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7 Major Banks Unite to Launch Digital Wallet for Online Payments

• Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are collaborating to launch a digital wallet for consumers to use at online checkout.
• The wallet will be managed by Early Warning Services (EWS), which is co-owned by the seven banks.
• The wallet is expected to begin rolling out in the second half of this year and will be linked to shoppers‘ debit and credit cards for online payments.

Seven major banks have come together to launch a digital wallet that will provide consumers with a secure and convenient way to make online payments. Bank of America, JPMorgan Chase, Wells Fargo, Truist, Capital One, PNC Bank, and U.S. Bank are collaborating to create the new wallet, which will be managed by Early Warning Services (EWS). EWS is a fintech firm that specializes in providing risk management solutions to financial institutions, government entities, and payment companies.

The digital wallet will be linked to shoppers’ debit and credit cards, allowing them to make online payments quickly and securely. It will operate separately from Zelle, the payment network owned and operated by EWS. The banks are launching the new wallet in an effort to compete with other popular third-party wallet providers, such as Paypal and Apple Pay, in order to ensure they don’t lose control of their customer relationships.

In order to get the digital wallet off the ground, Visa and Mastercard have already agreed to be part of the project. EWS has also reached out to other card networks, such as Discover Financial Services, to assess their interest in adding their cards to the wallet. The digital wallet is expected to begin rolling out in the second half of this year.

Harshita Rawat, a Bernstein analyst, commented on the news in a note to clients Monday. She noted that the major banks have „likely always had Paypal envy,“ and it simply takes a long time to create a customer experience that can compete with existing payment options.

As the digital wallet project progresses, it will be interesting to see how it fares in comparison to established third-party wallet providers. With the backing of seven major banks, however, it appears that the new digital wallet will be a formidable competitor in the payments space.

Shiba Inu and Polkadot Surge to Two-Month Highs, RSI Points to Overextension

• Shiba Inu (SHIB) surged to a two-month high on Wednesday, rising as much as 17% in the session.
• Polkadot (DOT) also rose to a two-month high, although prices fell off following the release of U.S. retail sales figures.
• The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.

On Wednesday, Shiba Inu (SHIB) surged to a multi-month high, with prices climbing as much as 17% in the session. The meme coin rose to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level. The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00. As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory. Earlier gains have now been wiped out, and the meme coin is currently trading at $0.0000124.

Meanwhile, Polkadot (DOT) also saw gains, with the token hovering close to a two-month high of its own. DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures. Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected. As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69. The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25. Should this reversal worsen, DOT could be heading to a floor of $5.00.

Overall, the global cryptocurrency market cap has been trending higher, with both Shiba Inu and Polkadot making gains. While SHIB has now given up its earlier gains, DOT is still trading close to the two-month high it hit earlier in the session. However, the token could be heading lower if the reversal worsens, with the RSI indicating that prices may be overextended.

Court Approves Binance US Purchase of Bankrupt Crypto Lender Voyager

• The asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital has reportedly received initial court approval despite objections from various regulators, including the U.S. Securities and Exchange Commission (SEC).
• The court greenlighted the deal despite objections by the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators.
• Under the agreement with Binance, Voyager’s customers will be transferred to the Binance US crypto trading platform, and the deal also includes a $20 million cash payment.

The asset purchase agreement between Binance US, the U.S. arm of cryptocurrency exchange Binance, and bankrupt crypto lender Voyager Digital, has been approved by the court, despite objections from the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators.

Voyager attorney Joshua Sussberg said during Tuesday’s court hearing that the cryptocurrency lender was responding to the concerns raised by the U.S. Committee on Foreign Investment in the United States (CFIUS). CFIUS had said in a Dec. 30 court filing that its review „could affect the ability of the parties to complete the transactions, the timing of completion, or relevant terms.“

Under the agreement with Binance, Voyager’s customers will be transferred to the Binance US crypto trading platform. This means that Voyager customers would be able to withdraw their funds for the first time since July last year, when the crypto lender filed for bankruptcy. In addition to the transfer of customers, the deal also includes a $20 million cash payment.

Sussberg commented that the parties were coordinating with Binance and their attorneys to not only deal with the CFIUS inquiry, but to voluntarily submit an application to move the process along. The attorney added that the asset purchase agreement has been structured in a manner to ensure that the customers’ rights will be protected.

The asset purchase agreement is expected to close by the end of the first quarter of 2021, if all parties involved are satisfied with the terms of the deal. The SEC and other regulatory bodies have yet to comment on the court’s decision.

AG Letitia James Sues Celsius Co-Founder Alex Mashinsky for Alleged Crypto Fraud

• New York Attorney General Letitia James has filed a lawsuit against Celsius co-founder and former CEO Alex Mashinsky for allegedly defrauding hundreds of thousands of investors out of billions of dollars worth of cryptocurrency.
• The lawsuit claims that Mashinsky deceived investors, making false and misleading statements about the safety of Celsius and encouraging them to deposit their assets onto the platform.
• 26,000 New Yorkers have been affected by the Celsius demise, and James is seeking to ban Mashinsky from doing business in the state.

The state of New York and Attorney General Letitia James have taken legal action against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit, filed on January 5, 2023, accuses Mashinsky of defrauding “hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.”

The lawsuit claims that Mashinsky made false and misleading statements about the safety of Celsius, encouraging investors to deposit billions of dollars in digital assets onto the platform. It is believed that these investors have been affected by the Celsius demise, prompting James to seek to ban Mashinsky from doing business in the state.

The filing of the lawsuit comes only a day after Core Scientific detailed that it was shutting down 37,000 bitcoin miners owned by Celsius. This is not the first time that James has taken action against businesses in the cryptocurrency industry. In June, James warned of the volatility associated with crypto assets and urged Congress to ban them from US retirement accounts at the end of November 2022.

The attorney general also targeted crypto lender Nexo in a lawsuit announced at the end of September 2022. James stated, “As the former CEO of Celsius, Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin. The lawsuit today sends a clear message: we will not allow fraudsters to take advantage of New Yorkers or undermine the integrity of our financial markets.”

The New York attorney general’s office is seeking to recover the funds lost by investors, as well as damages, penalties, and other relief. The office is also seeking to permanently ban Mashinsky from doing business in New York, as well as from serving as a director, officer, or fiduciary of any New York-based company.

Dogecoin & Shiba Inu Surge to Multi-Week Highs, RSI Breaks Resistance

• Dogecoin (DOGE) rose to a multi-week high on Jan. 5, as the meme coin moved away from a recent spell of consolidation.
• Shiba Inu (SHIB) also rose for a back-to-back session on Thursday, surging to its strongest point since December 18 before the holiday season.
• Both coins saw their respective 14-day relative strength index (RSI) break out of key resistance zones, which could be a sign of further price increases.

On Thursday, Jan. 5, both dogecoin (DOGE) and shiba inu (SHIB) surged to multi-week highs as meme coins rose higher following recent days of consolidation. Dogecoin (DOGE) rose for a second straight session, climbing to an intraday peak of $0.07503, its highest point since December 27. The rise in price also saw the 14-day relative strength index (RSI) break out of a key resistance zone, tracking at 42.81, slightly above a ceiling of 42.00.

Shiba Inu (SHIB) also rose for a back-to-back session, surging to a peak of $0.000008531 earlier today. The move sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation. The move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI following suit and surging past its own ceiling at the 50.00 level, currently tracking at 51.63. These signs of strength could be seen as indications of further price increases.

Dogecoin has seen a massive surge in price over the past few months, with the token rising from a low of $0.004 in August 2020 to a peak of $0.07503 just recently. This surge has been fueled by a mix of investor sentiment and the support of high-profile celebrities, with the token now being listed on several major exchanges. Similarly, shiba inu has also seen an incredible surge in price in recent weeks, rising from a low of $0.00000265 in October 2020 to its recent peak.

With the U.S. nonfarm payrolls numbers due out on Friday, traders will be watching carefully to see how the meme coins react. If the numbers are strong, it could lead to further price increases for both DOGE and SHIB, but if the numbers are weak, it could lead to a sell-off of the tokens. No matter what happens, it’s clear that meme coins are here to stay, and investors should continue to monitor the markets closely.