At the World Digital Mining Summit in Las Vegas, Bitmain, a leading manufacturer of application-specific integrated circuit (ASIC) bitcoin mining rigs, introduced two new mining machines. Both models—one air-cooled and one hydro-cooled—boast an efficiency rating of under 14 joules per terahash. Bitmain Introduces S21 XP and S21 XP Hydro Bitmain’s new Antminer S21 series mining […]
Bitcoin News
Ahead of Ether ETFs Debut, Bitmex Introduces 200x Leverage for Ethereum
On June 5, 2024, the crypto derivatives exchange Bitmex announced it is offering 200x leverage for ethereum perpetuals ahead of the U.S. ether exchange-traded funds (ETFs) trading debut. Bitmex Ramps Up Ethereum Trading With 200x Leverage Offering According to a social media post on X published Wednesday, Bitmex is introducing 200x leverage perpetuals for ethereum […]
Bitcoin News
SOL Price Breaks Crucial $150 Level Amid Robinhood’s Solana Staking Debut In Europe
Robinhood Crypto has announced the introduction of a Solana-staking product in Europe, accompanied by a bonus program for new customers.
This development comes as the company faces increased tensions with US regulators, which could potentially lead to legal repercussions. However, the move has propelled Solana’s (SOL) price to surpass the crucial 0 level, indicating a return of bullish momentum in the market.
Solana Staking And Crypto Rewards
According to the announcement, Robinhood unveiled new features for its European customers. These offerings include staking, localized applications, and crypto rewards.
As part of its expansion, Robinhood has launched its first crypto-staking product exclusively for European customers. Through the platform, users can stake their Solana holdings and earn rewards with the ability to unstake their assets at any time.
Additionally, new customers can receive a 10% bonus on their net purchases during their first 30 days on the platform, with the bonus paid out in Circle’s USDC stablecoin. This initiative aims to attract new users and improve their crypto investing experience.
While Robinhood Crypto expands its offerings in Europe, the company faces regulatory challenges in the United States. The US Securities and Exchange Commission (SEC) has issued a Wells Notice to the exchange, indicating the staff’s recommendation for an enforcement action against the platform.
Robinhood expressed disappointment in the SEC’s decision, emphasizing their efforts to seek regulatory clarity and asserting their belief that the listed assets on their platform are not securities.
Vlad Tenev, the CEO of Robinhood, revealed that the company has held over 16 meetings with the SEC. However, these interactions have been largely unsatisfactory, according to Tenev. He expressed the company’s willingness to engage with the SEC in good faith but noted the regulatory body’s lack of reciprocal efforts.
SOL Bulls Eye 0 As Trading Volume Rises
Solana’s native token, SOL, experienced a significant rebound in the past hour, surging from the 0 zone to its current trading price of 3. This price movement holds key significance for bullish investors as they aim to retest the 0 mark previously surpassed in March.
CoinGecko data further reveals a notable increase in SOL’s trading volume, reaching .7 billion in the last 24 hours, representing a 6.6% rise compared to the previous Monday’s trading session.
According to crypto analyst Jesse Olson, Solana has shown strength in its recent price action. Olson notes that Solana successfully hit all four downside targets and exhibited bullish divergence, followed by hitting three upside targets.
The price appears to form a higher low, increasing the probability of reaching “target four,” projected at the 5 mark.
Despite the bullish momentum, SOL faces crucial resistance walls at 7 and 2, which are expected to be significant obstacles toward higher price levels.
On the other hand, the 0 line has served as a key support level for Solana’s price over the past week. SOL’s bullish momentum remains uncertain as it strives to overcome these resistance levels and retest its yearly high of 9.
Featured image from Shutterstock, chart from TradingView.com
Friend.tech’s FRIEND Token Airdrop Faces Steep Decline Since Market Debut
Friend.tech, the decentralized social media application on the Base network, recently launched its native token through an airdrop. Since trading commenced, the token has plummeted, dropping anywhere from 50% to 90% of its initial value across various decentralized exchange (dex) platforms, as reported by several different price aggregation websites. FRIEND Starts Strong but Value Plummets […]
Bitcoin News
China Asset Management Exec Anticipates Hong Kong Spot Bitcoin ETFs to ‘Exceed’ US Debut
With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital […]
Bitcoin News
Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch
The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market.
With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.
HK Bitcoin ETF Market Poised For Record-Breaking Debut
Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.
This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars.
Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia.
Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market.
According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.
Unprecedented Investment Options
One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings.
Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold.
Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.
Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang.
Mainland Chinese Investors Restricted
Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support.
Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.
On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race.
Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.
Currently, BTC is trading at ,000 after failing to consolidate above the key ,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run.
Featured image from Shutterstock, chart from TradingView.com
Runes Protocol to Debut Alongside Bitcoin Halving, Could Boost BTC Ecosystem
As the halving is set to occur between April 19-20, 2024, a substantial number of crypto enthusiasts are eagerly preparing for the Runes protocol. The concept of Runes was developed by the creator of Ordinals, Casey Rodarmor, and has been met with considerable enthusiasm since its announcement in September 2023. The following is a comprehensive […]
Bitcoin News
Galaxy Digital to Debut $100 Million Crypto Fund Initiative
Galaxy Digital, a cryptocurrency venture capital firm, is in talks with third parties to launch its first cooperative crypto investment fund. The fund, called Galaxy Ventures Fund I, LP, will focus on crypto projects still in their early stages and is seeking to raise and allocate 0 million to 30 startups over the next three […]
Bitcoin News
Venom Blockchain Debut In Abu Dhabi Sparks Massive User Surge, Exceeds 1 Million In A Day
With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain.
Venom Blockchain Market Cap Soars
Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture.
The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just .0002.
As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over .2 billion and a trading volume of over 0 million, highlighting Abu Dhabi’s interest in the technology.
Over One Million Users In The First Year
The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products.
In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure.
Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology.
On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at .6580, reflecting a recent increase of 3.8% in the past trading hour.
In the past 24 hours, the trading volume of the VENOM token has reached ,515,705, marking a notable increase of 193.60%, according to CoinGecko data.
Featured image from Shutterstock, chart from TradingView.com
Avalanche Unleashes Durango Upgrade, AVAX Price Rockets 8% With ‘Teleporter’ Debut
Blockchain platform Avalanche (AVAX) has announced the launch of the Durango upgrade and introduced Teleporter, a tool designed to improve communication within the protocol’s ecosystem.
Simplified Cross-Chain Messaging?
Teleporter, built on Avalanche Warp Messaging (AWM), the platform’s native messaging protocol, serves as a “developer-friendly interface” that reportedly simplifies the process of sending and receiving cross-chain Ethereum Virtual Machine (EVM) messages.
According to the announcement, by leveraging Teleporter, Avalanche blockchains will be able to share various types of information, including tokens, non-fungible tokens (NFTs), and oracle price feed data.
This “coordinated” communication will reportedly promote fluid EVM interoperability, enabling developers to create cross-subnet applications that provide “full functionality” and a “seamless user experience.” The Avalanche announcement goes on to say:
Since the beginning, Avalanche was developed to be a sprawling network of lightning-fast custom app chains. Subnets launched in Spring 2022, sparking an initial cohort of custom app chains that has grown to dozens, with many more coming across all major blockchain verticals. Since then, breakthroughs and highly anticipated releases like AWM (Subnet interoperability), HyperSDK (VM optimization), and Firewood (throughput) have vastly improved the potential capabilities of Subnets, and now Teleporter allows EVM Subnets to pass messages unhindered, natively linking the growing universe of Subnets.
The protocol also highlights that developers can now build cross-chain swaps and create gaming environments where one subnet can unlock features in another. Institutions will reportedly be able to use Circle’s USDC as a subnet’s native gas token, which Avalanche sees as an avenue for “financial innovation.”
Avalanche Durango Upgrade
The introduction of Teleporter coincided with the successful activation of the Durango upgrade on Avalanche’s Mainnet on March 6. Durango implemented several community-proposed Avalanche Community Proposals (ACPs), including ACP-30, which activated AWM, forming the foundation for Teleporter’s functionality.
Patrick O’Grady, VP of Platform Engineering at Ava Labs, expressed excitement about the Durango Upgrade, stating that Subnets can now natively communicate with the C-Chain using AWM.
O’Grady further emphasized that Teleporter provides an EVM-compatible interface, enabling Solidity developers to trigger contract invocations across any Avalanche Subnet.
On the other hand, Emin Gün Sirer, founder and CEO of Ava Labs, highlighted the role of Avalanche Warp Messaging and Teleporter in “revolutionizing” communication within Avalanche blockchains. Sirer emphasized that these “lightweight primitives” enhance user and developer experiences while solidifying Avalanche’s position as an “interoperability leader.”
Ultimately, with the release of Teleporter, Avalanche states that it is taking a step toward realizing its vision of a connected network of chains, providing increased interoperability and enabling developers to easily build cross-chain applications.
The native token of the Avalanche network, AVAX, has experienced a significant surge of 8% in the past 24 hours, reaching a trading price of .18. This increase follows its consistent upward trend, with a remarkable year-to-date growth of over 173%.
Featured image from Shutterstock, chart from TradingView.com