Connect with us

Altcoins

OAX price: Is this obscure cryptocurrency a good buy?

OAX price has been in a strong bullish trend in the past few weeks,…

The post OAX price: Is this obscure cryptocurrency a good buy? appeared first on CoinJournal.

OAX price has been in a strong bullish trend in the past few weeks, becoming one of the best-performing cryptocurrencies in the world. It has jumped by more than 1,530% from its lowest level in June, bringing its total market cap to more than $25 million. So, is OAX a good buy or sell?

What is OAX and why is it rising?

OAX is a blockchain project that seeks to improve the digital asset ecosystem by solving some of the biggest challenges in the industry. Its platform helps to increase efficiency, transparency, and promotes high standards of governance. In particular, the platform’s goal is more geared towards the decentralized finance (DeFi) industry.

Still, unlike other blockchain projects, the use case for OAX is not yet known. A quick look at the website shows nothing much about it. There is no white paper and the content in the website does not show much details about what it does. There is also no details about its ecosystem.

So, why is this obscure cryptocurrency soaring? It is not clear why OAX has been in a strong bullish trend in the past few weeks. A quick look at its coverage also shows nothing meaningful. Therefore, a possible reason is that this could be a pump and dump scheme.

This is a scheme where a small group of people push a coin or any other asset, let it soar, and then dump it. As a result, many buyers are left holding the bag. We have seen such pumps and dumps several times recently. For example, on Friday, Hong Kong’s authorities charged a group of 13 people with carrying such a scheme. 

OAX price prediction

The daily chart shows that OAX has been in a strong bullish trend in the past few months. It has surged by more than 1,600% from the lowest point in June. Along the way, it has risen above all moving averages and all important resistance levels. Oscillators have continued rising. 

In my view, I believe that this bull run is not sustainable, especially if its cause is an ongoing pump and dump scheme. Therefore, there is a likelihood that the coin will start falling in October as buyers start taking profits.

How to buy OAX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy OAX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy OAX with Swapzone today

The post OAX price: Is this obscure cryptocurrency a good buy? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

Continue Reading
Advertisement

Top Posts

We need your support.

Enjoying our free service? Please help us by clicking the ads on our website. They are 100% safe. Thank you!