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Kraken Exchange starting in Dublin? Job postings point to it!

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While there haven’t been a huge amount of international blockchain companies coming to Ireland, one very interesting thing came in via our job alerts in the last few days. Kraken, the Digital Assets exchange that at time of writing is turning over over €250m a day in crypto trades, looks like it’s setting up in Dublin. They have been advertising for a EMEA Recruitment Manager which has just closed recently, and this is usually the first role to be filled whenever a multinational is starting. In addition to this, there are now additional jobs, such as a Customer Service/Account Manager Source: https://bitcoinsinireland.com/kraken-exchange-starting-in-dublin-job-postings-point-to-it/

Blockchain

Is Babel, China-based crypto-lending giant, in deep trouble?

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China-based Babel Finance has been a prominent crypto-lending company for a while now. However, it has been in troubled waters recently. The trouble, in fact, came in full force after the Black Thursday crash in March.

Tether trouble

According to an investigative report by Colin Wu, Babel Finance was badly affected by the crypto-market crash that took place on 12 March. In fact, the company allegedly lost almost all its funds and customers due to an acute shortfall.

Days before the crash, the crypto-lending company had claimed to have $380 million in outstanding loans, as of February, according to reports. The Co-founder of the company, Felix Yang, had then noted the growing demand in the market for crypto-lending businesses, with outstanding loans growing from USDT worth $52 million in Q1 2019 to $289 million by end of December 2019.

However, as per Wu, Babel had advertised a $300 million loan out of which $20 million was a borrowed sum. Wu explained the business fundamentals of Babel by stating,

“The core of Babel’s business is to absorb funds at a low cost, including the users’ collateral to borrow in series, to obtain more BTC and then to bet on rising BTC prices to obtain profits.”

At the time of the crash, the active trading of Bitcoin had led to huge liquidations on the platform. There was evidence of customers liquidating their positions, equaling over 3000 to 4000 Bitcoins, although there was speculation that the company was trying to protect customers from liquidations. Wu added that “Babel defaulted on the funder and suffered pressure from the funder.”

BlockFi, Genesis, Gemini, Coinbase-backed Babel

Prominent names in the crypto-business – BlockFi, Coinbase, Gemini, and Genesis have been among those that have reportedly backed the Babel Finance Group. However, after the crash on 12 March, its overseas funding was put to the sword as BlockFi and OSL interrupted their cooperation, along with Tether.

The report added,

“Recently, it has resumed. The partner that continues to support Babel is Genesis. Previously, BlockFi gave a pledge ratio of 1:1.”

In fact, Twitter user @btcking555 highlighted this baffling incident as a “scam,” suggesting that BlockFi had “cancelled partnership.” However, BlockFi has not confirmed this, as of yet.

At the time, Tether had extended its replenishment period from 48 hours to 1 month to help Babel, Wu claimed, with the latter owing Tether 5000 BTC at the time, despite having only 200 BTC.

“Babel has blocked its fate on Tether. It believed that Tether will give it time, and Tether can print money indefinitely. Tether did not respond to Wu’s consultation, suspected to be worried about its behavior will bring legal risks and other borrowers will also request extension”

About Babel investors

Crunchbase data suggests that there are three major investors in the company – Dragonfly Capital Partners, Parallel Ventures, and Next Generation Capital. However, its core customers and partners included f2pool, NGC, KuCoin, BigOne, and others.

Apart from a partnership with F2Pool, Poolin was another mining pool that had partnered with the company during its inception. However, according to Wu, that partnership was suspended in time too.

Source: https://eng.ambcrypto.com/is-babel-china-based-crypto-lending-giant-in-deep-trouble

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Cardano, Waves, Enjin Price Analysis: 26 September

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Cardano registered a bearish pattern on the charts, one that validated the previous pattern to some extent, before the markets shifted dramatically to spur ADA upwards. Waves was in the oversold territory and might be forced to drop further in the coming hours. Enjin, however, appeared directionless in the market as buyers and sellers each negated the other’s effect on price movement.

Cardano [ADA]

Cardano, Waves, Enjin Price Analysis: 26 September

Source: ADA/USD on TradingView

ADA broke out to the downside of a bearish flag pattern, one that projected ADA would drop to $0.073. However, ADA had support around the $0.077 region and also displayed a bullish divergence, highlighted in pink.

The RSI went into the oversold region as ADA reached a resistance level around the $0.1 zone. If the RSI stays above 50 in ADA’s coming pullback, and the support at $0.91 holds, it would be quite bullish for the crypto-asset.

Waves [WAVES]

Cardano, Waves, Enjin Price Analysis: 26 September

Source: WAVES/USDT on TradingView

WAVES dipped beneath its support level at $2.31 and looked to be headed lower, but went into the oversold territory on the Stochastic RSI. WAVES mounted a weak fightback to rise above the $2.31 level twice, and at the time of writing, was trading at $2.50.

However, the Stochastic RSI showed consistently overbought conditions. If this plays out as expected, the latest hike in WAVES’ price will be just a bounce on a wider downtrend, which can be expected to resume in the next few trading sessions.

After $2.3, the next level of support for the crypto-asset lay at $2.

Enjin [ENJ]

Cardano, Waves, Enjin Price Analysis: 26 September

Source: ENJ/USDT on TradingView

Enjin showed a lack of direction in the market. The Aroon indicator showed that neither an uptrend nor a downtrend was dominant, with one replacing the other every few days. At the time of writing, it was trading just above a level of support, and ENJ held a value of $0.156.

The trend appeared to be bullish as the Aroon Up (orange) crossed above the Aroon Down (blue). However, it remains to be seen if this would continue or if the price would be forced back down once more.

The Chaikin Money Flow also backed this conclusion as it was within the discretionary 0.05-neutral zone, indicating that buying and selling pressure were in balance.

Source: https://eng.ambcrypto.com/cardano-waves-enjin-price-analysis-26-september

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NYC Auction House Features Bitcoin-Themed Art Containing Original Code

Christie’s New York auction house is featuring a piece of bitcoin-themed artwork that represents a portion of the protocol’s original launch code.

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A massive piece of artwork containing a portion of bitcoin’s code is being auctioned at Christie’s New York. 

According to the official website, Christie’s auction house in New York is hosting a massive piece of bitcoin-themed artwork. The project, dubbed “Block 21,” is one of forty pieces of art in a series depicting the entire 12.3 million digits of bitcoin’s original code. 

Block 21 contains 322,048 digits of hexadecimal code, some inscribed in gold. The art collection, which currently spans the globe, is more than 50 meters long in total, with the entirety of bitcoin’s historic v0.1.0 code hand-inscribed on its surface. 

Ben Gentilli, the artist behind the project, calls the collective series “Portraits of a Mind.” He described each piece as a digital fingerprint carved out of paint and attributed the artwork as a portrait of bitcoin’s anonymous founder Satoshi Nakamoto. 

Gentilli told Decrypt, 

Bitcoin’s original codebase is like a historical document, and I wanted to celebrate it and preserve it in the same way as a document like the Magna Carta. But I also wanted to try and answer the question of how one might make a portrait of Satoshi Nakamoto, when there is no image of him.

He continued, calling Portraits of a Mind a decentralized piece of art reflecting the underlying nature of bitcoin. 

Featured Image Credit: Photo via Pixabay.com

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