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Cryptocurrency Kaspa (KAS) Price Increased More Than 4% in 24 Hours
The price of Kaspa (KAS) has increased 4.23% over the past 24 hours to $0.17, which is in the opposite direction of its trend over the past week, where it has experienced a 6.0% loss, moving from $0.18 to its current price.
As it stands right now, the coin’s all-time high is $0.19.
The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Kaspa
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%.
This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion.
Kaspa Price Chart | Source: Coinstats
According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
As it stands right now, the coin’s all-time high is $0.19.
The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Kaspa
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%.
This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion.
Kaspa Price Chart | Source: Coinstats
According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Cryptocurrency Kaspa (KAS) Up More Than 4% in 24 Hours
The price of Kaspa (KAS) has increased 4.23% over the past 24 hours to $0.17, which is in the opposite direction of its trend over the past week, where it has experienced a 6.0% loss, moving from $0.18 to its current price.
As it stands right now, the coin’s all-time high is $0.19.
The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%.
This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion.
According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
As it stands right now, the coin’s all-time high is $0.19.
The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%.
This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion.
According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The Price of Render (RNDR) Increased More Than 10% Within 24 Hours
Over the past 24 hours, the price of Render (RNDR) has risen 10.0% to $9.09.
This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.
The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%.
This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million.
According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.
The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%.
This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million.
According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The Price of Render (RNDR) Increased More Than 10% Within 24 Hours
Over the past 24 hours, the price of Render (RNDR) has Increased 10.0% to $9.09.
This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.
The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Render
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%.
This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million.
Render Price Chart | Source: Coinstats
According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.
The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Render
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%.
This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million.
Render Price Chart | Source: Coinstats
According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Cryptocurrency Stacks (STX) Rises More Than 8% in 24 Hours
Over the past 24 hours, the price of Stacks (STX) rose 8.84% to $2.39.
This continues its positive trend over the past week where it has experienced a 2.0% gain, moving from $2.38 to its current price. As it stands right now, the coin’s all-time high is $3.86.
The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Stacks
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements.
The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Stacks‘ trading volume has climbed 22.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.56%.
This brings the circulating supply to 1.47 billion, which makes up an estimated 80.68% of its max supply of 1.82 billion.
Stacks Price Chart | Source: Coinstats
According to our data, the current market cap ranking for STX is #33 at $3.56 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This continues its positive trend over the past week where it has experienced a 2.0% gain, moving from $2.38 to its current price. As it stands right now, the coin’s all-time high is $3.86.
The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right).
Price Movement and Volatility for Stacks
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements.
The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Stacks‘ trading volume has climbed 22.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.56%.
This brings the circulating supply to 1.47 billion, which makes up an estimated 80.68% of its max supply of 1.82 billion.
Stacks Price Chart | Source: Coinstats
According to our data, the current market cap ranking for STX is #33 at $3.56 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Price of Internet Computer (ICP) Increased More Than 4% Within 24 Hours
The price of Internet Computer (ICP) has increased 4.16% over the past 24 hours to $10.57, which is in the opposite direction of its trend over the past week, where it has experienced a 15.0% loss, moving from $12.41 to its current price.
As it stands right now, the coin’s all-time high is $700.65.
The chart below compares the price movement and volatility for Internet Computer over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements.
The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Internet Computer’s trading volume has climbed 153.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.37%.
This brings the circulating supply to 464.94 million. According to our data, the current market cap ranking for ICP is #27 at $4.93 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
As it stands right now, the coin’s all-time high is $700.65.
The chart below compares the price movement and volatility for Internet Computer over the past 24 hours (left) to its price movement over the past week (right).
The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements.
The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Internet Computer’s trading volume has climbed 153.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.37%.
This brings the circulating supply to 464.94 million. According to our data, the current market cap ranking for ICP is #27 at $4.93 billion.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Solana Labs Introduces Web3 Gateway, Bond, for Luxury Brands
Bond, a Web3 gateway, by Solana Labs offers luxury brands a blockchain solution for authentic customer engagement.
Golden blockchain symbolizing Bond brand loyalty.
Solana Labs announced a new platform for luxury brands called Bond, aimed at leveraging blockchain to offer personalized, transparent customer experiences that foster deeper connections and long-term loyalty.
According to the announcement, the platform addresses the disconnect between brands and consumers when products change hands, which can obscure customer data and hinder relationship building.
Bond’s direct engagement capabilities, insights into consumer behavior, and blockchain-based authentication of goods enable brands to create tailored customer journeys and secure partnerships without compromising data privacy.
“Bond equips brands with the tools to deliver personalized experiences, foster trust, and cultivate enduring relationships with their customers,” shared Tal Tchwella, Head of Product at Solana Labs.
“We’re thrilled to introduce Bond as a game-changer for brands seeking to improve their customer engagement strategies, allowing them to design bespoke loyalty programs and rewards that encourage repeat engagement and increase overall customer value.”
Bond also introduces new opportunities for digital collectibles, luxury goods authentication, digital product passports, and collaborative campaigns.
It utilizes the Solana blockchain’s speed, scalability, and low costs to provide a frictionless user experience, making blockchain integration simple for brands without the need for blockchain expertise.
This development reinforces Solana’s role as an infrastructure for Web3 developments.
On May 29th, PayPal chose Solana as the first blockchain to expand the offering of its stablecoin, the PYUSD.
The network is already partnered with other significant payment players like Visa, Stripe, and Shopify.
Golden blockchain symbolizing Bond brand loyalty.
Solana Labs announced a new platform for luxury brands called Bond, aimed at leveraging blockchain to offer personalized, transparent customer experiences that foster deeper connections and long-term loyalty.
According to the announcement, the platform addresses the disconnect between brands and consumers when products change hands, which can obscure customer data and hinder relationship building.
Bond’s direct engagement capabilities, insights into consumer behavior, and blockchain-based authentication of goods enable brands to create tailored customer journeys and secure partnerships without compromising data privacy.
“Bond equips brands with the tools to deliver personalized experiences, foster trust, and cultivate enduring relationships with their customers,” shared Tal Tchwella, Head of Product at Solana Labs.
“We’re thrilled to introduce Bond as a game-changer for brands seeking to improve their customer engagement strategies, allowing them to design bespoke loyalty programs and rewards that encourage repeat engagement and increase overall customer value.”
Bond also introduces new opportunities for digital collectibles, luxury goods authentication, digital product passports, and collaborative campaigns.
It utilizes the Solana blockchain’s speed, scalability, and low costs to provide a frictionless user experience, making blockchain integration simple for brands without the need for blockchain expertise.
This development reinforces Solana’s role as an infrastructure for Web3 developments.
On May 29th, PayPal chose Solana as the first blockchain to expand the offering of its stablecoin, the PYUSD.
The network is already partnered with other significant payment players like Visa, Stripe, and Shopify.
PayPal Partners With MoonPay to Expand Service to EU and UK
PayPal payments are live to users of the digital assets payment platform MoonPay across the European Union (EU) and the United Kingdom (UK).
According to the press release shared with Bitcoinworld, PayPal is now available to 1% of MoonPay customers in the UK and EU, with 100% availability expected in the next few weeks. The exceptions are Croatia, Hungary, and Iceland.
This means that users in 24 EU member states and the UK can now buy cryptocurrency using their PayPal account.
The team remarked that the integration simplifies transactions for MoonPay users with existing PayPal accounts.
They can fund their crypto purchases with PayPal Balance, direct bank withdrawal, or debit cards.
Additionally, neither of these options requires them to enter details manually.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, commented on “the success of our PayPal partnership.”
He stated that “expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”
The US Move Has Been a Success
The expansion of this service to the EU and the UK follows the US launch last month.
MoonPay partnered with PayPal on May 2 and rolled out the service to 100% of users.
It stated that this move demonstrated strong demand for PayPal as a payment option to buy crypto.
In this latest announcement, the team has shared “impressive results” they’ve seen so far. These include:
New demographic: MoonPay’s integration with PayPal unlocks a more mature user base with an average age of 35 years old.
Popularity: PayPal is the third most popular payment method in the US, overtaking Google Pay, sitting “slightly behind” cards and Apple Pay;
Increased engagement: nearly 90% of users who successfully connect to PayPal proceed with a transaction;
Higher conversion: new customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.
Moreover, the integration is a major development for MoonPay, given that it became the first platform of its kind to incorporate this payment giant, the team stated.
It added that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”
Forming Partnerships, Expanding Offerings
MoonPay has been quite busy over the past few months.
@BullpenFi
Welcome to the MoonPay fam! pic.twitter.com/O7LKPgTowF
— MoonPay (@moonpay) June 12, 2024
In October last year, it announced a partnership with Mastercard to advance Web3 integrations, build connections, and boost marketing tools.
That same month, it unveiled its new Swaps feature in the app, which enables users to swap one cryptocurrency for another.
Then, in November, amid increased regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.
In May this year, the company donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.
Meanwhile, MoonPay saw significant investor support in November 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, with a valuation of $3.4 billion.
As for PayPal, at the end of May, it said it’s expanding PYUSD to the Solana blockchain.
It was also revealed that the stablecoin includes a feature called “confidential transfers” to provide privacy for users and transparency for regulators.
According to the press release shared with Bitcoinworld, PayPal is now available to 1% of MoonPay customers in the UK and EU, with 100% availability expected in the next few weeks. The exceptions are Croatia, Hungary, and Iceland.
This means that users in 24 EU member states and the UK can now buy cryptocurrency using their PayPal account.
The team remarked that the integration simplifies transactions for MoonPay users with existing PayPal accounts.
They can fund their crypto purchases with PayPal Balance, direct bank withdrawal, or debit cards.
Additionally, neither of these options requires them to enter details manually.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, commented on “the success of our PayPal partnership.”
He stated that “expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”
The US Move Has Been a Success
The expansion of this service to the EU and the UK follows the US launch last month.
MoonPay partnered with PayPal on May 2 and rolled out the service to 100% of users.
It stated that this move demonstrated strong demand for PayPal as a payment option to buy crypto.
In this latest announcement, the team has shared “impressive results” they’ve seen so far. These include:
New demographic: MoonPay’s integration with PayPal unlocks a more mature user base with an average age of 35 years old.
Popularity: PayPal is the third most popular payment method in the US, overtaking Google Pay, sitting “slightly behind” cards and Apple Pay;
Increased engagement: nearly 90% of users who successfully connect to PayPal proceed with a transaction;
Higher conversion: new customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.
Moreover, the integration is a major development for MoonPay, given that it became the first platform of its kind to incorporate this payment giant, the team stated.
It added that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”
Forming Partnerships, Expanding Offerings
MoonPay has been quite busy over the past few months.
@BullpenFi
Welcome to the MoonPay fam! pic.twitter.com/O7LKPgTowF
— MoonPay (@moonpay) June 12, 2024
In October last year, it announced a partnership with Mastercard to advance Web3 integrations, build connections, and boost marketing tools.
That same month, it unveiled its new Swaps feature in the app, which enables users to swap one cryptocurrency for another.
Then, in November, amid increased regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.
In May this year, the company donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.
Meanwhile, MoonPay saw significant investor support in November 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, with a valuation of $3.4 billion.
As for PayPal, at the end of May, it said it’s expanding PYUSD to the Solana blockchain.
It was also revealed that the stablecoin includes a feature called “confidential transfers” to provide privacy for users and transparency for regulators.
Bitcoin Miners Sell BTC Worth $83 Million, Causing BTC Price to Fall Below $67k Now?
Bitcoin (BTC) miners sold over $83 million in BTC recently.
BTC has dropped below the $67,000 price level.
Bitcoin (BTC) has experienced declines over the past few days, with the most notable drop occurring on 11th June. In response to this decline, miners have been selling off their holdings to take some profits.
However, these sales are not being reflected on the exchanges. Despite these circumstances, the open interest continues to maintain a respectable volume.
OTC Sales Deplete The Bitcoin Miner Reserve
An analysis of key Bitcoin miner metrics revealed a decline in miner holdings. The miner reserve, while maintaining a volume of around 1.8 million, has experienced slight declines.
However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.
The metrics may be confusing at first because the flow of BTC from miner wallets is not visible, yet the reserve has seen declines.
However, the situation becomes clearer when analyzing Over the Counter (OTC) sales.
An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings.
According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold.
This is a sign of miner capitulation, indicating that miners are selling their BTC holdings, potentially due to financial pressures or to lock in profits amidst market declines.
These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.
How Has BTC Trended Amidst Sell-offs
An analysis of Bitcoin on a daily time frame chart showed a negative trend over the last seven days.
Bitcoinworld analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.
However, BTC saw another major decline on 11th June, taking its price lower. Analysis of the chart showed that it declined by over 3%, bringing its price down to the $67,000 range.
At this rate, Bitcoin was moving dangerously close to its short moving average (yellow line), which has served as support at around the $65,000 price range.
As of this writing, BTC was trading at around $68,778, with a slight attempt at an uptrend.
Analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.
Bitcoin Still Getting Lots Of Interests
An analysis of another key metric revealed that despite the miner sell-off and the price decline, Bitcoin continues to see a high volume of interest.
This suggests that, even in a bear trend, there remains significant engagement and potential optimism in the market.
A look at the Open Interest chart from Coinglass showed it was around $34 billion as of this writing.
Analysis of the chart indicated that its all-time high (ATH) was around $39 billion, a level achieved in March when the BTC price was over $70,000.
This suggests that cash inflow has not stopped, and many traders are buying in due to the price drop.
Additionally, comparing the current open interest (OI) to its all-time high (ATH) shows that there has been no significant loss of positive sentiment around the price of BTC.
Despite the recent declines, traders remain engaged and optimistic about Bitcoin’s potential.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
BTC has dropped below the $67,000 price level.
Bitcoin (BTC) has experienced declines over the past few days, with the most notable drop occurring on 11th June. In response to this decline, miners have been selling off their holdings to take some profits.
However, these sales are not being reflected on the exchanges. Despite these circumstances, the open interest continues to maintain a respectable volume.
OTC Sales Deplete The Bitcoin Miner Reserve
An analysis of key Bitcoin miner metrics revealed a decline in miner holdings. The miner reserve, while maintaining a volume of around 1.8 million, has experienced slight declines.
However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.
The metrics may be confusing at first because the flow of BTC from miner wallets is not visible, yet the reserve has seen declines.
However, the situation becomes clearer when analyzing Over the Counter (OTC) sales.
An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings.
According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold.
This is a sign of miner capitulation, indicating that miners are selling their BTC holdings, potentially due to financial pressures or to lock in profits amidst market declines.
These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.
How Has BTC Trended Amidst Sell-offs
An analysis of Bitcoin on a daily time frame chart showed a negative trend over the last seven days.
Bitcoinworld analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.
However, BTC saw another major decline on 11th June, taking its price lower. Analysis of the chart showed that it declined by over 3%, bringing its price down to the $67,000 range.
At this rate, Bitcoin was moving dangerously close to its short moving average (yellow line), which has served as support at around the $65,000 price range.
As of this writing, BTC was trading at around $68,778, with a slight attempt at an uptrend.
Analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.
Bitcoin Still Getting Lots Of Interests
An analysis of another key metric revealed that despite the miner sell-off and the price decline, Bitcoin continues to see a high volume of interest.
This suggests that, even in a bear trend, there remains significant engagement and potential optimism in the market.
A look at the Open Interest chart from Coinglass showed it was around $34 billion as of this writing.
Analysis of the chart indicated that its all-time high (ATH) was around $39 billion, a level achieved in March when the BTC price was over $70,000.
This suggests that cash inflow has not stopped, and many traders are buying in due to the price drop.
Additionally, comparing the current open interest (OI) to its all-time high (ATH) shows that there has been no significant loss of positive sentiment around the price of BTC.
Despite the recent declines, traders remain engaged and optimistic about Bitcoin’s potential.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Russian Crypto Mining Firm Intelion Makes $135 Million AI Investment
Russian crypto mining firms are continuing to spend big on new projects, with the Bitcoin mining player Intelion unveiling a $135 million AI investment.
The Intelion business group, one of the largest industrial mining operators in Russia, said it would spend the money on “server equipment for AI computing.”
Per the Russian media outlet RBC, the company will use its “new capacities” as “part of” a new “data center” project in the Samara Oblast.
Russian Crypto Mining Firms Ready to Spend Big
Intelion says that to “implement” its new AI project, it will spin off its “high-performance computing business” into a subsidiary.
This new firm will be named Intelion Cloud. It will reportedly focus on “developing a group of companies in the AI field.”
It will also “provide clients with access to high-performance computing power.”
Domestic crypto mining companies have grown quickly as global crypto markets have boomed.
In addition, they have also struck deals with energy providers in parts of Russia with cooler climates and low electricity fees.
This rapid expansion has seen the industry branch out into AI-related industries. Players have also offered Moscow access to brand-new data centers, hoping this will lead regulators to look favorably upon their industry.
Moscow is hoping to launch a nationwide IT development project. And crypto mining players say their data centers will help the government achieve its goal.
Could AI Become a New Money Spinner for Crypto Miners?
Russian experts claim that AI development will spike energy consumption figures. They think that by 2035, Russian electricity consumption in the AI sector “will reach 4.5 GW.”
Experts say that “new infrastructure and advanced GPUs” are urgently needed to help facilitate the rise of the domestic AI field. Maxim Vyaznikov, Intelion Cloud’s inaugural CEO, said:
“Industrial crypto mining allows us to create and maintain large-scale infrastructure designed for the future. It will also help recoup investments due to the high current demand for computing power.”
The firm said that the “first phase” of its new Samara data center will come online “in the fourth quarter of 2024.”
Additionally, the company said that a further $48.2 million would be spent on the construction of the data center “in the next two and a half years.”
Russia's economy is growing, but can it last? https://t.co/NPwoinkBue
— BBC News (World) (@BBCWorld) June 6, 2024
Miners Branch out in Russia – and Beyond
Intelion Cloud says it “already has” a range of modern servers. These reportedly include “advanced” Nvidia A100 series graphics accelerators.
The mining player appears keen to provide “per-second pricing” options for AI firms who need to rent servers.
RBC noted that the growing demand for electricity “for the uninterrupted operation of AI systems” was creating “additional income for Bitcoin miners.”
Miners in the United States have launched similar projects. These include the American mining firm Core Scientific.
Earlier this month, Core Scientific announced a $3.5 billion, 12-year agreement with the cloud service provider CoreWeave.
Tonight, we announced that Core Scientific will be providing an additional ~200 MW of infrastructure to host @CoreWeave #HPC services.
– ~200 MW of infrastructure for HPC compute– Estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the… pic.twitter.com/GWRaJuJdZs
— Core Scientific (@Core_Scientific) June 4, 2024
The deal will see the miner supply some 200 MW to AI projects, reportedly netting the miner an average annual income of some $290 million.
Miners Hope for Regulatory Breakthrough
The sector is hoping for a breakthrough with regulators as it continues to push for the legalization of industrial mining.
Government officials say they support moves that would grant mining recognition as a form of “entrepreneurship.”
In February, the Russian crypto mining firm BitRiver announced it was building a new 100 MW data center in the southern republic of Buryatia.
Many Russian crypto mining players are taking care to build their new data centers outside more popular Bitcoin industry hubs such as Irkutsk.
While Samara has hot summers, its winters are cold. The region is famous for its oil refining and petrochemical industries.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The Intelion business group, one of the largest industrial mining operators in Russia, said it would spend the money on “server equipment for AI computing.”
Per the Russian media outlet RBC, the company will use its “new capacities” as “part of” a new “data center” project in the Samara Oblast.
Russian Crypto Mining Firms Ready to Spend Big
Intelion says that to “implement” its new AI project, it will spin off its “high-performance computing business” into a subsidiary.
This new firm will be named Intelion Cloud. It will reportedly focus on “developing a group of companies in the AI field.”
It will also “provide clients with access to high-performance computing power.”
Domestic crypto mining companies have grown quickly as global crypto markets have boomed.
In addition, they have also struck deals with energy providers in parts of Russia with cooler climates and low electricity fees.
This rapid expansion has seen the industry branch out into AI-related industries. Players have also offered Moscow access to brand-new data centers, hoping this will lead regulators to look favorably upon their industry.
Moscow is hoping to launch a nationwide IT development project. And crypto mining players say their data centers will help the government achieve its goal.
Could AI Become a New Money Spinner for Crypto Miners?
Russian experts claim that AI development will spike energy consumption figures. They think that by 2035, Russian electricity consumption in the AI sector “will reach 4.5 GW.”
Experts say that “new infrastructure and advanced GPUs” are urgently needed to help facilitate the rise of the domestic AI field. Maxim Vyaznikov, Intelion Cloud’s inaugural CEO, said:
“Industrial crypto mining allows us to create and maintain large-scale infrastructure designed for the future. It will also help recoup investments due to the high current demand for computing power.”
The firm said that the “first phase” of its new Samara data center will come online “in the fourth quarter of 2024.”
Additionally, the company said that a further $48.2 million would be spent on the construction of the data center “in the next two and a half years.”
Russia's economy is growing, but can it last? https://t.co/NPwoinkBue
— BBC News (World) (@BBCWorld) June 6, 2024
Miners Branch out in Russia – and Beyond
Intelion Cloud says it “already has” a range of modern servers. These reportedly include “advanced” Nvidia A100 series graphics accelerators.
The mining player appears keen to provide “per-second pricing” options for AI firms who need to rent servers.
RBC noted that the growing demand for electricity “for the uninterrupted operation of AI systems” was creating “additional income for Bitcoin miners.”
Miners in the United States have launched similar projects. These include the American mining firm Core Scientific.
Earlier this month, Core Scientific announced a $3.5 billion, 12-year agreement with the cloud service provider CoreWeave.
Tonight, we announced that Core Scientific will be providing an additional ~200 MW of infrastructure to host @CoreWeave #HPC services.
– ~200 MW of infrastructure for HPC compute– Estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the… pic.twitter.com/GWRaJuJdZs
— Core Scientific (@Core_Scientific) June 4, 2024
The deal will see the miner supply some 200 MW to AI projects, reportedly netting the miner an average annual income of some $290 million.
Miners Hope for Regulatory Breakthrough
The sector is hoping for a breakthrough with regulators as it continues to push for the legalization of industrial mining.
Government officials say they support moves that would grant mining recognition as a form of “entrepreneurship.”
In February, the Russian crypto mining firm BitRiver announced it was building a new 100 MW data center in the southern republic of Buryatia.
Many Russian crypto mining players are taking care to build their new data centers outside more popular Bitcoin industry hubs such as Irkutsk.
While Samara has hot summers, its winters are cold. The region is famous for its oil refining and petrochemical industries.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Elon Musk Drops Lawsuit Against OpenAI
Elon Musk dropped his lawsuit against OpenAI, according to two June 11 court filings.
One filing states that Musk, as the plaintiff, filed a notice of entry of dismissal and proof of service.
The other states that the case has been dismissed without prejudice, leaving Musk with the option of refiling it later.
CNBC reported the same day that the Superior Court of California of the County of San Francisco intended to proceed with a hearing on June 12 before Musk dropped the case.
The hearing would have considered OpenAI and associated defendants’ request to dismiss the lawsuit.
The Lawsuit
Musk filed his lawsuit against OpenAI, its co-founder and CEO, Sam Altman, and several other company members on Feb. 29.
Musk raised numerous formal charges, including a breach of contract and engagement in unfair competition.
The lawsuit alleged that OpenAI now develops AI for profit rather than for the benefit of humanity, has turned to a closed-source model, and has effectively become a subsidiary of its funding source and partner, Microsoft.
In March, OpenAI issued a public statement claiming that Musk had recognized the need for a for-profit model. The firm said it intended to request the court to dismiss the case at that time.
Musk helped establish OpenAI and remained on the company’s board until 2018.
He currently leads competing firm xAI, which claims to have pro-humanity goals.
The company secured $6 billion in funding in May, bringing its valuation to $24 billion.
One filing states that Musk, as the plaintiff, filed a notice of entry of dismissal and proof of service.
The other states that the case has been dismissed without prejudice, leaving Musk with the option of refiling it later.
CNBC reported the same day that the Superior Court of California of the County of San Francisco intended to proceed with a hearing on June 12 before Musk dropped the case.
The hearing would have considered OpenAI and associated defendants’ request to dismiss the lawsuit.
The Lawsuit
Musk filed his lawsuit against OpenAI, its co-founder and CEO, Sam Altman, and several other company members on Feb. 29.
Musk raised numerous formal charges, including a breach of contract and engagement in unfair competition.
The lawsuit alleged that OpenAI now develops AI for profit rather than for the benefit of humanity, has turned to a closed-source model, and has effectively become a subsidiary of its funding source and partner, Microsoft.
In March, OpenAI issued a public statement claiming that Musk had recognized the need for a for-profit model. The firm said it intended to request the court to dismiss the case at that time.
Musk helped establish OpenAI and remained on the company’s board until 2018.
He currently leads competing firm xAI, which claims to have pro-humanity goals.
The company secured $6 billion in funding in May, bringing its valuation to $24 billion.
ZkSync’s Token Launch Sparks Debate: Here’s All You Need to Know
Layer-2 scaling solution for Ethereum (ETH), ZKSync, has announced the date for its token launch. According to the announcement, the ZK token would launch on the 17th of June.
However, the disclosure seemed to have caused controversy especially, among early users of the protocol. zkSync began development on its Mainnet in 2023.
The fundamentals of the project attracted a lot of users to the network. There was also speculation that the project would reward its community with the ZK token which ZKSync seemed to have fulfilled.
Not Everyone Is Happy
In the announcement dated 11th of June, the protocol said “ZK is the Endgame.” It also gave information about the token distribution. From the information Bitcoinworld got, 17.5% of the total 21 billion supply would go to its community.
In addition, the team and investors would get 16.1% and 17.2% respectively. Others were dedicated to the token assembly and ecosystem initiatives.
With respect to this, the project disclosed that,
“17.5% of the overall supply will be distributed through a one-time airdrop. The rest will be distributed over time, through ecosystem initiatives, managed by the ZKsync Foundation, and the ZK Nation governance process, to support a growing ecosystem as new users come onchain.”
However, the development did not go down well with some of the early users. At press time, Bitcoinworld found a series of comments noting that the distribution was unfair.
On X, a certain user with the handle “Caneleo” mentioned that the maximum allocation should have been 20,000 tokens.
top allocation shouldn't be this big this is not fair it should have been max 10-20k $zk imo
— Caneleo (@Caneleo55) June 11, 2024
According to him, this would have allowed ZK to reach some wallets that were considered ineligible.
TVL Tanks, But Will ZK Launch At $1?
At the same time, ZKSync explained how it arrived at the distribution. It noted that 89% of the 17.5% were allocated to those who transacted a substantial figure on the network.
The remaining 11% went to developers, researchers, and the likes. Nonetheless, the clarification did not change the opinions of some of the ineligible users.
Furthermore, the Total Value Locked (TVL) of ZKSync had begun to tank at press time. The TVL measures the value of assets locked or staked in a protocol.
A few weeks back, the TVL of ZKSync Era was almost $200 million. This surge was caused by the trust that participants had in the protocol that it would yield a good return.
However, at press time, the value was down to $133.03 million. The recent decrease implied that users were increasingly withdrawing their assets from the protocol.
Realistic Or Not, Here’s ZK’s Market Cap In ETH Terms
Should this continue, the TVL might drop as low as $100 million. In the meantime, there have been predictions about the ZK token with some saying it could hit $1 at launch.
However, details from Whales Market, a pre-listing platform, showed the price trading at $0.34 as of this writing.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
However, the disclosure seemed to have caused controversy especially, among early users of the protocol. zkSync began development on its Mainnet in 2023.
The fundamentals of the project attracted a lot of users to the network. There was also speculation that the project would reward its community with the ZK token which ZKSync seemed to have fulfilled.
Not Everyone Is Happy
In the announcement dated 11th of June, the protocol said “ZK is the Endgame.” It also gave information about the token distribution. From the information Bitcoinworld got, 17.5% of the total 21 billion supply would go to its community.
In addition, the team and investors would get 16.1% and 17.2% respectively. Others were dedicated to the token assembly and ecosystem initiatives.
With respect to this, the project disclosed that,
“17.5% of the overall supply will be distributed through a one-time airdrop. The rest will be distributed over time, through ecosystem initiatives, managed by the ZKsync Foundation, and the ZK Nation governance process, to support a growing ecosystem as new users come onchain.”
However, the development did not go down well with some of the early users. At press time, Bitcoinworld found a series of comments noting that the distribution was unfair.
On X, a certain user with the handle “Caneleo” mentioned that the maximum allocation should have been 20,000 tokens.
top allocation shouldn't be this big this is not fair it should have been max 10-20k $zk imo
— Caneleo (@Caneleo55) June 11, 2024
According to him, this would have allowed ZK to reach some wallets that were considered ineligible.
TVL Tanks, But Will ZK Launch At $1?
At the same time, ZKSync explained how it arrived at the distribution. It noted that 89% of the 17.5% were allocated to those who transacted a substantial figure on the network.
The remaining 11% went to developers, researchers, and the likes. Nonetheless, the clarification did not change the opinions of some of the ineligible users.
Furthermore, the Total Value Locked (TVL) of ZKSync had begun to tank at press time. The TVL measures the value of assets locked or staked in a protocol.
A few weeks back, the TVL of ZKSync Era was almost $200 million. This surge was caused by the trust that participants had in the protocol that it would yield a good return.
However, at press time, the value was down to $133.03 million. The recent decrease implied that users were increasingly withdrawing their assets from the protocol.
Realistic Or Not, Here’s ZK’s Market Cap In ETH Terms
Should this continue, the TVL might drop as low as $100 million. In the meantime, there have been predictions about the ZK token with some saying it could hit $1 at launch.
However, details from Whales Market, a pre-listing platform, showed the price trading at $0.34 as of this writing.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Analyst Predicts Bitcoin to Reach $83K in Coming Days; Rebel Satoshi (RECQ) Draws Investor Intere...
TLDR
A renowned crypto market analyst says Bitcoin (BTC) could soon approach the $83,000 price mark.
Rebel Satoshi (RECQ) promises 184% gains by the end of the presale, making it the best crypto to buy now.
Markus Thielen, the founder of 10x Research, recently stated that Bitcoin (BTC) holders can expect a new record high during the second half of June 2024. Meanwhile, crypto traders have started to recognize a stunning investment opportunity in the form of Rebel Satoshi’s RECQ.
But the main question is, why are BTC and RECQ the best crypto investment options for the next crypto bull run? Let’s find out!
Crypto Price Prediction: Will BTC Surge to $83,000?
According to a recent analysis by 10x Research CEO Markus Thielen, BTC could manage to hit a new ATH of $83,000 by the middle of June 2024. This figure would represent a 12.54% increase from Bitcoin’s all-time peak of $73,750, which BTC recorded on March 14.
Thielen’s bullish BTC price forecast is based on several factors, such as the expected Fed rate cuts after the latest U.S. nonfarm payroll data.
In addition, Thielen points out that Bitcoin’s potential surge over $72,000 during the second week of June would validate a breakout from Bitcoin’s inverted head-and-shoulders pattern. Thus, Thielen believes that “it is only a matter of time until Bitcoin makes a new all-time high.”
It’s crucial to consider that BTC has remained on an upward trajectory since the platform completed its fourth halving event on April 19. However, some analysts warn that the asset’s increased selling pressure could soon put an end to Bitcoin’s impressive crypto bull run.
Meanwhile, according to Bitcoin bears, holders should brace for corrections below the $63,000 level within the forthcoming BTC price movements.
BTC traded around the $70,000 range during the first week of June, meaning that Bitcoin’s price could decrease by more than 10% if the bearish prediction turns out to be accurate. Experts also point to Bitcoin’s pronounced price volatility as another factor behind this bearish BTC crypto price prediction.
RECQ Builds Significant Momentum as One of the Most Attractive Presale Memecoins
Rebel Satoshi is a fresh meme coin project boasting a swiftly expanding two-token ecosystem. The platform’s community-driven approach also benefits users with numerous amazing benefits.
For example, the powerful RBLZ token provides exclusive access to NFT airdrops and governance rights for community decisions. Furthermore, RBLZ raised more than $2.5 million during the presale phase and is currently selling for $0.025 on the Uniswap DEX.
RBLZ holders now expect continued rallies for the token as its current price denotes a staggering 150% surge from the starting presale price of $0.010.
Early Gains Could Grow
On the other hand, early RECQ investors are looking at remarkable 184% gains when the token reaches the $0.0125 target. For context, RECQ is available for just $0.0044 in Stage 2 of its presale, and it is all set to rise to $0.0055 when it enters Stage 3.
The token provides extensive utility within the exciting Rebel Satoshi universe, as RECQ is designed as the platform’s base currency for everyday transactions such as rewards, purchases, and fees. Hence, holders can utilize RECQ to purchase exclusive merchandise items and dive into Rebel Satoshi’s fantastic NFT collection.
Furthermore, RECQ holders also obtain access to Rebel Satoshi’s lucrative rewards program and the unforgettable gaming experience of the Rebel Satoshi Arcade. Thus, investors have started to embrace RECQ as one of the most attractive options in the present crypto space.
BTC and RECQ are set to provide enormous rewards over the next crypto bull run, so don’t hesitate to join Rebel Satoshi’s powerful army of Recusants!
For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.
A renowned crypto market analyst says Bitcoin (BTC) could soon approach the $83,000 price mark.
Rebel Satoshi (RECQ) promises 184% gains by the end of the presale, making it the best crypto to buy now.
Markus Thielen, the founder of 10x Research, recently stated that Bitcoin (BTC) holders can expect a new record high during the second half of June 2024. Meanwhile, crypto traders have started to recognize a stunning investment opportunity in the form of Rebel Satoshi’s RECQ.
But the main question is, why are BTC and RECQ the best crypto investment options for the next crypto bull run? Let’s find out!
Crypto Price Prediction: Will BTC Surge to $83,000?
According to a recent analysis by 10x Research CEO Markus Thielen, BTC could manage to hit a new ATH of $83,000 by the middle of June 2024. This figure would represent a 12.54% increase from Bitcoin’s all-time peak of $73,750, which BTC recorded on March 14.
Thielen’s bullish BTC price forecast is based on several factors, such as the expected Fed rate cuts after the latest U.S. nonfarm payroll data.
In addition, Thielen points out that Bitcoin’s potential surge over $72,000 during the second week of June would validate a breakout from Bitcoin’s inverted head-and-shoulders pattern. Thus, Thielen believes that “it is only a matter of time until Bitcoin makes a new all-time high.”
It’s crucial to consider that BTC has remained on an upward trajectory since the platform completed its fourth halving event on April 19. However, some analysts warn that the asset’s increased selling pressure could soon put an end to Bitcoin’s impressive crypto bull run.
Meanwhile, according to Bitcoin bears, holders should brace for corrections below the $63,000 level within the forthcoming BTC price movements.
BTC traded around the $70,000 range during the first week of June, meaning that Bitcoin’s price could decrease by more than 10% if the bearish prediction turns out to be accurate. Experts also point to Bitcoin’s pronounced price volatility as another factor behind this bearish BTC crypto price prediction.
RECQ Builds Significant Momentum as One of the Most Attractive Presale Memecoins
Rebel Satoshi is a fresh meme coin project boasting a swiftly expanding two-token ecosystem. The platform’s community-driven approach also benefits users with numerous amazing benefits.
For example, the powerful RBLZ token provides exclusive access to NFT airdrops and governance rights for community decisions. Furthermore, RBLZ raised more than $2.5 million during the presale phase and is currently selling for $0.025 on the Uniswap DEX.
RBLZ holders now expect continued rallies for the token as its current price denotes a staggering 150% surge from the starting presale price of $0.010.
Early Gains Could Grow
On the other hand, early RECQ investors are looking at remarkable 184% gains when the token reaches the $0.0125 target. For context, RECQ is available for just $0.0044 in Stage 2 of its presale, and it is all set to rise to $0.0055 when it enters Stage 3.
The token provides extensive utility within the exciting Rebel Satoshi universe, as RECQ is designed as the platform’s base currency for everyday transactions such as rewards, purchases, and fees. Hence, holders can utilize RECQ to purchase exclusive merchandise items and dive into Rebel Satoshi’s fantastic NFT collection.
Furthermore, RECQ holders also obtain access to Rebel Satoshi’s lucrative rewards program and the unforgettable gaming experience of the Rebel Satoshi Arcade. Thus, investors have started to embrace RECQ as one of the most attractive options in the present crypto space.
BTC and RECQ are set to provide enormous rewards over the next crypto bull run, so don’t hesitate to join Rebel Satoshi’s powerful army of Recusants!
For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.
VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players
George Town, Cayman Islands, June 12th, 2024, Chainwire
The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.
VGX is a token that bridges multiple chains and is focused on bridging utility across GameFi and gaming ecosystems.
Honeyland is a popular blockchain-based casual strategy game available on iOS and Android, and one of the top games on Solana. With the new partnership, holders of Genesis Eggs, Bees, or Queens based on a snapshot of holders taken at 17:00 UTC on June 6, 2024, will receive VGX rewards. Thanks to the previously announced partnership with Gala Games, players receiving VGX will be able to take their VGX to Gala Games, where they can purchase a Voyager: Ascension season pass unlocking the ability to earn GVGX rewards.
In addition to the VGX reward for Genesis holders, from June 12 to June 19, there will be a free VGX cosmetic trait available to all Honeyland players in the Honeyland Cosmetic Shop: a VGX-themed “Mad Hatter” style hat. The cosmetic trait can be fused to any Bee, and by doing so will boost the Capacity trait for the Bee.
“We’re always looking for new ways to reward Honeyland players,” said Corey Wright, CEO at Honeyland. “Thanks to this partnership with the VGX Foundation, we’re able to offer exciting new rewards to our players whether they’ve been with us since the beginning, or are joining today.”
The VGX Foundation’s mission is to increase the number of projects integrating and using the VGX token, growing the number of users able to access and use the token across web3 gaming. For more information, visit www.vgxfoundation.com.
For media inquiries, please contact Melrose PR at (310) 260-7901 or Info(at)Melrosepr(dot)com
About VGX Foundation
The VGX Foundation leads the evolution of decentralized gaming economies through its dynamic blockchain-based gaming token, VGX. Serving as an in-game currency and reward mechanism, VGX empowers diverse gaming communities. The VGX Foundation actively fosters growth by facilitating grants and partnerships for game developers and platforms, enabling the expansion of the token’s use case and nurturing a thriving VGX ecosystem.
Contact
Account DirectorJonthan DuranMelrose PRjonathan@melrosepr.com
The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.
VGX is a token that bridges multiple chains and is focused on bridging utility across GameFi and gaming ecosystems.
Honeyland is a popular blockchain-based casual strategy game available on iOS and Android, and one of the top games on Solana. With the new partnership, holders of Genesis Eggs, Bees, or Queens based on a snapshot of holders taken at 17:00 UTC on June 6, 2024, will receive VGX rewards. Thanks to the previously announced partnership with Gala Games, players receiving VGX will be able to take their VGX to Gala Games, where they can purchase a Voyager: Ascension season pass unlocking the ability to earn GVGX rewards.
In addition to the VGX reward for Genesis holders, from June 12 to June 19, there will be a free VGX cosmetic trait available to all Honeyland players in the Honeyland Cosmetic Shop: a VGX-themed “Mad Hatter” style hat. The cosmetic trait can be fused to any Bee, and by doing so will boost the Capacity trait for the Bee.
“We’re always looking for new ways to reward Honeyland players,” said Corey Wright, CEO at Honeyland. “Thanks to this partnership with the VGX Foundation, we’re able to offer exciting new rewards to our players whether they’ve been with us since the beginning, or are joining today.”
The VGX Foundation’s mission is to increase the number of projects integrating and using the VGX token, growing the number of users able to access and use the token across web3 gaming. For more information, visit www.vgxfoundation.com.
For media inquiries, please contact Melrose PR at (310) 260-7901 or Info(at)Melrosepr(dot)com
About VGX Foundation
The VGX Foundation leads the evolution of decentralized gaming economies through its dynamic blockchain-based gaming token, VGX. Serving as an in-game currency and reward mechanism, VGX empowers diverse gaming communities. The VGX Foundation actively fosters growth by facilitating grants and partnerships for game developers and platforms, enabling the expansion of the token’s use case and nurturing a thriving VGX ecosystem.
Contact
Account DirectorJonthan DuranMelrose PRjonathan@melrosepr.com
Space and Time Releases Sub-Second ZK Prover Under Open Software License
Los Angeles, CA, June 12th, 2024, Chainwire
Proof of SQL is orders of magnitude faster than state-of-the-art zkVMs and coprocessors.
Space and Time (SxT), the Verifiable Compute Layer for AI x Blockchain, today released Proof of SQL, a high performance zero-knowledge prover for processing data, on GitHub.
Proof of SQL is a novel ZK proof developed by SxT, which cryptographically guarantees that SQL database queries were computed accurately against untampered data. Using Proof of SQL, developers can compute over both onchain and offchain datasets in a trustless manner, proving the result back to their smart contract just-in-time during a transaction to power more sophisticated DeFi protocols with data-driven smart contracts.
“Space and Time is thrilled to lead Web3 into a new era of data-driven smart contracts and the next generation of DeFi,” said Jay White, PhD, Co-Founder and Head of Research at SxT, and the inventor of the Proof of SQL protocol. “Our team pioneered sub-second ZK proofs so that smart contracts and AI agents can ask questions about a chain’s activity, as well as offchain data, and receive back trustless SQL query results onchain during a transaction without having to wait for 30 minute proof times.”
Proof of SQL was released in alpha to a select group of SxT customers in August. With today’s release on GitHub, the protocol is now available to the public. Community members can run trustless queries on SxT on the Space and Time Studio, and developers can download the repository directly from GitHub.
Proof of SQL is the first ZK prover that runs sub-second. In the latest benchmarks run by the SxT cryptography team, the protocol can execute analytic queries over 100k-row tables in less than a second on a single GPU, and can aggregate over millions of rows of indexed data within Ethereum block time on a single NVIDIA T4.
Proof of SQL offers a significantly more performant architecture for processing large volumes of data than generalized zkVMs and co-processors. While generalized zkVMs offer an extensible solution for arbitrary computations, data processing is slow to prove.
Proof of SQL can be integrated with these zkVMs to provide verifiable source data that arbitrary code can be executed over. Space and Time encourages and invites contributions from the community, as well as other ZKP engineering teams to collaborate in the repo. The prover can be integrated into any SQL database (such as Google BigQuery), centralized or decentralized, and is already securing some of the most prominent Web3 apps, financial institutions, and enterprises.
About Space and Time
Space and Time is the verifiable compute layer for AI x blockchain that joins tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and LLMs. Space and Time has developed a novel cryptography called Proof of SQL that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. Space and Time is built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project requiring verifiable data across enterprise, blockchain and AI.
For more information, visit: Website | Twitter | Discord | Telegram | LinkedIn | YouTube
Contact
Catherine Dalymarketing@spaceandtime.io
Proof of SQL is orders of magnitude faster than state-of-the-art zkVMs and coprocessors.
Space and Time (SxT), the Verifiable Compute Layer for AI x Blockchain, today released Proof of SQL, a high performance zero-knowledge prover for processing data, on GitHub.
Proof of SQL is a novel ZK proof developed by SxT, which cryptographically guarantees that SQL database queries were computed accurately against untampered data. Using Proof of SQL, developers can compute over both onchain and offchain datasets in a trustless manner, proving the result back to their smart contract just-in-time during a transaction to power more sophisticated DeFi protocols with data-driven smart contracts.
“Space and Time is thrilled to lead Web3 into a new era of data-driven smart contracts and the next generation of DeFi,” said Jay White, PhD, Co-Founder and Head of Research at SxT, and the inventor of the Proof of SQL protocol. “Our team pioneered sub-second ZK proofs so that smart contracts and AI agents can ask questions about a chain’s activity, as well as offchain data, and receive back trustless SQL query results onchain during a transaction without having to wait for 30 minute proof times.”
Proof of SQL was released in alpha to a select group of SxT customers in August. With today’s release on GitHub, the protocol is now available to the public. Community members can run trustless queries on SxT on the Space and Time Studio, and developers can download the repository directly from GitHub.
Proof of SQL is the first ZK prover that runs sub-second. In the latest benchmarks run by the SxT cryptography team, the protocol can execute analytic queries over 100k-row tables in less than a second on a single GPU, and can aggregate over millions of rows of indexed data within Ethereum block time on a single NVIDIA T4.
Proof of SQL offers a significantly more performant architecture for processing large volumes of data than generalized zkVMs and co-processors. While generalized zkVMs offer an extensible solution for arbitrary computations, data processing is slow to prove.
Proof of SQL can be integrated with these zkVMs to provide verifiable source data that arbitrary code can be executed over. Space and Time encourages and invites contributions from the community, as well as other ZKP engineering teams to collaborate in the repo. The prover can be integrated into any SQL database (such as Google BigQuery), centralized or decentralized, and is already securing some of the most prominent Web3 apps, financial institutions, and enterprises.
About Space and Time
Space and Time is the verifiable compute layer for AI x blockchain that joins tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and LLMs. Space and Time has developed a novel cryptography called Proof of SQL that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. Space and Time is built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project requiring verifiable data across enterprise, blockchain and AI.
For more information, visit: Website | Twitter | Discord | Telegram | LinkedIn | YouTube
Contact
Catherine Dalymarketing@spaceandtime.io
OKX Sees $630 Million in Outflow Over Mounting Security Concerns As Users Flock to Binance
Popular cryptocurrency exchange OKX has seen over $630 million in outflows over the last seven days as mounting security concerns have seen users head for the exits, with data suggesting they’re moving to leading cryptocurrency exchange Binance instead.
According to data from DeFiLlama, OKX has seen $633.8 million of outflows over the last 7-day period, while leading exchange Binance saw $1.36 billion of inflows over the same period.
Other major competitors, including Bitfinex, Robinhood, Bybit, and Crypto.com all saw outflows, while HTX and KuCoin saw minor inflows of $19 million and $1.8 million respectively.
Users are moving their funds off of OKX after two different users saw their accounts get depleted with a “surprisingly similar” method by hackers who managed to breach victims’ two-factor authentication credentials through an SMS risk notification from “Hong Kong.”
According to a security expert on the microblogging platform X (formerly known as Twitter), the attackers then created a new API key, leading investigators to believe they then traded the funds for their own gain.
Security researchers at Dilation Effect identified a critical weakness on the cryptocurrency exchange: users can switch from Google Authenticator, a more secure verification method, to less secure options like email or SMS authentication which allowed the hackers to bypass users’ two-factor authentication.
Furthermore, OKX reportedly lacks crucial risk control measures. Unlike other exchanges, OKX doesn’t automatically implement a 24-hour withdrawal ban when users engage in sensitive activities like disabling 2FA or changing login credentials.
Additionally, withdrawals from whitelisted addresses lack dynamic verification based on withdrawal limits, potentially allowing attackers to exploit these loopholes.
In response to these concerns, OKX has assured users that they are investigating the incidents and will bear the financial burden if the platform is found to be at fault, although the exchange has not yet addressed the specific security flaws identified by researchers.
Essential Security Tips – Stay Safe!
Be skeptical of unsolicited offers: Do your own research.
Secure your wallet: Keep your seed phrase safe.
Verify profiles: Likes & comments from OKX ≠ endorsement
— OKX (@okx) June 11, 2024
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
According to data from DeFiLlama, OKX has seen $633.8 million of outflows over the last 7-day period, while leading exchange Binance saw $1.36 billion of inflows over the same period.
Other major competitors, including Bitfinex, Robinhood, Bybit, and Crypto.com all saw outflows, while HTX and KuCoin saw minor inflows of $19 million and $1.8 million respectively.
Users are moving their funds off of OKX after two different users saw their accounts get depleted with a “surprisingly similar” method by hackers who managed to breach victims’ two-factor authentication credentials through an SMS risk notification from “Hong Kong.”
According to a security expert on the microblogging platform X (formerly known as Twitter), the attackers then created a new API key, leading investigators to believe they then traded the funds for their own gain.
Security researchers at Dilation Effect identified a critical weakness on the cryptocurrency exchange: users can switch from Google Authenticator, a more secure verification method, to less secure options like email or SMS authentication which allowed the hackers to bypass users’ two-factor authentication.
Furthermore, OKX reportedly lacks crucial risk control measures. Unlike other exchanges, OKX doesn’t automatically implement a 24-hour withdrawal ban when users engage in sensitive activities like disabling 2FA or changing login credentials.
Additionally, withdrawals from whitelisted addresses lack dynamic verification based on withdrawal limits, potentially allowing attackers to exploit these loopholes.
In response to these concerns, OKX has assured users that they are investigating the incidents and will bear the financial burden if the platform is found to be at fault, although the exchange has not yet addressed the specific security flaws identified by researchers.
Essential Security Tips – Stay Safe!
Be skeptical of unsolicited offers: Do your own research.
Secure your wallet: Keep your seed phrase safe.
Verify profiles: Likes & comments from OKX ≠ endorsement
— OKX (@okx) June 11, 2024
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Dogecoin Dips Below $0.15, Sellers Take Control: What Now, DOGE?
Dogecoin (DOGE) dips below $0.15, having lost over 7% in the last seven days.
DOGE’s market cap fell to $20.5 billion.
Dogecoin has seen millions of dollars shaved off its market capitalization in the last 24 hours.
Dogecoin [DOGE] and other meme coins were not spared from the recent market decline. While DOGE’s volume slightly increased, analysis indicated that sellers dominated it.
Dogecoin Sees Significant Declines
Bitcoinworld’s analysis of Dogecoin on a daily time frame chart showed that it had already begun its decline before the general market downturn.
The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
At the end of trading on the 10th of June, DOGE was trading at around $0.144 after a decline of approximately 1.4%.
As of this writing, it was trading at around $0.141, following an additional decline of over 2%.
Doge Price Chart | Source: Coinstats
The analysis also showed that the over 7% decline on the 7th of June pushed its price below its short moving average (yellow line) and took it below the neutral line on its Relative Strength Index (RSI), indicating a bear trend.
As of this writing, Dogecoin’s trend remained below the yellow line, which now serves as resistance around the $0.15 price range. Additionally, the RSI was below 40, indicating a strong bear trend.
The price decline has also negatively impacted its market capitalization.
Dogecoin’s Market Cap Declines
Bitcoinworld’s look at Dogecoin’s market capitalization showed a significant decline over the past few days.
Data from CoinMarketCap indicated that before it’s over 7% decline, DOGE’s market cap was over $23 billion. However, the market capitalization fell to around $21 billion after the decline.
The meme coin’s market capitalization in the previous trading session was still around $20.9 billion. However, the recent decline has pushed the market cap to around $20.5 billion.
Despite the decline, it remained the biggest meme coin. Additionally, its volume has significantly increased in the last 24 hours.
Sellers Dominate Market
Data showed that in the last 24 hours, Dogecoin’s volume increased by over 38%. Bitcoinworld’s look at the volume on Santiment indicated that it was over $940 million as of this writing.
However, this increase is not a positive signal, given the direction of the price.
The volume trend suggests that there are more sellers than buyers, which is why the price has declined despite the recent increase in volume.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
DOGE’s market cap fell to $20.5 billion.
Dogecoin has seen millions of dollars shaved off its market capitalization in the last 24 hours.
Dogecoin [DOGE] and other meme coins were not spared from the recent market decline. While DOGE’s volume slightly increased, analysis indicated that sellers dominated it.
Dogecoin Sees Significant Declines
Bitcoinworld’s analysis of Dogecoin on a daily time frame chart showed that it had already begun its decline before the general market downturn.
The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
At the end of trading on the 10th of June, DOGE was trading at around $0.144 after a decline of approximately 1.4%.
As of this writing, it was trading at around $0.141, following an additional decline of over 2%.
Doge Price Chart | Source: Coinstats
The analysis also showed that the over 7% decline on the 7th of June pushed its price below its short moving average (yellow line) and took it below the neutral line on its Relative Strength Index (RSI), indicating a bear trend.
As of this writing, Dogecoin’s trend remained below the yellow line, which now serves as resistance around the $0.15 price range. Additionally, the RSI was below 40, indicating a strong bear trend.
The price decline has also negatively impacted its market capitalization.
Dogecoin’s Market Cap Declines
Bitcoinworld’s look at Dogecoin’s market capitalization showed a significant decline over the past few days.
Data from CoinMarketCap indicated that before it’s over 7% decline, DOGE’s market cap was over $23 billion. However, the market capitalization fell to around $21 billion after the decline.
The meme coin’s market capitalization in the previous trading session was still around $20.9 billion. However, the recent decline has pushed the market cap to around $20.5 billion.
Despite the decline, it remained the biggest meme coin. Additionally, its volume has significantly increased in the last 24 hours.
Sellers Dominate Market
Data showed that in the last 24 hours, Dogecoin’s volume increased by over 38%. Bitcoinworld’s look at the volume on Santiment indicated that it was over $940 million as of this writing.
However, this increase is not a positive signal, given the direction of the price.
The volume trend suggests that there are more sellers than buyers, which is why the price has declined despite the recent increase in volume.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Binance Introduces New Fee Structure for Managed Sub-Accounts (MSA)
Binance, one of the world’s leading cryptocurrency exchanges, has announced significant updates to its Managed Sub-Account (MSA) functionality.
These changes, effective from July 1, 2024, alter the fee structure and introduce new restrictions on rebates and discounts, according to Binance.
The main changes include:
Exclusion of MSAs from receiving liquidity provider program rebates and any taker program discounts.
Introduction of a new MSA fee based on the monthly average asset balance of each MSA and the total trading volume of all MSAs under a trading team.
Restrictions in Liquidity Provider and Taker Programs
Under the new rules, MSAs will face several restrictions:
Liquidity Program Restrictions:
MSAs are not eligible for liquidity provider program rebates, irrespective of the program tier of their trading team’s master account.
If a trading team qualifies for any maker rebates, the maker fee for their MSA will be zero.
MSA trading volumes will still count towards the liquidity provider volume requirement of the master account.
These restrictions apply to Binance’s Spot, Fiat, USDⓈ-Margined Futures, and COIN-Margined Futures liquidity provider programs.
Taker Program Restrictions:
MSAs will not benefit from any taker program discounts.
Managed Sub-Account Fees
A new fee will be applied to MSAs, calculated based on the monthly average asset balance and total trading volume of all MSAs under the trading team.
Terms and Conditions
Binance retains the right to determine all volumes and fee calculations at its sole discretion. The company may amend or terminate the MSA service for various reasons, including compliance with laws, technical issues, or force majeure events.
Binance also reserves the right to revise the terms and conditions at any time. For further details, users are advised to consult the VIP & Institutional services page on Binance’s website.
Binance’s decision aims to streamline its MSA offerings and enhance the overall efficiency of its platform. Traders and institutional users should review these changes carefully to understand the impact on their operations.
These changes, effective from July 1, 2024, alter the fee structure and introduce new restrictions on rebates and discounts, according to Binance.
The main changes include:
Exclusion of MSAs from receiving liquidity provider program rebates and any taker program discounts.
Introduction of a new MSA fee based on the monthly average asset balance of each MSA and the total trading volume of all MSAs under a trading team.
Restrictions in Liquidity Provider and Taker Programs
Under the new rules, MSAs will face several restrictions:
Liquidity Program Restrictions:
MSAs are not eligible for liquidity provider program rebates, irrespective of the program tier of their trading team’s master account.
If a trading team qualifies for any maker rebates, the maker fee for their MSA will be zero.
MSA trading volumes will still count towards the liquidity provider volume requirement of the master account.
These restrictions apply to Binance’s Spot, Fiat, USDⓈ-Margined Futures, and COIN-Margined Futures liquidity provider programs.
Taker Program Restrictions:
MSAs will not benefit from any taker program discounts.
Managed Sub-Account Fees
A new fee will be applied to MSAs, calculated based on the monthly average asset balance and total trading volume of all MSAs under the trading team.
Terms and Conditions
Binance retains the right to determine all volumes and fee calculations at its sole discretion. The company may amend or terminate the MSA service for various reasons, including compliance with laws, technical issues, or force majeure events.
Binance also reserves the right to revise the terms and conditions at any time. For further details, users are advised to consult the VIP & Institutional services page on Binance’s website.
Binance’s decision aims to streamline its MSA offerings and enhance the overall efficiency of its platform. Traders and institutional users should review these changes carefully to understand the impact on their operations.
XRP Price Temporary Bounce: Recovery Might Not Last
XRP price extended losses and traded below the $0.50 zone. The price tested the $0.4700 zone and is currently attempting a short-term recovery wave.
XRP is slowly moving higher from the $0.470 support.
The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could recover, but the bears might be active near the $0.4880 resistance.
XRP Price Finds Support
XRP price failed to recover above the $0.4880 resistance like Ethereum and Bitcoin. The price extended losses below the $0.480 level. It even tested the $0.470 zone.
A low was formed at $0.4701 and the price is now eyeing a short-term recovery wave.
There was a move above the $0.4750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low.
XRP Price Chart | Source: Coinstats
Besides, there was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair.
However, it is still trading below $0.4850 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.4850 level. The first key resistance is near $0.4880 or the 50% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. The next major resistance is near the $0.4920 level.
A close above the $0.4920 resistance zone could send the price higher. The next key resistance is near $0.50.
If there is a close above the $0.50 resistance level, there could be a steady increase toward the $0.5050 resistance. Any more gains might send the price toward the $0.5250 resistance.
More Losses?
If XRP fails to clear the $0.4850 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4750 level.
The next major support is at $0.470. If there is a downside break and a close below the $0.470 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4550 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4750 and $0.4700.
Major Resistance Levels – $0.4850 and $0.4920.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
XRP is slowly moving higher from the $0.470 support.
The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could recover, but the bears might be active near the $0.4880 resistance.
XRP Price Finds Support
XRP price failed to recover above the $0.4880 resistance like Ethereum and Bitcoin. The price extended losses below the $0.480 level. It even tested the $0.470 zone.
A low was formed at $0.4701 and the price is now eyeing a short-term recovery wave.
There was a move above the $0.4750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low.
XRP Price Chart | Source: Coinstats
Besides, there was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair.
However, it is still trading below $0.4850 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.4850 level. The first key resistance is near $0.4880 or the 50% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. The next major resistance is near the $0.4920 level.
A close above the $0.4920 resistance zone could send the price higher. The next key resistance is near $0.50.
If there is a close above the $0.50 resistance level, there could be a steady increase toward the $0.5050 resistance. Any more gains might send the price toward the $0.5250 resistance.
More Losses?
If XRP fails to clear the $0.4850 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4750 level.
The next major support is at $0.470. If there is a downside break and a close below the $0.470 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4550 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4750 and $0.4700.
Major Resistance Levels – $0.4850 and $0.4920.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Bitfarms Implements a ‘Poison Pill’ Strategy Against Rival Riot’s Ongoing Takeover Bid
Bitfarms implements a ‘poison pill’ strategy to thwart a hostile takeover attempt by Riot Platforms, ensuring corporate stability.
Bitfarms announced on Monday that its Board of Directors has unanimously approved a shareholder rights plan, effective immediately, to preserve the integrity of its strategic alternatives review process in response to an unsolicited takeover offer from Riot Platforms Inc.
The plan, commonly known as a “poison pill,” is intended to prevent any party from gaining control of Bitfarms without providing fair value to all shareholders.
‘Poison Pill’ Strategy
A poison pill strategy is a defensive measure used to prevent corporate takeovers by making a deal too expensive for the acquiring company.
Bitfarms stated that it would issue new stock to existing shareholders, diluting the stake of any entity pursuing a hostile takeover.
Under the Rights Plan, one right will be issued for each common share outstanding as of June 20.
These rights will become exercisable if any person or entity acquires 15% or more of Bitfarms’ outstanding common shares without complying with the plan’s “Permitted Bid” provisions.
Permitted Bids must be made to all shareholders, remain open for 105 days, and meet other specific conditions. While the Rights Plan is effective immediately, it requires shareholder ratification within six months.
Bitfarms also disclosed that the Toronto Stock Exchange (TSX) will defer its consideration of the Rights Plan until it is assured that the appropriate securities commission will not intervene.
This deferral does not affect the plan’s adoption or operation, which will remain effective for a minimum of six months from June 10, the date of adoption, unless terminated earlier.
Riot’s Takeover Plans
Riot Platforms made its unsolicited proposal public in May, offering to buy Bitfarms for about $950 million.
The company also expressed its intention to request a special shareholder meeting to add independent directors to Bitfarms’ board.
This came after Bitfarms rejected Riot’s takeover approach in April. Riot initially offered $2.30 per share in cash and stock for Bitfarms, approximately 20% above the firm’s share price before the offer was made.
Following an evaluation of the proposal, Bitfarms’ Special Committee of independent directors concluded that Riot’s offer significantly undervalued the company and its growth prospects.
On May 28, Riot acquired a 9.25% stake in Bitfarms, becoming the company’s largest shareholder.
Riot further increased its stake by purchasing an additional 1.5 million shares on June 5, raising its total ownership to approximately 12%. By June 5, Riot beneficially owned 47,830,440 shares of Bitfarms.
Bitfarms announced on Monday that its Board of Directors has unanimously approved a shareholder rights plan, effective immediately, to preserve the integrity of its strategic alternatives review process in response to an unsolicited takeover offer from Riot Platforms Inc.
The plan, commonly known as a “poison pill,” is intended to prevent any party from gaining control of Bitfarms without providing fair value to all shareholders.
‘Poison Pill’ Strategy
A poison pill strategy is a defensive measure used to prevent corporate takeovers by making a deal too expensive for the acquiring company.
Bitfarms stated that it would issue new stock to existing shareholders, diluting the stake of any entity pursuing a hostile takeover.
Under the Rights Plan, one right will be issued for each common share outstanding as of June 20.
These rights will become exercisable if any person or entity acquires 15% or more of Bitfarms’ outstanding common shares without complying with the plan’s “Permitted Bid” provisions.
Permitted Bids must be made to all shareholders, remain open for 105 days, and meet other specific conditions. While the Rights Plan is effective immediately, it requires shareholder ratification within six months.
Bitfarms also disclosed that the Toronto Stock Exchange (TSX) will defer its consideration of the Rights Plan until it is assured that the appropriate securities commission will not intervene.
This deferral does not affect the plan’s adoption or operation, which will remain effective for a minimum of six months from June 10, the date of adoption, unless terminated earlier.
Riot’s Takeover Plans
Riot Platforms made its unsolicited proposal public in May, offering to buy Bitfarms for about $950 million.
The company also expressed its intention to request a special shareholder meeting to add independent directors to Bitfarms’ board.
This came after Bitfarms rejected Riot’s takeover approach in April. Riot initially offered $2.30 per share in cash and stock for Bitfarms, approximately 20% above the firm’s share price before the offer was made.
Following an evaluation of the proposal, Bitfarms’ Special Committee of independent directors concluded that Riot’s offer significantly undervalued the company and its growth prospects.
On May 28, Riot acquired a 9.25% stake in Bitfarms, becoming the company’s largest shareholder.
Riot further increased its stake by purchasing an additional 1.5 million shares on June 5, raising its total ownership to approximately 12%. By June 5, Riot beneficially owned 47,830,440 shares of Bitfarms.
