Category: Cryptocurrency

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Tech giant Google has seamlessly integrated Ethereum Name Service (ENS) data into its search results using information sourced from Etherscan. CryptoSlate confirmed this integration through various ENS addresses, including Vitalik.eth, belonging to Vitalik Buterin, the co-founder of Ethereum.

The displayed results provide comprehensive details such as the Ethereum balance and the timestamp of the last transaction, all retrieved from the Ethereum block explorer Etherscan. ENS serves as a naming system for the Ethereum blockchain, facilitating human-readable names for diverse resources, including crypto wallets.

The news of this integration was first shared by Brantly Millegan, a former core member of the ENS team, on social media platform X (formerly Twitter).

Google’s Embrace of Crypto

This integration underscores Google’s increasing involvement with crypto and blockchain technology. Previously, the tech giant allowed users to directly check Ethereum address balances via its search engine. Furthermore, Google displayed animated pandas in sync to initiate a countdown to the Ethereum Merge event in 2022.

Last year, Google revised its crypto advertising policy to include “Cryptocurrency Coin Trusts,” enabling investors to trade shares in trusts holding digital assets. As a result, Bitcoin ETF products from prominent asset managers like BlackRock now feature in search results for queries such as “Bitcoin ETF.”

ENS Token’s Upward Movement

The news of Google’s feature on social media has helped the ENS token reverse its recent downward trend, experiencing a gain of approximately 6% in the last 24 hours, trading at $21.56 as of press time, according to CryptoSlate’s data.

In recent months, the ENS project has achieved significant milestones, including full decentralization and a pivotal partnership with GoDaddy, a domain registrar.

Jeff Lau, a developer with ENS, highlighted that these developments aim to “humanize web3.” He emphasized ENS’s role as a naming system for crypto addresses, evolving to encompass various functions within the web3 ecosystem, including serving as farcaster IDs, crypto payment addresses, and DAO contract identifiers.

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Bitcoin has experienced a decline of over 10% from its recent all-time high, reflecting a decrease in interest for newly established spot Bitcoin exchange-traded funds (ETFs). Strategists at JPMorgan Chase and Co. have cautioned that this pullback could continue.

The group of 10 spot Bitcoin ETFs is currently witnessing its largest weekly outflow since its introduction on January 11. Concurrently, Bitcoin, the world’s largest cryptocurrency, is on track for one of its most challenging weeks of the year following a 6% downturn. On Friday, the token was down 2.7% to $63,675.

JPMorgan strategists reiterated their view that Bitcoin appears overbought, reiterating a prediction made in February for further declines leading up to April’s eagerly awaited halving event, which will reduce the supply of newly minted Bitcoin from miners.

The continuous interest seen in CME Bitcoin futures, along with the diminishing flows in ETFs, stands as notable bearish signs for Bitcoin’s price, as highlighted by strategists headed by Nikolaos Panigirtzoglou in a note issued on Thursday.

The slowdown in net inflows into spot Bitcoin ETFs challenges the perception of a continuous one-way net inflow, particularly as the halving event approaches. This trend of profit-taking is expected to persist, especially considering the overbought positioning backdrop, despite the recent correction.

Last month, JPMorgan forecasted a decline in Bitcoin’s price towards $42,000 post-April as the euphoria induced by the halving event subsides.

From Monday through Thursday, a net $836 million was withdrawn from the ETFs, reflecting outflows from the Grayscale Bitcoin Trust and a decrease in subscriptions for competing offerings from BlackRock Inc. and Fidelity Investments.

While the ETF category has seen net inflows of $11.3 billion to date, marking one of the most successful debuts for an ETF category, the Grayscale Bitcoin Trust, which transitioned into an ETF, has experienced $13.6 billion in outflows.

Despite Bitcoin reaching a record high of almost $73,798 on March 14, retail traders’ enthusiasm may be waning, according to Naeem Aslam, chief investment officer at Zaye Capital Markets. Aslam expressed concerns about the rally’s strength post-all-time high and emphasized the significance of the upcoming halving event in maintaining momentum. However, failure to sustain this momentum could lead to a significant retracement, potentially dropping below $50,000.

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Binance Coin is making significant strides following the recent SEC decision on the Bitcoin ETF, edging closer to its all-time high. Concurrently, savvy investors in Monero and Hedera are rushing to participate in the presale of the emerging crypto project InQubeta. Let’s delve deeper into these developments.

BNB Soars Towards All-Time High

Binance Coin is witnessing a meteoric rise, with many experts predicting that it is on the verge of reaching a new all-time high. Recently, it experienced a remarkable 7% price surge, pushing BNB closer to the coveted $610 mark, currently trading at $529.

This bullish trend is backed by strong market dynamics, partly influenced by Bitcoin’s recent performance. Additionally, the launch of innovative projects like ether.fi on the Binance Launchpool, where users can earn ETHFI by staking BNB, is further fueling this momentum.

Renowned crypto analysts such as Altcoin Sherpa are confident that BNB is gearing up to surpass its previous peak of around $680. Sherpa’s analysis suggests that a new ATH is achievable in the coming months.

Another prominent figure in the crypto scene, Captain Faibik, concurs. He highlights that BNB has exceeded his earlier prediction by a staggering 120%. Faibik initially projected that BNB would reach a new ATH in the first half of 2024, and the current price movement aligns well with that forecast.

In a broader context, BNB has surged by an impressive 57% over the past month. This significant momentum sets the stage for BNB to potentially enter uncharted territory, with global investors closely monitoring its journey to an unprecedented ATH.

InQubeta: Revolutionizing AI Through Crypto Crowdfunding

InQubeta is attracting investors from leading coins like Monero and Hedera by offering a blockchain ICO platform that opens up AI investments to everyone through crypto crowdfunding.

This innovative crypto ICO project is currently undergoing a highly successful multi-month presale, having already secured an impressive $12 million in funding. The current presale price stands at an appealing $0.028 per QUBE token, with the next and final stage set to see a price increase to $0.0308.

InQubeta’s primary goal is to democratize AI investments by introducing the first-ever crypto crowdfunding platform for fractional AI startup investment, all powered by the native QUBE token.

QUBE: The Heart of the InQubeta Ecosystem

QUBE is a deflationary token that revolutionizes the way AI startups secure funding and promotes community engagement. Built-in transaction taxes contribute to a burn wallet (2%) and a reward pool (5%), enabling holders to earn passive income through staking.

At the core of InQubeta’s strategy lies a revolutionary and popular NFT marketplace. Here, AI startups can mint each investment opportunity as an NFT, which can then be fractionalized. This approach, facilitated by blockchain technology and smart contracts, allows for flexible investor participation.

This unique model offers a mutually beneficial scenario. AI startups gain access to new funding streams through reward and equity-based NFTs, while holders of QUBE ERC20 tokens can easily invest in projects they are passionate about. It is a symbiotic ecosystem that fosters mutual growth.

QUBE Holders: Shaping the Future

The power extends beyond that. QUBE empowers its holders by granting them governance rights. This means they can propose, discuss, and ultimately vote on improvements, actively shaping the platform’s evolution. This governance aspect adds another layer of community involvement and decentralization to the InQubeta ecosystem.

Conclusion

The cryptocurrency market is a rollercoaster of excitement and opportunities. Binance Coin is poised for significant gains as it eyes its ATH, while InQubeta is attracting investors with its innovative approach that is reshaping the AI investment landscape.

InQubeta’s presale is entering its final stretch, and the token price is set to rise. With a vibrant community, a clear roadmap, and a fresh perspective on AI investment, it is a promising project worth considering. Visit their website to learn more or participate in the presale, and join their active community on Twitter for the latest updates.

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El Salvador is leading the way for other nations to follow, with President Nayib Bukele announcing plans to purchase one bitcoin daily until it becomes unaffordable with fiat currencies. This initiative has boosted the country’s bitcoin holdings to a substantial 5,690 BTC, valued at approximately $400 million.

In addition to its cryptocurrency efforts, El Salvador has made a significant statement in the global investment arena by eliminating income tax for international investments and money transfers, aiming to attract foreign investors and stimulate economic growth.

This week, the country took a major step in its bitcoin strategy by transferring over 5,000 BTC into a cold wallet. President Bukele revealed that a large portion of these assets, worth $400 million, has been moved to an offline device stored in a physical vault within the nation’s territory. This move to secure the digital assets in a “Bitcoin piggy bank” signifies a strong belief in the cryptocurrency’s future and enhances its security.

El Salvador’s decision to transfer funds to a cold wallet came after its bitcoin treasury unexpectedly swelled, nearly doubling its previously known stash. The country has been acquiring bitcoin through various means, including daily purchases, passport sales, currency conversions for businesses, mining, and government services.

El Salvador made headlines in September 2021 when it became the first country to adopt bitcoin as legal tender. Since then, the cryptocurrency’s value has experienced significant fluctuations, recently reaching a record high of $73,800. The country’s ongoing daily bitcoin purchases and the establishment of a tax-free crypto haven powered by geothermal energy from a volcano demonstrate its innovative approach to using cryptocurrency for economic development.

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The Terra blockchain encountered an unexpected halt on Thursday, marking the second disruption within the month. The core team is actively investigating the issue, as stated in an official update. Despite this setback, the price of LUNA, Terra’s native token, has remained largely unaffected, with a weekly loss of nearly 13%.

The Terra blockchain issued an official update regarding the sudden halt experienced on Thursday, the second such incident in March. The cause of the halt remains unclear, prompting the core team to intensify efforts to identify and resolve the issue. The community has been assured that updates will be provided as the investigation progresses.

In a previous occurrence on March 14, the Terra blockchain faced a similar unexpected issue resulting in a temporary halt. Following swift action from the team, block production resumed, and an initial investigation was conducted. While users were informed of the restoration, the team committed to conducting a post-mortem analysis to prevent future occurrences.

Just a week later, on March 21, the blockchain once again paused block productions, prompting a follow-up tweet from the team. Despite these interruptions, the price of LUNA has shown resilience, maintaining stability amidst the technical challenges. As of the latest update, LUNA is trading at $0.9224, representing a 4% increase for the day, recuperating from its weekly losses.

Currently, LUNA’s price is consolidating below the resistance level of $1. Despite the disruptions, the asset remains 41% below its year-to-date high of $1.55, recorded on March 5.

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BlackRock (NYSE:BLK), the world’s largest asset manager, demonstrates its commitment to the digital asset space by launching its inaugural tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This move comes on the heels of its recent introduction of a spot Bitcoin (BTC) exchange-traded fund (ETF).

In collaboration with Securitize Markets, LLC, BlackRock aims to offer qualified investors the opportunity to earn U.S. dollar yields through the BUIDL fund, which will be tokenized on the Ethereum (ETH) blockchain as an ERC-20 token.

Robert Mitchnick, Head of Digital Assets at BlackRock, sees this as a natural progression of their digital assets strategy, emphasizing their focus on providing solutions that address real client needs.

Securitize is set to serve as a pivotal transfer agent and tokenization platform, overseeing tokenized shares and facilitating processes such as Fund subscriptions, redemptions, and distributions. BlackRock has structured the fund under the jurisdiction of the British Virgin Islands, with a minimum investment requirement of $100,000.

Tokenization remains central to BlackRock’s digital asset strategy, with CEO Larry Fink highlighting its potential to revolutionize capital markets. Carlos Domingo, co-founder and CEO of Securitize, views this development as a significant step towards making traditional financial products more accessible through digitization.

The BUIDL token offers various benefits, including enabling ownership issuance and trading on a blockchain, expanding investor access, ensuring instantaneous and transparent settlement, and facilitating transfers across platforms. BNY Mellon will facilitate interoperability between digital and traditional markets.

Designed to maintain a stable value of $1 per token and provide daily accrued dividends, BUIDL invests 100% of its assets in cash, U.S. Treasury bills, and repurchase agreements, offering investors yield while holding tokens on the blockchain.

Investors will have the flexibility to transfer tokens to pre-approved counterparts at any time and choose their preferred custody options. Anchorage Digital Bank NA, BitGo, Coinbase, Fireblocks, and other market participants and infrastructure providers in the crypto industry support the launch of BUIDL.

In a testament to community engagement, anonymous donors have sent various tokens and NFTs to the fund’s public Ethereum address, reflecting growing interest and support for BlackRock’s venture into digital assets.

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The momentum of Bitcoin Exchange-Traded Funds (ETFs) experienced a decline as BlackRock’s inflows dropped significantly. On March 20, BlackRock’s inflows amounted to $49.28 million, while Grayscale’s ETF witnessed higher outflows at $386 million.

For the second consecutive day, spot Bitcoin ETFs recorded negative flows. According to data from the financial research platform ‘SosoValue,’ Grayscale’s ETF GBTC observed a substantial outflow of $386 million on March 20. The previous day saw the same ETF recording $443 million in outflows, reflecting intensified selling pressure on Bitcoin.

Other ETFs failed to compensate for the outflow, as per SoSo Value data shared by WuBlockchain. BlackRock’s IBIT recorded the highest inflow at $49.28 million on the same day.

Since the approval of ETFs by the U.S. SEC in January, substantial inflows had been driving Bitcoin’s value upwards. However, the recent decrease in inflows suggested that institutional impact might be contributing to the 8.66% decline in Bitcoin’s price over the last seven days.

Despite Bitcoin trading at $67,018, indicating a resurgence of buying pressure, continued outflows surpassing inflows could potentially drive BTC below $60,000.

Bulls are attempting to counter the bearish sentiment prevailing in the market. Coin Edition noted a noticeable bearish bias based on technical analysis. The 4-hour BTC/USD chart revealed a death cross with the Exponential Moving Average (EMA), where the 20 EMA (blue) dipped below the 50 EMA (yellow), signaling a reinforcement of the downtrend. Bitcoin’s price also fell below the 50 EMA, suggesting a potential halt to the recent uptrend.

As it stands, Bitcoin may experience a decrease, with a potential target of around $58,463 if bulls fail to sustain pressure. Conversely, a surge in buying pressure could propel the coin towards $70,202.

The derivatives market also witnessed significant activity, with Bitcoin’s recovery triggering substantial liquidations. Coinglass reported over $317.55 million worth of BTC contracts liquidated, possibly due to high leverage or insufficient funding fees. Short positions constituted the majority of liquidated positions, while volatility also led to liquidations among longs.

The cascade of liquidations could further impact Bitcoin’s price from a trading perspective, with shorts potentially becoming more aggressive if BTC drops below $60,000.

In summary, the decline in Bitcoin ETF momentum, coupled with technical indicators and derivative market activity, suggests a challenging landscape for the cryptocurrency in the near term.

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Bitcoin’s (BTC) recent surge since the beginning of 2023 has reignited interest in the cryptocurrency realm. The launch of several spot BTC ETFs has propelled the top crypto to establish a new record high on March 14, breaking a historical milestone by achieving this feat over 45 days ahead of its next halving event.

Amidst the current correction phase in the crypto market, traders are eagerly searching for the next catalyst to drive prices higher. Analysts widely point to the impending halving as the potential trigger for the next rally. However, halvings pose a significant challenge for Bitcoin miners, as the 50% reduction in new BTC emissions slashes their revenue in half, prompting many to deactivate inefficient equipment post-halving, leading to a decline in the Bitcoin hash rate.

To gain insights into how miners are preparing for the halving and their subsequent strategies, Kitco Crypto engaged in a discussion with Greg Beard, CEO of Stronghold Digital Mining. Stronghold made history as the first mining company to launch an IPO approved by the Securities and Exchange Commission (SEC). Beard, formerly Head of Energy at Apollo, emphasized the importance of viewing crypto mining as a form of “power arbitrage,” highlighting Stronghold’s ownership of power plants and data centers.

Beard emphasized the evolving landscape of the crypto-mining industry and the necessity for miners to assess energy demands on local power grids. Stronghold’s unique approach allows them to swiftly adapt to fluctuating energy prices by turning off data centers during periods of expensive power and selling excess energy to the grid. Beard highlighted the impact of renewable energy sources on energy price volatility and underscored Bitcoin mines’ role as grid-scale batteries, providing stability to power grids.

Regarding Stronghold’s revenue diversification efforts, Beard mentioned ventures into carbon sequestration, coal ash sales, and exploring alternative fuel sources. He contrasted Stronghold’s resilience with the challenges faced by miners lacking their infrastructure, emphasizing the importance of creating additional industrial applications beyond Bitcoin mining.

Criticism towards Bitcoin mining’s energy consumption has overshadowed its contribution to improving energy efficiency and environmental remediation efforts. Beard emphasized Stronghold’s commitment to cleaning up waste coal sites and converting them into power generation facilities. However, he lamented the lack of recognition from ESG investors, highlighting a disparity between investor perceptions and environmental impact.

Addressing concerns over Bitcoin mining centralization, Beard downplayed the risk of a concentrated mining power disrupting Bitcoin’s decentralized nature, citing potential consolidation among public miners. He projected significant consolidation post-halving, with outdated machines being phased out for more efficient models, ultimately driving the industry towards industrial-scale operations.

Beard also discussed potential challenges posed by government regulations, including President Biden’s proposed tax on Bitcoin miners’ power consumption. He cautioned against singling out Bitcoin miners for taxation, warning of unintended consequences on innovation and economic growth.

Looking ahead, Beard anticipated Bitcoin ETFs’ role in driving price volatility, particularly with their obligation to purchase underlying assets upon investor demand. He underscored Bitcoin’s defensive appeal for populations facing economic instability due to inflation and mounting global debt.

As governments grapple with soaring debt levels, Beard highlighted the inflationary implications of printing money to service debt, expressing concern for future economic stability. Despite uncertainties, Beard remained optimistic about Bitcoin’s potential as a hedge against economic turmoil, emphasizing its role in preserving wealth amidst fiscal uncertainties.

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The market cap of real-world assets (RWA) has surged to $5.54 billion, marking a remarkable increase of over 31% in the last 24 hours. Similarly, the memecoin market cap has also witnessed a notable uptick, rising by over 16% during the same period. Among the top five memecoins, excluding Shiba Inu, all have recorded double-digit gains.

The RWA token market cap’s significant surge is evident across the top performers in the sub-sector. Notably, the native token of the Polymesh blockchain experienced a staggering 86.5% surge, followed by Centrifuge with a rise of 46.5%, and Ondo with a notable increase of 33% within the past 24 hours. Polymesh, a blockchain project tailored for security tokens, is one of the many protocols engaged in the tokenization of real-world assets, facilitating the conversion of asset rights into digital tokens on a blockchain.

Real-world assets span a broad spectrum, encompassing tangible and intangible items ranging from physical properties to patents and copyrights. The tokenization of these assets holds the promise of revolutionizing their handling and trading, potentially leading to increased liquidity, accessibility, and efficiency in asset management.

In the realm of memecoins, the market cap has also surged by 16.0% over the past day. Notably, all of the top five memecoins by market capitalization have witnessed significant gains, except for Shiba Inu, which saw a more modest 7% increase within the same period.

Among the top five memecoins, Floki has displayed the most remarkable rally, surging by over 38% within the past 24 hours, as per data from The Block’s Price Page at 6:19 a.m. ET.

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CoinGecko Research has identified the Solana network as the leading blockchain ecosystem of the year thus far. According to their report published on Wednesday, the layer 1 blockchain now commands 49.3% of global crypto investor interest in chain-specific narratives.

The report attributes Solana’s dominant mindshare to its resurgence back to 2021 highs, coupled with the impressive performance of key ecosystem project tokens such as Pyth and native meme coins like dogwifhat.

Thursday’s Coinbase market update further underscores Solana’s significance, revealing approximately $11 billion in transactions conducted on the Solana blockchain in just 24 hours on Monday. This surge in activity was driven by a plethora of smaller tokens, notably meme coins.

Memecoin Craze Fuels Solana Network Activity

Solana’s recent surge in activity has been primarily observed on decentralized exchanges (DEXs) like Jupiter and Raydium, where traders have been actively engaging with meme coins such as Bonk and Slerf. For close to four months, decentralized exchanges (DEXs) built on Solana have been consistently capturing a larger portion of the market compared to Ethereum-based DEXs such as Uniswap.

Tristan Frizza, Founder of Zeta Markets, commented on the spike in onchain meme coin speculation, highlighting coins like Slerf achieving staggering market caps of over $500 million within hours. This frenzy has largely been facilitated by automated market makers like Raydium, Orca, and the Jupiter aggregator, which enable token creators to swiftly establish new liquidity pools and trade these tokens.

In the past week, Solana’s onchain volumes have witnessed a significant surge, accompanied by a notable increase in network fees. As per The Block’s Data Dashboard, the daily transaction fees on the Solana network have been steadily increasing since the start of March, culminating in a record high of $5.08 million on Monday.

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