On May 1, 2024, U.S. spot bitcoin ETFs experienced their most significant single-day outflows since their inception on Jan. 11, 2024. ETF Institute Co-Founder: ‘Inflows Don’t Go up in a Straight Line’ Data sourced from coinglass.com reveals that these funds saw a withdrawal of 3.7 million on Wednesday, with Fidelity’s FBTC experiencing the highest outflow, […]
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Despite Recent Dip, Meme Coin Shiba Inu Marks 177% Monthly Growth
Based on the most recent data, the meme cryptocurrency shiba inu has witnessed 410 trillion tokens burned, translating to approximately 41% of its entire circulation. Concurrently, the digital asset has experienced a recent price revival over the last four weeks. Despite shiba inu’s value dipping over 21% in the last week, the meme coin has […]
Bitcoin News
Defi Rebounds: Total Value Locked and Token Prices Surge as 2023 Marks a Year of Recovery and Growth
On April 3, 2022, decentralized finance (defi) protocols held approximately 3 billion total value locked (TVL). By the start of January 2023, this amount declined to .30 billion. Concurrently, in April 2022, the leading defi tokens by market capitalization were collectively worth 5 billion, but by Jan. 1, 2023, their total value had diminished to .9 billion. However, both these indicators have seen an upward trajectory over the past year; the TVL rose by 39.16%, and the market valuation of the foremost defi tokens today escalated by over 129% within 12 months.
Defi Witnesses Dramatic Recovery as TVL and Token Valuations Soar in 2023
As 2023 draws to a close, the decentralized finance (defi) landscape has experienced consistent growth throughout the year. Currently, the total value locked (TVL) in defi stands at approximately .30 billion, rising from a low of .9 billion.
This ascent signifies an impressive increase of over 39%, adding .4 billion to the defi space. As we look at the year’s end, prominent defi protocols leading by TVL size include Lido, Maker, Aave, Justlend, and Uniswap.
Notably, Lido, a liquid staking defi protocol, holds a considerable share of the TVL in defi, amassing .82 billion, representing 39% of the combined TVL in the entire defi ecosystem. In the realm of defi, Ethereum continues to lead with 53.93% of the total value locked on its blockchain.
Tron follows with a significant 15.27%, while Binance Smart Chain (BSC) captures 5.97% of the total locked value across the sector. Currently, as reported by coingecko.com regarding the top defi coins by market capitalization, the defi token crypto economy boasts a valuation of .03 billion.
Over the past year, this top-tier defi token market has expanded by billion. The leading defi tokens, ranked by market valuation, currently include STETH, LINK, DAI, UNI, and INJ, in that order.
At the close of last year in December, the dominant five defi tokens were STETH, DAI, UNI, LINK, and FRAX, respectively. Among these, DAI and FRAX are stablecoins, with DAI maintaining a relatively stable market cap at billion and FRAX’s circulation decreasing from billion to the current 7 million.
STETH, which aligns somewhat with ETH’s value, was priced at ,185 per coin on Dec. 30, 2022, and now hovers around ,268 per STETH. LINK, which was valued at .45 per coin last year, has risen to .54 per unit.
Meanwhile, INJ has experienced a significant increase from .29 per coin to .96, marking a 3,152% increase. As 2023 concludes, the defi landscape presents a narrative of recovery and cautious optimism.
With total value locked climbing to .30 billion and defi tokens appreciating significantly, the year marked a notable turnaround from its subdued start. While these figures represent current health and growth, the future of defi remains open to diverse possibilities, reflecting the inherent dynamism and evolving nature of decentralized finance.
What do you think about the state of defi improving in 2023? Share your thoughts and opinions about this subject in the comments section below.
2023 Marks Bitcoin’s Spirited December Surge: A Glimpse Into Crypto’s Festive Frenzy
On Nov. 26, Bitcoin.com News highlighted the crypto community’s anticipation and hope for a ‘Bitcoin Santa Claus rally’ to manifest this year. Following the data collected from Dec. 1 to Dec. 24, 2023, the recent increase of 15.93% against the U.S. dollar has been recorded as the seventh most significant December surge since 2010.
2023 Witnesses a 15.93% Bitcoin Surge, Ranking Seventh in December Gains
Indeed, Santa granted bitcoin enthusiasts a 15.93% boost this December, yet it’s unlikely to be remembered as an official ‘Bitcoin Santa Claus rally‘ akin to the ones seen in 2017 and 2011. From Dec. 1, 2023, to the eve of Christmas, BTC soared from ,721 per unit to an impressive peak of ,730. Nonetheless, it secured the seventh spot in the record books, marginally outpacing the 5.6% increase seen from Dec. 1 to Dec. 24 in 2012.
The year 2017 marked BTC’s most significant December rally, escalating from ,947 to ,815 between Dec. 1 and Dec. 24, reflecting a 48.94% surge. In a similar period in 2011, BTC experienced a 34.02% rise, climbing from .91 to .90 per coin. Meanwhile, 2016 recorded what seems to be the last ‘Santa Claus rally’, with a noteworthy 21.46% uptick against the dollar, elevating the price from 3 on Dec. 1 to 2 by Christmas Eve.
In 2010, bitcoin experienced a 19.05% rise within the same December period, while 2020 saw an 18.86% increase. The year 2015 witnessed BTC climbing by 17.29%. Aside from 2023’s and 2012’s gains, the years 2022, 2018, 2019, 2021, 2014, and 2013 all endured bearish Decembers. Specifically, in 2022, BTC’s value fell by 2.16% from Dec. 1 to Christmas Eve, and in 2018, it declined by 2.39% during the same December timeframe.
Subsequently, in the following December, bitcoin’s price saw a 2.77% decrease between those dates. In 2021, the price experienced a double-digit downturn, plummeting by 10.70%, and in 2014, BTC’s worth diminished by 11.72%. The period from Dec. 1 to Dec. 24, 2013, was notably the most drastic, with BTC prices plunging 41.18%. On Dec. 1, 2013, BTC traded at ,103 per coin, but by the 24th, it had fallen sharply to 9 per unit.
As the crypto community reflects on the fluctuations and festive rallies of bitcoin’s December history, it’s clear that the journey has been as volatile as it has been exhilarating. The 2023 surge, though not record-breaking, adds another chapter to this ongoing saga, illustrating the unrelenting enthusiasm and spirit that defines the crypto market.
What do you think about this December’s market performance compared to other years? Share your thoughts and opinions about this subject in the comments section below.
Shiba Inu Eyes $0.00002 As Shibarium Marks Momentous Milestone
Shibarium, the Shiba Inu Layer 2 network, has been marking milestone after milestone over the last few weeks. The initial growth spurt which some believed was temporary has proven to have more steam than expected, and now the network has reached a momentous milestone.
Shibarium Crosses 150 Million Transactions
After its initial launch, the Ethereum-based layer 2 network from the Shiba Inu team had seen a notable decline in usage. This would persist for a few months until the market began to pick back up in December again. Once this happened and the SHIB price was on a recovery trend, activity on the Shibarium network would go on to explode.
Presently, the network is celebrating one of its biggest achievements yet and that is the fact that more than 150 million transactions have now been processed on the blockchain. To put this growth rate in perspective, the total transactions processed on Shibarium on November 30 were approximately 4.8 million. However, two weeks later, on December 20, the cumulative total transactions that have been carried out on the network since launch has crossed 150 million.
This jump in the total transactions represents an over 3,000% growth in less than 30 days. Furthermore, the daily transactions carried out on the network have increased drastically as well. It went from a daily average of around 40,000 transactions per day, to an average of 7 million daily transactions in the last three weeks.
At the same time, active addresses on the network have been rising after going from an average of 500 daily to around 3,000 per day in December. But interestingly, transaction fees have remained low at this time, showing the ability of the network to handle periods of high loads.
Shiba Inu Price Could Jump To .00002
Off the back of the growth that the Shibarium network has seen, the Shiba Inu price could be looking toward another rally from here. This is because the increased activity on the network has put the Shiba Inu token on the radar of more investors as they flock around the team for updates.
Crypto analyst Ali Martinez previously identified that SHIB had been trading in a descending parallel channel. The hope for an upside from there lies in a push toward .000011 and SHIB has been making that push. Over the last day, the meme coin has risen by 1.6% and is slowly making this push. If the current recovery trend carries on, then the SHIB price could break above .000011 this week which is expected to trigger a bull rally.
The SHIB burns being carried out by the Shiba Inu team is another bullish event that could trigger a price rally. So far, around 0,000 worth of SHIB has been burned by the team with expectations of total burns reaching .2 million.
10101.Art’s Exclusive Banksy ‘Turf War’ Pre-Sale Marks Milestone in Art Tokenization
PRESS RELEASE. In a groundbreaking development within the art and crypto markets, 10101.art has achieved a remarkable milestone with the successful pre-sale of Banksy’s ‘Turf War’. This event, selling out 300 pieces in a mere two hours, has created a buzz in the crypto community and resonated powerfully within the digital finance world, signaling a significant advancement in the fusion of art with blockchain technology.
Pioneering Art Tokenization
At the forefront of the art industry, 10101.art is leading the way in the tokenization of legendary masterpieces. This transformative process clearly demonstrates how blockchain technology is redefining interactions with high-value artworks by artists such as Picasso, Dali, Banksy and many others.
By converting physical art into digital tokens, 10101.art is expanding the horizons of art ownership and making elite art accessible to people around the world. This initiative marks a shift in art engagement, merging the allure of high quality art with the dynamic world of NFTs and decentralized finance.
Banksy’s Legacy in the Digital Era
With the help of 10101.art Banksy, the enigmatic street artist known for challenging norms and pushing boundaries, has once again captured the spotlight with ‘Turf War.’ This piece, renowned for its daring blend of social and political themes, has evolved beyond traditional canvas boundaries to become a desired digital item.
Presale of Banksy’s ‘Turf War’ was broadcasted across various platforms, reaching a wide audience through 10101.art’s social media channels like Twitter, Discord, and Telegram, and gaining attention in prominent media outlets. The exclusive offering consisted of 300 pieces priced at each, a part of the total 1500 pieces that make up the entire artwork.
The presale’s success not only reflects Banksy’s indelible impact on the art world but also marks the first steps in uniting fine art and digital finance, marking a new chapter in how art is valued and traded in the modern era.
Roadmap to Accessible Art Ownership
The process of owning a piece of iconic artworks like Banksy’s ‘Turf War’ on 10101.art begins with a simple integration of the user’s cryptocurrency wallet, signifying the first step into a new realm of art acquisition. Once the wallet is connected, users can seamlessly acquire and transfer crypto, preparing them for the minting process.
The minting experience is designed to be intuitive and engaging. Presently, users can effortlessly purchase a piece of their chosen artwork with just a few clicks. In the future, this experience will evolve, offering users the ability to explore and select from a diverse range of art collections. They will have the freedom to choose and mint pieces from various artworks, aligning with their personal tastes and preferences.
Once the minting is completed, the purchased piece of the artwork becomes accessible in the user’s wallet, symbolizing their legal co-ownership of a physical piece. This is made possible through 10101.art’s innovative legal structure and DeFi protocol, ensuring a seamless blend of digital and physical art ownership.
Furthermore, 10101.art’s partnership with the Monada Art Gallery in Dubai adds a crucial physical dimension to this digital ownership journey. The gallery not only displays the originals of the artworks featured on the platform but also enhances the tangible experience of art ownership.
Upcoming Banksy Sale
Now 10101.art is preparing for the main sale of ‘Turf War’, an event that is expected to cement the platform’s position as a leader in the art tokenization space. With details of the sale to be announced shortly, this event is expected to attract a wide range of art and crypto enthusiasts eager to secure one of the remaining 1200 pieces and become part of this innovative project.
To learn more about the project and stay updated on the upcoming main sale of Banksy’s ‘Turf War,’ visit 10101.art’s website.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Coinbase 2024 Outlook Marks End of Crypto Winter, Ordinals Leading NFT Shift, Heralds Era of Prosperity
As the crypto market navigates through a transformative era, Coinbase’s 2024 Crypto Market Outlook provides insights and predictions. The report, encompassing data up to November 30, 2023, delves into pivotal crypto market shifts and institutional practices.
Coinbase’s 80-Page 2024 Crypto Market Outlook Suggests Brighter Days for Digital Assets
Coinbase’s comprehensive 80-page report indicates that the total crypto market capitalization doubled in 2023, signaling an end to the crypto winter and the onset of a transition phase. Despite past challenges, the market’s remarkable recovery and sustained development underline the resilience and staying power of cryptocurrencies.
“What’s clear, however, is that in spite of the hurdles directed towards the asset class, the developments we witnessed over the past year have defied expectations,” the Coinbase 2024 report notes. “They are evidence that crypto is here to stay. The challenge now is to seize the moment and build something better.”
Coinbase says that 2023 witnessed bitcoin (BTC) reinforcing its status as a safe haven amidst geopolitical upheavals and financial crises. The introduction of spot bitcoin ETFs by leading U.S. financial institutions marked a significant acknowledgment of bitcoin’s disruptive potential and a possible precursor to enhanced regulatory clarity.
“But progress rarely moves in a straight line,” the Coinbase researchers detail. “To create a more resilient market, developers will need to continue building towards real world use cases that help us cross the chasm from early adopters to mainstream users.”
The report highlights a key theme for 2024, essentially a shift in crypto trading towards practical use cases, bridging the gap between early adopters and mainstream users. Coinbase believes developments in Web2 analogs and blockchain infrastructure, alongside innovations like decentralized identity and physical infrastructure networks, are setting the stage for this transition.
In 2023, bitcoin’s dominance in the digital asset market increased, spurred by institutional interest and applications for spot bitcoin ETFs in the United States. Coinbase thinks this trend will continue, with institutional flows remaining anchored on BTC through at least the first half of 2024. The latter half of 2023 saw BTC outperform most traditional assets.
This momentum, the report explains, is expected to carry into 2024, with BTC potentially benefiting from broader economic trends and pressures on traditional financial systems. Additionally, Coinbase touches upon the Ordinals and Atomicals trend alongside Rootstock, Stacks, RGB, and implementations of BitVM. Coinbase also believes that “a large portion of NFT activity has shifted to Bitcoin Ordinals.”
The 2024 Outlook report notes that the crypto space has seen significant infrastructure development, including scaling solutions and security services. Coinbase researchers say it has laid the groundwork for the emergence of decentralized applications, hinting at a transition in trading regimes towards Web3 applications.
Coinbase further mentions the growth of layer two (L2) scaling solutions has been notable, with developments like OP Stack and Arbitrum Orbit. Despite this, Ethereum’s mainnet has maintained stable transaction counts, with L2s primarily affecting alternative L1 platforms.
Lastly, the report concludes that the U.S. economy’s trajectory in 2024 seems cautiously optimistic, with a decreased likelihood of recession. The report says that this economic setting and the potential of Federal Reserve cuts could lead to a weaker USD, presenting opportunities for cryptocurrencies.
What do you think about the 2024 outlook report published by Coinbase? Share your thoughts and opinions about this subject in the comments section below.
Dogecoin Marks Two Consecutive Green Monthly Closes, What Happened The Last Time?
Dogecoin has just completed another month in the green despite the various dips and turns that it took in November. This green monthly close marks its second consecutive green monthly after finishing out October in the green as well. With this trend now complete, let’s take a look at Dogecoin’s historical performance when it has notched two consecutive green monthly closes.
Two Green Dogecoin Monthly Closes
The two consecutive green monthly closes for Dogecoin are significant due to how the price has performed when this has happened in the past. Given the meme coin’s highly volatile nature, it is not every time that it notches two consecutive green monthly closes and this could be very bullish for the price.
For example, back toward the end of 2020, the meme coin had closed out the months of November and December in the green. While at the time, it did not seem relevant, this would signal the start of one of the most impressive rallies in crypto so far.
Dogecoin took the green monthly closes and ran with it and the next few months would be characterized by nothing but green. The DOGE price went from around .008 following the green monthly close to over .05 in the next four months.
Each of these four months would see the meme coin close in the green as its price continued to rally. If this trend were to repeat itself once again, then the DOGE price could be gearing up for another massive run.
Can DOGE Replicate This Success?
Dogecoin has historically been good with following trends, which bodes well for the current performance. However, there have been times when there has been a deviation from this trend despite marking the two consecutive monthly closes.
In September and October 2022, Dogecoin had closed out both months in the green. However, the next few months would turn out to be quite bearish for the price. In the end, the meme coin saw two red monthly closes before seeing another monthly close.
A major difference between the 2022 trend and the 2023 trend though is the fact that 2022 was quite bearish following the FTX collapse while 2023 is very bullish with the Bitcoin price recovering again. With investor greed at a very high level, Dogecoin could continue to rise.
As crypto analyst Ali Martinez points out, the meme coin is currently seeing a lot of resistance at .087. However, once it breaks through this resistance, then the DOGE price could double from here.
November Marks Rare Awakening of 2 Vintage 2010 Bitcoin Wallets Valued at $3.4 Million
Bitcoin has surged over 24% against the U.S. dollar this month, and on November 7, 2023, an intriguing event took place: two dormant bitcoin addresses from 2010 were activated and transferred roughly 100 BTC, valued at .4 million according to the current bitcoin exchange rates. While 100 BTC may not be a staggering amount, these two transactions represent the 11th instance of dormant bitcoin wallets from 2010 reawakening in 2023, marking a significant decrease in frequency compared to past years.
2 Bitcoin Wallets From 2010 Spring to Life With .4 Million Transfer
On November 7, 2023, a ripple in the digital realm occurred as two ancient bitcoin addresses, created in the nascent stages of the crypto economy back in 2010, broke over a decade of inactivity. The two 2010 spends were discovered by btcparser.com. The initial transfer was executed at block height 815,655, with the wallet labeled “1BNE4” channeling 50 BTC to another legacy address. This wallet first came into existence on July 9, 2010, aging over 13 years before its first spend.
The transaction achieved a modest level of anonymity, scoring an 81 out of 100 on Blockchair’s privacy scale. Despite this, the transaction was not completely covert, exhibiting issues such as matched inputs and outputs and co-spending indicators. A second transaction, at the same block height, saw an equal amount of 50 BTC being moved from a wallet that began its digital life on May 21, 2010. Notably, the “1CNJv” wallet followed the “1BNE4” wallet in directing funds to identical outputs.
Following the euphoric heights of the bitcoin bull run ending in 2021, the frequency of movements from dormant 2010 bitcoin wallets has declined sharply. During the peak years of 2020 and 2021, a particular whale unleashed several waves of 20 consecutive transfers, each carrying block rewards, amounting to massive 1,000 BTC batches. Contrastingly, in the current year, while there has been a noticeable number of dormant 2011 bitcoin transactions, 2012 has asserted its presence even more conspicuously.
Nevertheless, 2010 wallet activities this year have been rare, with only 11 surfacing in 2023. The sequence began on February 1, followed by the next on March 20, and the subsequent third and fourth 2010 transactions on May 22. The series of vintage 2010 spending continued with the fifth on June 15, the sixth and seventh on June 26, the eighth transaction on July 24, the ninth on August 14, with the most recent, the tenth and eleventh transactions, awakening on Tuesday morning.
What do you think about the two sleeping bitcoin addresses waking up after 13 years to transfer 100 bitcoin? Share your thoughts and opinions about this subject in the comments section below.
LBank Labs Demo Day Marks a Notable Collaboration in Web3 In Partnership With Collab+Currency and Blockchain Builders Fund
PRESS RELEASE. On October 19, 20, and 23, the blockchain community converged for LBank Labs’ Demo Day, a collaborative effort with Collab+Currency and the Blockchain Builders Fund. The event garnered significant attention, with over 200+ registrants and a turnout of more than 150+ attendees, of which over 70% are global funds. Serving as a nexus for blockchain enthusiasts and technologists, the Demo Day facilitated meaningful interactions and fostered collaboration among its diverse participants.
A Look at the Participating Partners:
Collab+Currency: Collab+Currency is Collab+Currency is a venture fund that primarily backs early-stage crypto projects building the next generation of culture and consumer technology. The firm focuses on the earliest-stage opportunities in Web3, primarily investing in the pre-seed and seed rounds. During the past five years, the firm has backed over 100 projects working in nearly every vertical within crypto, including infrastructure, base-layer blockchains, service providers and NFTs.
Projects from Collab+Currency:
Rainbow: An advanced Ethereum wallet that combines user-friendly features with a simple interface. Most functionalities are embedded within the plugin for ease of access. The wallet also collaborates with several fiat on-ramp services such as Ramp, MooPay, and Coinbase.
Sleepagotchi: A game aimed at promoting better sleep habits. Designed by alumni from Harvard Business School and former staff at Duolingo, players are rewarded with collectibles when they achieve sleep targets. So far, Sleepagotchi reports 14,000 monthly active users, all without marketing campaigns.
Blockchain Builders Fund (Stanford): Originating from Stanford University’s Blockchain Accelerator initiative, the Blockchain Builders Fund has been working closely with students and alumni. Their goal is centered around nurturing, developing, and investing in blockchain-oriented solutions.
Projects from Blockchain Builders Fund:
DwellFi: An intent-centric all-in-one fund data platform with 1000+ limited partners and 0 million in assets. DwellFi offers various fund data, both on-chain and off-chain, with a strong focus on real-time data, including real-time NAV, real-time portfolios, and even pending investment data. It provides highly customized dashboards tailored to different roles (e.g., LP or GP).
Hinkal: A 2023 Bootcamp Finalist of LBank Labs, successfully securing financing led by Draper Association, with participation from Orange Dao, NGC, and more. The project protocol is designed to protect user privacy in DeFi transactions, currently integrated with five blockchains and plans to support all EVM chains in the future. Hinkal has already helped over 3000 users achieve M+ in transactions.
LBank Labs: LBank Labs operates with a Venture Fund approach, investing in a variety of blockchain initiatives. Their philosophy encourages protocol and exchange neutrality. With assets of 0 million, LBank Labs is poised to assist startups in their journey. Their Fund of Fund network, encompassing 12 funds as of Q1 2023, enables access to over Billion in assets. Globally, they have a presence in various regions from San Francisco to Dubai to Shanghai.
Projects from LBank Labs:
Dope: A Web3 NFT music platform available across various devices, which has integrated with six major blockchains. It aggregates over 600,000 music NFTs, making it the world’s largest Web3 music library. Strategic collaborations with renowned musicians, major record labels, and influential music executives aim to drive loyalty programs, live DJ experiences, and innovative fan-oriented features through Web3 integration, ensuring sustainable growth and an unparalleled music experience.
QED: The first Ethereum Layer 2 network to achieve super-scalability, offering over 100,000+ TPS, support for smart contracts in multiple languages (JS, Python, etc.), and compatibility with multiple zk-VMs. QED recently integrated with Polygon’s next-generation Miden-VM, boasting the world’s first high-level language compiler that supports Miden. Additionally, QED introduced the browser-based Poseidon2-WebGpu architecture, which is 30 times faster than existing browser zk-hash architectures. QED has already established partnerships with industry-leading companies, including Universal Pictures and The Sandbox. The company was founded by the young hacker Carter.
A representative from LBank Labs stated at the conclusion of the Demo Day that they are grateful for all participants and collaborators. They further encouraged observers to keep a close watch on LBank Labs as they continue their exploration into the Web3 domain.
About LBank Labs
At LBank Labs, we thrive on the power of connections and believe in fostering strong relationships within the industry. We’re not your average exchange – while LBank boasts a massive global user base of over 9 million, LBank Labs operates independently in both structure and approach, using a Venture Fund model to drive our investments in funds, primary projects, and liquid projects. With a protocol and exchange-agnostic mindset, we’re committed to supporting projects through direct funding, acceleration, incubation, and unparalleled networking within our web. And with 0 million AUM currently under our belt, we’re well-equipped to help startups take flight. But that’s not all – our Fund of Fund network, which includes a whopping 12 funds as of Q1 2023, opens doors to direct communication with Billion+ AUM. And with operations and offices spanning 7 global regions – from San Francisco to Dubai to Shanghai and beyond – we’re in a prime position to keep building this network together.
Contact
LBank Labs
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.