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With little over a month and a half to go till the U.S. presidential election, Donald Trump's schedule is packed – rallies, debates, stump speeches, crisscrossing the country to campaign in battleground states. Over the weekend, at his golf club in West Palm Beach, Florida, he became the target of what the FBI described as an attempted assassination.
Despite all that, the former president and Republican nominee has carved out some time later on Monday to unveil a new crypto company: World Liberty Financial.
At 8 p.m. on X (formerly Twitter), Trump is scheduled to livestream specifics of the blockchain app that he and his sons have been teasing for months in the leadup to November's presidential election.
The project has already sparked controversy. Hackers recently compromised X accounts belonging to members of the Trump family, promoting fake links to the crypto company. While the real app has yet to be officially launched, leaked details of the project's leadership team – and its ties to another recently hacked crypto app – have sparked concern among some of the former president's supporters in the crypto world.
Earlier this month, CoinDesk obtained a confidential draft for the project outlining plans for an app meant to make decentralized finance (DeFi) accessible to the masses. Decentralized finance refers to blockchain-based tools that allow users to directly trade, borrow, lend and invest assets without traditional middlemen.
After deriding bitcoin as "based on thin air" in 2019, Trump has explicitly embraced the technology and amped up his pro-crypto rhetoric in recent months, especially with the blockchain industry emerging as one of the election cycle's biggest corporate fundraisers. His speech at the Bitcoin Nashville conference in July outlining favorable crypto policies was met with repeated standing ovations and cheers from the thousands of attendees.
The white paper obtained by CoinDesk advertises World Liberty Financial as a way of "putting the power of finance back in the hands of the people," as an answer to the "rigged" financial system.
Who is involved
World Liberty Financial's team includes a mix of Trump family members (18-year-old Barron is listed as chief "DeFi Visionary"), traditional financial figures and blockchain industry leaders. The elder Trump's title with the project would be "chief crypto advocate," according to the white paper.
The pair spearheading the project – Zak Folkman and Chase Herro – are not well-known in the crypto world.
CoinDesk previously reported that the duo was responsible for Dough Finance, a DeFi product that failed to gain traction and was hacked for $2 million over the summer.
The pitch outlined in World Liberty Financial's white paper closely resembles that of Dough. Both platforms are modeled as user-friendly interfaces for accessing Aave, a popular Ethereum-based lending market, and some of the early code for the Trump-backed crypto app appears to have been lifted directly from Herro and Folkman's older project.
Outside of crypto, Folkman and Herro are the founders of Subify, a censorship-free subscription platform similar to OnlyFans that is best known for its association with the influencer Logan Paul.
Folkman, who registered the LLC for World Liberty Financial, used to deliver seminars advising men on how to pick up women. According to a Bloomberg report published last week, Herro has promoted himself as the "dirtbag of the internet" and has promoted failed cryptocurrencies, colon cleanses and get-rich-quick classes.
A Trump crypto token
Crypto projects frequently release governance tokens to "decentralize" their products and sidestep arduous securities regulations. World Liberty has not officially unveiled its plans for a cryptocurrency, but the white paper reviewed by CoinDesk suggested that the project will eventually sell a governance token called WLFI.
According to the document, the Ethereum-based WLFI token will be non-transferable, meaning it won't be possible to trade on the blockchain, but holders will be able to use it to vote on changes to World Liberty's development roadmap.
An unusually large 70% of WLFI tokens have apparently been reserved for World Liberty's team and developers. The rest will be sold to the public, with the proceeds from that sale also reserved for World Liberty insiders.
While crypto projects generally reserve a portion of tokens to compensate founders, investors and developers, these groups rarely receive more than 20% or 30% of the total supply. WLFI's allocation to insiders is much larger than peer projects, and token presales are relatively uncommon altogether in today's crypto industry because they tend to face legal and practical hurdles.
The transfer restrictions may be designed to make WLFI look less like a stock in the eyes of regulators since they will make the asset difficult to buy and sell like other speculative cryptocurrencies. However, traders frequently sell IOUs for blockchain assets via legal agreements and handshake deals, and WLFI holders could ostensibly vote to make the asset directly transferable on blockchains in the future.
Community response
Trump has fashioned himself as cryptocurrency's sole champion in this year'spresidential race, and his crypto venture uses anti-establishment rhetoric that could resonate with single-issue crypto voters and MAGA populists alike. (Neither Trump, the Republican presidential nominee, nor his Democratic opponent, Vice President Kamala Harris, mentioned crypto at last week's televised debate.)
While it is unclear how closely World Liberty Financial will ultimately resemble its white paper, some of Trump's backers within the crypto industry are worried that the whole plan could backfire.
"Is there something that we, as crypto twitter, can collectively do to stop the launch of world liberty coin," Nic Carter, a prominent crypto industry figure and Trump supporter, asked on X (formerly Twitter) after CoinDesk published its initial report on World Liberty Financial's white paper.
Though the Trump family appears deeply involved in World Liberty Financial and Donald Trump will be officially unveiling it on Monday evening, the project's white paper claims notes that the platform has no political affiliation, stating: "World Liberty Financial is not owned, managed, operated, or sold by Donald J. Trump, the Trump Organization, or any of their respective family members, affiliates, or principals."
It adds: "However, they may own $WLFI and receive compensation from World Liberty Financial and its developers. World Liberty Financial and $WLFI are not political and have no affiliation with any political campaign."
Former Celsius chief revenue officer Roni Cohen-Pavon, who pleaded guilty to criminal charges in 2023 and has been free on bail, has permission to travel to Singapore, ostensibly in order to attend the Token2049 conference.
In a Sept. 13 filing in the United States District Court for the Southern District of New York (SDNY), Judge John Koeltl granted Cohen-Pavon permission to travel from Israel to Singapore from Sept. 16 to 20 “for business purposes.” Cohen-Pavon, part of the same criminal indictment as former Celsius CEO Alex Mashinsky, allegedly earned roughly $3.6 million in profits from the sales of CEL tokens by helping artificially inflate the price.
“Mr. Cohen-Pavon’s conditions of release permit him to travel within Israel, the Southern District of New York, the Eastern District of New York [EDNY], and points in between for purposes of travel to the Southern District of New York,” said the court docket. “We write on Mr. Cohen-Pavon’s behalf to request permission for travel from Israel to Singapore on September 16, 2024 through September 20, 2024 for business purposes, including a layover in Bangkok, Thailand, as there are no direct flights between Israel and Singapore.”
US authorities announced fraud charges against Mashinsky and Cohen-Pavon in July 2023 related to misleading users at the crypto lending platform. Mashinsky, who resigned as CEO in September 2022 and allegedly earned roughly $42 million in profits from CEL sales, was arrested the same day.
Cohen-Pavon, who was reportedly not in the US when the indictment was filed, was arrested in September 2023. He initially pleaded not guilty to conspiracy to commit price manipulation, securities fraud, manipulation of security prices and wire fraud, later changing his plea to guilty.
The former Celsius executive was released on a $500,000 bond, with travel restricted to SDNY, EDNY, Israel, “and points in between.” Mashinsky pleaded not guilty and is scheduled for trial in January 2025. Cohen-Pavon will face a sentencing hearing on Dec. 11.
Why Token2049?
As CEO of Celsius, Mashinsky attended the Token2049 crypto conference in Hong Kong in 2019 and London in 2021. The former CEO is also largely restricted to traveling within SDNY and EDNY until the conclusion of his criminal case.
Cohen-Pavon previously requested permission from a judge to travel to Tokyo in June 2024. Though none of the court filings explicitly mention Token2049, the timing of the September travel request could suggest the former chief revenue officer plans to attend the crypto conference. Cointelegraph contacted Cohen-Pavon’s legal counsel for comment but did not receive a response at the time of publication.
Mashinsky seeks witnesses
Cohen-Pavon’s travel request came the same weekend Mashinsky’s lawyers made their first public filing in more than four months. According to a Sept. 14 filing, the former Celsius CEO seeks “to preserve the testimony of six material witnesses who reside outside the United States,” including Cohen-Pavon.
Mashinsky’s lawyers alleged five of the six witnesses they plan on calling “ignored or disregarded [his] explicit instructions to generate revenue by consistently selling CEL tokens into the market and instead purchased excess CEL tokens on the FTX exchange throughout 2021.” They asked for the opportunity to question the witnesses and parties with knowledge of the alleged instructions.
“The stakes are high,” said the Sept. 14 memo. “The government has informed the defense that its ‘current position’ is that the Sentencing Guidelines call for Mr. Mashinsky to receive a sentence of 115 years in prison.”
Celsius filed for bankruptcy protection in the US in July 2022 but began repaying creditors in August 2024. The company also has civil cases pending with the US Commodity Futures Trading Commission and Securities and Exchange Commission.
Crypto exchange Kraken has responded to the United States Securities and Exchange Commission’s claim that it had violated federal securities laws.
In the legal filing dated Sept. 12, the crypto exchange denied the SEC’s allegations, stating that the assets the regulator cited did not meet the legal definition of securities.
Kraken stated in the filing that it did not violate “Sections 5, 15(a) and 17A of the Securities Exchange Act of 1934” because the cited assets were “not securities or investment contracts.”
The assets cited in the SEC’s allegations included Solana’s SOL , Cardano’s ADA (ADA), Algorand’s ALGO , Cosmos’ ATOM , Filecoin , Polygon’s MATIC and five others.
Brazil lifts freeze on Starlink- and X-related bank accounts after $3 million fine payment
On Sept. 13, the Brazilian Supreme Court lifted a freeze on bank accounts tied to Elon Musk’s Starlink and social media platform X after the funds were transferred to the national treasury.
The $18.35 Brazilian reals, worth around $3.3 million US dollars, are linked to a legal dispute involving the social media platform’s failure to comply with court orders.
Brazil’s Supreme Court had ordered X to block accounts accused of spreading misinformation and hate speech, previously classifying the content as threatening democracy.
On Sept. 12, Brazil’s Attorney General’s Office argued that the suspension of X does not violate free speech rights and that the lawsuits against the X ban lacked legal grounds.
UK government introduces bill to clarify crypto’s legal status
On Sept. 11, the United Kingdom government introduced legislation that enables the assessment of whether Bitcoin (BTC) and other cryptocurrencies can be deemed “personal property.”
The government announced that the Property Bill would clarify the legal status of non-fungible tokens (NFTs), cryptocurrencies and carbon credits.
Labour MP and Minister of State Heidi Alexander explained that the new legislation could help “bring clarity to complex property cases.”
The UK government stated that the proposed law would give “legal protection” to owners and companies when “digital holdings are disputed or form part of settlements.”
Coinbase’s “Stand With Crypto” creates NFT legal defense fund
On Sept. 13, the Coinbase-led political advocacy group Stand With Crypto announced its launch of a legal defense fund for NFT projects.
The “Creator Legal Defense Fund” is a $6 million fund backed by venture capital firm a16z and NFT marketplace OpenSea.
According to the Stand With Crypto website, the SEC’s issuance of a Wells notice to OpenSea and other “artists and creators” has raised legal concerns for those building on blockchain technology.
Alongside the action against OpenSea, the SEC also brought legal action against crypto exchanges Coinbase, Kraken and Binance, alleging they violated securities laws.
More than six million Chainlink tokens have been pulled from exchanges in the last seven days. This large outflow indicates growing confidence among LINK investors, as many are choosing to keep their assets in private wallets instead of centralized exchanges.
With LINK’s price already showing signs of resilience, this trend might set the stage for further upward momentum, making it a key cryptocurrency to watch in the coming days.
Chainlink Tokens See Massive Exodus
According to Glassnode, Chainlink saw a brief surge in tokens sent to exchanges between September 5 and 9, coinciding with a price drop from nearly $11 to $9.20.
However, since September 10, over six million tokens worth more than $60 million have been withdrawn from exchanges. This kind of movement typically indicates bullish sentiment, as reduced selling pressure on exchanges can support price appreciation.
At press time, Chainlink is trading at $10.60. If the trend continues, the cryptocurrency could retest the $12 level and potentially break above it.
Furthermore, the Bulls and Bears indicator reinforces the bullish outlook. This metric tracks the number of addresses that bought or sold at least 1% of the total trading volume in a given day.
Crypto bulls are addresses that purchased at least 1% of the volume, while bears sold a similar amount. According to IntoTheBlock’s data, Chainlink bulls have bought more volume than the bears have sold.
With this higher level of accumulation, it’s less likely that Chainlink will drop to single-digit values again, as it did recently.
LINK Price Prediction: Boost on the Horizon
On the daily chart, the Parabolic Stop-and-Reverse (SAR) indicator flashed a bullish signal. The SAR determines an asset’s price direction and also indicates the period during which a trend is changing.
Typically, when the dotted lines of the indicator are above the price, the trend is bearish. For instance, that happened around August 25 when the price was $12.34. By September 6, LINK’s price decreased to $9.56.
Currently, the Parabolic SAR is below Chainlink’s price. As a result, the token might see a 26% price increase to $13.38.
However, if LINK fails to break the resistance at $11.11, its price could decline to $9.22. Traders should keep a close eye on this key level, as it could determine whether the cryptocurrency experiences a potential upswing or a further drop.
Binance founder Changpeng “CZ” Zhao, who is currently serving a four-month prison sentence, will be a free man by the end of the month.
According to the U.S. Bureau of Prisons website, Zhao – also known as inmate 88087-510 –
will be released from custody on Sept. 29, 118 days after reporting to a low-security prison, Lompoc II, on California’s central coast. He spent three months in Lompoc II before being moved to a halfway house in San Pedro, California in late August.
Zhao was sentenced to four months in prison in April, five months after he pleaded guilty to violating the Bank Secrecy Act by failing to set up an adequate know-your-customer (KYC) program at Binance. As part of his guilty plea, Zhao also agreed to pay a $50 million fine and step down as CEO of the crypto exchange.
After Zhao stepped down, Richard Teng – a former regulator in both Abu Dhabi and Singapore – was appointed CEO of Binance. In addition to the charges against Zhao, Binance was also criminally charged with violating U.S. sanctions and money transmitting laws and agreed to pay $4.3 million to settle the allegations.
At an estimated net worth of $25.3 billion, according to the Bloomberg Billionaires’ Index, Zhao is believed to be the richest person to ever go to prison in the U.S.
The 7-day moving average (7DMA) for daily staker revenue on Ethereum fell to $5.44 million on Thursday, Sept. 12. This represents a six-month low for this metric, recording its lowest figures since the middle of February.
Staker revenue on Ethereum refers to the rewards and earnings that participants in Ethereum's proof-of-stake (PoS) consensus mechanism receive to validate transactions and secure the network. This revenue is typically generated through block rewards and transaction fees, which are distributed among stakers proportionally based on the amount of ETH they have staked.
This metric falling means stakers are earning less from their participation in the network, which could be influenced by factors such as lower network activity, leading to fewer transaction fees being paid.
This is further backed by the 7DMA of the number of transactions on the Ethereum network being close to February 2024 levels as well, with just 1.15 million transactions on Friday, Sept. 13. This is down around 13% from its yearly high in March. Meanwhile, the 7DMA of Ethereum’s on-chain volume has also been hovering around February’s levels as well, with just $2.83 billion, down about 60% from its yearly highs in March and roughly 56% from just over a month ago.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Pseudonymous crypto trader Kaleo has predicted that chief meme cryptocurrency Dogecoin is going to have an exciting year in 2025.
However, the price action of the meme cryptocurrency is going to be "rather boring" over the next few months, according to the chartist.
At press time, DOGE is changing hands at $0.09966 after plunging by 5.2%, according to CoinGecko data.
The cryptocurrency is still down as much as 86.5% over the past 24 hours.
Is a breakout possible?
Earlier today, Ali, another pseudonymous cryptocurrency trader, has identified $0.11 as the key resistance level for Dogecoin. The bulls would need to target it in order to secure a convincing breakout.
According to data provided by analytics platform IntoTheBlock, 23,400 addresses hold a total $31 billion worth of DOGE at the $0.11 level. These figures explain why this resistance is crucially important for the leading meme coin.
A Doge-related token surges
In the meantime, First Neiro On Ethereum (NEIRO), a Dogecoin-related token, recently experienced a triple-digit price surge following a listing on the Binance exchange.
As reported by U.Today, Neiro is the name of a Shiba Inu dog related to Kabosu, the dog behind the iconic Doge meme that became an internet phenomenon inspired by Dogecoin.
Kabosu passed away in May at the age of 19. Atsuko Sato, Dogecoin's owner, has adopted Neiro, a new canine companion. The new pop instantly inspired a bunch of rivaling tokens on different blockchains. However, Sato was quick to distance herself from any Neiro-related tokens.
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