Day: April 9, 2024

Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana

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Venture Capital (VC) firm Paradigm is leading a substantial $225 million funding round for a new Layer 1 (L1) network, that aims to compete with the Ethereum (ETH) blockchain. Other notable participants include VC firms Electric Capital and Greenoaks. According to a recent Fortune Magazine report, Monad Labs, the company behind the blockchain project, aims to compete with established players such as Solana (SOL) and Ethereum and the Layer 1 blockchain protocol Sui (SUI).  Monad’s Rebuilt Ethereum Blockchain  Per the report, Monad’s initiative is to rebuild the Ethereum blockchain from…

Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?

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Shiba Inu (SHIB) could be on the brink of a price recovery following a bullish reversal in critical on-chain metrics. This also includes the burn rate, with a recent development showing a sustained increase in the number of SHIB tokens burned.  Shiba Inu Demand Looks To Be On The Rise There has been an increase in Shiba Inu whale activity these past few days. On-chain data shows the transfer of 1.7 trillion SHIB to a Robinhood-linked wallet. Transferring such an amount to a centralized exchange will usually raise fears about…

Next Bitcoin Halving to Propel Prices to Between $150,000 and $169,000, Says Bitfinex

A new analysis by Bitfinex researchers predicts a 160% surge in bitcoin’s price in the upcoming 12-14 months, potentially reaching over $150,000 per unit. This forecast, derived from historical data and statistical models related to previous Bitcoin halving events, suggests a bullish future for the world’s leading digital currency. Bitfinex Researchers See Bitcoin Soaring Past […] Source CryptoX Portal

Why Christie’s First Bitcoin Inscriptions Auction Matters

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However, the general public’s distaste of NFTs hasn’t stopped the art industry from embracing them. In 2021, Christie’s auction house made history with the $69 million sale of Beeple’s “Everydays” collage. Since then, the storied company has expanded further into the realm of crypto, including countless NFT auctions, investments in Web3 firms via Christie’s Ventures and even the launch of its own NFT marketplace, Christie’s 3.0. Original

Are The Odds In Bitcoin Bulls Favor? Analysts Forecast Its Future

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As the Bitcoin (BTC) “Halving” approaches, expectations increase about how the flagship cryptocurrency will perform. Bitcoin (BTC) is recovering momentum after facing a significant correction in the first few days of Q2, and some analysts are forecasting new heights for the number one cryptocurrency soon. Are The Odds In The Bulls Or Bears Favor? Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction. Since then, Bitcoin has been steadily recovering, testing the $70,000…

Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?

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Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through. Solana Open Interest Drops By $370 Million Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to…

GBTC Drops Nearly 3,000 BTC in a Day as Blackrock, Fidelity Command Record Inflow Streaks

Recent market data highlights that spot bitcoin exchange-traded funds (ETFs) in the United States experienced a net outflow of $223.8 million on April 8, while Grayscale’s Bitcoin Trust (GBTC) saw a substantial outflow of $303 million. GBTC Continues to Face Steep Outflows As of yesterday, GBTC possessed 325,686.78 BTC, but as per Grayscale’s website, this […] Source BitcoincryptoexchangeExchanges CryptoX Portal

Congressman advocates for US leadership in Bitcoin innovation

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U.S. Congressman Patrick McHenry believes the United States should lead the charge in Bitcoin innovation. At the recent Bitcoin Policy Summit in Washington D.C., McHenry (R-NC) described Bitcoin as a bastion of freedom and an unstoppable piece of technology, emphasizing the failure of even stringent regimes, such as the Chinese communist party, to halt its progress. “This is where the action is, this is a bastion of freedom […] Every regime that has tried to shut it down has failed,” he said. Known as an advocate for financial innovation, McHenry…