Powerful Bitcoin entities who own massive stash of Bitcoins and are often referred to as whales have accelerated the transfer of the flagship crypto asset from one point to another despite the significant amount of bearish sentiments.
According to the latest data posted by a top blockchain tracking firm, Bitcoin Block Bot, an entity recently transferred 3,390 BTC worth $108 million in block 691,537.
The timing of such movement suggests this activity is likely linked to an institutional investor amid the bias that of late, such buyers at the crypto market are dwindling down at unprecedented levels.
The pioneer crypto-asset stays supported around the $31,500 price level, further showing an aura of anxiety enveloping the crypto market and market pundits that failure to close above $32,000 could see bitcoin dive to the $29,000 to $24,000 zone.
Downside risks for the world’s most popular crypto stay on course sustains as Grayscale Investments unlock a whopping 16,000 Bitcoins worth of its Grayscale Bitcoin Trust (GBTC) shares on July 18, after a six-month lock-up duration.
Downside risks for the world’s most popular crypto stays on course as Grayscale Investments unlock a whopping 16,000 bitcoin worth of its Grayscale Bitcoin Trust (GBTC) shares on July 18, after a six-month lock-up duration.
Recent price actions reveal Bitcoin bulls are holding their grip around the $31,500 price level while eyeing a retest of the technical resistance level at $32k-33k.
Market commentators argue that a series of deleveraging situations shook off many crypto short-term speculators, whose capitulation accounts for most of the realized losses in recent times.
While it is difficult to predict crypto-asset movements, these powerful entities have shown historically that they often determine bitcoin’s price.
Stellar is flying high on Moneygram buyout rumours
Stellar’s XLM token is enjoying great buying pressures following rumours that the Stellar Development Foundation has expressed interest in buying popular American remittance provider, MoneyGram.
Reports that Stellar is working with Advent on a potential acquisition of MoneyGram further pushed the crypto asset past its strong resistance level of 25 cents.
Though private sources reveal no final decision has been made yet, investors are weighing positively on the crypto asset on the account it could provide additional synergy for Stellar, which already oversees a network for facilitating cross-border payments.
At the time of drafting this report, the fast-rising crypto asset on the FTX exchange posted daily gains of about 12% as it traded near $0.27 cent with a daily trading volume of $1.2 billion.
The 17th most valuable crypto asset presently has a market value of $6.3 billion. It has a circulating supply of 23.4 billion XLM coins and a maximum supply of 50,001,806,812 XLM coins.
Stellar began its operation about six years ago with the major aim of facilitating financial inclusion globally by reaching the world’s unbanked, particularly in many parts of Africa and minor Asia.
However, the fintech company updated these objectives by focusing on assisting financial institutions to connect with each other through blockchain technology.
Its crypto token is known as the lumens, with the purpose of making it fairly cheap to trade financial assets across borders. The mission is to outplace many existing payment providers, who often charge high fees for such services.
Binance U.S plans IPO
Binance U.S, a cryptocurrency exchange and one of the subsidiaries of Binance Group that operates in the United States, is looking to go public. This news comes as the exchange is facing a lot of heat from regulators around the world.
The announcement was made by Binance CEO, Changpeng Zhao popularly known as “CZ” at the blockchain virtual summit “REDeFiNE Tomorrow” 2021.
CZ spoke about the ongoing regulatory issues and plans the exchange has for the future. He expressed his optimism on Binance facing a lot more regulations in the future, noting that the company “is in the mindset of shifting from a tech startup to a financial service.”
He reiterated that Binance had been aggressively increasing its compliance efforts, including hiring former regulators. Last week, at the Binance 4th anniversary, CZ stated that it had increased its compliance team by 500% and expects to increase by another 1000% by the end of the year.
The CEO admitted that the company has not been fully complying and cooperating with regulators, stating that their relationship with regulators has not been the firm’s “strong suit,” and pointing out the urgent need to localize compliance communications.
CZ stated that regardless of the current regulatory crisis Binance is facing, he does not rule out the possibility of Binance US going public one day, as the exchange is seeking ways to go for an initial public offering (IPO). He stated, “Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”
Binance US is a subsidiary of Binance Group and it operates as a separate entity from the parent company. Binance US was Launched in 2019 and receives branding support from the parent company. Brian Brooks, who was the former acting comptroller of the United States Office of the Comptroller of the Currency, became CEO of Binance US earlier this year to help the exchange compete with other exchanges like Coinbase and expand its operations across the United States.
Also, to add, Binance has been subject to a lot of regulatory sanctions and investigations from global regulators, including the United States. The States Department of Justice (DoJ) and the Internal Revenue Service (IRS) have been investigating Binance for alleged illegal trading activity involving users in the United States. In March, Binance reportedly became the subject of an investigation by the U.S. Commodity Futures Trading Commission (CFTC) regarding alleged trades by U.S. customers.
Binance’s native token BNB is currently trading at $293.20, down 0.09% for the day, as of the time of writing this report. Binance has also recently burned the equivalent of $400 million BNB token as part of its obligation to burn 20% of its quarterly earnings.
Julius Berger Plc reveals 8 major contracts won in 2021
Nigeria’s leading construction company, Julius Berger Plc, won 8 new major construction projects for 2021, its company annual financials revealed. The company makes money by taking on construction projects from state and federal governments as well as corporations and private individuals.
According to information contained in its latest annual report, Julius Berger Plc won projects spanning the construction of flyovers, bridges, roads and buildings. These projects are expected to drive the company’s revenue growth for Full-Year 2021. Currently, the company has 13 ongoing projects and has secured 8 new projects, which are:
1. Department of Petroleum Resources, New Headquarters, Abuja which is estimated to cost a total of N35 billion.
2. Office rehabilitation, Bill & Melinda Gates Foundation, Abuja.
3. Construction of Flyover at New GRA Junction and Dualization of Tombia Road, Port Harcourt – Estimated to cost N36.8 billion.
4. Reconstruction of Oro-Abali and Rumuola Flyovers, Port Harcourt.
5. Construction of Access Roads to the Second River Niger Bridge, which is estimated to cost N208 billion.
6. Rehabilitation of Township Roads at New GRA, Woji Road, Port Harcourt.
7. Regency Hotel, Lagos.
8. Maintenance of Governor’s Residence, Lagos.
The company made a recovery in the first quarter of this year, reporting a 590.24% growth in net profit from N412.45 million in the corresponding quarter of 2020 to N2.83 billion. Profits were mostly driven by topline revenue growth from N55.9 billion in Q1 last year to N71.2 billion same period this year.
What they are saying
According to the Chairman of the company, Mutiu Sunmonu, CON, during the year, the Board of Directors approved the Company’s first diversification case. In his words, “The company will continue to progress Julius Berger Nigeria Plc’s corporate development activities to achieve long-term diversification strategy regarding client mix and business areas – assessing, exploring and activating opportunities beyond core construction business to strategically reduce risk, promote growth and strengthen cashflow and profitability.”
Julius Berger share price closed at N20.03 at the time of writing this report, up 35% in the last one year.
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