Day: April 3, 2024

Wormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%

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Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. Wormhole Protocol Unveils Roadmap According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.  Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased…

Crypto Exchange Insurance Funds Surge Over $1 Billion Amid Bull Market

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Amid the ongoing crypto bull market, the top crypto exchange insurance funds have seen a remarkable surge in value, exceeding $1 billion. As of April 3, Binance’s Secure Asset Fund for Users (SAFU), comprising Bitcoin, BNB, Tether, and TrueUSD (TUSD) balances, has surpassed $2.03 billion, soaring from its initial balance of $1 billion in January 2022. Similarly, Bitget’s protection fund, initially set at $300 million when launched in November 2022, has now grown to $612 million due to the appreciation of its Bitcoin holdings. Over the past year, Bitcoin has…

Optimism-Based DEX Velodrome Deploys to Bitcoin L2 BOB

April 4: Velodrome, an AMM-based decentralized exchange on Optimism, officially announced their second major deployment onto the BOB (Build on Bitcoin) network, a Bitcoin layer-2 network with EVM compatibility. According to the BOB team: “The Superchain is a network of interoperable layer-2 chains that will share bridging, governance, upgrades, a communication layer and more, all built on and powered by the OP Stack. Velodrome will be the primary MetaDEX of the Superchain. The MetaDEX acts as the liquidity and volume hub, and this integration seamlessly unlocks BTC DeFi and fosters…

Analysts Say XRP Price Is Ready To Breakout, Here Are The Targets

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Crypto analyst Egrag Crypto has stated that a breakout could be on the horizon for the XRP price. He also outlined price targets that the crypto token could hit if this price breakout were to happen successfully.  XRP Price Could Rise To As High As $0.78 Egrag mentioned in an X (formerly Twitter) post that the next price target for XRP is between $0.702 and $0.786. However, the crypto analyst failed to give a timeline for when this price breakout could happen. He also raised the possibility of a short-term…

Bitcoin leads unrealized gains across crypto portfolios

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A CoinLedger study discovered that cryptocurrency portfolios increased in value by an average of $2,804 this year as the industry raced toward its previous 2021 peak. The crypto tax and portfolio management software provider analyzed a database of over 500,000 investors to map out popular tokens and solutions being leveraged amid a bull run underpinned by institutional interest and retail demand.  According to CoinLedger, users hold the most unrealized gains primarily in crypto’s top two digital assets: Bitcoin (BTC) and Ethereum (ETH). The two tokens have grown over 57% and…

Bitcoin Price (BTC) Choppy on Wednesday

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Most of bitcoin’s rally in 2024 roughly came from mid-February to mid-March. It was during this time that the spot ETFs were regularly adding 5,000-13,000 bitcoin each day, even with sizable selling by Grayscale’s GBTC. The action since, however, has seen big sales of bitcoin continuing at GBTC, while purchases into the other ETFs have slowed. On many days, net flows into the spot ETF group as a whole have turned negative. Original

For Crypto, the Global Regulatory ‘Olympics’ Has Already Begun

In this competition, there are four distinct contests: regulatory effectiveness, founder depth, market size and capital market strength. As a former crypto regulator responsible for enhancing New York’s regulatory system and now a venture capital investor, I understand how difficult it is to win in all four of these categories, especially those outside of your direct control. Source

Bitcoin Traders No Longer Extremely Greedy: Rebound Signal?

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Data shows that Bitcoin investor sentiment has cooled to the lowest level since February, something that could facilitate a rebound in the price. Bitcoin Fear & Greed Index Now Points At Just ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the general sentiment among investors in the Bitcoin and broader cryptocurrency sector. This metric uses a numeric scale from zero to hundred to represent the sentiment. To calculate the score, the index considers the data of five factors: volatility, trading volume, social…

The Protocol: Using the Money Printer

If you have the money printer – as is the case for many of the blockchain projects with the power to create their own digital tokens – why wouldn’t you use it? PLUS: Vitalik Buterin riffs on meme coin and Ethereum’s new “blob market.” Source

Digital Assets Platform, With Former Goldman Partner as Co-Founder, Aims to Disrupt Structured Product Market

“The firm designs both off-the-shelf and customized investment solutions to ensure it can accommodate a broad range of market views expressed by its clients,” the company said in a press release. “Moreover, ARP Digital aims at being inclusive to a wide range of clients by enabling multiple delivery and settlement options such as cash or kind settled OTC products, bankable structured notes, and fund products.” Source