise.
On the other hand, fan tokens’ popularity also served as an opportunity to gauge fan sentiment for any decision a club makes. For instance, PSG’s rally to an all-time high based on potential Messi recruitment helped showcase the club’s followers approval of the decision.
Football clubs Manchester United, Arsenal, FC Barcelona, and Italian AC Milan launched their fan tokens earlier this year. Even the national football team of Portugal launched its own crypto token in June on Socios.com.
Meanwhile, the French Football Federation announced that it would launch player nonfungible tokens (NFT) alongside Sorare, a blockchain-based fantasy soccer game.
Socios.com’s Chiliz exchange founder and CEO Alexandre Dreyfus noted that clubs that signed up with them at the early stage made massive profits in terms of revenue. When the business model of monetizing fan engagement worked financially, more clubs joined them.
“The thing is, all of these teams, they talk to each other,” Dreyfus told Sports Pro Media.
“So they call each other and say, ‘hey, can we have more information about your partnership with Socios? Does it work? Are we legit? Did you really get paid the amount you got paid?”
As a result, Socios.com has grown its partners from 20 to 48 so far in 2021, raking in more than $200 million in revenues.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Macro analyst and former Goldman Sachs executive Raoul Pal says he’s expanding his portfolio beyond Bitcoin and Ethereum.
In a new interview on Real Vision, Pal says he’s gravitating toward social platforms with strong network effects.
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Pal also says he’s devoting some of his net worth to the crypto sports entertainment project Chiliz (CHZ).
Chiliz, which has a market cap of just over $1 billion, is the crypto asset that fuels the fan token app Socios. Socios allows users to purchase Chiliz, exchange it for their favorite team’s tokens, and use the tokens to vote in polls and receive various incentives.
Pal argues that as blockchain develops and the world becomes more digitally focused, crypto will power a new ecosystem of virtual communities and business structures.
I’m a huge believer that community is the future of all business models and that tokenization is going to be the predominant way that we organize these large, complex groups – now whether that’s sports fans, or whether it’s around music artists, or even businesses themselves.”
Bitcoin did the same thing, argues Pal, unleashing a whole new network of value and connecting a novel community.
“I’ve thought of this as an entirely different value layer that sits above equity that didn’t exist before, because for, let’s say, sports teams to access their fans, they had to pay social media. They had to go onto different platforms, and they had to lease their audiences back from Facebook and everybody else. And this way, it aligns the benefits…
Facebook is a classic example of a network effect business – and they have this structure where the shareholders get all the economic value and the network users get the network benefit, but they don’t get the monetary value. Then Bitcoin comes along and changes everything, because the network user gets the value, the token. And that unlocks this whole community thing or fandom, because then, now suddenly, above equity is this whole other thing that is potentially larger than the equity itself.”
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The pseudonymous head of Coin Bureau says a non-fungible token (NFT) project, which has grown by 650% in value over the past 30 days, has the fundamentals to move even further.
The analyst who goes simply by the the name, Guy, is telling 610,000 YouTube subscribers why he thinks Chiliz (CHZ) could usher in a massive herd of users into the crypto space.
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“Have you been searching for that killer app that has the potential to open the floodgates and bring hundreds and millions of people into crypto. That elusive unicorn would likely be valued at a pretty penny, which means if you got into it at the right time, you could post some truly insane gains. What if that project combined NFTs, sports and crypto? That’s the type of rocket fuel that could send it to the stratosphere… That would be Chiliz.”
The CHZ token has performed well in the past few months as NFT projects grow in popularity amid high demand for unique digitized assets. CHZ is currently sitting in the top 50 projects by market cap with a $2.6 billion evaluation.
The Chiliz blockchain company runs the Socios.com platform, which allows sports franchises to increase their revenue through fan tokens. Fans need to buy the CHZ cryptocurrency to get these tokens, which they can use to influence team decisions and gain access to other privileges.
Guy explains why Chiliz is one of the most interesting projects in the crypto space right now, explaining how it helps sports teams monetize their fan base.
“Chiliz offers the solution for teams to gamify team management, turn it into an entertainmentproposition in its own right, and monetize the demand for these voting rights. Fans, on the other hand, get a new way to support their team and get the opportunity to vote on certain team decisions, all of which impact real-world sporting events.”
He also notes Chiliz is positioning itself to generate real world value by diving into the NFT market and partnering with blockchain ecosystem developer Enjin (ENJ) to create branded digital collectibles.
“Socios teamed up with Enjin to create Ethereum-based collectibles for partner clubs. A few weeks ago, Chiliz also announced it had integrated with Chainlink to mint NFTs in real time. Why is that a big deal? Well, it allows Chiliz to create dynamic NFTs in response to real-world sporting events and mint limited edition NFTs…
I really like Chiliz as a project, the concept and how they’re seemingly paving the way for unique digital sports memorabilia with NFTs in real time. I also really love the idea of attaching tangible team-related perks to NFTs. That way, they have tangible real-world value and this should drive future demand.”
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Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy.
According to Coinmarketcap, CHZ has risen by 5.46% in the past 24 hours and by 392.13% in the past 7 days. The market capitalization ranks No.30 with a value of $3,642,507,507 and at the time of writing, CHZ is trading at $0.6251.What are the factors behind the skyrocketing Chiliz?
The NFT(Non-fungible tokens) boom drove the rise of Chiliz
Source: NFT Volume Via Dune Analytics
Source：Total OpenSea Users Overtime via Dune Analytics
The excellent performance of CHZ/USD has shocked many, mainly because people’s wide interest in non-fungible tokens (NFT) has greatly served to explain its boom. The popularity of the NFT market has also contributed to the rise of CHZ tokens.
The total transaction volume of the NFT market reached $342 million, a full increase of 7450% from last year. The total transaction volume of the NFT trading platform OpenSea in February reached $93.9 million, a record high about 11.68 times the total transaction volume in January. Moreover, the total number of OpenSea users has exceeded the 60,000 mark.
Blockchain fintech company Chiliz releases a $50 million investment expansion plan.
CHZ price received an increasing boost when CEO Alexandre Dreyfus announced that he would invest $50 million in U.S expansion on March 2 to target the leading franchises from NBA, NFL, MLB, NHL, and MLS as part of its wider global expansion plans for 2021 and to help fulfill the company’s goal of creating a “multi-billion dollar digital sports ecosystem.” Chiliz is currently holding talks with the prestigious car race championship teams in order to strengthen its control over other sports.
NFT’s Google global search volume surpasses Defi(decentralized finance).
According to Google’s global search volume, the global search volume of NFT (blue) has a significant leap this year, far surpassing the search volume of decentralized finance (Defi), depicted in red below.
Source: Google Trend
The digital asset “fan token” created by Chiliz has been launched on many mainstream cryptocurrency exchanges.
On March 3, Chiliz coin was added to the list of the world’s leading cryptocurrency spot and derivatives exchange OKEx, in order to conduct spot transactions on the platform. CHZ can be traded on crypto exchanges such as OKEx, Binance, and Huobi Global.
Premier football team Paris Saint-Germain’s (PSG) advancement to the Champions League quarter-finals drives the demand for football-based digital fan tokens
Paris Saint-Germain’s progress to the quarter-finals of the Champions League triggered a surge in the trading volume of several leading sports organizations in the world on major cryptocurrency exchanges, resulting in a trading volume of $550 million.
The totalcrypto market capadded $88 billion to its value for the last seven-daysand now stands at $1,554billion.Thetop 10coins were mostly in green for the same time period with Uniswap (UNI) and Chainlink (LINK) adding 55 adding 16.6 percent to their values respectively.By the time of writingbitcoin (BTC)is trading at$50,278, ether (ETH) is at $1,718.
BTC/USD
Bitcoin closed the month of February at $45,160 after jumping up from a daily low of $43,000 on Sunday. This resulted in another 37 percent added to the coin’s market cap on a monthly basis.
On Monday, the BTC/USD pair started trading on positive territory and eventually managed to break the 4 days long losing streak by forming a huge green candle to $49,674. By doing this it moved above the short-term EMAs (20 and 26 days) and avoided further decline.
The second day of the workweek came with a pullback to $48,500, but not before testing the newly established support in the $47,000-47,500 area. The 24-hour trading volumes were still relatively low compared to the previous few weeks as many traders continued to remain cautious about the potential upside reversal.
The mid-week session on Wednesday was again a good one for bulls. The leading cryptocurrency formed one leg up and climbed above $50,000 for the first time since February 25. It peaked at $52,640 during intraday, also breaking into the next supply zone. The trading activity, however, was not backed by enough volume, and BTC started losing momentum in the evening part of the session eventually closing at $50,423. It still registered huge gains compared to the previous session.
On Thursday, March 4 the BTC/USD pair made one more attempt to break into the resistance zone but was once again rejected, which drove the price down to $48,395 or 4 percent lower. The coin was still caught in a short-term downtrend channel.
The last trading day of the workweek came with a drop to $46,283 during intraday. Bulls, however, reacted immediately and pushed the price to $48,756 in the second half of the session.
The weekend of March 6-7 started with a short-lived pullback to the support zone near $47,500 early on Saturday. The coin closed flat, but still above the 20-day EMA.
Then on Sunday, it climbed up to $51,461 before closing the week at $5,012.
Bitcoin is trading slightly lower on Monday but still managed to hit the resistance zone near $51,700 in the morning.
4-hour chart:
ETH/USD
The Ethereum Project token ETH hit a weekly low at $1,285 on February 28 and was already trading 37 percent lower compared to its $2,045 peak registered on February 20. It managed to recover to $1,422 by the end of the session, which corresponded to an 8.3 percent increase for the second month of the year.
On Monday, the ether followed the example of Bitcoin and rapidly started moving upwards. It closed the day at $1,573 adding 10.6 percent.
The coin erased half of if its gains the very next day by correcting its price down to $1,486, right below the 26-day EMA. The $1,590 – $1,610 area was the next major obstacle in front of bulls. It first acted as resistance back in early February, then again was a trouble area for sellers during ETH’s freefall last week.
On Wednesday, March 3 made a sharp turn North reaching the 200-day EMA on the 4-hour chart at $1,660, also above the already-mentioned resistance area. However, the momentum was not strong enough and bulls easily gave up on their gains ending the trading day at $1,570.
The ETH/USD pair was rejected for a second consecutive day near the mentioned resistance zone on Thursday. The area was now the crossing point of the 20-day EMA and the horizontal and diagonal lines.
On Friday, the coin decreased further to $1,526 but not before hit a daily low of $1,441.
The first day of the weekend came with a big green candle on the daily chart. The ether moved up to $1,647 breaking above the $1,620 zone to close the day with an 8 percent increase.
Then on Sunday, it continued to move upwards by reaching $1,735 during intraday. The coin closed the week at $1,728 and is trading around $1,722 by the time of writing this market update on Thursday.
Top 10 Movers
Uniswap (UNI)
The leading decentralized finance platform that runs on the Ethereum blockchain stormed into the Top 10 list last week after gaining 55 percent for the period. The surge in price was a direct result of the news that the Ethereum Improvement Proposal (EIP) 1559 finally received a green light for implementation and will go live in July. It is expected to significantly improve the user experience in an attempt to put control over the increasing transaction gas fees.
The UNI/USDT pair broke out of the consolidation pattern on the lower timeframes and peaked at $34.9, surpassing its previous all-time high of $32.97 on Sunday evening. The coin is now ranked at #8 with a market cap of $17.3 billion.
What is next for UNI is to stabilize above the short-term EMA’s and consolidate in order to open the door for $50, which according to some altcoin traders is the next big target in front of bulls.
The next support zone will be looking at downwards is the significant weekly/daily S/R around $28.7-$29.2.
Altcoin of the Week
Out Altcoin of the week is Chiliz (CHZ). The sports & entertainment-focused blockchain platform benefited from the non-fungible token (NFT) craze and rallied to an all-time high of $0.155 on Thursday, March 4.
The CHZ token added 156 percent to its value on a weekly basis and reached a total market capitalization of approximately $834 million also entering CoinGecko’s Top 100 list at #90. It registered a stunning 533 percent of increase for the last 30 days.
Since NFT is on the rise, it is possible that the upward trend is extended in the coming days/weeks.
As of the time of writing this, the CHZ/USDT pair is trading at $0.161 on Binance:
