Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed 414 insitutional holders in less than three months, according to filings with the U.S. Securities and Exchange Commission (SEC). A senior Bloomberg analyst described this achievement as “mind-boggling” and “highly rare” for new ETFs. Other recently launched ETFs have significantly fewer institutional […]
Bitcoin News
Bitcoin Futures Demand Blows up in Brazil: 7,400 Contracts Traded on Launch Day
The first bitcoin futures contracts listed on B3, the stock exchange in Brazil, experienced significant interest from investors on debut day. According to a note delivered by the stock operator, 7,400 bitcoin futures contracts were traded, with the instrument reaching a peak of 111,000 orders on screen. While B3 has also bitcoin ETF contracts, futures […]
Bitcoin News
ALGO Blows Up To 42-Week High, Delighting Algorand Fans
Known for being a blockchain technology pioneer, Algorand (ALGO) has seen ups and downs in the cryptocurrency market. Over the past week, there has been a notable 20% surge in the value of the Algorand token, which also translates to a 42-week peak.
According to data from Coingecko, ALGO was trading at .232 at the time of writing, with a significant 24-hour trading volume of 0 million.
Algorand’s Rise: Blockchain Advancements And Market Surge
The Algorand network, also referred to as “blockchain3.0,” prioritizes security and decentralization while addressing significant scaling problems that have beset earlier blockchain systems like Bitcoin.
Algorand’s cutting-edge blockchain technology, which is well-known for its quick transactions and function in smart contracts, is what is driving ALGO’s growth. Its price increase over the weekend represented a 90% rise in the last month.
Algorand’s digital network and protocol give it a significant technological advantage that makes it a vital role in improving the financial system’s efficiency.
Algorand is a significant player in the market, presently ranked 43rd, with a current market value of more over .85 billion. There are already 8 billion tokens in circulation on the network, which is a sizeable fraction of the 10 billion token maximum supply.
This position takes into account the platform’s usage of a significant percentage of its token allocation as well as its presence in the cutthroat cryptocurrency market.
“We’re just getting started,” cryptocurrency enthusiast “Aj” said, expressing excitement about ALGO’s recent resurgence. According to Aj’s technical analysis, the .28 mark is crucial for turning resistance into support and launching the token on a long-term upswing.
A number of important underlying developments support a long-term Algorand comeback.
By collaborating with the UNDP to establish the Algorand Blockchain Academy, the Algorand Foundation has demonstrated its dedication to blockchain education and transparency, which could enhance ALGO’s position in the market.
Algorand’s Tech Triumphs Amid Market Variability
Updates that are significant and solidify Algorand’s position as a top blockchain are supporting its comeback. Algorand released AlgoKit 1.8.2 last week, a significant update that supports Python template support in dev tools to speed up application development.
Welcome AlgoKit 1.8.2
In the latest release, we present to you:
1⃣ Python Template
Play around with the dev experience that you’re used to, give us feedback!2⃣ AVM Debugger for VS Code @code
Thank you to the @Algorand team for the amazing work done on the debug adapter… pic.twitter.com/YNt9fmFsgN— Algorand Developers (@algodevs) December 20, 2023
Another addition to the update is a debug adapter that enables in-depth analysis of transaction execution.
In terms of smart contract throughput, Algorand has outpaced other leading Layer 1 (L1) blockchains, such as Solana, BNB Smart Chain, Avalanche, Polygon, Celo, and Ethereum, as seen in the figure below.
Algorand has remarkable technology, but its performance in the market is inconsistent. The blockchain platform exhibits creativity and state-of-the-art solutions, but the market’s reaction has been a mixed bag of positive and negative developments.
The potential of Algorand draws investors who have to traverse a volatile cryptocurrency market, which complicates their decision-making process. Investors must navigate this complex relationship between market dynamics and technological superiority with caution.
Featured image from Shutterstock
Worldcoin Blows up in Chile; Sign-Ups Exceed 1% of the Population
Worldcoin, the biometric wallet and ID project, has reported that it has signed up more than 1% of the population of Chile. According to the organization, more than 200,000 Chileans are already using Worldcoin, a popularity uptick shared with other South American countries, including Argentina, where 9,500 Argentines verified their IDs in a day.
Worldcoin Achieves Milestone in Chile; More Than 1% of the Population Reportedly Registered
Worldcoin, the project that uses biometric iris scanning as “proof of personhood,” has reached a milestone in Chile. The organization reported having signed up 200,000 Chileans since its launch. With Chile having approximately 19.5 million residents, this means more than 1% of the population would have signed up to receive Worldcoin’s grant in the form of WLD, the native token of the protocol.
This growth signals the popularity rise of the project in South American countries, that have shown interest in the proposal of the World ID app. Due to this demand, Tools For Humanity, contributors of Worldcoin, ramped up operations in Chile, setting up more verification stations in Vina del Mar and Concepcion while maintaining its verification operations in Santiago, the capital.
Worldcoin verifications involve a specific hardware device called the orb, used to scan the irises of users wishing to verify their ID to be part of the Worldcoin system.
Popularity Among Woes
The popularity of the Worldcoin project extends to other countries in Latin America that have also embraced it due to its grants. In August, the organization reported having registered more than 9,500 Argentines in a single day, or one verification every nine seconds, a milestone given that there were only four verification stations in the country.
Also, according to data from a Kenyan parliamentary committee tasked with investigating the project, 350,000 Kenyans had registered at some point in July, accounting for 25% of the users on the platform at that time.
However, the Kenyan government suspended Wordcoin activities in August and attempted to arrest Alex Blania, CEO and co-founder of Tools For Humanity, and Thomas Scott, the legal spokesperson for Tools for Humanity, after appearing before the Kenyan National Assembly during a hearing.
The Kenyan government informed that U.S. officials intervened to secure the exit of the Worldcoin executives, given that they have not been found guilty of committing any crime in the country.
What do you think about Worldcoin’s popularity in Chile and other countries facing economic hardships? Tell us in the comments section below.
Bitcoin Dealt Another Round Of Blows, Is The Bear Market Back?
In another shocking twist that has dealt a severe blow to the price of bitcoin, crypto-friendly bank Silvergate announced that it would be winding down operations as the contagion from the FTX collapse spreads. Naturally, this led to a swift decline in the price of BTC, dragging it to the mid-,000s once more. This recent event, coupled with other developments in the market, could mean that bitcoin and others are moving back into the bear market.
U.S. President Biden Comes For Crypto Gains
According to a Wall Street Journal report, U.S. President Biden has once again turned his attention toward the cryptocurrency market in a way that would affect how investors trade assets in the space. A fiscal 2024 budget plan that is expected to be revealed on March 9 included a proposal to increase the capital gains from 20% to almost 40%.
One of the reasons given for this is to stop the phenomenon known as “tax loss harvesting” in crypto. What this means is that sometimes, investors would sell their cryptocurrencies at a loss to make it a claimable loss on their tax filings, but then repurchase the assets right after. This will however be limited to higher net-worth individuals making at least million a year.
Despite this cutoff, the broader market has not received the proposal well. Participants in the space have expressed their displeasure at the proposal. One of these is crypto analyst Lark Davis who took to Twitter and posted the tweet below.
Biden proposing to double capital gains taxes from 20 to 40% and not allowing for tax loss harvesting on #bitcoin …. WTF… pic.twitter.com/SnJNglpoAA
— Lark Davis (@TheCryptoLark) March 9, 2023
Bitcoin Returns To Bear Market Levels
As the news of Silvergate’s collapse and the new tax proposal by President Biden spread, digital assets in the crypto space quickly responded. Bitcoin lost its footing above ,000 and fell to ,500 for the first time in over three weeks.
Other digital assets in the space followed this trend with the likes of Ethereum, Cardano, and Dogecoin all cascading down with over 2% losses. This has pushed the crypto market farther back into the bear territory, increasing the possibility of a prolonged bear market. The tumble in price also saw market liquidations cross 0 million in the last 24 hours.
However, bitcoin has held up better than expected so far. The digital asset found support above ,500, suggesting that there was still a reasonable amount of buy pressure in the marketing holding the pioneer cryptocurrency up. As such, liquidations have slowed down significantly in the last 4 hours to only .7 million.
Whether bitcoin will continue to fall remains to be seen at this point. If BTC is able to reclaim the ,000 level before the trading day is over, then this would have only been a temporary setback and the cryptocurrency could resume its upward trajectory.
SingularityNET (AGIX) Shows No Signs Of Stopping, As AI Crypto Blows Up 923%
The interest in artificial intelligence (AI) applications has been on the rise as the use of various platforms, such as SingularityNET and OpenAI’s text-based tool ChatGPT, has become more widespread.
AGIX, SingularityNET’s native token, has seen a strong ascent in price since January, showing investors a whopping 923% increase in the monthly time frame, according to Coingecko data.
AI is slowly becoming a household name because of its massive potential. As tech giants like Google pour huge amounts of money into the research and development of artificial intelligence, the space is expected to grow by nearly 40% by 2030.
AI At The Helm of SingularityNET’s Growth
SingularityNET’s Twitter account recently announced their intention to create a MeTTa-based DSL, or domain specific language. This could be a collaboration with Cardano, with SingularityNET mentioning Cardano’s programming language Haskell.
According to the tweet, the creation of DSLs is a must to address the scalability problem of DeFi.
Enabling real-world use cases at scale on the #SingularityNET platform via creating a MeTTa-based DSLs focused on smart contract programming in specific industry verticals.#BuildingOnSNET #AI #Cardano pic.twitter.com/SoB7V8SAw4
— SingularityNET (@SingularityNET) February 7, 2023
“This illustrates the need for a framework that can remove these impediments and enables updating and modifications of DSLs within a highly flexible language like MeTTa (Meta Type Talk) AGI programming language,” SingularityNET said.
Cardano’s Marlowe DSL pioneered the use of a domain specific language. However, OpenCog’s MeTTa AGI language would improve upon the concept, bringing scalability closer to developers in a more effective manner.
AGIX At .5558 – Can The Token Continue Its Climb?
The token is currently riding a rocket at its current price of .5558 with a support at .42899 and .17532. At the time of writing, AGIX has currently hit a ceiling at .59998 which may revert towards its current support at .42899.
With the token hitting a price ceiling, the continuous climb of AGIX might be hindered in the short to medium term. If the current resistance holds, investors and traders might see the token drop towards .17532 support which could support a bearish decline.
Investors and traders should still exercise caution as the token reaches its peak as could mean a sharp decline in price. But with AGIX’s support at .17532, the token might be able to target higher highs in the long term.
With the possibility of short to medium term pain, AGIX bulls should be focused on consolidating above .42899 price support range which would create a zone of safety for investors and traders.
SingularityNET’s decision to use MeTTa to create a DSL would bring attention to the network which will boost the token’s price in the long term.
Investors and traders should still be bullish on the long term as SingularityNET’s development continues.
Featured image from Bitnovo Blog
This Lesser Known Altcoin Blows Up 91% In The Last Week – Find Out Here
Graphic Processing Units, more commonly known as GPUs, are an essential part of a computer to perform complex tasks like gaming or video editing. With video content playing a big part in the modern society, rendering a simple video with using a desktop computer might take a few minutes to a few hours.
Render Network addresses these, and the computing power requirement for Web3’s continuous growth. Because of this utility, RNDR, the network’s native token, has exploded 91% in the weekly time frame as seen on Coingecko.
How Does Render Work?
Founded in 2016 by Jules Urbach, the network uses a decentralized system of GPUs that help creatives leverage the computing power for a fee. The nodes that contributed to the project are then rewarded with RNDR, the network’s native token.
The use of GPUs in the world of crypto is not a novel idea. A proof-of-work system uses a GPU as well in a different setting. In PoW, the GPU crunches through complex math to provide the blockchain security. The GPU owner – which in this case is called a miner – is then rewarded for successfully mining a block.
Hence, the name of the technology, blockchain.
With Render’s use case, no block is mined. Instead, 100% of the computing power of the GPU is used to process multiple types of media. A user, designated a Creator, would put a render request on the network for a fee. This request would then be distributed to a node which would then process the render and gain RNDR for the job.
A small fee is paid to the network for the maintenance of the network itself. With the interest in NFTs growing lately, Render might see more demand in the near future.
What’s In Store For RNDR?
The native token of Render has been seeing amplified growth in the past month as a result of the broader market rally which pulled the entire market upward. As it stands now, RNDR is above its .494 support level, regaining May 2022 levels.
This recent breakthrough will give RNDR bulls with enough momentum to potentially turn to support. But the current breakthrough might’ve exhausted the bulls as the token enters consolidation above its current support.
Investors and traders should be able to enjoy profits in the short to medium term as the low volatility enters the market. Long term, bulls can comfortably target with a possibility of higher breakthroughs if the aforementioned resistance is broken.
Featured image by Beanstalk
Bitcoin Blows The Highest Daily Candle Since Last 24 Days
After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.
For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the ,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.
Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.
Bitcoin Closes Daily Candle Above K
The K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.
Bitcoin has finally closed a daily candle higher than ,000 for the first time since September 17. This new feat strengthens the token positively, hovering between ,000 and ,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.
This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.
At the time of writing, BTC is trading at around ,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to 5.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.
Bitcoin Surpasses The ,000 mark l BTCUSDT on Tradingview.com
Most Altcoins Gained With GMX As Top Performer
The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.
Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.
GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around .27 at the time of press.
The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.
The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to 0.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.
Featured image from Pixabay and TradingView.com
NewsBTC
Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors
Sandbox has become one of the most important Metaverse cryptocurrencies to keep an eye on this year.
Sandbox (SAND) is currently selling at .31, an increase of 20% based on data from CoinMarketCap.
The rally occurs just days after Microsoft and Meta, among other technology giants, announced the founding of the so-called “Metaverse Standards Forum.”
Other facets of virtual reality are also being researched, as the Sandbox environment has expanded into much more than a gaming platform.
Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally
Sandbox (SAND) Lights Up 7 Straight Green Candles
As shown on the SAND chart, the daily time frame chart obtained seven consecutive green candles.
Near the .11 mark, the SAND price confronts severe supply pressure, with intraday trading volume reaching 6 million, suggesting a 3.22 percent decline.
Source: Tradingview
Friday night’s bulls blasted over the 10-day horizontal boundary, propelling the price of SAND cryptocurrency well above the bearish’ critical hedging level of .90.
The recent bottom of the SAND token, on the other hand, has served as a significant support level for the bulls.
The Sandbox is an Ethereum-based game in which players can purchase parcels of virtual land. Occasionally, the value of these virtual properties may reach millions of dollars, and everyone could profit greatly if the metaverse becomes as successful as many anticipate.
The ‘Metaverse Standards Forum’
Meanwhile, the Sandbox could be on the crosshair of an established tech company planning a takeover, based on rumors circulating on social media.
The declared objective of the Metaverse Standards Forum, which was unveiled on Wednesday and is comprised of Sony and Alibaba, is to foster coordination and cooperation among the hundreds of enterprises competing for position on the enormous metaverse landscape.
Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem
Reuters quotes Nvidia executive Neil Trevett, who is chairing the MSF, as saying any company, including those in the crypto industry, can join the group.
A property in Sandbox was recently acquired by HSBC, one of the world’s top banks. HSBC’s interest in Sandbox metaverse lands indicatesthat they appreciate its significance.
SAND total market cap at .76 billion on the weekend chart | Source: TradingView.com
Meta Eyeing Sandbox Buyout?
On Sunday, The Sandbox co-founder and COO Sebastien Borget replied to Messari on Twitter if Meta purchasing a virtual world like The Sandbox Game makes him “bullish.”
Borget’s response was brief and unequivocal:
“This will never happen.”
Many Web3 community members remain dubious. Animoca Brands’ founder and executive chairman, Yat Siu, has previously referred to Meta’s goals as “digital colonialism.”
Animoca Brands is a billion software and venture capital firm responsible for a variety of metaverse projects, including The Sandbox.
Danny Greene, general manager of the Meebits DAO, stated to a crypto news outlet that customers will ultimately battle for a decentralized future and that “these are companies that represent shareholders.”
Featured image from Smart Valor, chart from TradingView.com
NewsBTC
The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm
The Sandbox native token, SAND, jumped from eight-month lows following Friday’s announcement of a collaboration between the metaverse and Lionsgate Studios.
As a result of the news, SAND surged as high as 20% to .9715, before reversing course to trade at .8647. The move helped SAND overcome a seven-day losing run in the face of gloom in the bear market.
Lionsgate is one of the biggest private studios in the United States, and it owns Rambo, Hellboy, and The Expendables, all of which will soon be featured in The Sandbox.
all hell breaks loose. lionsgate has entered @thesandboxgame pic.twitter.com/c1QcA2x3Y6
— Lionsgate (@Lionsgate) June 15, 2022
Suggested Reading | Bitcoin At K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why
The Sandbox (SAND) Soars 3.78%
At the time of writing, SAND was trading at 0.873, up 3.78 percent from its daily high of .9753. The 24-hour trading volume on the Sandbox was 9.75 million.
As of Friday, the circulating supply of SAND is 1.25 billion and the maximum supply is 3 billion.
Based on their increased production in the horror and action domains, the metaverse has devised a comprehensive transition plan, and Lionsgate will contribute to adapting its characters and captivating stories to web3-compatible platforms.
The Sandbox is a play-to-earn blockchain game that enables users to create a digital world on the Ethereum blockchain using non-fungible tokens.
The Sandbox allows players to create their own avatars to access the different games and destinations available. On the blockchain, it is the DeFi version of Minecraft.
Lionsgate is one of the biggest private entertainment studios in the United States. Image: Deadline.
SAND is an ERC20 utility token that enables the purchase and sale of LANDS and ASSETS within The Sandbox’s metaverse. It is also The Sandbox DAO’s governance token.
The Sandbox Guns For Over Billion Valuation
The Sandbox, which is owned by blockchain gaming behemoth Animoca Brands, reportedly seeks to attract funds at a valuation of more than billion.
The Sandbox reports that this deal will make Lionsgate the first major Hollywood studio to enter the metaverse.
This will not be The Sandbox’s first significant partnership, as it has already hosted material from Snoop Dogg, The Smurfs, and Adidas and sold LAND to financial institutions such as HSBC.
SAND total market cap at .06 billion on the daily chart | Source: TradingView.com
Crypto & Metaverse Going Stronger Despite Market Turmoil
Lionsgate’s Executive Vice President and Global Head of Live, Interactive, and Location-Based Entertainment, Jenefer Brown, commented on the innovative partnership:
“We’re thrilled by the new possibilities our strategic relationship with The Sandbox will offer our community.”
The bulk of cryptocurrencies have not been left behind as crypto markets continue to undergo a precipitous downturn.
In fact, cryptocurrencies with metaverse support, such as The Sandbox and Decentraland, have been in a stronger position as Metaverse and NFTs continue to gain popularity.
Suggested Reading | Ethereum Drops Below 0 On Uniswap Overnight – Here’s Why
Featured image from Actu Crypto.info, chart from TradingView.com
NewsBTC