Latest news with #Altcoin
Business Mayor
7 days ago
- Business
- Business Mayor
Pi Coin News: Insider Turmoil and Token Surges Shake Pi Network As Transparency Demands Grow Louder
Pi Network's community, once united by its vision of a mobile-mined, egalitarian cryptocurrency, is increasingly fragmented. In mid-May 2025, over 102.7 million Pi tokens were suddenly withdrawn from cryptocurrency exchange OKX in just three days, sparking volatility and suspicion of insider activity. The surge in Pi Coin transactions—some exceeding 70 million tokens per move—has heightened fears of centralisation and lack of transparency within the Pi Network, even as its token, priced at approximately $0.79, continues to fluctuate sharply from its early 2025 peak of $2.99. Blockchain researchers and analysts now point to troubling signs of internal wallet manoeuvring according to a report by Brave New Coin. These include reports of dormant Foundation-controlled wallets reactivating and selling millions of tokens, further fuelling scepticism over whether Pi Network is truly decentralised, as it has long claimed to be. Key Developments: Price Instability, Insider Concerns The Pi Coin has dropped over 4.8 per cent in the past 24 hours, despite showing a 30 per cent monthly gain. Analysts argue that large-scale token unlocks and strategic sell-offs are depressing the price and creating instability. The token is now facing strong resistance around the $0.90 mark and could dip as low as $0.66 if selling pressure intensifies, warns citing bearish flag patterns on trading charts. 'The PI Coin value is forming a bearish flag,' reported 'with the risk of a drop toward $0.66 if selling pressure intensifies.' Meanwhile, Dr. Altcoin, a well-known blockchain investigator, flagged that more than 1.4 million Pi tokens were sold on from a wallet allegedly linked to the Pi Foundation, raising red flags.'It's not about FUD,' said Dr. Altcoin on X, 'It's about accountability, transparency, and fair participation in a network that has claimed to be for the people.' He further estimates that wallets believed to be under the control of the Pi Foundation currently hold more than 90 billion tokens. Planned Unlocks Stir Market Fears Adding to concerns is the scheduled unlocking of over 1.47 billion Pi tokens in the next 12 months, with 110 million already released in May 2025. While part of a previously announced tokenomics roadmap, the scale and timing of these unlocks—coinciding with insider activity—are shaking investor confidence. '1.4 million Pi moved from an old Foundation wallet to a new one, then sold on insider concerns,' stated Dr. Altcoin, citing on-chain transaction data. Community Frustration Grows Amid Transparency Demands Pi Network's community, once united by its vision of a mobile-mined, egalitarian cryptocurrency, is increasingly fragmented. Longstanding issues with Know Your Customer (KYC) processes, limited utility, and the absence of a mainnet migration for most users have resulted in mounting dissatisfaction.'There are no substantial DeFi projects or dApps built on Pi crypto yet,' a market commentary cited by Brave New Coin noted, adding that, 'Without real use cases, the Pi token price will struggle to sustain any meaningful upside.' Despite launching a $100 million venture fund for dApp development, the Pi Network still lacks key listings on major exchanges like Binance, further reducing liquidity and trader interest. Optimism Endures—But So Do Doubts Some supporters remain hopeful. Crypto influencer Mr. Spock commented that,'While doubters watched from the sidelines, true Pioneers kept mining, building, and believing — and now, the results are beginning to show,' as quoted by Brave New Coin. Another user added, 'This is no longer a testnet experiment—Pi Network Coin is stepping into the real world.' However, until the Core Team addresses issues around token distribution, wallet transparency, and ecosystem utility, Pi Network risks losing trust at a critical juncture of its growth. Analysts warn that future performance will hinge on whether these structural weaknesses are tackled head-on. READ SOURCE
Yahoo
13-05-2025
- Business
- Yahoo
Compass Point raises Coinbase: Sees potential for a mini Alt Season this summer
-- Compass Point upgraded Coinbase (NASDAQ:COIN) to Neutral in a note Monday, citing the 'growing potential of a mini 'Alt Season' this summer' that could reignite retail trading activity and improve earnings prospects. The firm explained that while April and May trends suggest Coinbase may generate just $1 billion of annualized EBITDA, analysts at Compass Point noted 'green shoots for a resurgence in retail trading driven by higher Altcoin prices.' They added that Coinbase's fundamentals have 'decoupled from BTC prices,' pointing out that while Bitcoin is up 10% year-to-date, Coinbase shares are down 20%. 'We believe COIN's fundamentals are driven by Altcoin prices which influence retail trading and USDC supply,' Compass Point wrote. 'Retail trading and USDC/interest income are still COIN's core profit drivers,' while other revenue lines such as institutional trading and blockchain rewards offer lower margins or limited contributions, said the firm. Compass added that Altcoin prices remain 20–30% lower year-to-date, which has weighed on retail sentiment. However, the firm believes crypto markets are in 'early phases of a 2Q rebound,' and underleveraged traders offer 'upside optionality if traders lever up in a risk-on environment.' Still, structural challenges are said to remain. 'Major CEXs typically list new Altcoins at peak prices,' the analysts said, highlighting $TRUMP and $DOGE as examples, both of which trade well below their listing levels. Additionally, they warned of persistent 'toxic dynamics' from venture capital–backed token unlocks, estimating $3–$4 billion of monthly supply hitting the market in coming months. While Compass Point doesn't expect a full replay of the 2020–21 Altcoin boom, they noted, 'Alts typically rebound as BTC approaches new highs,' leaving room for a tactical rally that could temporarily lift Coinbase's fortunes. Related articles Compass Point raises Coinbase: Sees potential for a mini Alt Season this summer FTSE 100 today: Index gains as U.S., China agree to temporarily reduce tariffs Canadian industrials jump as U.S.-China tariff truce lifts trade outlook Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Maverick
12-05-2025
- Business
- Daily Maverick
Local crypto market evolves beyond Bitcoin, embraces altcoins and stablecoins
That ticker you see on the Business Maverick section homepage? It's the sign of a shifting tide in the local crypto market that may upset the traditional finance ships. When Bitcoin decoupled from its 'volatile investment' paradigm during Donald Trump's tariff war, the price rally put off many would-be crypto investors. But it represents just one asset in a vast universe of digital currencies. According to Christo de Wit, cryptocurrency exchange Luno's country manager, Bitcoin functions primarily as 'digital gold' and a 'store of value', while altcoins occupy entirely different asset classes. 'There are around 20,000 other cryptocurrencies besides Bitcoin,' De Wit explains to Daily Maverick in an interview. 'Each has its own underlying foundation and blockchain technology.' Altcoins span many categories, including artificial intelligence, gaming, layer-one protocols and layer-two scaling solutions. For potential investors, understanding an Altcoin's utility and underlying technology is crucial before committing funds. 'You need to understand what the asset or coin is used for and how its value has grown relative to fiat currencies or even Bitcoin,' says De Wit. 'The market can be very overwhelming, given its breadth and complexity.' Luno sails the Altcoin seas Luno – once the most conservative option to turn rands into Bitcoin – is turning its sails to the wind and significantly expanding its crypto offerings. Having started with just a handful of cryptocurrencies, the exchange now lists more than 31 different digital assets and continues to grow its selection. 'We need to grow with the industry,' says De Wit. 'As the crypto market matures, particularly with regulation being adopted globally and increased scrutiny, we've been able to expand our product at a much faster pace because we've laid that solid foundation.' This expansion goes beyond simply adding new cryptocurrencies. Luno has launched additional products, including staking wallets, allowing users to earn rewards for holding certain cryptocurrencies. New coins, new rules One does not simply list a new currency. They undergo scrutiny through Luno's digital asset selection committee, which evaluates factors such as liquidity, security protocols and past security incidents. This is Luno's typically cautious approach to keep customer investments safe while expanding responsibly. 'We're pro-compliance and take a sensible approach to drive adoption through trust, safety and security,' says De Wit. 'Our mission is to upgrade the world to a better financial system by giving exposure to the crypto industry and blockchain technology to our user base, expanding their knowledge.' Perhaps no cryptocurrency better exemplifies the unpredictable nature of the Altcoin market than Dogecoin. What began as a novelty token based on a meme has transformed into one of the cryptocurrency market's most recognised assets – with some credit to Elon Musk riding the meme 'to the moon'. 'Dogecoin started as a complete replica or fork of Bitcoin's code,' De Wit explains. 'Despite questions about its fundamental utility beyond uses like rewards and online trading, it has grown into such a big asset.' Now ranking in the top 10 cryptocurrencies by market capitalisation, Dogecoin boasts 'a huge following'. 'This represents an evolution from Memecoin to fully fledged Altcoin,' says De Wit. 'Dogecoin is not going anywhere.' What this means for you Think crypto is just volatile Bitcoin? Think again. The market has exploded with thousands of 'altcoins' designed for specific uses (like gaming or AI) and 'stablecoins' pegged to currencies such as the US dollar. While Bitcoin is seen as 'digital gold', altcoins offer different opportunities. But beware – understand what a coin does and its underlying tech before investing, as the market is complex and risky. Stablecoins are shaking up cross-border payments, especially in Africa. They offer a way to potentially send or receive money internationally faster and with lower fees than traditional banks, reducing currency conversion losses. The bigger picture: Crypto isn't just speculation any more. It's starting to offer practical solutions, particularly for payments, challenging traditional finance systems. Stablecoins to tame the remittance tide While volatile cryptocurrencies capture headlines, stablecoins – digital currencies pegged to stable assets such as the US dollar – are quietly revolutionising cross-border payments across Africa. Luke Kyohere, chief product and innovation officer at Onafriq, points to USDC, a regulated and fully reserved stablecoin pegged to the dollar, as a prime example. 'Traditional money transfers are often characterised by high fees, slow settlement times and multiple currency conversions that erode value,' Kyohere explains. 'Stablecoins leverage the speed of blockchain technology while eliminating the volatility concerns of traditional cryptocurrencies.' For businesses, Stablecoin integration reduces transaction settlement times from days to minutes by 'eliminating the need for multiple intermediaries, minimising FX slippage, and ensuring near-instant reconciliation'. This efficiency is particularly valuable in Africa, where liquidity constraints and currency volatility are common challenges. Stablecoins now account for an impressive 43% of crypto transactions in Africa. Their adoption is driven by the high volume of intra- and inter-Africa cash movement between numerous smaller countries, and the need to hedge against inflation and currency risk. While mobile money has 'transformed domestic flows significantly in Africa', stablecoins excel in cross-border transactions because they are 'already cross-border interoperable', unlike mobile money systems that are typically 'tied to borders and countries'. Disrupting fintech This rapid rise of stablecoins presents both challenges and opportunities for established financial technology companies, particularly those focused on cross-border remittances using traditional fiat methods. Cornelius Coetzee, Verto country director, a company specialising in B2B cross-border payments with fiat currencies, acknowledges facing 'heat from the crypto community' because cryptocurrency 'specifically solves a lot of' the problems Verto's clients face, such as illiquidity and navigating complex exchange control regulations. 'Crypto came into existence because of exactly the problems that our clientele face,' he admitted in an interview with Daily Maverick at Converge Africa. 'We're feeling a hit from the Stablecoin community.' Coetzee believes that in the long run, stablecoins 'will form part of our ecosystem', suggesting they see stablecoins not purely as a threat but as a potential future component of their service. However, Coetzee also believes that while startups and millennials are predominantly adopting stablecoins, 'larger corporates and more established businesses will still stick to fiat'. This indicates that while stablecoins offer a compelling alternative, especially for newer or digitally native businesses, traditional fintechs serving larger enterprises still see strong demand for fiat-based solutions. Traditional finance isn't leaving anytime soon. DM
Yahoo
12-05-2025
- Business
- Yahoo
Target downgraded, Wayfair upgraded: Wall Street's top analyst calls
The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The 5 Upgrades: Argus upgraded Wayfair (W) to Buy from Hold with a $40 price target. Reluctant to purchase new homes at elevated prices, many homeowners are upgrading furnishings, notes the firm, which expects the trend to benefit Wayfair. Compass Point upgraded Coinbase (COIN) to Neutral from Sell with a $195 price target to reflect growing potential of a mini "Alt Season" this summer. While April and May trends imply Coinbase generating just about $1B of annualized EBITDA, the firm sees "green shoots" for a resurgence in retail trading, driven by higher Altcoin prices and it believes Coinbase fundamentals have decoupled from Bitcoin prices and are instead being driven by Altcoin prices. Morgan Stanley upgraded Astera Labs (ALAB) to Overweight from Equal Weight with an unchanged price target of $99. The firm now sees a good entry point as artificial intelligence enthusiasm comes back to the group and Astera "posts strong numbers." Jefferies upgraded Marriott (MAR) to Buy from Hold with a price target of $303, up from $226. The company's business model strength is positioned to grow through the currently uncertain business climate, and therefore peak multiples are appropriate, the firm tells investors in a research note. Jefferies also upgraded Hilton (HLT) to Buy from Hold with a price target of $296, up from $228. Deutsche Bank upgraded Johnson Controls (JCI) to Buy from Hold with a price target of $112, up from $101. The firm views the stock "as a rare opportunity to own a name" with 500 basis points of operating margin improvement potential "that is nowhere near embedded in current consensus forecasts." Top 5 Downgrades: Bernstein downgraded Target (TGT) to Underperform from Market Perform with a price target of $82, down from $97. Credit card data "paints a bleak picture" for the company's Q1, dampened by poor weather, weak consumer sentiment, and a DEI-related strike in March, the firm tells investors in a research note. Goldman Sachs downgraded Warner Music (WMG) to Neutral from Buy with a price target of $28, down from $35. The company reported "weaker" fiscal Q2 results that featured weaker subscription and ad-supported streaming growth, lowered expectations for subscription streaming revenue growth, and reduced visibility into margin expansion and free cash flow conversion, the firm tells investors in a research note. Truist downgraded Iovance Biotherapeutics (IOVA) to Hold from Buy without a price target. Truist updated the company's model to reflect the "slashed guidance and increased costs." JPMorgan downgraded Amphastar (AMPH) to Neutral from Overweight with a price target of $30, down from $45. The firm says that while Amphastar's generic business remains better positioned than some peers, both glucagon and epinephrine are eroding faster than the Street was expecting. Baird downgraded TaskUs (TASK) to Neutral from Outperform with an unchanged price target of $16.50. The stock has rallied slightly past the $16.50 price agreed upon for Blackstone to take the company private, the firm notes, adding that while Baird considers it possible that the transaction was announced to garner interest from other potential buyers, it expects the deal to get done. Top 5 Initiations: TD Cowen initiated coverage of Lionsgate Studios (LION) with a Hold rating and $8 price target. Lionsgate is a pure-play content asset with "scarcity value," but also "somewhat limited growth prospects," the firm tells investors in a research note. Mizuho initiated coverage of Primo Brands (PRMB) with an Outperform rating and $43 price target. A leading U.S. branded beverage company, following the November 2024 merger with BlueTriton, Primo's pure-play water portfolio is "poised to benefit" from the structural growth of "healthy hydration," the firm tells investors in a research note. Morgan Stanley resumed coverage of On Semi (ON) with an Equal Weight rating and $39 price target. The firm notes that its fiscal 2026 revenue and earnings estimates are both 5% below the Street, but with the stock trading at 13-times, it sees the "negativity somewhat priced in." Noble Capital initiated coverage of Sky Harbour (SKYH) with an Outperform rating and $23 price target. The specialized aviation infrastructure developer leases airport land at favorable long-term rates that are often under $1 per square foot annually, notes the firm, which believes Sky Harbour is positioned to deliver "robust" rental revenue growth and long-term free cash flow generation given its low land costs, tax-exempt financing, and strong tenant demand. D. Boral Capital initiated coverage of NeuroSense (NRSN) with a Buy rating and $14 price target. The firm says its bullish stance is supported by a "differentiated mechanistic approach, encouraging early clinical signals, and a disciplined strategy toward regulatory and commercial milestones." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
