Category: Cryptocurrency

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The partnership with Gamerhash addresses the growing demand for GPU resources in AI projects, leveraging the computing power of graphics cards within the gaming community.

ZUG, Switzerland, March 19, 2024 /PRNewswire/ — Golem Network, the decentralized computing platform and pioneer Web3 project in the DePIN domain, is excited to announce its strategic partnership with Gamerhash. As Golem Network expands its ecosystem to meet the computing needs of the AI industry, this collaboration with Gamerhash aims to increase the supply of GPU, addressing the rising demand for computing power in AI projects.

Gamerhash AI,  trusted by 770.000 gamers globally, allows its users to earn and share GPU computing power using an app. The company is now extending their GPU resources to Golem Network, expanding the demand for its user base. GamerHash decentralized gamers-grid is an architecture that was built more than 6 years ago and perfectly fits Golem Network architecture.

This collaboration brings more GPU power to the Golem Network ecosystem, strengthening its support for the AI industry. In addition to leveraging Golem Network GPU providers, Golem is now expanding its reach by tapping into the GPU resources available within the gaming market. This partnership marks a key milestone as it contributes to Golem Network’s mission to provide access to digital resources, fostering innovation and empowerment without relying on centralized providers. Addressing the needs of  the AI industry, Golem allows anyone to access affordable computing power to build their own AI applications.

Arkadiusz Cybulski, Head of AI/GPU at Golem Network, said: “This partnership is a game-changer in unlocking the compute power of graphics cards within the gaming community. By teaming up with Gamerhash, we are expanding our computing power supply. The reason behind is that we will soon launch a new service for deploying and running AI models at scale. This initiative will effectively address the growing demand, leveraging our GPU computing resources.”

As Golem Network continues to innovate, the commitment of users worldwide to contribute their computational resources highlights the community-driven spirit of Golem Network and reinforces the vision of a globally accessible, decentralized infrastructure.

More about Golem AI ecosystem and roadmap on the dedicated website: https://www.golem.network/ai

About Golem Network: Golem Network is a DePIN (Decentralized Physical Infrastructure Network) project that allows anyone to access distributed computing resources. Through an open-source, peer-to-peer platform it allows users to share their hardware or rent computational resources from other parties in the network. More information on www.golem.network

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SOURCE Golem Network

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VILNIUS, Lithuania, March 19, 2024 /PRNewswire/ — In a significant step towards its growth in Latin America, BingX is thrilled to announce its expansion into Brazil. Effective immediately, users in Brazil can access cryptocurrencies using Brazilian Reals (BRL) through transfers facilitated by Pix, the real-time retail payment system introduced by the Brazilian Central Bank.  

This strategic move is part of BingX’s ambitious plan to broaden its reach across Latin America, demonstrating BingX’s commitment to providing accessible financial diversity for users within the region. By enabling deposits and withdrawals in BRL, BingX simplifies the process of acquiring cryptocurrencies while ensuring a secure and seamless experience for all its users.

Understanding the high standards and expectations of Brazilian consumers, BingX is committed to delivering top-notch service quality. “We’re excited to bring BingX’s user-centric services to Brazil, marking the first step in our journey to expand across Latin America. By enabling seamless transactions with BRL through Pix, we’re empowering users with greater accessibility and security in their cryptocurrency endeavors,” stated Vivien Lin, Chief Product Officer of the company.

In celebration of this important development, BingX is rolling out an exclusive promotion to reward its first Brazilian users. The initial 500 customers to top up their accounts using BRL as fiat currency and execute their first fiat-to-crypto transaction will receive a 10% USDT rebate on their first order’s value. Moreover, the campaign will reward the first 500 users who convert at least 30 USDT from fiat currency, providing them with a gift pack valued at up to $100.

The inclusion of Pix as a transaction method underscores BingX’s commitment to catering to the needs of its Brazilian users by providing a fast, reliable, and secure platform for their financial transactions. This enhancement is expected to significantly improve user experience, streamline the process of buying and selling cryptocurrencies, and make BingX a go-to platform for crypto enthusiasts in Brazil.

About BingX

Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC’s principal partner, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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Robinhood Markets, Inc. (NASDAQ:HOOD), a California-based financial services company, offers a range of investor services including cryptocurrency trading, dividend reinvestment, and fractional share investment. The platform allows real-time trading in stocks, crypto, and options, earning transactional fees from routing orders to market makers upon execution.

With its close association with the cryptocurrency market, Robinhood shares have surged 35% since the year began, in tandem with Bitcoin’s breakout to record highs. Despite this, HOOD still trades over 11% below its 52-week high.

In its Q4 results released in February, Robinhood posted a profit of $30 million, marking its second profitable quarter. Revenue for the period reached $471 million, up 24% from the previous year. Interest revenue experienced a notable 41% increase, reaching $236 million, whereas transaction-based revenue amounted to $200 million, marking an 8% year-over-year rise. Notably, cryptocurrency revenue contributed $43 million to the latter, offsetting a slight decline in options revenue.

However, for the full year, HOOD reported a net loss of $487 million, despite a 37% YoY revenue increase to $1.87 billion. Management highlighted its expanding global presence in crypto services during the quarterly earnings call, noting brokerage services in the U.K. and crypto offerings in the EU.

More recently, Robinhood reported a 10% sequential increase in crypto trading volumes to $6.5 billion in February.

Bernstein commenced coverage of Robinhood with an “Outperform” rating and set a price target of $30. The analysts anticipate significant institutional adoption of Bitcoin to drive HOOD’s revenues substantially higher, projecting a nine-fold increase by 2025, with the total crypto market cap reaching $7.5 trillion.

This new price target from Bernstein, the highest on Wall Street, implies a potential upside of 74.4% from current levels.

However, other analysts hold varying views on Robinhood, with a consensus “Hold” rating among 15 analysts covering the stock. While four analysts rate it as a “Strong Buy,” eight suggest “Hold,” one recommends a “Moderate Sell,” and two advocate a “Strong Sell.” The mean price target from this group stands at $14.61, indicating a potential downside of 15.5%.

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Ben Armstrong, a cryptocurrency analyst, anticipates a substantial bull run for Cardano’s ADA. Armstrong’s prediction is grounded in the growing public attention toward ongoing developments within the Cardano ecosystem. He referenced Ali Martinez’s ADA forecast, suggesting a potential rally to $5 following a consolidation period.

Armstrong underscores the increasing public awareness surrounding activities on the Cardano blockchain. While he couldn’t determine if the surge in awareness is orchestrated by the Cardano team, he remains confident that it will positively impact ADA’s price. Drawing from historical data, Armstrong notes that significant ADA movements often follow such developments.

The launch of a fiat-backed stablecoin (USDM) on Cardano is highlighted by Armstrong as a noteworthy development contributing to Cardano’s momentum. He describes this stablecoin as a groundbreaking addition to the Cardano network, potentially addressing challenges faced by the decentralized finance (DeFi) ecosystem on Cardano.

Armstrong views the USDM launch as a significant milestone, expected to enhance security, scalability, and sustainability for decentralized applications (DApps) on the Cardano network.

Further analyzing the ecosystem, Armstrong points to Charles Hoskinson, Cardano’s CEO, addressing concerns regarding the Hydra project. Hoskinson’s reassurance to the Cardano community regarding the progress of the Hydra project is noted by Armstrong as another factor contributing to Cardano’s growing prominence.

Armstrong also references Ali Martinez’s price analysis, which predicts ADA consolidating between $0.55 and $0.80 soon, followed by a rally to $1.70 before potentially reaching $5. At the time of writing, ADA was trading at $0.614, having retreated from a recent high of $0.81.

In summary, Armstrong’s analysis suggests that ADA could experience a significant price surge to $5 fueled by the rising public notoriety surrounding Cardano’s ongoing developments.

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Bitcoin mining stocks faced losses this week amid a broader downturn in Bitcoin prices. Despite this multi-day correction phase, the overall bullish sentiment for digital assets remains strong.

A significant worry in the market revolves around the impending Bitcoin halving event, slated for late April when the block height reaches 840,000. This event reduces the reward for mining new blocks by half, thus slowing the rate at which new bitcoins are generated.

Nejc Kržan, Head of NiceX Exchange, noted that many large mining farms are converting to fiat amid the anticipation of a challenging period post-halving.

In a recent comprehensive analysis by JPMorgan (NYSE:JPM), the financial giant revisited the operational and financial trends of the bitcoin mining industry amidst the ongoing crypto market selloff. The report assessed the performance and strategic positioning of leading mining companies, including Cipher Mining Inc. (NASDAQ:CIFR), CleanSpark (NASDAQ:CLSK), Iris Energy Ltd (NASDAQ:IREN), Marathon Digital (NASDAQ:MARA), and Riot Platforms (NASDAQ:RIOT), projecting a positive outlook for the sector in 2024.

JPMorgan equity analysts report that the broader mining industry saw its most substantial quarterly gross profit since the second quarter of 2022 during the final quarter of 2023, indicating a strong recovery. The report expects industry-wide gross profits to rise in the first quarter of 2024, followed by a downturn in the second quarter as the block reward is halved, reflecting the cyclical nature of mining industry profitability.

Marathon Digital emerged as the industry’s top performer in 2023, with JPMorgan highlighting its capacity expansions and Bitcoin output. The report noted that Marathon Digital added the most capacity and mined more bitcoin than any other operator in their coverage universe.

Looking ahead, Riot Platforms and CleanSpark are identified as key players poised for strong growth in 2024, according to JPMorgan analysts.

The report also highlighted Cipher’s competitive edge due to its low power costs per coin mined in the fourth quarter of 2023, contrasting with Marathon’s higher costs. However, it commended Marathon for its operational efficiency, driven by scale and lean operations.

In terms of financing activities, the report revealed that the five miners in JPMorgan’s coverage universe issued over $2 billion in equity via ATM offerings in 2023, indicating a significant increase from the previous year.

Overall, JPMorgan’s report maintains an optimistic view of the mining industry’s resilience and adaptability, expecting miner profitability to rise in the first quarter of 2024 before declining in the second quarter due to the halving.

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The journey towards institutional adoption has long been a target for cryptocurrency proponents, aiming to bring a new level of legitimacy to the asset class and potentially drive prices higher. The launch of several spot Bitcoin (BTC) exchange-traded funds (ETFs) in January marked a historic milestone for the sector, paving the way for wider adoption. However, a survey conducted by the Digital Assets Council of Financial Professionals (DCAFP) in December indicated that crypto adoption was already on the rise before the ETFs’ launch.

The survey, conducted in partnership with Franklin Templeton Digital Assets, revealed that 59% of financial professionals, including 78 financial advisors managing client portfolios, actively recommended crypto to clients. Notably, over 7% of advisors recommended crypto to all clients, while 29% recommended it to more than half of their clients. The majority of advisors (81%) suggested allocating 1% to 5% of assets to crypto, with a smaller fraction recommending higher allocations.

In terms of client holdings, 83% of financial advisors found that 10% to 49% of their clients invested in crypto, indicating a notable level of interest among investors. Furthermore, 41% of advisors not currently recommending crypto expressed plans to do so, with a significant portion intending to allocate to crypto within the year.

Despite the retail-driven nature of the market, institutions are showing a growing appetite for crypto assets, according to Mathew McDermot, head of digital assets at Goldman Sachs. McDermot highlighted the recent surge in institutional interest, attributing it to factors like the launch of spot BTC ETFs, which triggered a “psychological shift” in investor sentiment and could pave the way for the tokenization of assets.

McDermot emphasized the importance of regulatory clarity in facilitating institutional adoption, noting that the SEC’s approval of spot BTC ETFs marked a significant moment for the market, particularly in the U.S. He pointed out the growing volumes in CME Group’s derivatives marketplace as evidence of institutional interest.

Offering Bitcoin in ETF form has made it more accessible to the masses and removed barriers associated with storing and transacting with cryptocurrencies. McDermot highlighted the enhanced investment protection provided by ETFs, making them a more user-friendly option for institutional investors.

Looking ahead, Goldman Sachs is focused on developing proofs of concept around tokenization and leveraging blockchain technology to better serve clients interested in digital assets. McDermot envisions a “tokenization continuum,” starting with more traditional financial products like Treasuries and stablecoins before expanding to more complex markets like real estate private equity.

McDermot sees promise in blockchain technology, citing its potential to de-risk the market, improve operational efficiency, and enhance liquidity management. While crypto presents intriguing opportunities, he believes the underlying technology holds significant potential for transforming financial markets.

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The Open Network Foundation, the entity behind developing the TON blockchain powering Telegram’s new advertising platform, has unveiled a community incentive program worth $115 million. This initiative will see the allocation of 30 million Toncoin (TON) tokens to reward the community.

As outlined in the announcement on March 20, the incentives will be distributed across four key areas: $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. Developers stated that the distribution of the 30 million Toncoin will commence on April 1 in monthly seasons, to facilitate a straightforward journey from Telegram user to on-chain participant.

During an initial pilot season, the TON Foundation disbursed 650,000 TON tokens ($2.6 million) through Liquidity Pool boosts and plans to allocate 550,000 TON tokens ($2.2 million) among winning projects in The League Pilot on March 31. Jack Booth, Director of Marketing at TON Foundation, remarked on the positive response from the community during the pilot season, indicating readiness for further engagement.

The Telegram Ad Platform, operating on the TON blockchain, was recently launched in March 2024. This platform enables Telegram channel owners globally to monetize their channels by selling advertising space and sharing revenue in TON tokens.

Originally developed by Telegram, the TON token’s development was halted in May 2020 following a legal dispute with the United States Securities and Exchange Commission. Despite this setback, Telegram remains a significant player in the messaging app landscape, boasting over 900 million users globally and ranking as the world’s fourth-largest messaging app.

In recent developments, Telegram co-founder Pavel Durov revealed plans for the company to pursue profitability, with considerations for an initial public offering (IPO). Durov also hinted at potentially offering priority access to loyal users for the firm’s IPO subscription, taking inspiration from Reddit’s approach. Over the past year, TON has seen a notable surge of close to 75% in value, currently trading at $4.12.

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As the broader cryptocurrency market experiences a downturn, with Bitcoin and Ethereum seeing declines, Solana’s price has also pulled back significantly. The token has retreated to a critical support level at $164, leading to discussions about whether Solana (SOL) can maintain its upward trajectory or if further declines are imminent.

The potential for a deeper decline in Solana’s price is exacerbated by news that the U.S. Securities and Exchange Commission (SEC) is investigating crypto companies as part of its Ethereum probe. The heightened regulatory concerns could amplify the pullback in SOL price.

Solana has been a focal point for investors recently, especially after its price surged past $200 for the first time since November 2021. Over the weekend, Solana experienced a significant surge in network activity, surpassing Ethereum in total trading volume.

On March 16, Solana’s trading volume reached $3.52 billion, surpassing Ethereum by $1.1 billion. This surge was largely driven by increased demand for Solana-based memecoins, with the newly launched Book of Meme (BOME) memecoin achieving a market capitalization of $1.45 billion in just 56 hours.

Solana’s decentralized finance (DeFi) sector has also experienced substantial growth, with its total value locked (TVL) increasing by over 80% in the past month. This surge has propelled Solana’s DeFi TVL to its highest point in two years, placing it among the top five DeFi networks by TVL.

Despite the recent decrease in trade volume, Solana’s market capitalization has reached $91.56 billion. The cryptocurrency has also seen a 9.05% rise in open interest to $3.20 billion, although short traders have been dominant in liquidations as they seek to mitigate losses from the ongoing price rally.

In other developments, the Solana community has begun to voice concerns about meme coin presales, which have become more frequent and dubious. In these presales, crypto traders often send large sums of money to unfamiliar individuals in the hope of getting in early on the next big meme coin like BONK, WIF, or BOME.

Following the multi-billion dollar surges of several Solana-based meme coins over the past three months—a trend that has thrust the blockchain back into the spotlight—many crypto influencers are capitalizing on the atmosphere of fear of missing out (FOMO). They are offering early, discounted allocations of certain meme coins before their launch to traders who send SOL to the promoters’ wallets.

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Robinhood has rolled out its crypto wallet for Android users globally, offering a secure way to manage various cryptocurrencies and stay informed about market trends directly from their Android devices.

The launch of the Robinhood Wallet for Android is a strategic move to accelerate the adoption of cryptocurrencies while enhancing Robinhood’s reputation as a trustworthy and user-friendly platform for crypto transactions.

This release is particularly significant given Android’s dominant 70% market share in the global mobile operating system market. Android users can now securely hold their private keys and take full control of their digital assets through the Robinhood Wallet.

With the Robinhood Wallet, users can store, manage, send, and receive a variety of cryptocurrencies, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.

Moreover, the wallet offers features such as cryptocurrency swapping, direct funding from Robinhood balances or other wallets/exchanges, and access to trending tokens and crypto news.

Johann Kerbrat, General Manager of Robinhood Crypto, highlighted the significance of this launch, stating:

“Launching Robinhood Wallet on Android is a significant step forward in our commitment to making crypto more accessible and seamlessly integrated into daily life for millions of people around the world.”

Key Features for Android Users

Android users can now enjoy the following features with the Robinhood Wallet:

Hold private keys and maintain control over digital assets.

Manage a diverse range of cryptocurrencies across multiple networks.

Swap cryptocurrencies on Ethereum, Polygon, and Arbitrum networks.

Fund the wallet directly from Robinhood balances or other sources.

Stay updated on trending tokens and the latest crypto news within the app.

Global Expansion and Future Plans

In December, Robinhood introduced its crypto product for Europe, allowing European customers to trade over 25 tokens, including popular cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano, Solana, and Polkadot.

Looking ahead, Robinhood plans to expand its token selection further and introduce features such as staking.

Research firm Bernstein recently issued an “outperform” rating for Robinhood Markets, with analyst Gautam Chhugani predicting a significant increase in cryptocurrency trade volume at the online brokerage over the next two years.

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In the wake of heightened market volatility, the price of Bitcoin has surged back above the $63,500 threshold. Over the past 24 hours, the crypto landscape witnessed a tumultuous period, with the liquidation of more than $150 million in leveraged bitcoin positions.

After dipping to a recent low of $69,900, Bitcoin’s value rebounded, showing a resilient increase of over 1% within the same period.  As of 7:50 a.m. ET, the largest cryptocurrency by market capitalization was trading at $63,559, according to data from The Block’s Price Page.

The volatility in price action led to significant liquidations across both long and short positions on centralized exchanges. CoinGlass data revealed that more than $78 million in bitcoin longs and over $72 million in shorts were liquidated, totaling over $150 million in liquidations.

While Bitcoin saw a rebound, the second-largest cryptocurrency, Ether, experienced a modest 0.3% increase, reaching $3,262 at 7:48 a.m. ET. Conversely, SOL, the native coin of the Solana network, recorded a decline of over 2% during the same period, according to The Block’s Prices Page.

The broader crypto market witnessed a total of over $275 million in liquidated long positions over the past day, contributing to a cumulative figure of $428 million in liquidations across various centralized exchanges.

Liquidations occur when traders’ positions are automatically closed due to insufficient funds to cover losses. This scenario arises when market movements go against the trader’s position, resulting in the exhaustion of their initial margin or collateral.

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