Author: News Room
Bitcoin’s setback below $61,000 triggered a market-wide correction. Despite the inflow of fresh capital, the leading crypto asset registered 15% in weekly losses at one point after hitting new all-time highs earlier this month. QCP Capital’s analysis suggests that the Bitcoin bull market is far from over while simultaneously highlighting a continued liquidity rotation, which is likely to propel the asset to new highs post-halving. Having said that, a “violent” near-term correction due to lingering leverage might transpire. Bitcoin’s Bullish Momentum at Risk? One of the main catalysts of the Bitcoin rally this year and the subsequent improvement in investor…
The current recovery in the price of Bitcoin (BTC) has triggered another bout of liquidations in the industry. Current data from CoinGlass shows a shift in short traders, with market liquidations coming in at $311.83 million and more than 90,000 traders liquidated overall. The price of Bitcoin at the time of writing is pegged at $66,969.92, up by more than 6% over the past 24 hours. For a digital currency that traded as low as $62,082.55 within the time frame, recording this uptick is a major boost, one that has not favored short sellers. Exactly $98.99 million worth of Bitcoin…
Infusion, a novel automated market maker (AMM) protocol, has officially launched on Base, the Layer 2 solution incubated by Coinbase, introducing a unique liquidity timelock feature known as timefusing to decentralized exchanges (DEXs). This feature is designed to provide stability and predictability for traders and on-chain applications by ensuring liquidity remains locked for set periods. The timefusing mechanism is particularly relevant in the context of meme coins, which have seen instances of liquidity being pulled abruptly, causing significant investor losses. Infusion’s approach aims to prevent such scenarios, as seen with the BALD meme coin rug pull on Base, which resulted…
Non-fungible tokens (NFTs) are unique digital assets that can represent anything from art and music to virtual land and gaming items. They have exploded in popularity and value in recent years, attracting the attention of celebrities, investors, and regulators alike. The legal status of NFTs remains unclear and controversial, especially in the United States, where the Securities and Exchange Commission (SEC) has the authority to regulate securities and protect investors from fraud and manipulation. One of the key questions that arises is whether NFTs are securities under the federal securities laws, and specifically, whether they meet the criteria of the…
Circle plans to launch its CCTP system on the Solana mainnet next week, allowing users to seamlessly move Solana-based USDC to other blockchain networks. Circle first launched the Cross-Chain Transfer Protocol last year but limited the protocol to certain blockchains. The latest development would see it deployed to the Solana mainnet, with an estimated arrival scheduled for March 26. The Circle developer community’s X account disclosed the upcoming move in a recent post, revealing that the protocol is already live on the Solana devnet ahead of the imminent mainnet launch. This would allow developers on Solana to test out the…
Chainlink has added price feed support for Renzo, an EigenLayer restaking protocol. The integration sees the Chainlink Price Feeds available for Renzo’s ezETH on the Ethereum mainnet, Arbitrum and Linea networks, the staking protocol announced on March 21. Renzo’s growth in the market Chainlink’s service will enhance Renzo’s DeFi ecosystem, providing for further growth. This will come in the form of user access to secure data feeds. Platforms like Compound require Chainlink Price Feeds and this integration provides for that. Integrating Chainlink is thus a big boost for Renzo. The protocol will expand its reach across the liquid restaked ETH…
Allegations that the SEC has taken action to classify Ethereum as a security and launched an investigation into the Ethereum Foundation are occupying the agenda of the cryptocurrency world. Some people argue that Ethereum has become a security with its transition to the Proof of Stake consensus mechanism. However, Brian Quintenz, head of global policy at venture capital firm a16z, made a statement that this situation is unlikely. Quintenz reiterated that Ethereum is not a security. Quintenz reminded the public of several important points: When the SEC allowed Ethereum (ETH) Futures Exchange Traded Funds (ETFs) to trade on regulated securities…
A venture led by a former FTX executive has effectively secured $60 million in bankruptcy claims from affected users. FTX Creditor primarily assists users with claims of up to $100,000. Social media has praised it for its rapid transaction capability, completing processes in as little as 30 minutes. In the aftermath of FTX’s collapse in November 2022, Louis d’Origny, alongside former FTX executive Ramnik Arora, saw an opportunity to transform the crisis into a profitable venture. The pair launched several investment funds and the FTX Creditor platform to acquire bankruptcy claims from other users caught in the exchange’s downfall. Peeps…
The Dencun upgrade has benefited layer-2 solutions, yet some experts are concerned about their complexity and potential risks. On Mar. 13, the much-anticipated Dencun upgrade went live on the Ethereum (ETH) mainnet, promising enhanced scalability and reduced transaction fees for layer-2 (L2) networks. Dencun incorporates nine Ethereum Improvement Proposals (EIPs), including data blobs via EIP-4844, refining Ethereum’s execution and consensus layers. Layer 2 platforms have emerged as the biggest winners from Ethereum’s Dencun upgrade. For example, there was a notable increase in user activity on Base after the upgrade. The surge is primarily attributed to reducing Base’s transaction fees, making…
Notable pro-crypto pressure groups in Kenya and the United States have demanded the release of Binance executives held by the Nigerian government since Feb. 26. Last month, two Binance executives—Tigran Gambaryan and Nadeem Anjarwalla—traveled to Nigeria to address the ongoing issues surrounding the exchange’s operations in the African country. However, instead of engaging in constructive dialogues, the Nigerian government detained them without access to their passports. ‘State-sponsored kidnapping’ This week, Kenya’s Blockchain Association met with the Nigerian High Commission and expressed displeasure about the continued detention of Anjarwalla, a dual citizen of Kenya and Britain and the regional manager of…