Author: CryptoCurrencyNews

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The number of crypto millionaires has seen a remarkable surge in 2024, reaching unprecedented levels. This increase can be attributed to the significant rise in cryptocurrency values over the past year. Bitcoin, Ethereum, and other major cryptocurrencies have experienced substantial gains, leading to a significant increase in the number of individuals whose crypto holdings are now worth millions.

The boom in the crypto market has been driven by several factors. Institutional investment has played a crucial role, with major financial institutions and corporations allocating significant resources to cryptocurrency investments. For example, Tesla (NASDAQ:TSLA) made headlines with its substantial Bitcoin purchase, which not only boosted the company’s portfolio but also validated the cryptocurrency’s potential as a mainstream investment.

Additionally, the advancements in blockchain technology have contributed to the growing interest in cryptocurrencies. Innovations such as decentralized finance (DeFi) and non-fungible tokens (NFTs) have opened new avenues for investment and wealth creation. These developments have attracted a diverse range of investors, from tech-savvy millennials to seasoned financial experts.

Another factor contributing to the rise in crypto millionaires is the increasing acceptance and adoption of cryptocurrencies as a legitimate form of payment. Major companies like PayPal and Square have integrated cryptocurrency payments into their platforms, making it easier for consumers to buy, hold, and spend digital currencies. This increased accessibility has led to a broader demographic participating in the crypto market.

Moreover, regulatory clarity has played a significant role in boosting investor confidence. Governments and regulatory bodies in various countries have started to establish clear guidelines for cryptocurrency transactions and investments. This has reduced the uncertainty and perceived risk associated with crypto investments, encouraging more individuals to enter the market.

The demographic profile of crypto millionaires is also noteworthy. Many of the new crypto millionaires are younger investors who have capitalized on the early adoption of cryptocurrencies. These individuals often have a deep understanding of technology and finance, allowing them to navigate the volatile market effectively. Their success stories have inspired a new generation of investors to explore the potential of digital currencies.

However, the rapid rise in crypto wealth has not been without its challenges. The volatile nature of the cryptocurrency market means that fortunes can change quickly. While some investors have seen tremendous gains, others have faced significant losses. It is essential for investors to approach the crypto market with caution and conduct thorough research before making any investment decisions.

Looking ahead, the future of cryptocurrencies appears promising. As blockchain technology continues to evolve and more use cases for digital currencies emerge, the potential for wealth creation remains substantial. However, investors must remain vigilant and stay informed about market trends and regulatory developments to capitalize on these opportunities.

In conclusion, the surge in the number of crypto millionaires in 2024 highlights the transformative impact of cryptocurrencies on the global financial landscape. With the right strategies and a keen understanding of market dynamics, investors can potentially achieve significant wealth through cryptocurrency investments. As the market continues to grow and mature, it is likely that we will see even more individuals joining the ranks of crypto millionaires in the coming years.

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Bitcoin, the pioneering cryptocurrency, has always been a focal point for investors and analysts alike. As the market evolves, keeping an eye on specific price levels becomes essential for making informed decisions. In recent times, Bitcoin has been experiencing significant fluctuations, prompting investors to seek safe havens and reconsider their positions in risk-on assets.

One of the critical price levels to monitor is $30,000. This level has historically shown strong support and resistance, making it a psychological barrier for investors. Breaching this level could indicate a potential shift in market sentiment. Another important level is $40,000, which has been a resistance point during the recent rallies. Breaking through this level might signal a renewed bullish trend.

As traditional financial markets face uncertainties, Bitcoin’s correlation with these markets also plays a crucial role. For instance, when the stock market experiences volatility, Bitcoin often reacts in tandem, reflecting investors’ risk appetite. Additionally, macroeconomic factors such as inflation rates and monetary policies influence Bitcoin’s price movements.

Technical analysis further aids in understanding Bitcoin’s price trajectory. Moving averages, particularly the 50-day and 200-day moving averages, provide insights into potential support and resistance levels. When Bitcoin’s price crosses above these moving averages, it often indicates a bullish trend, while crossing below suggests a bearish outlook.

Moreover, the role of institutional investors cannot be overlooked. Companies like MicroStrategy (NASDAQ:MSTR) have made substantial investments in Bitcoin, impacting its price dynamics. Institutional interest often leads to increased market stability and higher price floors.

In conclusion, monitoring key Bitcoin price levels is crucial for navigating the volatile crypto market. By understanding the interplay between psychological barriers, technical indicators, and macroeconomic factors, investors can better position themselves to capitalize on market movements.

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VICTORIA, Seychelles, Sept. 14, 2024 /PRNewswire/ — In a prompt response to the devastating impact of Typhoon Yagi in Northern Vietnam, KuCoin is committed to airdropping up to 10,000 KCS to support the communities affected by the disaster. This donation is designed to provide immediate aid and support the recovery efforts of those impacted.

KuCoin will use backend access logs to identify users in the affected regions. Vietnamese KYC3/KYB users who engaged in trading on the KuCoin platform between August 1, 2024, 00:00 (UTC+8) and September 12, 2024, 23:59 (UTC+8), will be eligible to receive this compassionate donation. Each eligible user will have an equivalent of US$20 in KCS airdropped into their KuCoin accounts starting from September 18, 2024.

This philanthropic effort underscores KuCoin’s commitment to delivering timely assistance. The initial distribution is set to begin shortly, ensuring that aid reaches those in need without delay. In KuCoin’s announcement stated, “Our thoughts and concerns are with the people of Vietnam during this challenging time. Through our donation, we aim to provide relief and stand in solidarity with the communities as they rebuild and recover.”

This initiative is part of KuCoin’s ongoing commitment to support global communities in times of crisis. More detailed information regarding this humanitarian aid can be found in KuCoin’s official announcement.

KuCoin encourages the global community to come together to support the recovery efforts and thanks its users and partners for their continued trust and support.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 5 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June & September 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2023 & 2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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• DeFi Technologies’ subsidiary Reflexivity Research announces its inaugural Crypto Investor Day, set for October 25th, 2024, in New York City.
  
• The event is expected to bring together nearly 1,000 industry leaders and top minds from both crypto and traditional finance, including speakers from VanEck, Nelson Mullins, Tether, Ripple Labs, Fidelity Digital Assets, White & Case, Sei, Lekker Capital, and more.
  
• Crypto Investor Day will be moderated by Anthony Pompliano and is supported by prominent sponsors, including Coinbase, Ledger, Grayscale, Near, 3iQ, Ripple, Blockware, B2C2, Copper, Nelson Mullins, Liquid Mercury, and more.

TORONTO, Sept. 13, 2024 /PRNewswire/ – DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance (“DeFi“), is pleased to announce its subsidiary, Reflexivity Research LLC (“Reflexivity Research“), a leading crypto research firm, has announced its inaugural Crypto Investor Day, set to take place in New York City on October 25th, 2024.

Reflexivity Research’s Crypto Investor Day is expected to attract up to 1,000 industry leaders, investors, and entrepreneurs to midtown Manhattan this fall. The event will feature a full day of fireside chats with prominent figures from both the crypto and traditional finance sectors. The event will be moderated by Anthony Pompliano, Co-Founder of Reflexivity Research, who is known for his extensive work both building and investing at the intersection of finance, technology, entrepreneurship, and economics.

The event will feature an impressive lineup of speakers, including Jan van Eck (CEO of VanEck), Paolo Ardoino (CEO at Tether), Chris Kuiper (Director of Research at Fidelity Digital Assets), Ladan Stewart (Partner at White & Case), Quinn Thompson (Founder and CIO of Lekker Capital), Richard B. Levin (Chair – FinTech and Regulation Practice at Nelson Mullins), Brad Garlinghouse (CEO of Ripple Labs), Austin Federa (Head of Strategy at Solana), Jay Jog (Co-founder at Sei Labs), and several more. Tickets and a full list of speakers can be found at: https://lu.ma/cryptoinvestorday24

The event is supported by a host of esteemed sponsors and partners, including Coinbase, Ledger, Grayscale, Blockware, Near, 3iQ, Ripple, B2C2, Copper, Nelson Mullins, Liquid Mercury, Token Relations, and more.

“We’re thrilled to launch Crypto Investor Day, an event that will highlight the convergence of traditional finance and the digital asset space,” said Anthony Pompliano, Co-Founder of Reflexivity Research. “Our mission is to bridge the knowledge gap between these two worlds, maximizing our insights-per-minute KPI through some of the top minds in the industry.”

Olivier Roussy Newton, CEO of DeFi Technologies, added, “This event represents a great milestone for Reflexivity Research, as it builds off its successful Bitcoin Investor Day event earlier this year and continues to complement the growth seen in its research business. We’re excited to create a platform where leaders from both traditional and digital finance can collaborate and share ideas.”

For tickets and more information, please visit https://lu.ma/cryptoinvestorday24

About Reflexivity Research
Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. Reflexivity is a wholly owned subsidiary of DeFi Technologies Inc. For more information please visit https://www.reflexivityresearch.com/ 

About DeFi Technologies
DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionising the way individuals and institutions interact with the evolving financial ecosystem. Follow DeFi Technologies on Linkedin and Twitter, and for more details, visit https://defi.tech/ 

About Valour
Valour Inc. and Valour Digital Securities Limited (together, “Valour“) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK) Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free. For more information about Valour, to subscribe, or to receive updates, visit valour.com

Cautionary note regarding forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the Crypto Investor Day held by Reflexivity Research; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by DeFi Technologies and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of DeFi and digital asset sector; rules and regulations with respect to DeFi and digital asset; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE DeFi Technologies Inc.

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SINGAPORE, Sept. 12, 2024 /PRNewswire/ — Alchemy Pay, the world-leading fiat-crypto payment gateway, has announced its official support for the BNB ecosystem. With this support, Alchemy Pay’s On & Off- Ramp now supports popular tokens on BNB Chain, including its native token BNB and stablecoins like USDC and USDT. This integration highlights Alchemy Pay’s expanded support for the BNB ecosystem, facilitating seamless fiat-crypto transactions for users.

By leveraging Alchemy Pay’s extensive network, which spans over 300 fiat payment channels across 173 countries with 50+ fiat currencies supported, including traditional payment methods like Visa and Mastercard, local mobile wallets and domestic bank transfers, users worldwide can effortlessly purchase and sell mentioned tokens on BNB Chain using their preferred payment methods, significantly enhancing the accessibility and reach of the BNB Chain.

BNB Chain is a leading blockchain ecosystem designed to support the growing demands of Web3. Offering a unique combination of speed, scalability, and affordability, BNB Chain has become a popular choice for developers building DApps and for users seeking to participate in the world of DeFi.

Through Alchemy Pay’s support, popular tokens on BNB Chain extend their global reach and strengthen BNB Chain’s position in the cryptocurrency market. By integrating with a globally recognized fiat-crypto payment gateway, these tokens gain increased visibility and ease of use, making them more attractive to both new and existing users. This integration further underscores Alchemy Pay’s commitment to advancing the adoption of digital currencies, lowering entry barriers for global users, making cryptocurrency more accessible to a broader audience and actively contributing to the growth of the emerging crypto market.

This further solidifies Alchemy Pay’s position as a pioneer in seamless crypto adoption. Building upon collaborations with leading networks and platforms like Polygon, TON, Arbitrum, ICP, Linea, Celo, Neo, Binance Pay, OKX, Bitget, and Lido, this latest alliance marks a pivotal step in Alchemy Pay’s mission to bridge the divide between fiat and crypto, paving the way for a more inclusive and accessible financial future.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

• BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
• opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
• BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, follow BNB Chain on X or start exploring via our Dapp library.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay

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SEOUL, South Korea, Sept. 12, 2024 /PRNewswire/ — HYBE announced today that its subsidiary BINARY KOREA (hereafter “BINARY”) has signed a memorandum of understanding (MOU) with Coinbase, the world’s most reputable cryptocurrency company, to work together on developing BINARY’s Onchain Engagement Protocol that aims to revolutionize the creator economy through blockchain technology.

BINARY, HYBE’s arm dedicated to prioritizing Web3 user experience in building a new entertainment ecosystem, is partnering with Coinbase to launch the Onchain Engagement Protocol, an innovative creator enablement platform that harnesses the power of AI and blockchain technology. This technology will help connect creators with resources needed to help facilitate payments between fans and creators. Set to launch in 2025, this platform will be integrated into BINARY’s creator fandom platform, THEUS, enhancing the overall experience for creators and their fans.

By utilizing the Coinbase Developer Platform and Base blockchain, this initiative aims to equip creators with essential tools for secure exchanges of rewards, donations, and incentives, fostering deeper connections within their communities. The Onchain Engagement Protocol highlights BINARY’s commitment to revolutionizing the creator economy and building a dynamic new entertainment ecosystem that empowers creators and enriches fan engagement.

Anticipated features of the Onchain Engagement Protocol include:

• AI-Powered Influencer Discovery: Advanced models to identify emerging influencers and connect them with supporters.
• Autonomous Engagement Management: AI agents that manage fan interactions and automate the distribution of digital rewards.
• Integrated Token Economy: An intuitive system for easy donations between fans and creators, integrated with Coinbase wallets on the Base blockchain.

Sungmin Kim, CEO of BINARY, stated, “We have always been committed to fostering a more meaningful and enjoyable creator economy tailored to the needs of an IP-centric landscape, going beyond the traditional business model. In partnership with Coinbase, we believe that the new Onchain Engagement Protocol will significantly enhance engagement between creators and fans by promoting active user participation within THEUS and other communities to be involved.”

“We are truly excited to partner with BINARY on this innovative platform,” said Dan Kim, VP of Business Development at Coinbase. “The Onchain Engagement Protocol empowers creators to deepen their connections with fans and get paid directly for their work, aligning with our mission of increasing economic freedom in the world. By leveraging blockchain and AI technology, we aim to provide creators with the tools they need to build engaged communities and support the future of creative expression.”

As part of this partnership, BINARY will leverage tools provided by the Coinbase Developer Platform that will help creators easily accept donations onchain and build onchain functionality into their platforms. These tools include access to Coinbase Wallet, with transactions powered by the Base network, allowing for faster and cheaper payments that alleviate costs for fans and influencers.

Meanwhile, BINARY’s creator platform THEUS, which launched earlier this year, has already surpassed 50,000 user signups and features an impressive roster of over 35 creators including Dotty, SISTERYELL, and Cheezefilm.

About HYBE
HYBE Corp. (HYBE), rebranded from Big Hit Entertainment in March 2021, is a global entertainment lifestyle platform company that seeks boundless expansion in order to innovate the music industry. Ever since, HYBE has been expanding its multi-label system including BIGHIT MUSIC, BELIFT LAB, SOURCE MUSIC, PLEDIS Entertainment, KOZ ENTERTAINMENT, ADOR, HYBE LABELS JAPAN, NAECO, while HYBE AMERICA also manages its affiliate labels including Big Machine Label Group and Quality Control. In addition to the music business, HYBE established an integrated structure with its tech-driven future growth initiatives that creates concert, video content, game, original story and retail, as well as a platform business through Weverse, a global superfan platform. Composed of its global offices based in Korea, Japan, the US, and Mexico, the company works towards bringing innovative change throughout the global music industry.

About BINARY KOREA
BINARY KOREA is a subsidiary of HYBE that provides new services through the integration of entertainment and technology, aiming to enhance user experience. The company introduced South Korea’s first creator-fandom platform, THEUS, which expands the boundaries for creators while also encouraging meaningful communication between creators and fans under its company slogan, ‘CREATOR AND FAN, WE BECOME ONE.’

Media Inquiries
HYBE
Global Corporate Communications: globalcpr@hybecorp.com

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SOURCE HYBE

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SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.

HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.

The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.

There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”

There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.

Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties,  “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.

The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.

Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.

The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.

Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.

The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.

To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/

About HTX Ventures

HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.

HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.

Feel free to contact us for investment and collaboration at VC@htx-inc.com

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Bitcoin experienced a significant drop, falling to $56,000 amid a broader sell-off in the stock market led by Nvidia. The decline in Bitcoin’s value came as Nvidia (NASDAQ:NVDA) saw its shares plummet due to concerns over its future growth prospects and supply chain issues.

The sell-off in Nvidia stocks created a ripple effect across the market, impacting various sectors and leading to a decline in investor confidence. As a result, many investors turned to liquidating their cryptocurrency holdings, including Bitcoin, to cover losses or shift their portfolios to less volatile assets.

Nvidia’s recent quarterly earnings report highlighted several challenges, including supply chain disruptions and increased competition. These factors contributed to the company’s inability to meet market expectations, causing its stock price to drop significantly. Investors, already jittery from inflation concerns and potential interest rate hikes, reacted swiftly, leading to a broader market sell-off.

Bitcoin, often seen as a hedge against traditional market fluctuations, was not immune to the effects of the stock sell-off. The cryptocurrency’s value dropped as investors sought liquidity and stability. Despite this downturn, some market analysts believe that Bitcoin’s long-term prospects remain positive, citing its growing acceptance and integration into mainstream financial systems.

The drop in Bitcoin’s value also reignited debates about the cryptocurrency’s volatility and its role in a diversified investment portfolio. While some investors view Bitcoin as a digital gold, offering protection against economic instability, others are wary of its unpredictable price swings.

Moreover, the correlation between Bitcoin and stock market movements has been a topic of interest among financial experts. The recent sell-off suggests that Bitcoin’s price may be more closely tied to traditional financial markets than previously thought, challenging the notion of its independence as an asset class.

In the wake of the sell-off, several cryptocurrency exchanges reported increased trading volumes as investors scrambled to adjust their positions. This heightened activity underscores the growing influence of cryptocurrencies in the broader financial landscape and the need for robust trading platforms to handle market volatility.

Looking ahead, the market will be closely watching Nvidia’s next moves and any potential recovery in its stock price. Additionally, investors will be monitoring the broader economic indicators, such as inflation rates and central bank policies, which could further impact both traditional and cryptocurrency markets.

In conclusion, the recent drop in Bitcoin to $56,000 amid the Nvidia-driven stock sell-off highlights the interconnectedness of financial markets and the ongoing challenges faced by both traditional and digital assets. While volatility remains a key concern, the evolving dynamics of cryptocurrencies continue to attract attention and interest from a diverse range of investors.

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