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A Brazilian soccer team is looking to raise $20 million by launching its own initial coin offering (ICO).
The Avaí Futebol Clube, a Series B soccer team, announced Wednesday that it was generating its own cryptocurrency as part of an effort to develop a digital ecosystem for its fans, help it qualify for the top tier (Series A) of Brazilian soccer and the prestigious Copa Libertadores competition and to build up the team’s physical infrastructure.
Inside World Football reported that the club will sell 20.46 million tokens at $1 each. The club will hold onto another 1.54 million tokens, or roughly 7 percent of the total tokens being generated.
The team is working with SportyCo and Blackbridge Sports to develop and launch the token sale, which will begin on October 3.
Avaí president Francisco José Battistotti said in a statement that the ICO is targeting a “global football fan base,” adding:
“With our ICO, we are actively … engaging all Avaí FC in Florianópolis and Brazil, working together towards our goal – to become a stable member of Brazil’s Série A and qualify for the Copa Libertadores. We are delighted to do so in partnership with SportyCo and be the first sports company to do an initial coin offering, paving the way for other clubs all over the world to approach financing their sporting activities in this novel way.”
Investors who purchase the token will be able to trade on exchanges or purchase tickets, merchandise or other “unique experiences,” SportyCo co-founder Marko Filej said.
Avaí plans to raise $8 million at a minimum. If the club does not meet this threshold, all funds will be returned. If it raises between $8 million and $20 million, but falls shy of its upper goal, the unsold tokens will be burned, according to the report.
The team joins French club Paris Saint-Germain, which announced Tuesday that it was also planning to issue a cryptocurrency as an incentive mechanism for its fans.
However, the PSG token will not have a monetary role. Instead, the token will help fans vote on team decisions such as jerseys, as previously reported.
Soccer ball image via Shutterstock
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
Financial regulators are watching companies involved in the cryptocurrency industry with increasing scrutiny.
On September 11, the U.S. Securities and Exchange Commission (SEC) penalized a crypto hedge fund for the first time, while the Financial Industry Regulatory Authority (FINRA) charged broker Timothy Ayre with securities fraud over a cryptocurrency deal.
These actions by the regulators will help rebuild the confidence of the institutional and retail investors in the crypto industry.
As the markets fall deeper into the bear territory, Bitcoin is emerging as the strongest cryptocurrency. It has steadily increased its dominance to about 58 percent of the total market capitalization, partly because the altcoins keep bleeding.
Over the course of 2018, the second and third largest cryptocurrencies by market cap have plunged 77 percent and 88 percent respectively, while Bitcoin has declined by about 55 percent, according to data from CoinMarketCap.
The price action of the next few days will determine whether Bitcoin will pull the altcoins higher or the altcoins will drag Bitcoin lower.
For the past three days, Bitcoin has been trading inside the intraday highs and lows formed on September 8. Failure of the bulls to secure a bounce from the critical supports is a negative sign. The moving averages are declining and the RSI is in the negative zone, which shows that the sellers have an upper hand.
The bears might attempt to break the $5,900–$6,075.04 support zone within the next 3–4 days. If successful, it will complete a head and shoulders pattern and a descending triangle pattern, which can trigger a number of stop losses, resulting in a quick fall to $5,450 and below that to $5,000. The pattern targets are, however, way lower.
If the bulls successfully defend the support zone and push price above $6,500, a move towards the downtrend line is probable, with minor resistances at the 20-day EMA and the 50-day SMA.
We might consider proposing a trade if we find that the BTC/USD pair is finding strong buying support after breaking out of $6,500. Until then, we suggest traders stay on the sidelines, waiting for the right opportunity to go long. Our bullish view will be invalidated if the price sustains below $5,900.
Ethereum is in a firm bear grip as it continues to make new 52-week lows on a regular basis. The RSI has entered deep oversold territory and the price is close to the line from where the cryptocurrency has bounced on four previous occasions. Hence, a pullback from close to the current levels is possible.
Any recovery will face resistance at the 20-day EMA and the downtrend line of the descending channel.
On the downside, if the ETH/USD pair breaks below the support line, it can slide to $136.12, a level last touched on July 16. We suggest traders wait for the decline to end and the digital currency to form a reversal pattern before attempting any long positions.
Ripple has broken below the $0.27 mark and is on target to slide to the next support zone of $0.24001–$0.24508. If this support also breaks down, the decline can extend to the next support, close to $0.20.
The downtrend remains intact. Both moving averages are trending down and the RSI is about to enter the oversold territory.
Any pullback will face a stiff resistance at $0.27 and above that at the moving averages. We shall turn positive on the XRP/USD pair only after it breaks out of the downtrend line. Until then, the traders can remain on the sidelines.
Bitcoin Cash has extended its journey southwards towards its first target objective of $400. If this support breaks, the next levels to watch on the downside are $300 and $282.
The BCH/USD pair will remain in a downtrend as long as it trades inside the descending channel. Any attempt to pull back will face a stiff resistance at the 20-day EMA and the 50-day SMA, which is close to the resistance line of the channel.
There are no signs of a reversal on the chart yet. We shall wait for the decline to end and a bottom formation to complete before proposing a trade on it.
EOS has failed to scale above $5.15 for the past four days. Now, the bears are likely to attempt a breakdown of the support zone at $4.4930–$4.6.
On the upside, the virtual currency will show signs of a turnaround if the bulls sustain above the 50-day SMA for three days. The change in trend will pick up momentum above $6.8299.
Stellar has been trading close to the critical support of $0.184 for the past three days. The attempt to pull back on September 11 met with selling just above the 20-day EMA.
The down sloping moving averages and the RSI in the negative territory indicate that the path of the least resistance is to the downside. A breakdown of the $0.184 level will complete a descending triangle formation, accelerating the fall.
If the bears sustain below $0.184, the levels to watch on the downside are $0.11812475 and $0.082332. The XLM/USD pair will show signs of a turnaround if the bulls break out of the $0.25 threshold.
Litecoin is in a strong downtrend. It has made a new year-to-date low, breaking below the previous low established on August 14.
The next level to watch on the downside is the support zone of $40–$44. If this support also breaks down, the LTC/USD pair can plummet close to $30.
Any pullback will face resistance at the 20-day EMA, the downtrend line and the 50-day SMA. We shall turn positive on the virtual currency if it forms a reliable reversal pattern.
Cardano has picked up momentum on the downside, as it races towards its pattern target of $0.054541. Both moving averages are sloping down and the RSI has gone deep into the oversold territory. Prices are in the red for the sixth consecutive day.
The investors are liquidating their positions as the ADA/USD pair continues to plunge with no signs of a bottom. It is better to wait for the selling to run its course and for the buyers to return before initiating any long positions. Any pullback will face resistance at $0.083192 and the 20-day EMA.
Monero turned down from the moving averages after failing to break out of it from September 9–11. It is currently at the downtrend line, below which it can slide to $87.
The moving averages are gradually turning down and the RSI has dipped into the negative territory, which shows that the bears are in command. Therefore, we had suggested trailing the stops higher in the previous analysis.
The zone between $76.074 and $81 can provide a strong support, but if this line breaks down, the XMR/USD pair can fall to $61.5 and thereafter to $46.
Any recovery on the upside will face a stiff resistance at the moving averages and the trendline.
IOTA has turned down from the 20-day EMA and has broken below the September 9 lows, which increases the probability of a fall to $0.4628.
Below $0.4628, the IOTA/USD pair can fall to the August 14 low of $0.4037. Therefore, the traders can protect their long positions with the stops at $0.46. The trend is bearish as both moving averages are falling down and the RSI is in the negative territory.
The virtual currency will show signs of bottoming out if the bulls break out and sustain above $0.9150. Until then, every rise will invite selling.
Corporate customers tangled up in the aftermath of Mt. Gox’s historic hack can finally file for reparations.
The now-defunct Japanese bitcoin exchange opened up its claim filing system to corporate users this Wednesday, September 12, 2018. Previously, the system was open only to non-corporate individuals as of August 23, 2018, but with today’s announcement, any entity that lost funds to the exchange can now file for rehabilitation claims.
Creditors have until October 22, 2018, to file for rehabilitation, after which point they will be disenfranchised.
Established by Stellar co-founder Jed McCaleb but later acquired by Mark Karpelès, Mt. Gox collapsed in February of 2014 after an alleged hack. In the ensuing fallout, the exchange, which hosted the vast majority of the world’s cryptocurrency trading, was rendered illiquid, as malicious actors absconded with some 850,000 BTC, worth roughly $450 million at the time. The hack was the most devastating in industry history until Coincheck, another Japanese exchange, lost a staggering $530 million in January of 2018.
Given its magnitude, the aftermath of Mt. Gox’s collapse has hung on to the space’s community like an albatross. Even this year, community members theorized that market slumps were caused by Mt. Gox’s legal trustee, Tokyo-based attorney Nobuaki Kobayashi, selling bitcoin from the exchange’s estate to reimburse creditors. Kobayashi, who has overseen the civil rehabilitation process and who authored today’s statement, has since ended the sell-offs, offering creditors restitution in bitcoin and bitcoin cash under an updated rehabilitation plan, instead.
Originally filing for bankruptcy in 2014, the exchange’s case was stayed after a Tokyo District Court approved a petition to have it begin the civil rehabilitation process in June of 2018. In opening corporations to the claims filing process, the exchange is one step closer to putting its debts to rest after courts first permitted Mt. Gox users to file bankruptcy claims in April of 2015.
Bitcoin Exchange rates
|1 BTC =||4147.53000 USD|
|1 BTC =||3649.61000 EUR|
|1 BTC =||80.0600000 LTC|
|1 BTC =||26.0600000 ETH|
|1 BTC =||3195.04000 GBP|
|1 BTC =||5741.28000 AUD|
|1 BTC =||5394.00000 CAD|
February 23, 2019