Category: Cryptocurrency

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In response to the ongoing challenges hindering crypto adoption, Web3 Freewallet has emerged as a solution, offering a secure and simplified platform supporting over 1,000 cryptocurrencies.

Despite the exponential growth of digital finance, many individuals remain hesitant to venture into cryptocurrencies. The complexity surrounding crypto technology often acts as a barrier, with 75% of US citizens who are aware of crypto expressing doubts about its safety and reliability.

This underscores the critical need for user-friendly tools that can alleviate these concerns, making it easier for newcomers to enter the world of digital currencies. Simplifying these technologies is pivotal for mainstream adoption and fostering trust among new users.

Introducing Web3 Freewallet: Supporting 1,000+ Cryptocurrencies

Web3 Freewallet, launched in February 2024, represents Freewallet’s foray into self-custody solutions. As a noncustodial wallet, it caters to the diverse needs of crypto users by supporting over 1,000 cryptocurrencies across 15 different blockchains, showcasing its versatility and broad compatibility.

Accessible via a Google Chrome extension or mobile application for iOS and Android devices, Web3 Freewallet requires no personal information from users, ensuring privacy. The setup process is tailored to individuals with no prior crypto experience, guided by an intuitive interface aimed at facilitating seamless entry into the crypto market.

The platform seamlessly connects users with decentralized applications (DApps) through WalletConnect, enabling activities such as staking, token exchanging, and trading on third-party decentralized finance (DeFi) platforms. Moreover, it offers features for monitoring market trends, managing crypto portfolios, swapping tokens, and purchasing crypto directly within the app.

Prioritizing Privacy and Security

Web3 Freewallet places a strong emphasis on user security, refraining from collecting private keys and implementing robust security measures such as PIN codes, passcodes, biometric sign-in options, and spending limits to safeguard against unauthorized access and potential theft.

Additionally, users can import existing noncustodial wallets by entering their seed phrases, facilitating streamlined management of multiple wallets within a single interface and ensuring easy wallet recovery.

Designed for Novice and Experienced Users Alike

Engineered to cater to both novice and experienced crypto users, Web3 Freewallet prioritizes ease of use, flexibility, and comprehensive security measures. With millions of users already onboard, the platform is committed to continuous improvement, with plans to introduce new features including a peer-to-peer (P2P) trading platform and a staking service, aimed at enhancing trading options and passive income opportunities.

Looking Ahead: The Future of Crypto Wallets and Adoption

As merchants increasingly embrace cryptocurrencies, the future holds promise for crypto wallets to evolve into versatile virtual cards, bridging the gap between digital and traditional fiat currencies. This evolution has the potential to significantly lower adoption barriers, making digital assets as accessible as conventional money.

As crypto usage expands, multifunctional wallets like Web3 Freewallet are expected to play a crucial role in driving broader adoption, seamlessly integrating digital assets into everyday financial activities worldwide.

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Bitcoin transaction fees have experienced a significant decline following the recent halving event, providing relief to users and miners alike.

Initially, after the halving, fees soared to unprecedented levels, reaching as high as $146 for medium-priority transactions and $170 for high-priority transactions.

However, recent data from Mempool.space indicates a remarkable reduction in fees, with medium-priority transactions now costing $8.48 and high-priority transactions priced at $9.32.

This substantial decrease in transaction fees comes as a relief to Bitcoin users, who were facing exorbitant costs in the immediate aftermath of the halving.

Additionally, the hash price index, a metric reflecting miners’ potential earnings from a given amount of hash rate, has also declined significantly post-halving. This drop from $182.98 per hash/day to $81 indicates a substantial decrease in mining profitability.

While miners had hoped that the introduction of the Runes protocol, designed to create fungible tokens on the Bitcoin blockchain, would offset revenue losses post-halving, initial results suggest otherwise.

Despite expectations, floor prices for the Runes NFT collection have plummeted by nearly 50% in the last 24 hours, indicating a lack of significant activity and revenue generation from the protocol.

In contrast, ordinal collections like Bitcoin Puppets and NodeMonkes have seen increases in floor prices, highlighting the uncertainty surrounding the revenue potential of different NFT projects in the post-halving landscape.

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Shiba Inu, an Ethereum-based ecosystem featuring the second-largest token SHIB, has successfully raised $12 million in a recent token sale aimed at constructing a privacy-centric blockchain, as per a press release on Monday.

The investment round saw participation from notable investors including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, and Spirit Dao. These investors acquired the new network’s forthcoming utility and governance token, TREAT.

The token sale was conducted by Shiba Inu Mint S.A., an ecosystem development company registered in Panama, according to the press release.

The fundraising initiative follows a previous report by CoinDesk in February, revealing that Shiba Inu developers were collaborating with cryptography firm Zama to develop a privacy-focused network atop Shibarium, the ecosystem’s Ethereum-based layer-2 blockchain. This new network is set to utilize Fully Homomorphic Encryption (FHE), a privacy tool enabling developers to utilize data on untrusted domains without requiring decryption.

SHIB, the associated token, experienced a 2.2% increase over the past 24 hours, mirroring the general uptrend of the CoinDesk 20 Index. With a market capitalization of nearly $16 billion, SHIB currently ranks as the 12th-largest cryptocurrency.

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Market volatility has led to over $152 million in cryptocurrency liquidations over the past day, with the wider cryptocurrency market witnessing over $290 million in liquidations within the same period. Of these liquidations, approximately $154 million were from long positions.

Bitcoin’s liquidations soared to over $108 million as the asset dipped below the $60,000 mark before rebounding. Presently, it struggles to maintain its position above $64,000. Coinglass data reveals that liquidations were almost evenly split between bitcoin longs and shorts, totaling just over $54 million and $53 million, respectively.

The largest digital asset by market capitalization increased by around 5.3% in the past 24 hours, trading at $64,739 at 5:22 a.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, rose by 4.46% to 129.97 in the same period.

According to The Block’s halving countdown, Bitcoin’s upcoming halving event, where the miners’ block subsidy reward gets halved, is less than 100 blocks away. Analysts from 21Shares suggested that Bitcoin may continue in a lateral movement until geopolitical concerns, such as conflicts in the Middle East and control of oil transportation routes, stabilize.

The analysts observed that if geopolitical risks stabilize, bitcoin is expected to continue its upward trend post-halving. This is anticipated to be supported by increasing institutional interest in digital assets, particularly driven by U.S. spots and recently approved Hong Kong ETFs.

Coinbase analyst David Han emphasized the impact of macroeconomic factors, particularly heightened geopolitical tensions, on short-term crypto activity. “The recent elevated correlation of altcoins against bitcoin underlines this, indicating bitcoin’s anchor role in the space even as it firms its position as a macro asset,” Han stated in this week’s Coinbase Monthly Outlook report.

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Tether announced its intention to enhance peer-to-peer payments on Telegram by extending its dollar-pegged USDT and gold-backed XAUT tokens to the TON network, catering to Telegram’s vast user base 900 million.

Originally initiated by Telegram, the TON network has experienced rapid expansion, fueled by incentives to onboard Telegram users. Tether, the entity behind the $108 billion market cap USDT, disclosed plans to integrate the dollar-pegged stablecoin and its gold-backed counterpart XAUT natively on The Open Network (TON), a blockchain closely associated with the messaging app Telegram.

Tether’s transparency page revealed that $10 million worth of USDT has been authorized on the TON blockchain, with $3 million already issued. This strategic move aims to facilitate “borderless, peer-to-peer payments” among Telegram’s extensive user base and bolster the burgeoning TON ecosystem, enabling users to leverage the stablecoins in decentralized finance (DeFi) applications.

Paolo Ardoino, CEO of Tether, emphasized the significance of this expansion, stating that the launch of USDT and XAUT on TON would enable seamless value transfer. This move aims to increase activity and liquidity while offering users a financial experience akin to those found in the traditional financial system.

The Open Network operates as a decentralized layer-1 network initially spearheaded by Telegram but operating independently due to regulatory concerns. Recent months have witnessed a surge in TON’s ecosystem, propelled by incentives for Telegram user adoption, with monthly active addresses surpassing 1.7 million from less than 100,000 six months ago.

Despite a momentary dip of up to 15% in the TON token following the announcement, it remains up 7% over the past 24 hours and has tripled in price this year, amassing a market capitalization of nearly $25 billion. Telegram’s crypto wallet supports various blockchains for deposits and withdrawals, with trading fees substantially reduced to encourage TON adoption.

Ramp Network, a fintech firm bridging crypto with traditional banking infrastructure, announced plans to facilitate purchases and withdrawals of USDT on TON following the announcement. Starting with fiat-to-USDT on TON on its platform, Ramp Network intends to integrate with third-party wallets supporting TON-based assets and later incorporate off-ramp capabilities.

Szymon Sypniewicz, CEO of Ramp Network, articulated the company’s vision, stating, “Crypto transactions should be as simple as texting,” underscoring the potential to enhance the lives of millions within the TON ecosystem through accessible, low-cost crypto transactions.

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Although former President Donald Trump is better known for various endeavors, his involvement in the world of cryptocurrency has remained somewhat under the radar.

Recent revelations have shed light on Trump’s crypto portfolio, providing insight into his digital assets.

Using blockchain analytics, Arkham Intelligence has identified Trump’s wallet address by cross-referencing his financial disclosures. This analysis has unveiled not only Trump’s holdings but also those of various other entities, ranging from Tesla Inc. to Snoop Dogg.

Trump entered the cryptocurrency sphere in late 2022 when his name and likeness were utilized to promote and sell the Trump Digital Trading Cards non-fungible token (NFT) collection. This venture yielded Trump over 1,700 Ethereum (ETH) and Wrapped ETH (WETH) tokens.

In late 2023, Trump liquidated a portion of his ETH holdings, transferring 1,075 ETH to Coinbase, likely for sale.

However, Trump’s most significant crypto investment lies in MAGA Coin (TRUMP), a meme coin endorsing the former president. Initially, 580,000 TRUMP tokens were sent to Trump’s wallet, which, at the time, were worth a modest sum. Yet, the value of TRUMP has surged dramatically in 2024, driven by meme coin frenzy and increased media attention on Trump.

TRUMP’s price skyrocketed from less than 1 cent shortly after launch to an all-time high of $11.56 within six months, representing a staggering price increase of nearly 150,000%. Consequently, Trump’s TRUMP tokens, initially worth a few thousand dollars, ballooned into a small fortune, reaching highs of over $6.7 million before settling around $3 million.

However, recent market fluctuations have taken their toll on Trump’s crypto portfolio. Over the past week, TRUMP has experienced a significant decline of over 15%, while ETH has also dipped by approximately 12%. As a result, Trump’s holdings have plummeted by over $1 million in just seven days.

On April 11, Trump’s crypto portfolio stood at $6.6 million, only to drop to $5.4 million by April 16, marking a loss of over $1.2 million, or more than 18%.

These losses raise speculation regarding Trump’s next move. While this downturn may be a temporary setback, it could also signal trouble for the future of the TRUMP coin. Moreover, there is uncertainty regarding Trump’s awareness of his crypto holdings. If Trump perceives a potential decline in the token’s value and is cognizant of his position, he may opt to sell, as he has done previously.

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Bitcoin’s forthcoming ‘halving’ is on the horizon, prompting a need-to-know exploration. Here’s a breakdown of what awaits:

What is Bitcoin Halving and Why Is it Significant?

Bitcoin “halving,” occurring approximately every four years, directly affects bitcoin production. Miners, utilizing specialized computers to solve complex mathematical puzzles, receive a fixed number of bitcoins as a reward upon completion.

As the name suggests, halving cuts this fixed income in half, thereby reducing the influx of new bitcoins into the market. Consequently, the supply of available coins grows more gradually, aligning with bitcoin’s fundamental characteristic of limited supply. With only 21 million bitcoins ever to exist and the majority already mined, scarcity becomes a defining feature.

The reduction in supply can potentially drive up bitcoin prices, assuming demand remains steady or increases relative to supply. However, predicting future price movements remains uncertain, as past performance does not guarantee future results.

How Frequently Does Halving Occur?

According to Bitcoin’s code, halving takes place after the creation of every 210,000 “blocks” during the mining process, roughly translating to a four-year interval. The next halving is anticipated to unfold imminently.

Will Halving Impact Bitcoin’s Price?

The impact on bitcoin’s price remains speculative. Historically, following previous halvings, bitcoin’s price experienced mixed short-term reactions, eventually surging significantly one year later. Nonetheless, market conditions beyond halving contribute to these fluctuations.

The current halving arrives on the heels of a bullish year for bitcoin, with prices doubling compared to the previous year. Factors such as the introduction of spot bitcoin ETFs and persistent demand may further influence bitcoin’s trajectory.

What About Miners?

Miners face the challenge of adapting to reduced rewards while managing operational costs. Efficiently prepared miners may weather the transition better, but struggling firms might encounter difficulties.

Consolidation within the mining industry is probable, a trend exacerbated by previous market downturns. Larger miners may expand operations, leveraging technological advancements for efficiency gains.

What About the Environment?

Bitcoin mining’s environmental impact stems largely from energy consumption. While recent trends indicate a shift towards cleaner energy sources, concerns persist regarding reliance on pollutive energy.

The looming halving might incentivize miners to seek cheaper, albeit less environmentally friendly, energy sources. Additionally, some firms may explore low-cost energy regions, potentially deploying inefficient mining rigs.

In essence, Bitcoin’s upcoming halving carries implications for its economy, environment, and industry landscape, yet its exact outcomes remain uncertain amidst the dynamic cryptoverse.

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