Yuga Labs, the company behind the NFT collection Bored Ape Yacht Club (BAYC), has announced the sale of two of its gaming intellectual properties (IPs), HV-MTL and Legends of the Mara, to Web3 gaming company Faraway. 

Consequently, this move aligns with Yuga Labs’ plan to refocus its efforts and enhance the BAYC team’s productivity. The decision was shared publicly through a post on the social media platform X.

We have some exciting news to share. Our friends @Farawaygg are acquiring the HV-MTL and LoTM brands, where they’ll focus on rewarding these communities. To help manage this transition, @EverydayZukini will be joining the Faraway team as the new CPO.

More info in the thread… https://t.co/twXnFsUYG1

— Yuga Labs (@yugalabs) April 17, 2024

Reorganization at Yuga Labs

The transaction includes not only the transfer of game IPs but also the transition of Spencer Tucker, Yuga’s Chief Gaming Officer, to Faraway, where he will serve as the new Chief Product Officer. This personnel move aims to ensure continuity and stability in the game development under Faraway’s stewardship. HV-MTL, a mech game integrating NFTs, and Legends of the Mara, an adventure game linked to the Otherside metaverse, represent significant aspects of Yuga Labs’ earlier expansion into gaming.

Faraway, known for creating games such as Mini Royale: Nations and a Mutant Ape Yacht Club-themed game called Serum City, has maintained a close collaboration with Yuga Labs prior to this acquisition. This sale marks a pivotal shift in Yuga’s strategy, refocusing on its primary ventures, including the ApeCoin-powered Otherside and the upcoming free-to-play Dookey Dash.

Market Context and Future Focus

The sale occurs amidst a broader downtrend in the NFT market, with BAYC’s collection experiencing a decline from its peak. As of the latest updates, the floor price of the BAYC collection stands at 11.7 Ether (ETH), a drastic fall from its all-time high. This shift in strategy by Yuga Labs could potentially stabilize its market position by concentrating on fewer but potentially more impactful projects.

With the gaming IP offload, Yuga Labs aims to intensify its focus on developing its remaining in-house projects like the Otherside metaverse. The move is part of a broader effort to streamline operations and enhance agility and effectiveness in delivering new experiences to users and stakeholders. Greg Solano, Yuga Labs’ CEO, emphasized the necessity for a more focused approach in gaming and storytelling within the 3D Otherside metaverse.

Some news to share:

I am stepping back in as CEO of Yuga Labs. Wylie and I are grateful for all the contributions and operational rigor Daniel has brought to the company, and appreciate his thoughtfulness and mentorship over the past year. I’m reinvigorated to be taking the…

— Garga.eth (Greg Solano) (@CryptoGarga) February 21, 2024

Despite the sale of HV-MTL and Legends of the Mara, Yuga Labs will work closely with Faraway to ensure interoperability and continued integration of certain NFT elements across platforms. This collaboration is intended to maintain community engagement and reward systems across both entities, ensuring that existing users of both games experience minimal disruption.

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In the volatile world of stock trading, every trader needs an efficient laptop to keep up with sudden changes. You might be unable to compete with large investment banks with headquarters as close to the stock exchange as possible for the fastest response time. However, getting equipped with the right machine will allow you to take advantage of every second you have to cash in on a shared spike.

The best trading laptops are capable enough to run the most intensive stock trading apps without lagging and portable enough to allow you to engage with the stock market from anywhere in the world. To make the job of finding the right laptop easier for you, we have compiled a list of devices suited to the needs of every stock trader. Whether you need to access color-coded technical analysis charts in real-time or just want to crunch the numbers, there is a laptop for every scenario.

Embrace the pace with the best laptops for trading, anywhere you are. Image: DALL-E What is important for a Stock Trading Laptop?

There are many factors you have to consider when choosing a laptop for stock trading. You will want a sufficiently powerful CPU so that your laptop runs smoothly. You don’t want long loading times and slow performance to distract you from focusing on trading. However, your laptop doesn’t need to have a top-of-the-line CPU to handle stock trading.

Stock traders are constantly checking news across different websites and have multiple charts open simultaneously. This means that they have a large number of browser tabs open at any given moment, which can be heavy on RAM. Most experts recommend that you have 16 GB of RAM or more so that you can open multiple tabs without compromising on performance. If you aren’t sure if your laptop has the right amount of RAM, look for one with a free RAM slot so that you can upgrade at a later date.

Similarly, if you mostly use your laptop in locations where you can’t access external monitors, it’s ideal to get a device with a high-resolution display and good viewing angles. Stock trading interfaces stuff a lot of information in very small spaces, so you don’t want to add strain to your eyes when looking at charts for longer periods.

Battery life is also a very important factor to consider when choosing a laptop for stock trading. However, this completely depends on where you mostly use the laptop. If you use your laptop primarily at home or at places where you can easily charge it, then a long battery life isn’t really important. On the other hand, if you are mostly trading on the go then battery life becomes an important consideration.

What is less important for a Stock Trading Laptop?

With all the specs we have highlighted, some are less important if your main use case is stock trading. When it comes to graphics performance, you only need a GPU that can easily power the number of external displays you want to use. Therefore, you don’t need to splurge on a pricey laptop just because it has a powerful GPU. Of course, if you want to use your laptop for gaming or other graphics-intensive applications on the side, a good graphics performance never hurts.

Another feature of a stock trading laptop that isn’t relevant is the storage since most stock trading is done online. The only thing to consider is that your laptop has an SSD drive instead of a HHD drive. An SSD will give a much faster user experience and shorter boot-up times. Since most modern laptops already come with an SSD, storage will rarely be the deciding factor between choices.

The Best Laptops for Stock Trading

Now that we have discussed what you need to focus on and what you can ignore when buying a laptop for stock trading, let’s look into the laptops themselves. We are highlighting laptops in four major categories. The best laptop overall, the best for Apple customers, the best dual-screen laptop, and the best thin and light laptop. Let’s take a deep dive into these machines.

Dell XPS 15: The Overall Champ

The Dell XPS 15 does a decent job covering all the hardware specs a good stock trading laptop needs while remaining relatively affordable. It has 32 GB of DDR5 RAM, which can easily handle the multiple windows, charts, or apps you need to use at once. This RAM is also much faster compared to the DDR4, even though RAM capacity is much more important than speed for a stock trader.

CPU performance isn’t as important as the RAM as most stock trading apps aren’t that CPU heavy. All you need is enough power to run things smoothly. In that regard, the Dell XPS 15 boasts an Intel Core i7-13700H processor. This mid-to-high-end CPU has more than enough power to handle most stock trading apps easily. It also works great for general productivity tasks, so if you want to use it for business-related activities, you will face no issues.

The other highlight is the excellent screen which is a 15.6-inch panel with a 1920×1200 resolution. The entry-level screen should be sufficient for most tasks but you also have the option to upgrade to the 3.5k OLED version. If you stick to the 1920×1200 resolution, you will be happy with the 500nits peak brightness, making this laptop ideal for bright environments. The keyboard also provides a good typing experience and the trackpad gets the job done.

M2 MacBook Air 15: The Best Option for Apple Users

If you are a MacBook user then this laptop is the best choice for you. While there is the higher-end MacBook Pro 16, we don’t think the extra inch and the greater RAM are worth the additional $1000. With the MacBook Air, you will get 16 GB which should handle all the multi-tasking you can throw at it. Similarly, the 15-inch screen is adequately large and it is a Liquid Retina display which means it has excellent color reproduction for when you end up staring at it for hours. The screen has a 2880×1864 resolution with a peak brightness of 500nits.

One of the greatest advantages of the MacBook Air is how thin and light it is at 0.44inch thickness. The touch ID sensor also helps you protect any sensitive documents that you want to store on your laptop, which is a unique feature most laptops don’t have. One thing you should consider before you spend a ton of money on a MacBook is that some trading apps aren’t compatible with MacOS. Make sure the apps you use work with the system before making the purchase.

Asus Zenbook Pro Duo 15: The Unique Dual Screen Laptop

You rarely see a dual screen that works, and the Zenbook Pro Duo is a unique option for those looking to add some excitement to their stock trading. The main screen is a 15-inch OLED display with a 3840 x 2160 resolution which makes it one of the best on the market. The smaller screen above the keyboard is a 14-inch 4k touchscreen which pops up at an angle. You can easily draw on it or use it to run additional trading apps or charts.

In the performance department, the Intel i7-12700H chip can easily handle all productivity and stock trading tasks without slowing down. The 16GB of DDR5 RAM is sufficient for most applications. And you can upgrade if you need more according to your tasks. Additionally, the machine comes with an RTX 3070 Ti GPU. Which might not be useful for stock trading but it allows you to game on this laptop as well.

Of course, there are some downsides to the unique design of the Zenbook Pro Duo. The second screen placed above the keyboard means that both the keyboard and the trackpad are somewhat crammed. Moreover, running two screens simultaneously has a significant impact on the battery life, especially if you plan to use this laptop for gaming.

LG Gram 17: The Best Thin and Portable Alternative

For some people, portability can be crucial, and the LG Gram 17 certainly offers that. At only 0.7 inches thick, it is comparable to the MacBook Air. Which is quite impressive given the specifications the Gram 17 has.  Admittedly, the RTX 3050 is an entry-level card that will only allow for light gaming. But having it on hand gives versatility, especially if you also need to do things like graphic and photo editing.

It’s also relatively light at 3.2 pounds. Making it easy to transport. As long as you don’t mind the enormous 17-inch screen and wider dimensions. It operates at WQXGA resolution. And has enough of room for programs, charts,  and web pages. While it’s not quite the same as having a huge 24-inch or 27-inch screen, it’s as near as you can get on a device this portable.

In terms of processing power, it has an Intel Core i7 Evo. Which is similar to other mid-to-high-end CPUs we have discussed. And is ideal for most stock-trading jobs. On the other side, you’ll be pleased to see that the LG Gram 17 has an outstanding 32GB of RAM. Which should be more than enough to have as many apps open as you like.

Final Thoughts on the Best Laptops for Stock Traders

The stock trading world is incredibly fast-paced and it is constantly changing. Any individual trader needs a laptop that can keep up with the speed of the ever-changing market. Allowing you to work in any environment. Factors like RAM and CPU performance should be at the top of your considerations list. Other specs can also be added to improve the overall package. In the end, the choice of the right laptop depends on your individual needs. We hope that this guide will help you find one that fulfills all of them.

The post Best Laptop for Stock Traders on the Go appeared first on Coinfomania.

Binance has announced its plans to re-enter the Indian market after agreeing to a $2 million penalty with Indian regulators. 

The fine concludes the prior problems with non-compliance with Indian financial regulations, such as the Prevention of Money Laundering Act (PMLA) and the responsibilities of the Virtual Digital Assets (VDA) taxation framework. This resolution is a very important move for Binance as it endeavors to rekindle its activities in a major market in which it was once greatly dominant.

BREAKING : #Binance Set to Return to India,paying $2 million fine.

According to The Economic Times, #Binance  to Resume Operations in India,Agrees to $2 Million Fine and Regulatory Compliance pic.twitter.com/VA5Y6EZD7B

— Pushpendra Singh Digital (@PushpendraTech) April 18, 2024

In compliance with local regulations, Binance will be registered with India’s Financial Intelligence Unit (FIU). This decision is one of the steps that form Binance’s general approach to following the strict regulatory conditions related to India. The aim is that all transactions made on the platform meet the requirement of the 1% Tax Deducted at Source (TDS) policy, which is a fundamental element of the VDA Framework.

Dynamic of Market and Change of Investors

Before the ban, Binance had the lion’s share of India’s 4 billion dollars worth of crypto. Binance’s absence in the market resulted in an observable change, with local investors transferring their activities to Indian exchanges such as CoinDCX and WazirX. Due to Binance’s temporary retreat, these platforms gained a large number of users and trading volumes.

Market observers will closely watch changes in investor behavior and market shares of local exchanges with Binance’s planned return. Binance’s re-entry would reintroduce competitive triggers in terms of technology and liquidity, which Binance has historically had an advantage over local platforms.

Initiatives and Local Investments

During its re-entry process, Binance has revealed several initiatives to strengthen its presence in the Indian market. These involve implementing localized payment modes to suit the specific requirements of Indian customers and creating a specialized team for Indian operations. Binance’s moves to invest in India’s blockchain ecosystem demonstrate its long-term strategy of promoting innovation and development in the region.

Moreover, the new initiatives are anticipated to improve Binance’s functionality and provide a strong backup for both beginners and advanced traders in the cryptocurrency arena. By customizing Binance to local needs and regulatory expectations, Binance seeks to revive its position and lead the next phase of crypto adoption in India.

Regulatory Outlook and Prospects

Binance’s re-launch in the Indian market is happening in the context of altering regulatory landscapes globally. Financial regulators in different jurisdictions, including the United States, the United Kingdom, and Hong Kong, are starting to acknowledge the power of cryptocurrencies. They are implementing measures to facilitate their integration into their mainstream financial systems using regulatory frameworks.

Binance, however, ‘s compliance with Indian regulations not only opens the Indian market opportunity but is also in line with its global strategy of supporting regulatory engagements. This strategy might be an example of penetrating other strict regulation markets.

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The recent approval of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong has sent ripples through the financial and cryptocurrency markets. 

Consequently, this milestone event, marked by the launch of Asia’s first Bitcoin spot ETF and the world’s first Ethereum spot ETF, was celebrated by market players and observers alike. Livio Wang, the Chief Operating Officer of HashKey Group, described the development as a pivotal moment for traditional financial institutions in Hong Kong, opening new avenues for retail investors to access cryptocurrencies.

Unlike the spot Bitcoin ETFs approved in the U.S. in January, the Hong Kong versions feature distinct options for subscription and redemption through fiat money, Bitcoin, and stablecoins. This flexibility could potentially enhance the attractiveness of these ETFs among investors looking for versatile investment vehicles.

Market Responses and Predictions

Despite the enthusiasm, there are varied perspectives on the future impact of these new ETFs. Patrick Pan, CEO and chairman of OSL Exchange, expressed optimism about the potential for significant capital inflows into Hong Kong’s digital asset market. According to Pan, the benefits of in-kind settlement structures are that they will sustain uninterrupted trading flows and improve market liquidity. 

On the other hand, the eToro platform conveyed cautious optimism, pointing out that the Bitcoin Halving event remains a critical watchpoint that could either drive prices up or lead to disappointment similar to other highly anticipated events.

In contrast, Bloomberg ETF analyst Eric Balchunas offered a more restrained forecast, noting that mainland China investors might be restricted from participating in these ETFs due to existing regulations against virtual assets. He estimated that the Hong Kong spot Bitcoin ETFs could attract around $1 billion within two years—a figure modest compared to the $50 billion managed by U.S. spot Bitcoin ETFs.

Now for some good news re HK, our asset estimate is now $1b in first two years (which is healthy IMO but still nowhere near the $25b that some have said) but a lot depends on infrastructure improvement. We also think this helps HK as ETF leader in Asia region via @RebeccaSin_SK pic.twitter.com/5TiFLP72MB

— Eric Balchunas (@EricBalchunas) April 17, 2024

Economic Context and Challenges

The broader economic environment could pose challenges to the newly approved ETFs. Markus Thielen, founder of Singapore-based 10x Research, reported that his firm had liquidated its holdings in response to the ETFs’ approval, citing concerns over potential market corrections driven by persistent inflation. He referenced recent trends in the bond market and Treasury Yields, suggesting a possible tipping point for risk assets. This sentiment reflects a growing apprehension among some investors about the stability of stock and crypto markets in the face of economic uncertainties.

These economic factors are pivotal as they influence investor confidence and market dynamics, potentially overshadowing the initial enthusiasm for the new ETFs. With inflation continuing to exceed expectations and geopolitical tensions affecting market sentiment, the path forward for Hong Kong’s spot Bitcoin and Ethereum ETFs remains fraught with challenges.

The approval of these ETFs in Hong Kong not only sets a precedent in Asia but also reflects a growing interest in integrating cryptocurrencies within traditional financial systems. This regulatory advancement could encourage other jurisdictions in Asia to consider similar approvals, possibly leading to a broader acceptance of cryptocurrencies as a legitimate investment class. 

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OpenAI founder Sam Altman’s cryptocurrency initiative, Worldcoin, which involves retina-scanning technology, is set to launch its own blockchain. Named World Chain, this layer-2 network on Ethereum is scheduled for release this summer and will offer benefits to users who provide retina scans in return for a digital passport known as “World ID”.

This new blockchain extends Worldcoin’s ongoing strategy to establish a platform for “verified humans”, aiming to eliminate bots and enhance authenticity in the age of advanced artificial intelligence.

World Chain Will Offer Cheaper Fees When Compared to Transactions Directly With Ethereum

Until recently, Worldcoin’s World ID protocol functioned solely as a decentralized application consisting of smart contracts on the Ethereum blockchain. The decision to establish an independent blockchain could afford the developers enhanced control and flexibility over the project, potentially lowering costs for users.

Tools For Humanity, the organization behind Worldcoin, announced that verified human users would receive priority in block space allocation over bots and some complimentary gas. They emphasized that this new chain would serve as a platform for developers to connect with millions of users through applications that have practical, real-world uses.

The newly proposed World Chain will utilize the OP Stack, a blockchain framework favored by startup developers, including Coinbase for its Base network. Similar to other layer-2 “rollups,” World Chain will aggregate transactions before committing them to the Ethereum blockchain, where they are permanently recorded. This method aims to offer users lower transaction fees than those incurred on Ethereum’s main network.

Introducing World Chain, a new blockchain designed for humans pic.twitter.com/qNb7S3vqut

— Worldcoin (@worldcoin) April 17, 2024

Tiago Sada, head of product, engineering, and design at Tools For Humanity, noted the challenges with increased bot activity that often leads to higher transaction fees and network congestion on existing blockchains. He stated that automated transactions constitute between 50 and 90% of all on-chain activity. Despite World Chain being open and permissionless, where anyone, including bots, can initiate transactions, those verified as humans will receive priority, ensuring faster processing.

World Chain’s Focus Is The “Proof Of Personhood” Mechanism

Worldcoin distinguishes itself in the digital realm through its unique device known as the “orb,” a chrome sphere resembling a bowling ball that incorporates an eyeball-scanning lens. This feature sets Worldcoin apart by verifying the human identity of each account holder, thereby eliminating the risks of one individual owning multiple accounts or robots creating accounts.

The project focuses on “proof of personhood” to address and leverage the growing demand for AI applications. Tools For Humanity, associated with Worldcoin, has actively promoted the orb by conducting in-person eyeball scans at various conferences, events, and temporary retail locations. To date, the project has successfully registered over 10 million users from more than 167 countries.

Presently, the primary interface for Worldcoin users is the World App, a crypto wallet that not only supports several well-known protocols but also provides enhanced features to those verified by the orb. The app is currently integrated with the OP Chain, a secondary layer of the Ethereum blockchain developed from the OP Stack.

Worldcoin ranks as the second-largest protocol on the OP Chain based on transaction volume, with its WLD token holding the highest market cap on the chain after ETH and OP’s native coin. Moving to a proprietary network, according to Sada, will facilitate continued growth in user onboarding and offer existing users benefits like faster and less expensive transactions.

If The Project Succeeds, WLD Will Become A First-Class Token Just Like Ether (ETH)

Initially, Worldcoin’s concept centered on providing universal basic income by rewarding individuals in certain regions (excluding the United States and some others) who scanned their retinas with WLD tokens and a verified World ID account. As artificial intelligence continues to influence online platforms, Worldcoin has increasingly focused on digital identity, although financial aspects remain part of its agenda.

Worldcoin is integrating bot-detection capabilities into the core framework of its network, enabling other wallet applications to incorporate World ID, beyond the initial World App. Additionally, World Chain elevates WLD to the same status as Ether (ETH), allowing both to be used for paying network fees.

Worldcoin experienced a challenging year following its 2021 launch, confronting privacy criticisms linked to the perceived invasiveness of its retinal scanning orb. Despite assurances from its founders that the device securely encrypts biometric information, these concerns have persisted.

Thank you all for 5 million orb verified World IDs & an incredible response to World Chain That's reason to celebrate.https://t.co/yl3e40koAo

— Worldcoin (@worldcoin) April 17, 2024

An investigative report by the MIT Technology Review accused Tools for Humanity, the organization behind Worldcoin, of exploiting economically disadvantaged communities by offering free tokens in exchange for sign-ups during its test phase. The report charged Worldcoin with deceptive marketing practices, excessive collection of personal data, and a failure to secure truly informed consent.

Amid a surge in AI development and a buoyant crypto market, Worldcoin has introduced several updates and new functionalities that do not require retinal scans, along with enhanced encryption technologies aimed at mitigating privacy concerns that have been a recurring issue since the project’s outset.

These improvements have allowed Worldcoin to expand its reach, achieving over 70 million transactions, as per the latest figures from the project. Even Ethereum’s founder, Vitalik Buterin, who previously critiqued Worldcoin, acknowledged in an X post in March that the project has made significant strides in addressing privacy issues, praising its efforts to minimize data usage.

The post Meet World Chain, Worldcoin’s (WLD) New Layer-2 Ethereum Blockchain appeared first on Coinfomania.

Bitcoin (BTC) has relinquished all gains from its rebound after Saturday’s rapid sell-off, dropping below the $60,000 mark during the Wednesday (April 17) morning U.S. trading session.

Earlier on the day, Bitcoin had recovered to over $64,000, but it later fell to a low of $59,900. This represents a decrease of more than 3% in the last 24 hours, marking its lowest price since early March. At the time of reporting, it was trading at $60,200.

Ether (ETH), the second-largest cryptocurrency by market capitalization, also experienced a significant drop, falling below $3,000 with a 2.5% decline during the same timeframe.

Bids Under $60k Mark Could Halt Bitcoin’s Price Decline For a While

At Binance, the most active trading pair, BTC-USDT, displayed a spot market order book with bids predominantly under $60,000, surpassing the number of sale orders. This pattern suggests a robust demand at that price level, potentially preventing further declines in the short term.

The downturn observed today confirms that the cryptocurrency sector is in a cooling-off period following a sustained rally that reached its peak last month. Bitcoin has shed over 15% since achieving its most recent all-time high, and some altcoins have retreated by 40% to 50% from their recent peaks. This type of retraction aligns with patterns seen in previous bull markets, according to data from Glassnode.

Also, according to Joel Kruger, a market strategist at LMAX Group, the behavior of Bitcoin investors indicates that market weakness may persist as large investors have not yet started purchasing the cryptocurrency at its current lowered prices. Kruger’s Wednesday market update highlighted that recent blockchain data reveals major Bitcoin holders are delaying increasing their stakes during the current dip, hinting at potential further weakness or consolidation before the market rebounds.

Source: CoinGecko

Kruger pointed out that a critical technical level for Bitcoin is $59,000, a major support zone that saw prices recover twice in March. He noted that if Bitcoin maintains above this level, it positions the cryptocurrency to potentially reach new highs and approach the $100,000 mark. Conversely, a decline below $59,000 could undermine the short-term bullish outlook and lead to a significant correction, potentially pushing prices down to the $45,000 to $50,000 range.

This Halving Is Proving To Be Different From The Others

There has been considerable debate regarding the uniqueness of this year’s Bitcoin halving event compared to previous occurrences. Uniquely, the cryptocurrency’s price peaked a month prior to the halving, a phenomenon not observed in earlier cycles.

Sam Callahan, a senior analyst at Swan Bitcoin, a firm specializing in Bitcoin financial services, mentioned that Bitcoin is currently experiencing a consolidation phase. He attributed the recent price fluctuations to short-term traders speculating on the results of the upcoming, much-anticipated halving event. Callahan also advised that while short-term volatility is to be expected for investors in Bitcoin, the cryptocurrency’s long-term trajectory remains decidedly positive.

Historically, Bitcoin halvings have led to an increase in the cryptocurrency’s price. For example, the price of Bitcoin was $12 before the 2012 halving and rose to $44 100 days later and $135 after 300 days. Following the 2016 halving, the price increased from $658 to $1,551 over the same period. Most recently, in the 2020 halving, Bitcoin’s price escalated from $8,601 to $50,941 within 300 days.

According to CoinDesk, Goldman Sachs advises caution ahead of Bitcoin’s next halving due to the unpredictable macroeconomic environment. The team from Goldman’s Fixed Income, Currencies and Commodities (FICC) and Equities cautioned that while historical halvings have led to price increases, the duration to peak prices varied significantly, suggesting that past trends should not be blindly followed given current macroeconomic conditions.

Amidst market volatility and investor anxiety, Rennick Palley, Founding Partner at crypto venture capital firm Stratos, remains bullish on Bitcoin’s long-term prospects. He identified the volatile period before the halving and previous high prices, which often require two to three attempts to overcome, as short-term challenges. However, he expects Bitcoin to surpass these hurdles by mid-summer and potentially reach over $150,000 by 2025.

The post Bitcoin Below $60,000 Is Now A Reality And The Dip Might Be Even Lower appeared first on Coinfomania.

Trending crypto Pepe (PEPE) has captured investors’ attention with an impressive 6% rally today. The popular memecoin defiled the broader crypto market downturn to record significant gains on April 17. Consequently, enthusiasts and investors are concerned about a potential sell-off triggered by cashing out.

At the time of writing, the total memecoin market cap has slumped by 1.76% in the last 24 hours to $47.2 billion with a trading volume of $5.4 billion representing a 35% decrease over the last day. Other top memecoins including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have witnessed 0.95%, 0.12%, and 1.11% increases respectively in the last 24 hours.

PEPE Rallies Amid Market Downtrend

As the global cryptocurrency market continues to undergo major price corrections, Pepe (PEPE) the fourth-largest memecoin has turned heads as it rallied about 6% earlier today. Even though the token has shed some of its earlier gains, the bullish sentiment surrounding it remains. Investor optimism is indicated by the fact that a sizable 69% of Pepe Coin holders are currently profitable, according to data from IntoTheBlock. Nevertheless, the question of whether profit-taking will cause a sell-off in the upcoming days remains in the balance, with only 27% of investors still in the red and 4% in the neutral zone.

It is important to note that, profit-booking, the practice of investors selling their shares to profit on price increases, occurs frequently in volatile markets. Because of this, PEPE holders are speculating about booking profits amid market volatility in response to the recent spike in the price of PEPE. This means that, worries about whether holders will take advantage of the rally or hang onto their positions surface, indicating a cautious attitude within the cryptocurrency community.

Meanwhile, in hindsight, Pepe coin alongside the majority of tokens in the market has seen significant losses. According to CoinMarketCap data, PEPE has declined by 24.8% in the last seven days and by a significant 33.5% over the last month.

Pepe coin (PEPE) price today

CoinMarketCap paints a clear picture of the PEPE price movements today. At the time of writing, PEPE is trading at $0.000005045, signifying a 2.5% increase in the last 24 hours. However, its trading volume over the last day has dipped significantly by 26% to $621.6 million. Additionally, PEPE now occupies the #47 position on the global crypto chart with a live market cap of $2.12 billion.

Pepe Coin’s Open Interest (OI) increased significantly by 7.53% to $42.94 million, as reported by CoinGlass data, indicating a favorable market environment. However, according to the aforementioned tracker, the meme coin has seen a liquidation of about $2.01 million in the last day.

The post PEPE Coin Impressive 6% Surge Captures Market Attention appeared first on Coinfomania.

Since its trading debut in January, Grayscale Bitcoin Trust ETF (GBTC) has experienced a notable decrease in its holdings, dropping by 50%. 

On April 16, GBTC held 309,871 BTC, marking a stark reduction from the 619,220 BTC it had on its first day of trading on January 11. This decrease, often referred to as a “halving,” coincided closely with the much-anticipated Bitcoin halving event, where the mining reward was reduced by 50% from 6.25 BTC to 3.125 BTC.

GBTC has officially halved ahead of the halving.

Grayscale has seen net outflows of 310,611 BTC in the 66 trading days since its conversion. That's a 50.16% reduction in Bitcoins Under Management since January 10. pic.twitter.com/zghV2fiasf

— Vetle Lunde (@VetleLunde) April 17, 2024

The decline in GBTC holdings, occurring just before the Bitcoin halving, adds another layer of significance to the chronology of Bitcoin-related events. However, it’s essential to note that the two events do not directly correlate.

The outflows from GBTC have been attributed primarily to high trading fees. GBTC initially started with the highest fees among the 10 spot Bitcoin ETFs in the United States, at 1.5% on the first day of trading. 

In contrast, competitors were offering lower fees, ranging from 0.2% to 0.4%. This disparity in fees prompted investors to seek alternatives with more competitive fee structures, leading to substantial outflows from GBTC.

Rivalry with BlackRock’s iShares Bitcoin Trust (IBIT)

In contrast to GBTC’s decline, BlackRock’s iShares Bitcoin Trust (IBIT) has experienced significant inflows, with its holdings surging by over 10,000% since its trading debut. IBIT started with a 0.25% fee, coupled with a 0.12% discount for the first $5 billion of traded assets during the waiver period, making it an attractive alternative for investors seeking lower fees. As of April 16, IBIT held 272,548 BTC, positioning itself just 13% behind GBTC in terms of holdings.

Apart from GBTC and IBIT, other spot Bitcoin ETF providers have also witnessed substantial accumulations of BTC since their trading launch. Collectively, the 10 spot Bitcoin ETFs held approximately 862,162 BTC as of April 16, 2024, amounting to $54.7 billion. While GBTC’s decrease in holdings has been significant, the overall accumulation by various ETF providers indicates continued investor interest in Bitcoin despite market fluctuations.

The post Grayscale Bitcoin Trust ETF Holdings Halve Ahead of Halving appeared first on Coinfomania.

Some XRP whales have caught the crypto community’s attention with series or transfers carrying almost 300 million tokens from wallets and centralized exchanges. These movements have sparked speculations among investors and enthusiasts with expectations of a potential price impact in the short term. As the XRP community continues to eye an eventual price shoot to the $0.6 level, the series of XRP transfers has ignited hope for the outcome.

Almost 300 Million XRP Moved Between Wallets

In recent events, XRP whales have made headlines today as they moved substantial amounts of tokens in the last 24 hours. WhaleAlert, a large blockchain transaction tracker, has reported several movements nearing 300 million tokens between unknown wallets and crypto exchanges.

At approximately 18 hours ago, the first transaction was spotted moving exactly 158,473,000 XRP from a wallet labeled ‘unknown’ to the Binance cryptocurrency exchange. The transfer is worth about $77.3 million at the current market price. Asset transfers from wallets to exchanges sometimes signify sell-offs which can, in turn, force the price of the asset to crash more.

158,473,000 #XRP (77,333,753 USD) transferred from unknown wallet to #Binancehttps://t.co/LfuKq07FZp

— Whale Alert (@whale_alert) April 16, 2024

Shortly after, three consecutive transfers carrying similar amounts of 33.3 million XRP tokens (valued at $16.2 million each) were made from the Binance exchange to other anonymous wallets. Transfers from crypto exchanges often signify bullish sentiment as they show holding behavior rather than sell-off, potentially boosting the price of the asset.

The transactions continued. About six hours later, WhaleAlert spotted another transfer of 28,940,000 XRP tokens from another unknown wallet to the Bitstamp exchange. In recent months, the Luxembourg-based crypto exchange has received substantial amounts of XRP tokens from unidentified wallets following Ripple’s acquisition of an undisclosed stake in the company.

XRP to $0.6 possible?

As the question of XRP price movement to the $0.6 zone remains in the balance, crypto experts have shared their views on the possibility in the short term. Notably, Andrew Griffiths, a crypto analyst has commented on the situation.

According to him, XRP needs to close above the $0.6 mark to remain bullish. He pointed out that since 2017, XRP has been accumulating in a triangle pattern, suggesting a period of price stability preceding a potentially dramatic breakout.

Source: Andrew Griffiths/X

“XRP Support and resistance zones are the key in trading. As long as we can stay above 0.60, XRP remains bullish. We are coiling up for a big move. Last week we were just ranging, the price doesn’t move much so prepare for the move…” he said.

Furthermore, he added that XRP can see an all-time high if it breaks the triangle formation and moves past the $1.20 mark while expressing concerns about the possibility of XRP traders continuing the pattern for the following months.

Meanwhile, at the time of writing, XRP is changing hands at $0.5007 representing a 0.56% increase in the last 24 hours according to CoinMarketCap data. What is more, XRP’s 24-hour trading volume has dropped significantly by 24% to $1.7 billion over the last day. Finally, its market cap has spiked by 0.29% to $27 billion within the recorded time.

The post XRP Whales Transfers Almost 300 Million Tokens Between Wallets, What is Happening? appeared first on Coinfomania.

John Deaton, a vocal supporter of XRP, is reportedly contemplating joining Coinbase’s legal confrontation with the Securities and Exchange Commission (SEC). 

Fox Business reporter Eleanor Terrett first brought attention to this development, citing Deaton’s potential involvement on social media platform X. Deaton, who has previously served as amicus counsel in significant crypto-related cases, including those involving Ripple and LBRY, may bring his expertise to bear in the ongoing lawsuit between Coinbase and the SEC.

Is U.S. Senate candidate @JohnEDeaton1 planning to get involved in the @coinbase case?

Deaton served as amicus counsel in both the @Ripple & @LBRYcom cases.

I’ll be interviewing John this week to get that question answered. https://t.co/JqHv9uSjar

— Eleanor Terrett (@EleanorTerrett) April 15, 2024

Background of the Coinbase vs. SEC Lawsuit

Coinbase is currently seeking an interlocutory appeal to the 2nd Circuit Court of Appeals, a move indicative of the escalating legal dispute with the SEC. The case stems from the SEC’s broader scrutiny of cryptocurrency platforms and assets, which many in the crypto community view as overreach. 

Deaton has been forthright in his criticism of the SEC, especially of SEC Chairman Gary Gensler, whom he has labeled as a “bad faith regulator” with a politically driven agenda. His previous engagements as amicus counsel suggest that his participation could influence the dynamics of the Coinbase lawsuit.

In his various public statements and social media postings, Deaton has emphasized the need for clearer regulatory frameworks for cryptocurrencies. He argues that judicial intervention is crucial to establish these frameworks, given the SEC’s failure to provide necessary guidance for the industry. 

Before his candidacy for the US Senate in Massachusetts, Deaton rallied around 5,000 Coinbase customers to form a putative class aimed at voicing their concerns independent of both the SEC and large cryptocurrency platforms like Coinbase. This move mirrored his earlier efforts in the Ripple case, where he represented over 75,000 XRP holders.

Deaton’s recent activities include creating platforms for Coinbase users to express their concerns about the SEC’s regulatory actions. He argues that while Coinbase’s legal team focuses on the interests of its employees and shareholders, the broader base of platform users lacks representation. By potentially joining the Coinbase lawsuit, Deaton aims to extend his advocacy to these users, ensuring their voices are heard in the judicial process.

Market and Community Reaction

The cryptocurrency community closely watches developments in the Coinbase vs. SEC lawsuit, as outcomes could set important precedents for the regulation of digital assets in the United States. Deaton’s potential involvement is particularly noteworthy given his past successes in representing cryptocurrency users in court. 

Meanwhile, at press time, the value of XRP remains stable at $0.4932, per CoinMarketCap data, reflecting investors’ wait-and-see approach regarding the ongoing legal proceedings.

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The World Economic Forum, in collaboration with Accenture, released a detailed report concerning CBDCs entitled “Modernizing Financial Markets with Wholesale Central Bank Digital Currency”. The report offers a thorough exploration of the worldwide movement toward adopting Central Bank Digital Currencies (CBDCs) by the year 2030.

Additionally, it emphasizes the initiatives of central banks around the globe to launch 24 operational CBDCs, which are expected to significantly enhance the security, efficiency, and accessibility of financial markets.

The Impact of CBDCs on Global Financial Markets

In an era marked by rapid technological innovation, central banks worldwide are making significant strides toward the adoption of Central Bank Digital Currencies. By 2030, it is projected that 24 live CBDCs will be operational, potentially transforming the landscape of global financial markets through enhanced security, efficiency, and accessibility.

The integration of CBDCs into the financial ecosystem addresses both current and emerging challenges within the sector, including the need for more secure and efficient transaction mechanisms and the demand for broader financial inclusion. CBDCs are designed to modernize the capabilities of and improve access to central bank money, which is crucial for fostering stable and efficient economic environments.

A primary motivation for the development of CBDCs is their potential to improve systemically important payment systems between financial institutions. These digital currencies are not just theoretical constructs but are being piloted and tested in real-world scenarios across various continents.

Real Case Scenarios Where CBDCs Are Already In Practice

For instance, in Switzerland, a live wCBDC (wholesale CBDC) was recently used to settle a digital bond transaction, marking a significant milestone in the practical application of CBDCs in mainstream financial operations.

Also, the ongoing projects extend beyond single-nation applications. In Asia and the Middle East, initiatives like Project mBridge are redefining cross-border payments, expanding their observing members to include 25 central banks and institutions. This reflects a growing trend towards multilateral cooperation in the development and deployment of CBDCs, highlighting their role in facilitating international trade and economic integration.

Moreover, the European Central Bank and other major financial entities are exploring the use of distributed ledger technology (DLT) for CBDCs to enhance securities and foreign exchange transactions. These advancements highlight the dual potential of CBDCs to innovate payment systems and reinforce financial stability across jurisdictions.

How Wholesale CBDCs Would Address The Current Challenges?

Interestingly, most real-time gross settlement (RTGS) systems that facilitate cross-border securities settlement operate within restricted hours. The Bank for International Settlements (BIS) notes that there is a maximum overlap during a five-hour window from 6 to 11 AM GMT.

However, to establish such a global settlement window comprehensively, significant modifications to the operating hours of RTGS systems are necessary. Accenture has proposed that a wholesale CBDC could complement RTGS systems by functioning nearly around the clock.

Moreover, the industry faces a growing problem with settlement failures, especially as securities settlement periods decrease from T+2 to T+1. Implementing a shared distributed ledger technology (DLT) infrastructure as a unified source of truth could mitigate these failures. A wholesale CBDC could then serve as the settlement asset.

Source: WEF, Accenture

One of the highly praised advantages of DLT is the provision of atomic settlement in securities transactions, which removes counterparty risk. However, when traditional finance sectors began to explore DLT about six to seven years ago, they recognized a critical issue: atomic settlements demand high liquidity at specific times during the day. This requirement contrasts with traditional systems that facilitate liquidity through mechanisms such as netting, queuing, and offsetting.

Thus, it remains uncertain whether a wholesale CBDC can effectively tackle these liquidity risk challenges.

The post Global Central Banks To Introduce 24 Live CBDCs by 2030 appeared first on Coinfomania.

On April 16, Bitcoin mining company Hut 8 Corp, which is publicly traded, declared the kick-off of its self-mining activities at the newly established Salt Creek facility. This initiative began just 78 days after construction started on the site.

Located in Texas, the Salt Creek facility features an advantageous energy profile that is anticipated to lower mining expenses by 30% relative to the company’s existing hosting facilities.

In Just 4 Days, Fewer Bitcoin Mining Companies Will Remain Profitable

The energization of the new site accounts for only one-third of the total facility, which now operates with 63 megawatts (MW) of power.

Hut 8 CEO Asher Genoot, in a press release, emphasized the strategic advantage of Salt Creek, highlighting its significance in managing the company’s miner fleet and operational costs as the Bitcoin halving approaches. He further noted that the energy cost projections at Salt Creek are anticipated to align with the previously estimated 30% reduction in mining costs compared to their Kearney and Granbury locations.

The Bitcoin halving, an event that occurs every four years, reduces the rate at which new coins are generated by the Bitcoin network by half. This reduction is scheduled to happen within the next four days, slashing the daily production of new BTC from 900 to 450.

Although the halving is generally considered to have a positive impact on Bitcoin’s value over time, it initially poses significant challenges for the mining sector by drastically reducing their revenue. In this environment, only the most efficient mining operations, which can achieve the highest hash rates while using minimal energy, will remain profitable.

Hut 8’s Efficiency Efforts

Earlier this month, Hut 8 announced the strategic relocation of its most efficient mining machines from its Kearney and Granbury sites to boost the operation of its Salt Creek fleet and optimize its hash rate in preparation for the upcoming halving. Last month, the company also shut down one of its mining facilities in Alberta, Canada, due to disruptions in power supply and high energy costs.

Furthermore, Hut 8 has implemented Reactor, an automated energy management software designed to keep miners operational only during profitable conditions.

Genroot, speaking on the company’s financial strategy, highlighted that Hut 8 is on course to achieve a highly cost-effective buildout. The projected all-in cost is expected to be $275,000 per megawatt or less, which translates to a 40% cost reduction compared to recent acquisitions in the same region.

Less than three months after breaking ground, we’ve officially energized one third of our 63 MW Salt Creek site in Culberson County, Texas.

Our team made rapid energization possible by removing more than 25,000 miners on 20 loaded transports from our hosted facilities in just… pic.twitter.com/BzpikS7ABS

— Hut 8 (@Hut8Corp) April 16, 2024

After these developments were made public, Hut 8’s stock (HUT) saw a rise of 0.9% since Monday, performing well despite a slight decline in BTC, other miners, and Bitcoin-associated stocks on Tuesday.

Genoot also expressed immense pride in his team for their exemplary performance at Salt Creek, highlighting their remarkable achievement of removing over 25,000 miners from Kearney and Granbury within just eight days. He emphasized the company’s progress in maintaining a highly cost-effective buildout, with an anticipated all-in cost of $275,000 per megawatt or less, which represents a 40% savings compared to recent acquisitions in the area.

Genoot affirmed that, as demonstrated at Salt Creek, the company will persist in taking decisive actions to enhance and expand its self-mining operations.

A Little Bit About Bitcoin Mining Company Hut 8

Hut 8 Corp., based in Miami, Florida, operates as an energy infrastructure provider and Bitcoin mining company, offering self-mining, hosting, managed services, and conventional data center operations throughout North America.

The company’s extensive portfolio includes eighteen locations: nine dedicated to Bitcoin mining, hosting, and managed services across Alberta, New York, Nebraska, and Texas; five high-performance computing data centers in British Columbia and Ontario; and four power generation facilities located in Ontario.

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Offchain Labs has revealed that Arbitrum BOLD (Bounded Liquidity Delay) is now operational on a public testnet, representing a notable advancement within the Arbitrum ecosystem.

The newly introduced protocol is designed to improve security by implementing interactive fraud proofs in optimistic rollups. Additionally, it facilitates a transition to completely permissionless validation across Arbitrum chains.

Arbitrum is recognized as one of the most prominent Ethereum Layer 2 networks in terms of active wallet usage, as previously reported by The Block. In August 2021, Offchain Labs secured $120 million in funding led by Lightspeed Venture Partners.

Arbitrum Intends To Involve The Community In Validating And Refining The Protocol

Arbitrum BOLD has launched a new dispute resolution system that allows a single, capable entity to handle multiple challenges effectively, thereby reducing the need for separate disputes. This method is designed to enhance the validation process and fortify the network against potential attacks.

Deploying BOLD on the Ethereum Sepolia testnet signifies a deliberate effort to engage the community in the protocol’s testing and enhancement. Offchain Labs emphasizes the critical role of community input during this stage to guarantee the system’s robustness and its readiness for broader deployment.

Fraud Proofs took us to a Stage 1 rollup.

Today, with BOLD, we’re on our way to becoming a Stage 2 rollup!

BOLD, permissionless validation on Arbitrum, is now live on testnet! https://t.co/XUj663h0Gf pic.twitter.com/42FLSwJ4ry

— Arbitrum (,) (@arbitrum) April 15, 2024

A distinctive aspect of the BOLD protocol is its permissionless validation feature, which permits any individual to become a validator. This significant development aids in decentralizing the network by eliminating the need for a predetermined list of validators, enhancing network security and fostering a more diverse validator community.

Offchain Labs has articulated that this feature enables anyone globally to validate or contest statements about Arbitrum’s state on Ethereum. Consequently, this ensures that withdrawals from Arbitrum to Ethereum are accurate, maintaining the integrity of the historical record.

Offchain Labs also explained in its introduction of BOLD in August 2023 that the current validation process on Arbitrum One and Nova through fraud proofs is permissioned. This is due to the dispute protocols being susceptible to denial-of-service attacks, where a malevolent validator could misuse funds to block confirmations, thus prolonging the transfer of assets from Layer 2 to Layer 1 indefinitely.

Apart From The New Protocol, Arbitrum Token ARB Might See A Price Decline

Arbitrum (ARB) faces the potential for a substantial price drop with the scheduled release of its tokens on April 16. Such token unlock events often lead to high market volatility due to possible subsequent actions. According to TokenUnlock, 92.65 million Arbitrum tokens, representing 3.49% of its circulating supply, will be released on that date. Of these, 56.13 million tokens, valued at $65.10 million, will go to the team, future team members, and advisors, while 36.52 million tokens, worth $42.36 million, will be allocated to investors.

These unlocks typically trigger large sell-offs by those who receive the tokens, leading to a decline in the token’s price. Arbitrum may experience a similar downturn, as it did during its last unlock event on March 16, when its price fell from just over $2 to $1.8. However, the scale of the upcoming unlock is much smaller compared to the previous event, which saw 1.11 billion tokens—or 41.89% of the circulating supply—released.

While the potential market impact may be less drastic than before, Arbitrum still faces the risk of falling below the $1 support level for the first time in a considerable period, with prices currently hovering around this range.

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The price of the Bored Ape NFT has suffered a dramatic 90% drop, falling from a historic high of 120 ETH to just 10 ETH currently.

During the cryptocurrency boom of 2021, NFTs from the Bored Apes Yacht Club (BAYC) emerged as one of the most sought-after collections but have since seen a sharp decrease in demand affecting the entire NFT market.

Despite early enthusiasm and endorsements by celebrities, the value of BAYC NFTs, along with other Ethereum-based NFT collections, has decreased due to diminishing interest from retail investors and the emergence of new collections on the Bitcoin and Solana blockchains.

Source: CoinGecko

In May 2022, each BAYC NFT was valued at $400,000 in Ether, with Ether’s price at $3,000. Currently, the value of each Bored Ape NFT has plunged to just above $30,000.

According to CoinGecko, there was a stability in the market around the $1 million mark in 2022, with ten individual wallets controlling nearly 20% of this value.

Google search trends also indicate declining interest in Ethereum-based NFT collections as investors shift their focus towards NFTs on the Solana and Bitcoin platforms.

Despite 90% Drop, Bored Ape NFT Still Leads The NFT Collection

In the bullish NFT market of 2021, Bored Ape Yacht Club (BAYC) NFTs surged in popularity, attracting several high-profile celebrities who paid upwards of $300,000 for individual pieces. Notably, Justin Bieber acquired a Bored Ape valued at over $1.2 million, described as “rare.”

Reports by Google indicate that Moonpay may have given Bored Apes to various individuals and celebrities to boost investor confidence.

Despite a downturn in NFT prices, BAYC has sustained its status, boasting a market capitalization of $340 million as of Tuesday (April 16).

Bored Apes consists of 10,000 distinctive digital monkey cartoon figures on the Ethereum blockchain.

Ownership of a BAYC NFT offers several privileges, including access to exclusive in-person gatherings and a private online club, additionally serving as a digital symbol of wealth.

A Few Bored Ape NFTs Are Still Selling High

It is important to recognize that certain BAYC NFTs are still achieving sales well above their baseline price, which represents the minimum price of any NFT within the collection.

Recently, BAYC #830 fetched a price of 504.3 ETH, equivalent to $1.92 million, while other scarce pieces in the collection have surpassed the 30 ETH mark in the past few days.

Meanwhile, CryptoPunks, the most valuable NFT collection in terms of market capitalization, has experienced a decline from its highest floor price of 113.9 ETH, dropping by 64%.

According To Expert, Digital Art NFTs Were Never Meant To Exist On Their Own

As industry experts continue to speculate on the potential resurgence of digital art NFTs, Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, shared insights in an interview. Wei emphasized that digital art NFTs were not designed to function independently within the market. Instead, he suggested that the success of these projects could be enhanced by integrating them with other sectors of the blockchain industry to increase their utility.

Wei pointed out the challenges of garnering support for projects lacking a well-defined brand and concrete products. Nonetheless, he also highlighted the potential advantages of NFTs when combined with blockchain projects that incorporate in-game economies and NFT ownership. According to Wei, projects with a clear vision, such as a defined game, infrastructure, blockchain, marketplace, and a dedicated early adopter community, find it considerably easier to succeed.

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The Bitcoin halving event is set for around April 20, 2024, and Kris Marszalek, the CEO of Crypto.com, forecasts constant selling pressure in the market.

In a recent interview conducted by Bloomberg, Marszalek outlined the potential market movements before this crucial date in the cryptocurrency calendar. The event, which halves the reward for mining Bitcoin transactions, historically affects the value of the cryptocurrency and mining community.

Marszalek expects that the short-term market reactions could be chaotic, although he is positive about the long-term Bitcoin value gains. The price surged during the Asian trading hours at the start of the week due to the approval of spot Bitcoin ETFs in Hong Kong; however, the price fell afterward. This volatility highlights the market’s reaction to the global financial events and speculative trading activities that build up to the halving.

Bitcoin Miners and Market Dynamics Impact

The next halving will reduce mining rewards by half and will be a huge challenge for Bitcoin miners. It is estimated that miners may have to offload around $5 billion worth of Bitcoin to cover higher operational costs after halving. This substantial dumping could lend to the pricing pressures envisaged by Marszalek. For readiness, miners have reported that they accumulate Bitcoin and upgrade their equipment to cope with anticipated distortion in computational requirements.

Moreover, this preparatory action by miners indicates a strategic approach to the forthcoming challenges. Historically, such halvings have led to increased mining costs and a revaluation of miners’ economic models. How miners adapt to these changes can significantly influence market dynamics, affecting both the supply side and overall market sentiment.

Bitcoin’s Market Dominance and ETF Influence

In the broader cryptocurrency market, Bitcoin continues to assert its dominance, achieving a three-year high with 55% market dominance. This rise is partially attributed to the substantial capital inflows into newly launched spot Bitcoin ETFs, which have garnered about $56 billion in assets within just three months. The performance of these ETFs reflects growing investor interest and confidence in Bitcoin, bolstering its market position despite recent price volatility.

#Bitcoin ETF demand has stagnated for 4 weeks, yet on-chain accumulation remains very active, even when excluding ETF settlement transactions. pic.twitter.com/PqMTzJrAym

— Ki Young Ju (@ki_young_ju) April 16, 2024

However, after several weeks of robust inflows, the growth rate of these Bitcoin ETFs has tempered, marking a period of stabilization after their initial surge. Despite this slowdown in ETF activity, substantial on-chain accumulation by large-scale Bitcoin holders, or ‘whales,’ continues to be robust. This ongoing accumulation activity could play a crucial role in stabilizing Bitcoin’s price in the face of selling pressure from other market participants.

With only a few days left until the halving, the market will be keeping an eye on the possibility of sellers going up, as Marszalek put forward. The speculation of these events usually results in trading strategies such as ‘buy-the-rumor, sell-the-news’ behaviors, which could explain some of the recent price movements in the Bitcoin market.

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The Shiba Inu community has resumed the week with a significant amount of burn as its rate surged by almost 500% according to recent data. Despite the market downtrend, the member remains resilient in their quest to reduce the number of tokens in circulation. The drastic reduction of SHIB circulating supply can potentially impact the price of the coin, lifting it to impressive heights by creating scarcity.

Millions of SHIB sent to burn Wallets

In a significant turn of events, the Shiba Inu community has destroyed a substantial amount of SHIB tokens over the last 24 hours. According to data from Shibburn, a dedicated Shiba Inu burn tracker, about 19,345,086 (19.3 million) SHIB tokens have been removed from circulation. As a result, the burn rate has surged by a massive 489.87% per the aforementioned tracker.

The number of SHIBs was destroyed across ten transactions. Some notable transactions include one carrying over 9 million SHIB tokens from a wallet labeled “0x8a40” to a burn address. Another wallet “0xb233” destroyed 6.6 million tokens approximately 22 hours ago.

Source: Shibburn

In hindsight, the Shiba Inu community has comfortably burned 774 million SHIB tokens in the last seven days with an average burn rate of 200% increase. The consistency and major increase in the burn rate have raised speculations across the community over the short and long-term effects on the value of the memecoin.

A total of 410.72 trillion SHIB have been burned from the original supply since Shiba Inu’s launch, demonstrating the community’s continued dedication to limiting token circulation. As a result, SHIB now has a circulating supply of 582 trillion tokens.

Meanwhile, Shiba Inu layer 2 blockchain solution Shibarium, has skyrocketed in daily transactions reaching 958.4k according to Shibariumscan, a dedicated Shibarium transaction tracker. According to the data, more than 4.2 million blocks have been mined with total transactions now above 416 million. Additionally, the number of wallets connected to the network has surged to 1.7 million.

The growth signifies investors’ confidence in the Shiba Inu ecosystem and room for growth and adoption in the future. Shiba Inu’s future looks bright, providing investors and enthusiasts with an engaging story in an unpredictable market, since both burn rates and Shibarium transactions are increasing.

According to CoinMarketCap data, SHIB is currently changing hands at $0.00002175 representing a 7.45% increase in the last 24 hours. Additionally, its trading volume has dropped by a significant 21.4% to $870.7 million with a live market cap of $12.7 billion.

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Recent findings from blockchain intelligence company Arkham reveal that about $1.2 billion of digital currency held by the top five crypto whales is now locked up.

Meanwhile, the unveiling was done through the modern dashboard that follows the assets of the world’s richest crypto holders with verified on-chain data.

High-profile characters in the dashboard include Justin Sun of Tron and Vitalik Buterin of Ethereum. Although the holdings are quite broad, almost 35% of the assets are inaccessible as a result of lost passwords and private keys.

Our team created a dashboard of 10 of the richest individuals with crypto holdings tagged on Arkham.

The top 5:

Justin Sun ($1.1B)Rain Lohmus ($793M – inaccessible)Vitalik Buterin ($782M)Stefan Thomas ($452M – inaccessible)James Fickel ($446M) pic.twitter.com/efOTys9PMo

— Arkham (@ArkhamIntel) April 15, 2024

Top Crypto Whales’ Profile

Justin Sun, the initiator of the Tron network, tops Arkham’s list with assets worth $1.06 billion. His wallet has a large holding of Decentralized USD (USDD), his network’s stablecoin, and Tron’s token. Rain Lõhmus, the person behind Estonian-based LHV Bank, has the second largest investment in Ether with $769 million, but it is presently not accounted for, as access was lost to his private keys.

The third position is occupied by Vitalik Buterin, co-founder of Ethereum, who has a wallet of $757 million, mostly in Ethereum tokens. The top five also include Stefan Thomas, formerly of Ripple and now an independent technology developer, and James Fickel, who is a crypto venture capitalist with holdings in Bitcoin and various digital assets respectively.

The problem of accounts being inaccessible because of lost keys is a common challenge in the cryptocurrency space. The case of Stefan Thomas serves as an example; he lost access to an encrypted hard drive containing information for more than 7,000 Bitcoin in 2011. In October, a crypto recovery firm provided services to try and unlock the IronKey hard drive that holds Thomas’s assets.

This case highlights the dangers of digital money management: One may lose access to a large sum, die due to forgotten passwords, or die due to failed hardware. It further illuminates the need for better security systems and recovery methods in the crypto industry.

Other Notable Crypto Wallets

While Arkham’s dashboard is below the top five, it also presents other players in the cryptocurrency market. An early adopter, Patricio Worthalter, owns $219 million, primarily in Ether. According to reports, Winslow Strong, the General Partner at Cluster Capital, owns a portfolio of digital assets worth $27.5 million.

The accounts, along with others tagged and monitored by Arkham, provide a total portfolio breakdown of their holdings across different blockchains, presenting a complete view of their investment operations and historical balance modifications.

However, the list is limited to wallets linked to identifiable individuals. It does not include anonymous or pseudonymous holders like Satoshi Nakamoto, whose estimated worth in Bitcoin runs into tens of billions.

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The global crypto market has been experiencing heavy volatility over the last weeks due to several factors like pre-halving correction and global crisis. The majority of the tokens in the market are trading in the red as depicted in the crypto heat map. Bitcoin previously spiked to reach $67k on Monday before crashing below $62,000 in the early hours of Tuesday.

Source: CoinMarketCap

Consequently, the general crypto market cap has taken a hit. According to data from CoinMarketCap, the total crypto market capitalization has dropped by a notable 5.15% to $2.29 trillion over the last day. Nevertheless, the total trading volume across the market has grown by 1.53% to reach $116.8 billion within the observed timeframe. Also, it is important to note that the volume of all stablecoins is now $109.1 billion, representing over 93% of the total crypto market trading volume in the last day.

Let us take a look at the price update of some major cryptocurrencies in the market.

Major Cryptocurrency Price Update Today

At the forefront of the crypto market is Bitcoin, the largest cryptocurrency by market cap. The Bitcoin (BTC) price has dropped by a significant 4.19% in the last 24 hours to trade at $63,640. What is more, BTC trading volume over the last day has spiked by 1.40% to $44 billion. BTC now has a live market cap of $1.24 trillion representing a 4.54% drop in the last 24 hours.

Ethereum, the second-largest cryptocurrency in the world has also witnessed a dip. The Ethereum (ETH) price over the last day has dropped by 4.67% to $3,100. Furthermore, ETH has a 24-hour trading volume of $21.8 billion signifying a 3.70% drop within the time. Finally, the Ethereum market cap rests at $372 billion.

Other altcoins like BNB (Binance Coin) also join in the bloodbath. The BNB price has been reduced by 4% to trade at $548. Similarly, its trade volume has dropped significantly by over 6% to reach $1.4 billion.

After fixing its congestion issue with a recent update, the Solana price has taken the most notable hit among the coins in the top ten list. SOL has dipped by 11% within the last 24 hours to trade at $136.9. Also, its trading volume has plummeted by 12% to $5.4 billion within that time. Solana (SOL) now has a market cap of $61.1 billion.

Toncoin (TON) previously overtook Dogecoin (DOGE) to become the 8th-largest cryptocurrency in the market, however, with the recent price crash, the token has fallen one step to the #9 spot. The TON price in the last 24 hours has suffered a hit of 12% to trade at $6.25. In addition, TON now has a 24-hour trading volume of $516 million representing a 21.18% drop within the observed time.

Top Gainers Today

Despite the downtrend in the global crypto market, some tokens have exhibited resilience and surged significantly. The top gainers today include;

Kittenwifhat (KITTENWIF): Memecoins are known to skyrocket in value within a short time. According to CoinMarketCap data, the Kittenwifhat (KITTENWIF) price has surged by 38% in the last 24 hours to trade at $0.006052. Its market cap now rests at $6 million with a 24-hour trading volume of $3.8 million.

Core (CORE): Still on that list is Core (CORE). The CORE price has surged exponentially by 36% in the last 24 hours with a live market cap of $2 billion. Furthermore, the trading volume of the token has skyrocketed by 225% over the last day to $706.2 million. Core is a layer 1 blockchain that is compatible with Ethereum Virtual Machine (EVM). The Core network is powered by the “Satoshi Plus” consensus mechanism.

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Ignoring the high market volatility in recent days, Bitcoin whales have continued to amass a huge number of BTC tokens in anticipation of the coming halving event. This move underscores investors’ confidence in the asset, creating positive sentiment across the market and hoping for an imminent price surge. Meanwhile, the move coincides with the reduced inflows into Bitcoin spot ETF in the last few weeks.

Bitcoin’s price has fluctuated greatly since last weekend, rising and dropping sharply. At the beginning of the week, the tokens’ price increased to $67,000 before crashing back to the $62k zone. Despite this, whales continue to buy the dip, expecting an upward trajectory soon.

Bitcoin Whales Bet Large

In an exciting development, Bitcoin, the largest cryptocurrency by trade volume, has enjoyed massive investments from whales (large investors) over the last month. Recent data shows that these entities have accumulated significant tokens ahead of the halving event scheduled to take place between April 19 and April 20.

According to Santiment, a cryptocurrency intelligence tool, wallets holding between 100 to 100k BTC have acquired additional tokens in their thousands compared to previous months. The tool breaks down the transactions clearly to show how much each category has acquired.

Source: Santiment

Per the data, wallets holding between 100 to 1,000 BTC have bought a total of 43,489 tokens (worth approximately $2.75 billion). Additionally, wallets holding between 1,000 to 10,000 Bitcoins have accumulated about 80,544 tokens (worth $5.10 billion). Finally, wallets with BTC tokens between 10,000 to 100,000 have bought 91,732 coins, valued at approximately $5.80 billion. The behavior of the above group has shown resilience against the FUD spreading across the crypto market over the last few weeks.

Meanwhile, since the third week of April, investor interest in Bitcoin ETFs has dropped, with net negative outflows. The demand for Bitcoin ETFs hasn’t increased for the past four weeks. Still, even without taking into account transactions relating to ETF settlements, there is a noticeable amount of on-chain accumulating activity.

Bitcoin (BTC) price today

According to data from CoinMarketCap, Bitcoin has dropped by a significant 5% over the last 24 hours, trading at $63,409. Additionally, its market cap has been reduced by a similar amount to $1,24 trillion. However, the activities surrounding the token as shown in its 24-hours trading volume have spiked by 1.74% to $43.9 billion within this time.

As a result, the positive sentiment surrounding the crypto market, portrayed in the crypto fear & greed index, has dropped by almost ten points to ’65’ according to Alternative data. Ultimately, the global crypto market cap has declined by 5.15% to $2.29 trillion in the last 24 hours.

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Former Binance CEO Changpeng Zhao, commonly known as “CZ,” is set to appear before a federal judge, over 160 days after he admitted guilt to a felony charge under a plea agreement with U.S. authorities.

On April 30, United States District Court for the Western District of Washington, under Judge Richard Jones, will conduct a hearing involving statements from both the prosecution and CZ’s defense team. This session ranks among the most closely watched legal events in the cryptocurrency industry following the conviction and sentencing of ex-FTX CEO Sam Bankman-Fried.

Although Zhao’s sentencing was previously postponed, it is scheduled to proceed by the end of the month according to the latest report.

Former Binance CEO Could Get Up To 10 Years In Federal Prison

In November 2023, Zhao admitted guilty to a single charge of failing to maintain an effective Anti-Money Laundering (AML) program at Binance, thereby breaching the Bank Secrecy Act. As part of the plea agreement, he stepped down from his role as CEO, and together with the cryptocurrency exchange, agreed to a $4.3 billion settlement to resolve civil regulatory enforcement actions in the United States, excluding any legal action by the Securities and Exchange Commission (SEC).

According to U.S. sentencing guidelines, Judge Jones has the authority to sentence Zhao to a maximum of 10 years in federal prison, although the guideline range for his offense is 12 to 18 months. In comparison, Bankman-Fried was sentenced to 25 years on March 28 under different circumstances, despite both individuals being prominent figures in the cryptocurrency sector. Observers have noted that Zhao’s cooperative stance and guilty plea might allow him to avoid prison time altogether.

Moe Vela, a former Director of Administration for then-Vice President Joe Biden, explained that while the charges in these cases differ, they are alike in demonstrating the U.S. Justice Department, SEC, and federal government’s commitment to not tolerating wrongful acts. Vela suggested that U.S. officials might be attempting to deter criminal activities within the cryptocurrency field, and speculated that Zhao might receive leniency from the judge due to his cooperation and acknowledgment of wrongdoing.

Terrorism Surrounding Hamas Could Affect Former Binance CEO Sentencing

Mark Bini, a former Assistant U.S. Attorney from the Eastern District of New York, informed that CZ’s legal issues appeared more regulatory in nature compared to the criminal case against Bankman-Fried. However, Bini noted that the recent Hamas attack on Israel could potentially sway the sentencing judge in CZ’s case.

Following the attack by Hamas, numerous reports have linked cryptocurrency to the financing of terrorist groups. These reports may be indirectly connected to the charges faced by the ex-Binance CEO, including his failure to establish an adequate anti-money laundering (AML) program, alongside the civil lawsuit against the exchange.

Bini pointed out that public perception and government stance might converge due to allegations against Binance for laundering funds linked to Hamas. This perspective could be used to demonstrate the severe implications of what might otherwise seem like a mere regulatory violation, possibly influencing the prosecution’s arguments for harsher penalties.

Bini also mentioned that the gravity of the facts could lead the judge to consider a more severe sentence for CZ. Since his guilty plea, Zhao has been largely allowed to travel within certain U.S. regions on a $175 million bond, although requests for him to visit family in the United Arab Emirates before his hearing have been consistently denied by the judge.

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