Connect with us

Cryptocurrency

Indodax Crypto Exchange Set to List LinkEye (LET) on October 15

Published

on


Interested LinkEye investors can begin depositing LET on Indodax starting from today.

Indonesia’s largest cryptocurrency exchange Indodax has partnered with LinkEye to list the former’s native coin LET on October 15. According to metrics provided by CoinMarketCap, Indodax reported having approximately 2 million registered users, hence making it the best platform to market LinkEye to the Indonesians.

According to the press release sent out to different media outlets, interested LinkEye investors can begin depositing LET on Indodax as from today.

Having been officially launched during the last crypto bubble, 2017, LinkEye is dubbed as a leading crypto financial service platform that is based on credit. Basically, it is one of the decentralized financial platforms seeking to take advantage of the booming DeFi industry.

LinkEye (LET) and Defi Ecosystem

According to metrics provided by CoinMarketCap, LET coin U.S. dollar derivative was trading around $0.012999 at the time of reporting, having dropped approximately 6.10% in the past 24 hours.

Notably, LET coin had a market capitalization of around $10,529,076 and a daily trading volume of approximately $8,161,828. In addition, there were approximately 809,999,000 LET in circulating supply out of 1,000,000,000 LET in total supply.

In terms of market capitalization, LET was ranked position 473 out of the existing crypto projects. The approximate return on investment for LET if purchased at the time of launch (or earliest known price) is negative 91%. Apparently, this is a below-average performance in comparison to other DeFi projects that have grown almost sixfold this year.

However, the DeFi ecosystem is still growing and poses the great potential for booming in the coming quarters. According to metrics provided by DeFi pulse, the total value locked in the DeFi ecosystem stood at $11.25 billion.

This is a mere fraction of the total crypto market capitalization that stood at $361,198,481,073 according to CoinMarketCap at the time of reporting.

Closer Look at the Project

According to the press release, LinkEye is seeking to further develop its project through smart contracts, oracles and other blockchain-related technologies. LinkEye developers are focusing on different mechanisms to give the project a vantage point over its competitors.

“Through blacklist (mask + signature), alliance member entry mechanism, member credit mechanism, arbitration mechanism, information sharing mechanism, intelligent pricing mechanism, data security firewall mechanism, opening entire network query interface and other methods, LinkEye can ensure the efficient and orderly development of the alliance platform,” the press release indicated.

With the increased risks of fraud especially in the DeFi ecosystem due to projects holding users assets in untrusted wallets or insecure platforms, LinkEye has promised its customers a top-notch security system that will guarantee the safety of their assets.

“LinkEye provides trusted offline data on the chain through the built blockchain data center and the newly built blockchain oracle mechanism, and provides credible data services for lending and transactions,” the company noted.

More news from the crypto world can be found here.

Altcoin News, Cryptocurrency news, News

Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Cryptocurrency

ContextLogic (WISH) Stock Price Still Low, Has 50% Upside

Published

on

By


In the recent past, ContextLogic (WISH) stock has been referred to by market watchers and analysts as the next short-squeeze target.

ContextLogic Inc (NASDAQ: WISH) is the company that’s linked with Wish Mobile, a popular shopping app. The good thing is that the company is not only meme-based but it also addresses emerging and current needs of the e-commerce market. The company confesses that performance, particularly logistics revenue, has been growing impressively. The revenue growth has been increasing gradually but the stock, with a target price of $20, is definitely a buy.

WISH: Just a Meme Stock?

In the recent past, ContextLogic (WISH) stock has been referred to by market watchers and analysts in WallStreetBets Forum as the next short-squeeze target. Two other meme-based stocks, GameStop Corp (NYSE: GME)and AMC Entertainment Holdings Inc (NYSE: AMC) have also done well and become popular on the forum. However, analysts suggest that caution should be observed when dealing with WISH as it may turn out to be another short target. For its total outstanding shares, WISH’s interest ratio, which is a bit low, currently stands at 4%.

ContextLogic became a public-listed company in 2020 with the price of its stock valued at $24 each. However, the initial public offer (IPO) didn’t perform as expected leaving investors disappointed. When the stock started trading, the opening price was $22.75 and even went as high as 32.85 but then started trading low and lower in the following months. The lowest WISH traded was $7.52 before it started drawing attention from WallStreetBets. ContextLogic executives however believe that the company has a lot to offer other than the WallStreetBets mentions and attention.

Client Acquisition and Retention

Being an E-commerce portal, ContextLogic has gained from the pandemic situation. In FY 2020, WISH’s sales increased by 34%. Another 75% sales increase was gained in the first quarter of 2021. The increased downloads of the WISH shopping app were the cause of the improved revenue. Currently, the app has 100 M and above active users each month in over 100 countries.

In 2020 alone, ContextLogic bagged an extra 17M users, and the trend has been growing since. With the discovery and a discount-based experience, WISH is sure to retain its customers for a long time to come. Additionally, the shopping experience is further boosted by the gaming elements that have been embedded on the platform. According to WISH’s market research team, 70% of the company’s sales are impulsive and do not at all involve any search query. Also, 90% of the company’s sales are done via the WISH app.

In this digital age, most people do their shopping online and via mobile applications. From 2019 to 2024, the e-commerce market (global) was expected to increase from $3.4 trillion to $6.3T, and most of the transactions were to be done via mobile apps. This was believed to be possible because most online shopping platforms integrate AI into their businesses, making the shopping experience process safe and secure.

next Business News, Market News, News, Stocks, Wall Street

Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.



Source link

Continue Reading

Cryptocurrency

Hedgeye Analyst Develops Model Validating S2F with $1M Bitcoin Price Target

Published

on

By


Besides this predictive Bitcoin tool, Hedgeye also has a quantitative Bitcoin dashboard called the “Bitcoin Trend Tracker.”

Hedgeye analyst Josh Steiner has developed a model in which he drew on the fundamental analysis of the Stock-to-Flow model of Bitcoin (BTC) in comparison with other factors, to project a $1 million price for Bitcoin before the end of this decade. Hedgeye Risk Management is an investment research and financial media company based in Stamford, Connecticut, and specializes in market analytics through the quantitative study of industries in which they operate.

The Steiner developed fundamental analytics model focuses on Bitcoin, the world’s first and largest digital currency by market capitalization. In the past decade, BTC has toppled its own records and attained over $1.2 trillion valuations back in April when it hit an all-time high price above $64,000. While unfavorable market conditions – including harsh regulations and energy consumption FUD – have dragged the prices down, investors are still looking for avenues to get in on the train. Hedgeye gives the quantitative basis that can help all classes of investors make the right investment push, and mitigate risks.

The Hedgeye Analysis Prediction $1M Price for Bitcoin Per the S2F Model

The Stock-to-Flow model factors in the rate at which an asset is released into the market against its existing supply. When the United States real estate niche is considered based on this model, the S2F ratio is pegged at 93x. The total supply of new housing units is about 1.5 million units annually, against a total of 140 million.

Gold has an S2F ratio of approximately 72x as roughly 2.75 tonnes are mined annually against 200k tonnes in current circulation. When Bitcoin is put into perspective, the current S2F ratio is pegged at 54x atop 344,000 mined coins annually, against an 18.6 million total supply. Unlike real estate and gold which has an almost static S2F for many years now, Bitcoin’s S2F model is expected to grow over time.

Drawing on the 4-year halving event, Bitcoin’s S2F ratio is expected to increase 10-fold every 12 years. This will bring the Stock-to-Flow model to 1000x by 2036, and to 10,000x by 2048. This exponential increase is poised to impact the price of the asset in a corresponding manner. Steiner developed the publicly accessible power regression relationship y=1.3268×2.4769, a quantitative relationship that predicts Bitcoin’s price in relation to the S2F model.

“Every 10-fold increase in Bitcoin’s Stock-to-Flow ratio, which will happen every ~12 years going forward, has produced a ~1,000-fold increase in Bitcoin’s price. And that hasn’t happened once, but twice,” according to a description of the effect of the relationship.

Based on this projection, Bitcoin is on track to attain a price of $1 million by 2030, $10 million by 2039, and by $100 million by 2057.

Other Hedgeye Products

Besides this predictive Bitcoin tool, Hedgeye also has a quantitative Bitcoin dashboard called the “Bitcoin Trend Tracker.” This tracker provides exhaustive, daily quantitative analytics on a range of cryptocurrencies and Exchange Traded Funds. This tool is useful for both retail and institutional investors. The dashboard breaks down the price, volume, and volatility among several other metrics of each asset it tracks.

This and more tools brandished by the Hedgeye team seek to give investors a similar resource available to traditional market players, all for an informed and productive investment engagement.

next Bitcoin News, Cryptocurrency news, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Continue Reading

Cryptocurrency

Founders of Africa’s Crypto Investment Firm Flee to UK with 69,000 Bitcoins Worth $3.6B

Published

on

By


Since both the founders have gone missing and are not returning any calls, the investors have involved Hanekom Attorneys, the South-Africa-based law firm, to manage the chaos.

Two brothers and founders of Africa’s crypto investment firm AfriCrypt have gone missing following an alleged hack that jeopardized their clients’ accounts and wallets. 20-year old Ameer Cajee and 17-year-old Raees Cajeee have reportedly shifted the collective investor fund from an account at Johannesburg-based First National Bank (FNB) before retreating to the United Kingdom.

Africrypt, a currency exchange service founded in Johannesburg, South Africa, has gone on to become one of Africa’s largest and most successful AI trading companies in only a few years. It was established in 2016, by the child prodigy Raees Cajee. Ever since its commencement, the firm has seen an astronomical growth connecting banks, payment providers, and digital asset exchanges.

In April, the investors of Africa’s crypto firm Africrypt were mailed about the alleged ‘hack’ that had put the customers’ crypto-assets in a compromising situation. To handle the unpleasant circumstances, the platform was set to shut down, following the freezing of all the accounts. The sponsors were requested not to report the same to authorities, claiming that this might ‘delay the process of retrieval’.

Since both the founders have gone missing in action and are not returning any calls, the investors have involved Hanekom Attorneys, the South-Africa-based law firm to manage the chaos. According to the law firm, the financial reserve was placed through an array of tumblers and mixers, making it effectively untraceable. Since almost 69,000 bitcoins worth $3.6Bn have gone missing, the attorneys have cautioned several international exchanges about the reported scam, to watch out for any Bitcoins being converted.

Making matters worse is the fact that South Africa’s Finance Sector Conduct Authority cannot initiate a legal inquiry since cryptocurrency has not lawfully been regarded as a financial product in the country. If the money is not reclaimed, this incident will go down as the greatest cryptocurrency scam in history.

The event reminds us of Canada’s QuadrigaCX exchange case of 2018 when Gerald Cotten, the founder of Quadriga Fintech Solutions died on a trip to India. Since Cotten held the password to customers’ offline cold wallets, the company lost around $250 million owed to its 115,000 customers. The company was declared bankrupt in 2019, ceasing all the operations immediately. This event, however, will effortlessly eclipse the money lost in the Canadian exchange.

A different class of sponsors/investors have started liquidation activities against Africrypt.  The purported theft has also been communicated to the Hawks, South Africa’s Directorate for Priority Crime Investigation (DPCI). This special division exclusively targets organized crime, economic crime, and corruption.

next Business News, Cryptocurrency news, News



Source link

Continue Reading

Trending