In an effort to address the immediate challenges posed by the current market conditions, BA Labs, a key member of the MakerDAO Stability Advisory Council, submitted a comprehensive proposal on March 9 to increase various fees related to the DAI stablecoin.

The latest Executive Vote has just been approved.

→ https://t.co/oIY1JBtLuq

As a result, the following changes will be implemented within the Maker Protocol on March 10, 2024, at 19:55 UTC.

• Stability Fees for various collateral assets, including ETH and WBTC vaults, will… pic.twitter.com/UNUejjv8iI

— Maker (@MakerDAO) March 8, 2024

Proposed MakerDAO Rate System Adjustment

“Given the current market conditions, BA-Labs is proposing protocol parameter changes as part of a predefined accelerated governance process in the language of the Atlas,” said BA Labs.

The proposal by BA Labs included a significant increase in the DAI Savings Rate (DSR) from 5% to 15%, along with targeted stability fee raises for key vault types such as ETH-A, from 6.41% to 15.25%, and WBTC-A, from 6.68% to 16.75%.

“The DSR is an additional lever MakerDAO can utilize the DSR to make holding DAI more attractive, which in turn increases DAI demand, and ultimately alleviates the downward pressure of the DAI price,” said BA Labs.

Additionally, the post suggested reducing the Governance Security Module (GSM) Delay from 48 to 16 hours and adjusting the Peg Stability Module (PSM)-USDC-A DC-IAM ttl from 24 to 12 hours, streamlining governance and enhancing DAI’s stability framework.

“The fundamentals backing DAI remain solid, and this accelerated governance proposal is crafted in order to avoid potential short-term liquidity crunches,” stated BA Labs.

In the past week, the total supply of DAI has decreased from about 5 billion to 4.38 billion. This reduction was primarily attributed to volatile crypto market conditions, with increasing rates, and users creating and then selling DAI in exchange for different assets.

Community Shares Positive Responses

Community members have demonstrated agreement responding to the forum post, supporting listed changes.

As the Reserve Governance Facilitator, JanSky recognized the legitimacy of the proposal and said that the team were “working on implementing these recommendations and will provide updates as soon as they are available.”

The Stability Facilitator Ecosystem Team also approved the Accelerated Proposal for an executive vote.

Some other community contributors, including GFX Labs, seconded the purpose and direction of the proposal but rebutted the DSR increase, urging more gradual changes.

The post MakerDAO Approves Emergency Fee Hikes in Response to DAI Stability Concerns appeared first on Cryptonews.

While Hong Kong opened applications for Bitcoin spot ETFs in December last year, no related products have hit the market yet, leaving Asian investors at the risk of lagging behind their American counterparts. 

In an attempt to bridge this gap, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum. 

The goal is to gain an edge over the United States, solidifying Hong Kong’s position in the global crypto market, as per reports from local media outlets. 

Bitcoin Spot ETFs See Consistent Inflows

The cumulative net inflow of Bitcoin spot ETFs in the United States surpassed $2.24 billion last week, propelling the price of Bitcoin to reach new all-time highs. 

As per Coinglass data, the total asset under management of Bitcoin ETFs currently stands at $55.34 billion. 

The top three performers in this space are GBTC, IBIT, and FBTC, managing $27.73 billion, $12.97 billion, and $8.35 billion, respectively. 

These figures represent an increase of over 40% compared to mid-January prices.

Taking a cue from the Bitcoin frenzy, two Bitcoin futures ETFs in Hong Kong have also witnessed significant growth. 

The Southern Bitcoin ETF (3066) reached a high of 27.5 yuan, a 2.5-fold increase from its listing price, while the Samsung Bitcoin ETF (3135) peaked at 26.8 yuan, marking a 2.2-fold increase.

Amidst the surge in Bitcoin-related investment products, market attention has turned to the development of Hong Kong’s Bitcoin spot ETF offerings. 

Weng Xiaoqi, CEO of HashKey Exchange and COO of HashKey Group, emphasized the need for Asian investors to have access to local spot ETF products. 

Currently, most of these products are led by European and American institutions, potentially leaving Asian investors at a disadvantage. 

Weng pointed out that a six-month delay in launching spot ETFs in Asia would mean a delayed entry of U.S. capital, leading to higher purchase costs and increased risks of being overshadowed by American capital.

To address this concern, HashKey is collaborating with its partners to expedite the listing of trading products such as Hong Kong spot ETFs and derivatives. 

Hong Kong to Attract Substantial Funds with Spot ETFs

Weng said that Hong Kong, as a well-established global financial center, has the potential to attract substantial funds once Bitcoin spot ETF trading opens, making it a significant player in Asia’s virtual asset market.

Although specific details regarding the listing of the first batch of Bitcoin spot ETFs in Hong Kong are yet to be determined and authorized by the Securities and Futures Commission, it is expected that the initial number of ETFs listed in Hong Kong will be fewer than the 11 authorized in the United States. 

Considering the difference in capital size between the Hong Kong and U.S. markets, concentrated liquidity with limited Bitcoin spot ETF listings would be more beneficial for Hong Kong’s development. 

Weng emphasized that global crypto investors are particularly anticipating the launch of Ethereum spot ETFs, and Hong Kong is actively discussing and preparing for such products. 

If the city state can introduce these offerings earlier than the United States, it has a chance to transition from a follower to a leader in the global crypto market.

Earlier reports indicated that 10 financial institutions in Hong Kong have expressed their intentions to apply for Bitcoin spot ETF launches. 

Harvest Fund, for instance, submitted relevant applications to the Securities and Futures Commission in mid-January, signaling the growing interest in crypto-related investment products in the region.

The post Hong Kong Financial Institutions Eye Ethereum ETFs to Bolster Global Crypto Market Position appeared first on Cryptonews.

As Bitcoin price dips to $68,380, shedding nearly 0.50% on Monday, market watchers eye pivotal movements and strategic investment shifts.

Amidst this fluctuating landscape, BlackRock’s iShares Bitcoin ETF emerges as a dominant force, overshadowing MicroStrategy with a staggering 195,985 Bitcoin accumulation.

This remarkable growth, fueled by institutional interest and strategic spot ETF introductions in the U.S., hints at a bullish horizon.

Herein lies a comprehensive analysis, exploring Bitcoin price predictions that contemplate the digital asset’s trajectory amidst burgeoning institutional embrace and market optimism, setting the stage for unprecedented valuation milestones.

BlackRock’s Bitcoin ETF Outpaces MicroStrategy in Bitcoin Holdings

BlackRock’s iShares Bitcoin ETF (IBIT) has quickly become a heavyweight in the cryptocurrency market, amassing more Bitcoin than Michael Saylor’s MicroStrategy.

In under two months, IBIT’s holdings have soared to 195,985 Bitcoin, overtaking MicroStrategy’s stockpile as the firm looks to expand its holdings with a $700 million raise.

[1/4] Bitcoin ETF Flow – 08 March 2024

All data in. $223m positive net flow for thew day

The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn

— BitMEX Research (@BitMEXResearch) March 9, 2024

This surge has placed IBIT at the forefront of Bitcoin investment products, indicating a robust institutional interest in Bitcoin that could further propel its price.

In less than two months of existence, the BlackRock iShares Bitcoin ETF $IBIT has accumulated more #bitcoin than the largest corporate holder, MicroStrategy $MSTR. @HeleneBraunn reportshttps://t.co/PLrZs3955d

— CoinDesk (@CoinDesk) March 10, 2024

• BlackRock’s IBIT now holds more Bitcoin than MicroStrategy, with 195,985 tokens.
• MicroStrategy plans a $700 million raise to increase its Bitcoin holdings.
• Bitcoin’s price surged over 60% this year, hitting a peak of $70,136.

This shift reflects growing confidence in Bitcoin from institutional investors, hinting at a potentially higher valuation in the near future.

“Wolf of All Streets” Predicts Bitcoin Bull Run Amid Warning of Impending Bubble

Scott Melker, known as the “Wolf of All Streets,” forecasts a significant bull run for Bitcoin and the wider cryptocurrency market, cautioning about an impending bubble.

He suggests that even valueless cryptocurrencies may experience a surge, leading to an eventual market correction.

Gun to my head, I believe that we are just at the start of a major bull run for both Bitcoin and the broader Crypto market in general. I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.

That…

— The Wolf Of All Streets (@scottmelker) March 8, 2024

Melker emphasizes the risks of overconfidence in rapid wealth growth, noting the high failure rate among numerous crypto transactions.

'Wolf of All Streets' Sees Start of Major Bull Run for #Bitcoin and Broader #Crypto Market — Warns of a 'Huge Bubble' https://t.co/lrBLznMzZ5

— Bitcoin.com News (@BTCTN) March 11, 2024

• Melker predicts a significant bull run, cautioning about a potential bubble.
• Bitcoin’s all-time high breaks amid surging demand for spot ETFs and halving event anticipation.
• Prominent crypto figures share optimistic views, increasing market hope.

This bullish outlook is bolstered by recent demand for spot bitcoin ETFs, the halving event’s expectations, and positive forecasts from leading crypto figures.

As the market’s demand continues to outstrip supply, Bitcoin’s price is likely to climb further, driven by collective optimism and speculation.

Cathie Wood’s ARK Invest Forecasts Bitcoin Price to Surpass $1 Million by 2030

Cathie Wood, the visionary CEO of ARK Invest, has projected an ambitious future for Bitcoin, predicting its price will soar “well above” $1 million before the turn of the decade.

This bold forecast comes amid a surge in institutional interest, particularly following the introduction of spot ETFs in the United States.

Wood attributes this heightened optimism to the SEC’s recent approvals, which she believes have fundamentally transformed Bitcoin’s investment landscape.

#Bitcoin bull Cathie Wood: ARK Invest #BTC price target 'well above' $1M#ARK has "brought forward" its expectations for where Bitcoin will be by 2030, as BTC price strength sees another all-time high in play into the weekly close.
Bitcoin will hit $1 million sooner than 2030,… pic.twitter.com/DS4ZkvJLdD

— TOBTC (@_TOBTC) March 10, 2024

• Cathie Wood believes Bitcoin will exceed $1 million by 2030, driven by institutional investments and spot ETFs.
• The SEC’s approval of spot ETFs marks a pivotal moment, influencing ARK’s revised price target.
• Bitcoin approaches new highs, with potential to break the $70,000 threshold, fueled by investor optimism.

As Bitcoin edges closer to unprecedented highs, the anticipation of further price discovery, spurred by ETF inflows and the optimistic outlook of influential figures like Wood, places Bitcoin on a trajectory for significant growth.

This optimistic stance underscores the increasing confidence among investors and the potential for Bitcoin to achieve new milestones in the coming years.

Bitcoin Price Prediction

In today’s analysis of Bitcoin (BTC/USD)‘s pivot point holds aat around $67,315, with immediate resistance levels observed at $70,257, $74,069, and $77,891.

On the downside, support is found at $64,861, followed by $62,192 and $59,380. The Relative Strength Index (RSI) stands at 56, indicating a neutral to slightly bullish sentiment, while the Moving Average Convergence Divergence (MACD) shows a divergence of -161 below its signal line at 733, suggesting potential bearish momentum.

The 50-Day Exponential Moving Average (EMA) at $66,357 provides a baseline for the current market trend.

• BTC faces resistance below $69,000; a decisive move could signal future direction.
• MACD and RSI suggest caution, with potential for either continuation or reversal.

Given Bitcoin’s struggle below the $69,000 mark and the presence of Doji and spinning top candles, a sell-off could be triggered if these levels hold.

The overall trend appears bearish below $69,000, yet a break above this threshold could pivot to a more bullish outlook.

Top 15 Cryptocurrencies to Watch in 2024

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

The post Bitcoin Price Prediction: Eyeing $75,000 Amid BlackRock ETF Surge & Market Optimism appeared first on Cryptonews.

The National Tax Service has chosen a consulting firm to develop a sophisticated system for overseeing these assets, local outlet Digital Daily reported Monday. It will be capable of analyzing and managing transaction data related to digital currencies.

The Tax Service has reportedly chosen GTIC as the company to develop the virtual asset integrated management system. This decision was reportedly made at the end of February, initiating a consulting project expected to last about four months.

The report highlighted a significant surge in virtual asset investment following the approval of Bitcoin Spot ETF trading in the US. As a result, governments are now focused on regulating taxation for bitcoin transactions. They are also looking to monitor illegal activities like money laundering to ensure the integrity of the financial system.

South Korea’s decision to launch a tracking service comes as Bitcoin topped $70,000 to hit a record high on Friday. This surge was mostly attributed to increased investment in US-based Bitcoin Spot ETFs. Other factors include the upcoming bitcoin halving event in April, and expectations of a decrease in global interest rates.

South Korea Looks to Close Tax Loopholes

The initiative is aimed at overseeing data obtained through compulsory reporting of virtual asset transactions. Following the consulting phase, a proposal has been released to construct the system. If things go according to plan, the system should be released by 2025.

After updates to the Corporate Tax Act and the Income Tax Act, virtual asset businesses were mandated to submit transaction details.

However, without an analytical system in place, the National Tax Service aims to combat tax evasion and ensure equitable taxation through a comprehensive management system.

KYC Requirements for Crypto Services

The nation has adopted a proactive stance in regulating digital assets by implementing laws to stabilize the cryptocurrency market.

These regulations mandate crypto service providers to enhance their anti-money laundering and know your customer (KYC) systems, register with Korean financial authorities, open corporate bank accounts, provide real-name accounts to clients, and enforce more rigorous AML/KYC procedures.

Officials in the country are also deliberating on whether to approve Spot Bitcoin exchange-traded funds (ETFs).

The post South Korea Aims To Launch Virtual Asset Tracking System to Ensure Tax Transparency appeared first on Cryptonews.

“Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues,” said Ackman on X.

“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin,” said Ackman.

The problem of course is that it also works in reverse. https://t.co/s1rpdhlpfw

— Bill Ackman (@BillAckman) March 9, 2024

In the early hours Asia time on Monday Bitcoin was trading at around $68,000. As Bitcoin hovered around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.

Ackman Talks Crypto With Lex Fridman

Ackman has previously talked about his investment philosophy in a recent interview and briefly touched on cryptocurrencies. The billionaire hedge fund manager discussed the difference between speculation and investing, noting that the former involves making guesses about the future without solid knowledge, reports Shalini Nagarajan from Cryptonews

While he sees short-term crypto trading more as a speculative move, he believes there might be intrinsic value in the long run, he said.“Speculation is just a bit like trading crypto… well, short-term trading crypto. Maybe in the long run, there’s intrinsic value,” he told podcaster Lex Fridman during an interview in February.

Ackman is well-respected in the investing world, mostly because of his bold investment strategies. He’s also been involved in controversial situations over the years. He gained fame by accurately predicting the crash of the junk bond market in 1989, while working as an analyst for a hedge fund in New York.

Ackman is the founder and CEO of hedge fund Pershing Square Capital Management. But he’s also famous for making smart moves in companies like Chipotle Mexican Grill, Valeant Pharmaceuticals, and Herbalife. These bets paid off, proving Ackman’s knack for spotting good opportunities.

Ackman Breaks Down Investing Vs. Short-Term Gains

Ackman elaborated on his view regarding crypto as a speculative investment. He said that many crypto investors were caught up in a bubble, heading towards an inevitable crash, driven mainly by speculative motives.

The post Hedge Fund Manager Bill Ackman Says “Maybe I Should Buy Some Bitcoin” appeared first on Cryptonews.

Per the news agency Interfax, smaller firms will likely have to follow suit and accept the CBDC by October 2027.

Major Russian Companies Obliged to Accept Digital Ruble?

Interfax said a “source familiar with the situation” confirmed that government and Central Bank officials want to amend the nation’s law “on the protection of consumer rights.”

The source also claimed that the first batch of firms would comprise vendors (including data and service providers) with an annual revenue of above $330,000.

This group must begin accepting CBDC pay no later than October 1, 2026. Companies with an annual revenue of $220,000 to $330,000 will have an additional year to adopt.

However, smaller firms may be exempt from the new rules. The media outlet noted that companies with an annual revenue of under $55,000 will not be obliged to accept CBDC payments at all.

Central Bank to Use Familiar Adoption Strategy

The bank and the Kremlin have prior form. They used a “similar approach” to the Mir payments system, which debuted in 2017.

The amendment will also be bundled with provisions for the Faster Payments System (SBP), another Central Bank project.

In the bank’s own words, SBP “allows individuals to instantly transfer funds to each other using mobile phone numbers, pay for purchases, pay utility bills, and make a wide variety of other transfers.”

Larger firms will need to adopt SBP pay by October 1 this year. Medium-sized companies will be given until October 1, 2025.

Interfax reported that it had seen an accompanying note from the Central Bank that read:

“This bill provides for a staged approach. It will provide merchants with the ability to make payments using SBP and digital rubles. And it will let merchants prepare for the implementation of the requirements of the bill.”

The bank further enthused:

“We took a similar approach to introduce the mandatory acceptance of Mir payment cards and this proved effective.”

The amended bill is yet to pass before lawmakers, but the idea that CBDC acceptance “may become mandatory” is a major departure for the Central Bank.

The bank has previously insisted that individuals will be free to choose whether or not they want to use the digital ruble.

Russia’s growing trade with China has helped its economy withstand Western sanctions. Now Moscow is preparing to spend billions to upgrade its vast eastern railroads to speed up the burgeoning cooperation https://t.co/nY5gqTPlIG

— Bloomberg Economics (@economics) March 7, 2024

CBDC Reluctance in Russia?

There are also suggestions that the public is wary of the Central Bank coin. A Moscow-based business operator told Cryptonews.com, on condition of anonymity:

“I don’t really see why the digital ruble is necessary. I’m not opposed to it in principle. It may prove to be a good idea in the long term. But I have no idea how it’d help me or my business at this point.”

However, some analysts have suggested that the bank is already preparing to issue mandatory CBDC pension and benefits payments – despite its insistence to the contrary.

The Central Bank suggested that its current focus is adoption among major Russian companies.

CBDC B2B transfers will be subject to 0.3% commission fees, while transfers between individuals will be commission-free.

The bank reportedly said that its new move “is aimed at promoting competition, improving the quality and availability of payment services, and scaling settlements in digital rubles.”

Apple has suspended its Apply Pay service for Russia's Mir card payment system, closing a loophole that had allowed Russians to keep using the digital payment service.

Apple initially restricted the use of Apple Pay in Russia on March 1https://t.co/x00mZAo75U pic.twitter.com/0YH3yrZgoZ

— The Telegraph (@Telegraph) March 25, 2022

Major Russian Companies Stand to Benefit from Digital Ruble?

The bank has further reportedly claimed that the “adoption of the law will also allow merchants to reduce costs for payment services.”

Per official figures, 1.5 million Russian firms had adopted SBP payment infrastructure by the end of 2023. This figure is a sharp rise from the 560,000 SBP-adopting companies reported in 2022.

A “second group of 17 banks” is poised to join the CBDC pilot, along with “several tens of thousands of firms and individuals,” later this year.

The post Major Russian Companies ‘Will Be Forced to Accept Digital Ruble Payments’ appeared first on Cryptonews.

Announced on Thursday, the fund aims to further India’s decentralized application ecosystem on Core Chain – EVM-compatible blockchain secured on Bitcoin.

“The funds are sourced from a $200 million Core ecosystem fund,” Shivangi Pandey, India Ecosystem Lead at Core DAO, told Cryptonews.com.

“We are seeking to invest in the India web3 ecosystem by supporting blockchain developers, builders & founders through our upcoming accelerator program and Hackathons, scheduled in coming months.”

The program is seeking for innovative Indian developers and builders who are interested in developing BTCf on Core Chain. “The EVM compatibility of Core makes it easy for developers from both Web2 and Web3 to start building on the blockchain,” she added.

Core DAO launched its $5 million Core Africa Ecosystem Fund in February, to provide resources to local Web3 builders.

India’s Web3 Ecosystem Boom

India’s internet and Web3 is primarily driven by its young and tech-savvy population. Blockchain analytics firm Chainalysis’ 2022 cryptocurrency report placed India in No. 1 in the trend of increasing on-chain activity.

Further, India’s global leadership in Web3 adoption is also visible in traffic coming from the country onto popular Web3 websites. Per Similarweb company research, India ranked among first 5 in traffic share of Web3 products – Uniswap, Metamask, Opensea, and Binance.

The growth has become significant enough for the government to take notice. Using G20 as a platform, India has taken the onus of working with other countries to frame an international regime to bring web3 under regulation.

“India’s startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments,” Shivangi added.

Core’s goal is to empower Indian builders, spur dapp growth and merge Bitcoin’s security with Ethereum’s flexibility, she stressed.

“This initiative will open new doors and boost India’s crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi.”

The post This New $5M Fund Aims to Scale Bitcoin-Aligned Projects in India – Here’s the Latest appeared first on Cryptonews.

Unnamed financial sector officials said on March 10 that K Bank’s board of directors has signed off on the move.

The goal bank now reportedly has the “goal of listing on the South Korean KOSPI stock market within the year.”

K Bank – A South Korean Crypto Success Story?

Per the news outlet Viva100, the firm is banking on “expected benefits” from a “recent increase in interest in Bitcoin” among crypto-keen South Korean retail investors.

K Bank provides “real-name” banking services (fiat on/off ramps) to Upbit, the nation’s biggest crypto exchange.

During the coronavirus pandemic, this partnership proved a huge success, as K Bank was the only platform that allowed new users to register for accounts online.

Crypto accounts have proved popular ever since, with Upbit-linked accounts still making up a large part of the bank’s revenues.

K Bank has seen a rapid rise in customer registrations during previous BTC bull markets. The bank appears confident of a further increase as Bitcoin continues to break all-time price records.

The media outlet noted that a new CEO, the digital finance expert Choi Woo-hyung, has recently taken over at K Bank, fostering a “positive internal and external environment for IPO preparation.”

More South Korean Crypto Firms to Launch IPOs?

The media outlet claimed the neobank reached out to “major securities companies” earlier this year.

In February the bank reportedly “selected NH Investment & Securities, KB Securities, and the Bank of America (BofA) as preferred negotiation partners.”

The outlet also claimed that the bank has begun an “internal recruitment process” as it forms a dedicated “IPO team.”

A previous bid to take the bank public in South Korea ended in disappointment. K Bank passed a preliminary KOSPI listing screening test while pursuing an IPO bid in 2022.

However, the bank was derailed by a 2022 stock market slump. The sluggish market forced it to effectively shelve its plans in February 2023.

South Korean stocks are undervalued compared to many of their peers. Now the government is trying to fix the "Korea Discount" by making company boards more accountable to shareholders https://t.co/HQphLNY7lh

— Bloomberg Markets (@markets) March 6, 2024

But K Bank surpassed the 10 million customers mark at the end of February 2024, as the BTC price began to rise. The media outlet wrote:

“The average number daily of new customers this year increased more than three times as fast as last year. The recent upward trend in Bitcoin is also acting as a positive factor for the K Bank [IPO bid].”

In 2021, during the last BTC bull market, K Bank posted revenues of $22.2 million in commission income from Upbit-linked accounts.

The Bank of Korea’s policy board is about to lose all of its early inflation fighters, adding uncertainties to forthcoming efforts to tamp down price pressure, a former policy director said https://t.co/cWrDp7ngMg

— Bloomberg Markets (@markets) March 5, 2024

Late last year, Upbit’s closest rival Bithumb unveiled plans to launch its own IPO bid. With retail investors returning to the market in force, the trading platform and its bid will likely be buoyed as BTC prices continue to climb.

At the hight of the 2021 BTC bull market boom, South Korean market analysts claimed that the Upbit operator Dunamu was planning to follow Coonbase onto the New York Stock Exchange.

The post South Korea’s Crypto-keen K Bank Aims for IPO Amid BTC Boom appeared first on Cryptonews.

According to a recent report by the FBI, investment losses related to cryptocurrencies rose from $2.57 billion in 2022 to approximately $3.94 billion in 2023, representing a staggering 53% increase.

These losses accounted for the largest portion of investment fraud within the country, making up around 86% of the total investment fraud losses, which amounted to $4.57 billion for the year. 

The FBI highlighted the alarming trend of victims falling prey to crypto scams, enticed by the promise of substantial returns on their investments.

“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” emphasized the FBI.

Romance Scams Continue to Take Victims

One of the most prevalent types of crypto scams victimizing individuals is romance scams. 

In this scheme, criminals adopt fake online identities and establish trust with victims before convincing them to send cryptocurrencies, only to vanish thereafter. 

Chainalysis, a blockchain analysis firm, reported that romance scams alone were responsible for at least $374 million in suspected stolen crypto in 2023.

Phishing scams also posed a significant threat to crypto users, with over 324,000 individuals falling victim to such scams in 2023, resulting in the loss of approximately $295 million in digital assets. 

These scams typically involve deceiving users into revealing their wallet credentials, allowing scammers to drain their funds.

It’s important to note that the rise in crypto scam victims is not limited to the United States alone. 

Countries around the world are grappling with similar issues. 

In April 2023, the Australian Competition and Consumer Commission revealed that Australians had lost 221.3 million Australian dollars ($146.9 million) to investment scams involving crypto as the payment method in 2022, reflecting a staggering 162.4% increase compared to 2021.

The surge in crypto investment fraud highlights the need for greater awareness and caution among investors and crypto enthusiasts. 

Exploits Remain Rampant in Web3

Last month, the token for the layer-1 blockchain Shido plunged 85% after the project’s Ethereum-based staking contract fell victim to an exploit.

The exploit targeting Shido came just one day after Serenity Shield project, a multi-chain data storage startup, fell victim to a theft that compromised its MetaMask wallet.

The hack, which took place on one of Serenity’s wallets on BSC, allowed perpetrators stole around 6.9 million native SERSH tokens worth $5.6 million at the time of hack.

The exploit took a toll on the price of the native token, dragging SERSH from $0.565 to $0.009, a nearly 99% plunge.

As reported, bad actors have stolen $38.9 million from various Web3 projects in the first month of 2024.

One of the first major crypto hacks of the year occurred when Radiant Capital experienced a $4.5 million loss due to an empty market exploit.

Gamma Strategies, another affected platform, fell victim to a flash loan attack on January 4, shortly after the Radiant Capital incident.

The attack exploited a code bug, enabling the hackers to siphon $6.1 million from Gamma’s public-facing vaults.

The post FBI: Crypto Investment Fraud Surged 53% in 2023, Topping $3.94 Billion appeared first on Cryptonews.

The surge in capital locked on-chain is primarily attributed to the renewed enthusiasm surrounding Bitcoin and the recent launch of spot Bitcoin (BTC) exchange-traded funds (ETFs) in January.

According to DefiLlama, a prominent data provider for DeFi statistics, the global TVL in DeFi protocols reached $100.1 billion, accompanied by a trading volume of over $10 billion in the past 24 hours at the time of writing. 

Although these figures fall short of the previous record of $189 billion set in November 2021, they mark a significant achievement for the DeFi ecosystem.

Staking Platforms Lead Charts in Terms of TVL

Leading the charts in terms of locked value is the liquid staking protocol Lido, with an impressive $38.7 billion locked on-chain. 

Following closely behind are the staking ecosystem EigenLayer and the Aave protocol, with over $11 billion locked in each, respectively.

The surge in DeFi TVL beyond the $100 billion mark is a momentous occasion, as it represents the first time in nearly two years that the sector has reached such heights. 

This growth can be attributed to the positive sentiment that has returned to the crypto markets since the launch of spot Bitcoin ETFs.

The institutional demand for Bitcoin ETFs has been instrumental in driving the price of the cryptocurrency to new all-time highs, surpassing $70,000 on March 8.

A recent research from BitMEX reveals that assets in Bitcoin ETFs reached a staggering $28 billion on that day. 

Notably, this analysis excludes assets from Grayscale’s Bitcoin Trust, which underwent a conversion from an over-the-counter (OTC) product to an ETF in January.

[1/4] Bitcoin ETF Flow – 08 March 2024

All data in. $223m positive net flow for thew day

The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn

— BitMEX Research (@BitMEXResearch) March 9, 2024

OTC Trading Platforms Face Shortage of Bitcoin

Rumors have circulated on social media platforms about OTC trading platforms facing a shortage of Bitcoin and resorting to public exchanges to fulfill client orders. 

OTC desks typically cater to large-volume traders, including institutional investors. 

Consequently, several centralized crypto exchanges, such as Binance, Coinbase, Kraken, and Bybit, experienced outages due to the surge in trading volume when Bitcoin surpassed $60,000. 

To manage the increased demand, Crypto.com CEO Kris Marszalek revealed that the exchange had hired 480 additional customer representatives.

The soaring price of Bitcoin has also triggered a surge in memecoin prices. 

Memecoins like Korra (KORRA) saw a staggering 577% rise in the last seven days, followed by Ribbit (RIBBIT) with a 235% surge and PUG AI (PUGAI) with a 232% jump. 

Notably, popular tokens such as Shiba Inu and Pepe recorded gains of 168% and 165%, respectively. As a result, the market capitalization of memecoins currently stands at $61 billion.

Furthermore, the memecoin trend has propelled Dogecoin and SHIB into the top 1 tokens by market capitalization, with $26 billion and $20 billion, respectively.

The post Bitcoin Surge Propels DeFi TVL Past $100 Billion Milestone appeared first on Cryptonews.

On Sunday, Shiba Inu takes a minor 1% dip in its price to $0.000035 with Shiba Inu’s substantial $20.67 billion market capitalization that not only underscores its significant market presence but also cements its status within the top ten cryptocurrencies.

Shiba Inu price prediction takes a closer look at the recent $2.27 billion trading influx and assesses the potential impacts on SHIB’s market position.

As the market anticipates possible whale movements, the question remains: are big investors accumulating SHIB in anticipation of its price reaching $1?

Shiba Inu Token Burn Skyrockets, Reflecting Major Community and Developer Efforts

The Shiba Inu community witnessed a significant token burn, marking a 23,000% increase in the burn rate.

Developers initiated this with two large transactions, destroying 9.6 billion SHIB tokens valued at around $332,000, followed by an additional burn of 3.8 million SHIB tokens worth $131,384.

Not stopping there, they also eliminated 28 LEASH tokens and 19,551 BONE tokens, showing a broad commitment to reducing supply across their ecosystem.

Lucie praised the Shibarium developers and users for their crucial role in this process and the network’s growing adoption, even though SHIB’s praice has seen a 23% decrease from its peak on March 5.

Shiba Inu Price Prediction

The technical outlook for Shiba Inu suggests a period of consolidation within a symmetrical triangle pattern, identified on the chart. This pattern is characterized by a narrowing price range, indicative of a balance between supply and demand, and thus, a standoff between bulls and bears.

The pivot point, a crucial level for traders, is currently set at $0.0000336. A decisive movement beyond this pivot could set the tone for the coin’s next major move.

#ShibaInu trading update: Pivot at $0.0000336 with eyes on breaking resistance at $0.0000372, $0.0000405, & $0.0000456. Support holds strong at $0.0000308. Watching for a breakout or breakdown! #SHIB #CryptoTrading #TechnicalAnalysis pic.twitter.com/lHVOR6sMKJ

— Arslan Ali (@forex_arslan) March 10, 2024

Key Resistance and Support Levels:

• Immediate resistance is found at $0.0000372, with subsequent levels at $0.0000405 and $0.0000456.
• Support levels are established at $0.0000308, $0.0000274, and $0.0000251.

Technical Indicators:

• The Relative Strength Index (RSI) stands at 55, indicating neither overbought nor oversold conditions, but rather a market in equilibrium.
• The 50-Day Exponential Moving Average (EMA) is at $0.0000300, providing a baseline for the current bullish sentiment.

The symmetrical triangle pattern, observed at the $0.0000336 to $0.0000372 range, suggests a state of indecision among investors. This pattern typically culminates in a breakout, dictating the subsequent direction of the asset’s price movement.

Scotty AI’s Presale: Revolutionizing Crypto Security

In the dynamic world of digital currencies, Scotty AI emerges as a formidable newcomer, clad in its sleek black coat, ready to rival meme coin legends like Floki and Shiba Inu.

More than a competition for dominance, Scotty embodies a vision of safeguarding and nurturing a unified digital ecosystem for everyone.

The $Scotty token presale has already garnered significant attention, securing $1,633,307.72 towards its $1,647,159 target.

Priced at $0.00655, the sale outlines a strategic token distribution: 30% for public sales and the remainder for staking, development, listings, and promotional activities.

With its initial phase already engaging the community and kickstarting the presale, Scotty AI is poised to redefine digital guardianship. Engage with the ongoing developments and become part of the Scotty community on Telegram and X (formerly Twitter).

Buy SCOTTY Here

The post Shiba Inu Price Prediction as $2.6 Billion Trading Volume Comes In – Are Whales Buying SHIB Before $1? appeared first on Cryptonews.

As Bitcoin hovers around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.

DeFi’s Total Value Locked Surpasses $100 Billion Amid Bitcoin Rally

March 9 marked a significant milestone for decentralized finance (DeFi) with its total value locked (TVL) reaching $100.1 billion, fueled by a wave of positive sentiment following Bitcoin’s rise.

Lido leads with $38.7 billion in TVL, while the market’s confidence was further lifted by the introduction of Bitcoin ETFs, attracting $28 billion.

Rumors of Bitcoin scarcity on OTC platforms caused trading disruptions on exchanges like Binance and Coinbase due to a surge in volume.

Memecoins such as Korra, Ribbit, and PUG AI also experienced price hikes alongside Bitcoin. Pepe and Shiba Inu stand out in the memecoin market, achieving a collective valuation of $61 billion.

This breakthrough in DeFi’s TVL, combined with Bitcoin’s performance, may bolster investor trust in cryptocurrencies and potentially elevate Bitcoin’s value.

Bill Ackman’s Skeptical Take on Bitcoin’s Economic Impact Simplified

Billionaire hedge fund manager Bill Ackman recently sparked conversations within the Bitcoin community with his humorous take on the potential economic consequences of rising Bitcoin prices.

Ackman’s playful scenario suggested that an increase in Bitcoin values could lead to more mining activity, consequently elevating energy costs, inflation, and further demand for the cryptocurrency, ultimately joking about Bitcoin “going to infinity” and potentially destabilizing the economy.

• Ackman humorously suggested that rising Bitcoin prices could disrupt the economy.
• MicroStrategy’s Michael Saylor responded, highlighting miners’ role in reducing electricity costs.

Despite his jest, Ackman, CEO of Pershing Square Capital Management and a casual cryptocurrency experimenter, remains largely detached from the market.

A scenario:

Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.

Bitcoin… https://t.co/a5LzX69R7q

— Bill Ackman (@BillAckman) March 9, 2024

His comments, while not likely to sway Bitcoin prices directly, contribute to ongoing debates regarding the digital currency’s broader economic and energy implications, potentially influencing investor sentiment.

Microstrategy’s Bitcoin Portfolio Value Skyrockets by 116%

Microstrategy, a leading business intelligence firm, has seen its Bitcoin investment value soar by 116%, reaching an impressive $13.2 billion.

The firm’s strategic acquisition of 193,000 Bitcoins at an average price of $51,813 each has cemented its position as the top publicly traded company by Bitcoin assets, trailing only two U.S.-based spot Bitcoin ETFs.

This surge comes as Bitcoin’s market value hits nearly $69,015, driving a 9.66% increase in Microstrategy’s shares on Friday and an 18.8% rise over the last five days.

• Microstrategy’s Bitcoin assets now top $13.2 billion.
• Shares up by 9.66% on Friday, reflecting a positive market response.

Microstrategy’s bold move reflects a growing trend among public companies integrating digital assets into their financial strategies, underscoring a broader acceptance of cryptocurrencies within conventional financial systems.

This shift is likely to boost institutional demand and interest in Bitcoin, further integrating it into the mainstream financial landscape.

Bitcoin Price Prediction

Bitcoin (BTC/USD) showcases a robust uptrend, escalating by nearly 1.50% to a trading price of $69,400. Marking a significant pivot at $68,443, Bitcoin navigates through key resistances at $71,992, $75,598, and $79,296, hinting at potential milestones in its upward trajectory.

Support levels at $64,861, $62,872, and $59,380 provide a safety net against downturns. The Relative Strength Index (RSI) standing at 66, coupled with a bullish engulfing candle on the 4-hour chart, underscores a compelling buying trend.

Should Bitcoin sustain above $68,500, a bullish narrative prevails; conversely, dipping below this benchmark could trigger a sell-off.

Eco-Friendly Bitcoin: Revolutionizing Cryptocurrency with Gamified Eco-Staking

Green Bitcoin  is leading a revolutionary shift in the cryptocurrency sphere by blending the urgency of environmental conservation with the innovative landscape of digital currency. Through its novel approach of Gamified Eco-Staking, this initiative not only entices participants with appealing rewards but also champions the cause of ecological preservation with each stake, backed by a distinct dual token reward mechanism.

Breakdown of Token Distribution:

• Initial Offering (40%): Launches the currency with significant momentum, setting the stage for sustained growth.
• Staking Incentives (27.50%): Allocates a major share to appreciate the enduring engagement of community members, vital for the ecosystem’s thriving.
• Promotional Activities (17.50%): Directs resources towards essential promotional strategies to build and broaden the currency’s worldwide recognition.
• Trading Fluidity (10%): Guarantees smooth trading experiences, bolstering the token’s availability across exchanges.
• Community Engagement Rewards (5%): Acknowledges and motivates the core community’s involvement, enhancing participation and dedication.

The ‘Eco Pathway’ charts a definitive course for Eco-Friendly Bitcoin, initiating with a value-centric initial offering and progressing through deliberate actions to energize the community and cement the token’s standing in the marketplace.

• Imminent Price Surge: Only 4 Days Away
• Current Funding: $2,321,140 of $2,247,631
• Current Exchange Rate: 1 $EFCB = $0.6882

Venture into the world of Eco-Friendly Bitcoin where your investment transcends mere profit to bolster a sustainable financial ecosystem. Invest today and join the movement towards a greener future.

Get Green Bitcoin Here

The post Bitcoin Price Prediction as On-Chain Metrics Reveal Whales are Holding Despite Recent Surge appeared first on Cryptonews.

Dogecoin (DOGE/USD), the cryptocurrency born from an internet meme, has defied expectations to become a top contender in the digital currency world. With a notable climb to $0.1760 as of March 9, marking over 2% rise within just 24 hours, Dogecoin not only showcases significant investor interest but also an impressive resilience that’s propelled it into the top 10 cryptocurrencies globally.

This surge has seen Dogecoin’s market cap hit around $25.23 billion, earning it the 9th spot on CoinMarketCap amidst a trading frenzy of $3.38 billion over the day.

As DOGE continues to navigate the volatile crypto market, this Dogecoin price prediction explores whether the beloved meme coin has the potential to rival giants like Bitcoin in the cryptocurrency hierarchy.

Dogecoin Price Prediction

Analyzing Dogecoin’s price movements on a 4-hour chart reveals key levels that are pivotal for traders and investors alike. The immediate pivot point at $0.1637 acts as a critical juncture, suggesting potential shifts in market dynamics.

Resistance levels are established at $0.1855, $0.2058, and $0.2256, delineating thresholds where selling pressure might intensify. Conversely, support is firmly placed at $0.1303 and $0.1143, which could offer buying opportunities should the price retreat.

#DogecoinAnalysis: On a 4H chart, DOGE shows pivotal levels. Pivot point at $0.1637 suggests key market shifts. Resistance at $0.1855, $0.2058, $0.2256; support at $0.1303, $0.1143. RSI at 60 & 50 EMA at $0.1546 signal bullish momentum. Watch for upward trends! #DOGE

— Arslan Ali (@forex_arslan) March 9, 2024

Technical indicators further illuminate Dogecoin’s current market stance. The Relative Strength Index (RSI) sits at 60, indicating a bullish momentum yet steering clear of the overbought territory.

The 50-Day Exponential Moving Average (EMA) at $0.1546 lends additional support to the buying trend, confirming the upward trajectory observed.

Notably, a recent bullish engulfing candle pattern on the 4-hour timeframe signals a strong buying interest among participants, potentially setting the stage for further upward movements.

In summary, Dogecoin exhibits a bullish trend above the $0.1637 pivot point, with the market dynamics favoring buyers at this juncture.

The convergence of technical indicators, including the RSI and 50 EMA, alongside a positive candlestick pattern, suggests a continued upward momentum. However, investors are cautioned to remain vigilant for any shifts below the pivot level, which could precipitate a sharp selling trend.

Scotty AI’s Presale: Revolutionizing Crypto Security

In the dynamic world of digital currencies, Scotty AI emerges as a formidable newcomer, clad in its sleek black coat, ready to rival meme coin legends like Floki and Shiba Inu. More than a competition for dominance, Scotty embodies a vision of safeguarding and nurturing a unified digital ecosystem for everyone.

The $Scotty token presale has already garnered significant attention, securing $1,633,307.72 towards its $1,647,159 target. Priced at $0.00655, the sale outlines a strategic token distribution: 30% for public sales and the remainder for staking, development, listings, and promotional activities.

With its initial phase already engaging the community and kickstarting the presale, Scotty AI is poised to redefine digital guardianship. Engage with the ongoing developments and become part of the Scotty community on Telegram and X (formerly Twitter).

Buy SCOTTY Here

The post Dogecoin Price Prediction as DOGE Becomes Top 10 Crypto in the World – Can DOGE Overtake Bitcoin? appeared first on Cryptonews.

The Second Circuit Court of Appeals recently overturned a lower court’s ruling that dismissed the lawsuit, allowing the putative class action to proceed against the world’s largest crypto exchange.

Originally filed in April 2020, the lawsuit was brought by a group of crypto investors who alleged that they had purchased securities, including ERC-20 tokens such as EOS, TRX, ELF, FUN, ICX, OMG, and QSP, from Binance. 

The EOS token, specifically issued by Block.One, is connected to Bullish, which is the parent company of CoinDesk, the parent company of Binance.

New Ruling Reverses Dismissal Decision

In May 2022, Judge Andrew Carter of the Southern District of New York dismissed the case, stating that the plaintiffs had filed the lawsuit after the statute of limitations had expired. 

Additionally, Judge Carter ruled that Binance, as a non-domestic exchange, did not have sufficient ties within the United States to meet the standards of federal securities laws.

However, the recent ruling by the Second Circuit Court of Appeals reversed Judge Carter’s decision and sent the case back to the district court. 

The appeals court found that the plaintiffs had plausibly alleged that the transactions involving the assets in question were conducted on servers within the United States and that they had accessed Binance from the U.S. The ruling also challenged Binance’s previous claims of lacking a headquarters or physical location.

Regarding the issue of timeliness, the circuit court stated that the statute of limitations clock did not begin until the plaintiffs purchased the tokens, which was within a year of filing the suit.

It’s worth noting that the recent ruling only pertains to seven of the tokens mentioned in the original complaint.

The ruling does not determine whether the tokens in question are securities or not. 

If the case is not appealed further and returns to the district court, the parties will have the opportunity to argue whether the tokens meet the definition of securities.

Binance still has the option to appeal to the U.S. Supreme Court.

If it chooses not to or if the Supreme Court declines to take up the appeal, the district court will resume jurisdiction over the case.

Binance Exits Nigerian Market After Regulatory Scrutiny

The new headeache for Binance comes as the exchange recently had to discontinue all services involving Nigerian local fiat currency, the Nigerian naira (NGN), after regulatory scrutiny. 

Last week, the world’s largest cryptocurrency exchange said it would suspend NGN withdrawals after March 8. 

Earlier, the Nigerian government imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation’s local currency. 

The Nigerian government’s actions against Binance and other crypto firms stem from concerns over continuous manipulation of the forex market and illicit movement of funds. 

Authorities believe that these activities have contributed to the weakening of the naira. 

The post Investors Get Green Light to Pursue Class Action Against Binance appeared first on Cryptonews.

The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California and now plans to concentrate its efforts on races in Ohio, Montana, Maryland, and Michigan.

Fairshake, which has amassed a staggering $85 million in funding, primarily from major crypto players Coinbase, Ripple Labs, and Andreessen Horowitz, intends to allocate resources to the general elections in Ohio and Montana, as well as the Democratic primaries in Maryland and Michigan. 

These states are particularly significant due to vulnerable Democratic senators up for re-election, who have previously expressed skepticism or criticism towards cryptocurrencies.

Fairshake Targets Anti-Crypto Senators

In Ohio, Senator Sherrod Brown proposed a nationwide ban on cryptocurrencies in December 2022 following FTX’s collapse. 

Similarly, Montana’s Senator John Tester has been dismissive of crypto, stating that he sees no reason for its existence. 

Despite this, Fairshake has not explicitly announced opposition to these senators but rather indicated its intention to participate in their races. 

This suggests that Brown and Tester could potentially earn the PAC’s support if they adopt more crypto-friendly positions.

Fairshake has not disclosed the timeline for deciding which candidates to endorse in the Ohio and Montana races but emphasized that it would evaluate various factors, including a candidate’s stance on crypto, viability, election significance, and the potential impact of the PAC’s involvement.

In Michigan, Fairshake will engage in the Democratic Senate primary set for August, where congresswoman Elissa Slotkin currently leads the race. 

Although Slotkin has not publicly discussed crypto extensively, she has acknowledged the need for politicians to disclose their cryptocurrency trades. 

Her opponents include actor Hill Harper, who previously launched an app to encourage people of color to engage with cryptocurrencies.

In Maryland’s May Democratic Senate primary, Fairshake will participate as well, with candidates David Trone, co-founder of Total Wine, and Angela Ashbrooks, a local politician, facing off.

Neither candidate has prominently addressed crypto on their campaign websites or made public statements on the subject.

Crypto PAC Could Significantly Impact US Power Dynamics

With Democrats holding a narrow 51-49 majority in the Senate, any shifts in these four races could significantly impact the power dynamics in Washington. 

Leveraging substantial funding from the crypto industry, Fairshake aims to ensure that candidates elected in November will advocate for the establishment and adoption of much-needed regulations for the cryptocurrency industry.

As reported, approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. 

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.

It said that 78% of crypto holders in the state believe that policymakers should support “new, innovative, and disruptive technologies” and express their intention to vote for candidates who align with these views.

The post $85 Million Crypto Super PAC Sets Sights on Transforming Senate Makeup appeared first on Cryptonews.

Bitcoin‘s recent trading activity presents a fascinating case for price predictions as the digital currency hovers around $68,100, marking an increase of 1.50% on Saturday.

Bitcoin ETF Approval Sparks Record Surge, Rallying Crypto Market and Company Stocks

Bitcoin’s value soared, almost touching the $70,000 mark, energized by the US SEC’s nod to 11 spot bitcoin ETFs and a hint of lowering global interest rates.

Although it dipped to around $68,317.72 after the peak, the cryptocurrency market remains vibrant with fresh institutional investments.

Bitcoin briefly rises to record high over $70,000 https://t.co/O4AF3GlrQT pic.twitter.com/4wk1L7SgZg

— Reuters (@Reuters) March 8, 2024

Here’s a quick glance:

• Bitcoin’s record surge, driven by ETF approvals and global rate cut forecasts.
• Subsequent dip to approximately $68,317.72 after the initial high.
• Ethereum and other cryptocurrencies also ride the Bitcoin wave, signaling market expansion.
• Related companies like Coinbase, Riot Platforms, and Marathon Digital see a boost in share prices.

With this momentum, Bitcoin’s climb could persist, inviting more investors and reinforcing confidence in the crypto space.

Blackrock Eyes Bitcoin ETP Inclusion in Major Investment Fund

Blackrock, the world’s leading asset manager, is probing the potential integration of Bitcoin Exchange-Traded Products (ETPs) into its renowned Blackrock Global Allocation Fund. An SEC filing unveils plans to engage with the burgeoning cryptocurrency market, providing traditional investors with a fresh pathway to the digital assets sphere.

This strategic move signals a growing institutional allure towards cryptocurrencies, poised to increase demand and potentially accelerate mainstream acceptance. Investors in the fund would bear the costs associated with the volatile nature of Bitcoin ETPs, aligning directly with Bitcoin’s fluctuating prices.

This pivotal development underscores the increasing integration of digital currencies within traditional investment frameworks.

Bitwise CIO Highlights Risks Amid Cryptocurrency Market Exuberance

In a recent surge, Bitwise’s CIO Matt Hougan has flagged concerns over inflated valuations of numerous cryptocurrencies. As profits from Bitcoin flow into more speculative assets, investors are warned to tread carefully to avoid irrational investments.

1/ Lots of discussion out there about the early start of alts season, and some surprise that it’s happening given bitcoin is "only" up a few hundred percent from the lows.

Some thoughts.

— Matt Hougan (@Matt_Hougan) March 8, 2024

Key points from Hougan’s caution:

• The rush to invest in riskier tokens may inflate their prices unwisely.
• Altcoins, particularly memecoins and AI-themed tokens, are outperforming Bitcoin.
• Investors are urged to consider overall wealth impact rather than just percentage gains.
• With high scam incidents in 2023, verifying a project’s legitimacy is crucial.

Hougan’s words reflect a conservative stance, advising investor prudence amid the market’s volatility.

Project Ensemble: Hong Kong’s Leap into Tokenized Deposits and WCBDC

The Hong Kong Monetary Authority has initiated Project Ensemble, focusing on the potential of tokenized deposits and a wholesale CBDC. This pioneering step underscores Hong Kong’s commitment to exploring the forefront of financial technology and digital innovation.

Highlights of Project Ensemble:

• Live WCBDC issuance is considered contingent on sustained interest.
• The initiative explores using tokenized deposits for treasury management, interbank settlements, and green bond trading.
• Collaboration with banks, cryptocurrency entities, tech firms, and academics will drive development and standardization.
• Chief Executive Eddie Yue views the project as a boost to Hong Kong’s financial innovation reputation.

Project Ensemble’s progress may influence the global digital currency landscape and Bitcoin’s future as more regions delve into tokenization and CBDCs.

Bitcoin Price Prediction

In today’s trading, Bitcoin (BTC/USD) is navigating around a pivotal $68,000 mark. The cryptocurrency might encounter resistance at $70,160, which could extend up to $74,381, marking potential turning points for price action.

Key Bitcoin Trading Levels:

• Resistance zones: $70,160, $72,219, $74,381
• Support thresholds: $66,305, $63,265, $61,393

Technical Analysis Insights:

• The RSI at 66 suggests active investor interest.
• The 50-Day EMA at $64,700 underscores the ongoing upward trend.

With a bullish engulfing candle pattern observed recently, there’s an indication that Bitcoin’s climb could sustain. Overall, current analysis implies a continued bullish outlook as long as Bitcoin stays above the $68,000 level.

Eco-Friendly Bitcoin: Revolutionizing Cryptocurrency with Gamified Eco-Staking

Green Bitcoin  is leading a revolutionary shift in the cryptocurrency sphere by blending the urgency of environmental conservation with the innovative landscape of digital currency. Through its novel approach of Gamified Eco-Staking, this initiative not only entices participants with appealing rewards but also champions the cause of ecological preservation with each stake, backed by a distinct dual token reward mechanism.

Breakdown of Token Distribution:

• Initial Offering (40%): Launches the currency with significant momentum, setting the stage for sustained growth.
• Staking Incentives (27.50%): Allocates a major share to appreciate the enduring engagement of community members, vital for the ecosystem’s thriving.
• Promotional Activities (17.50%): Directs resources towards essential promotional strategies to build and broaden the currency’s worldwide recognition.
• Trading Fluidity (10%): Guarantees smooth trading experiences, bolstering the token’s availability across exchanges.
• Community Engagement Rewards (5%): Acknowledges and motivates the core community’s involvement, enhancing participation and dedication.

The ‘Eco Pathway’ charts a definitive course for Eco-Friendly Bitcoin, initiating with a value-centric initial offering and progressing through deliberate actions to energize the community and cement the token’s standing in the marketplace.

• Imminent Price Surge: Only 4 Days Away
• Current Funding: $2,321,140 of $2,247,631
• Current Exchange Rate: 1 $EFCB = $0.6882

Venture into the world of Eco-Friendly Bitcoin where your investment transcends mere profit to bolster a sustainable financial ecosystem. Invest today and join the movement towards a greener future.

Get Green Bitcoin Here

The post Bitcoin Price Prediction as BTC Hits $70,000 and Retraces – What’s Going On? appeared first on Cryptonews.

Analysts led by Nikolaos Panigirtzoglou wrote that Bitcoin ETFs, when assessed as a substitute for gold and adjusted for volatility, have an implied “realistic size” of $62 billion over the next two to three years.

JPMorgan Bearish On Bitcoin

That’s a less optimistic target than what more bullish crypto analysts project for the ETFs, which have already absorbed $9.3 billion of net flows since their launch 2 months ago. Combined with Bitcoin’s price appreciation since that time, ETFs including Grayscale have seen their AUM rise from $30 billion to over $50 billion.

According to JPMorgan, bulls are not accounting for the risk associated with Bitcoin, and thus vastly overestimating the share of investors’ portfolios that it will comprise. They bank wrote:

“Most investors take risk and volatility into account when they allocate across asset classes and given the volatility in bitcoin is around 3.7 times the volatility of gold it would be unrealistic to expect bitcoin to match gold within investors’ portfolios in notional amounts.”

Dividing the amount of gold currently held by investors ($3.3 trillion) by the Bitcoin’s volatility against gold (3.7), provides a figure of $900 billion in total Bitcoin allocation to investors. This implies a price per coin of $45,000 – far below Bitcoin’s current market price of $69,000.

The bank arrived at its $62 billion figure for Bitcoin ETFs by accounting for all gold held by funds, which equals $230 million, and dividing it by the 3.7 volatility multiple. Many of those funds, however, may have come from a rotational shift out of other Bitcoin-based investment vehicles and into the ETFs.

Bitcoin VS Gold

Gold ETFs in the United States roughly hold $92 trillion in assets, according to VettaFi. Their Bitcoin counterparts are the next largest commodity ETFs in the country.

Bitcoin and gold are often compared for their similar properties as investment vehicles. Neither has any intrinsic cash flows, but both are difficult to produce more of, and thus make for strong hedges against inflation.

Larry Fink, CEO of BlackRock, has often described Bitcoin as “digital gold” when discussing Bitcoin ETFs, and referred to investors’ appetite for the asset as a “flight to quality.”

The post JPMorgan Expects $62 Billion Bitcoin Spot ETFs Market Over 2 To 3 Years appeared first on Cryptonews.

As its amazing run higher continues, dogwifhat (WIF) investors are shifting to a viral new ICO called Sponge (SPONGE) as they seek 1000% return on income (ROI) gains.

Dogwifhat pumped up over 26% on Friday as it hit fresh all-time highs above $2.30 per token.

But with a market cap of now more than $2.0 billion, some are concerning that the rally might be running out of steam.

Yes, maybe WIF can pump another 10x to catch up to Dogecoin’s market cap over $20 billion.

But in the meme coin world, traders tend to look down their noses at the prospect of 10x gains.

Meme coin traders often prefer targeting coins that offer potential gains in the region of 100x or more.

So dogwifhat investors are likely shifting to alternatives as they hunt ROI gains of 1000%or more.

One such coin they are likely taking a look at include a viral ICO called Sponge (SPONGE).

Dogwifhat Investors Shift to Viral ICO Sponge (SPONGE)

Legendary meme coin Sponge (SPONGE), which hit a market cap of $100 million back in 2023 to hand investors 100x gains at the time, is once again in the spotlight in wake of its migration to Polygon.

Last at $0.0036, $SPONGE is up over 400% since its February 5 Polygon launch.

That gives the token an impressive market cap of just under $150 million, as per DEXTools.

Sponge isn’t just any old utility-lacking meme coin.

The new ICO offers a passive income opportunity and also functions as the native token of a play-to-earn (P2E) racing game.

Sponge buyers who stake their tokens can secure yields of up to 650%, as per the official Sponge website.

Meanwhile, the P2E game will see players competing against each other for ranks on a global leaderboard. Racing rewards are paid out in SPONGE V2.

But perhaps the most exciting thing about Sponge is that it’s still super early to get into the coin.

Meme coins like Bonk, Dogwifhat, and Pepe have shown how an upstart meme coin can reach a multi-billion-dollar market cap.

The meme coin’s website is also teasing that it will soon launch on bigger and better exchanges, which could bring a wave of new buyers to $SPONGE.

At just $67 million, Sponge could be looking at 1000% ROI in terms of price upside.

Buy Sponge Here

The post DogWifHat Investors Shift to Viral ICO Seeking 1000% ROI Gains appeared first on Cryptonews.

As Bitcoin (BTC) consolidates in the $68,000s as trading volumes drop off ahead of the weekend, traders are turning to the on-chain shitcoin markets in the hope of identifying top crypto gainers today.

Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) momentarily hit $4,000 for the first time since December 2021.

The major cryptos were boosted by strong continued inflows into spot Bitcoin ETFs, and by macro tailwinds.

Fed Chair Powell’s comments earlier this week that the Fed is close to becoming confident enough on inflation to start cutting interest rates have weighed on the US dollar and US yields this week as traders upped bets on rate cuts starting in June.

Those bets were further supported by US data on Friday which showed the US unemployment rate rising unexpectedly to 3.9%.

But Bitcoin and Ether have both since pulled back from earlier session highs.

As traders take profit on these coins, they are hunting for new opportunities to make a quick buck.

And there is no better place for that that the on-chain shitcoin markets.

Newly launched coins can frequently post gains of as much as 100x in one day.

Of course, the potential for massive gains also comes with the risk that traders could quickly lose everything.

Their illiquidity and volatility mean shitcoin markets aren’t for the faint-hearted.

Here are some of the top-performing coins on Ethereum, as per decentralized exchange analytics tool DEXTools.

Top Crypto Gainers Today

PEPESimpsons ($PEPES)

A shitcoin called PEPESimpsons ($PEPES) is up around 75,000% on Friday, as per DEXTools.

But traders should beware that this coin appears to be a scam.

Its price chart looks very weird and manipulated.

And honeypot.io think it is a honeypot scam, as per DEXTools’ security audit.

This coin is almost certainly best avoided.

Traders must remember to always start off with the assumption that all coins are scams unless proved otherwise.

Landwolf ($WOLF)

A just-launched shitcoin called Landwolf ($WOLF) is up over 44,000% in 24 hours, as per DEXTools.

The token, which claims to be Pepe’s best friend, has a market cap of just over $3 million.

It also has liquidity of over $300,000 and over 850 holders.

The smart contract has a few concerning issues, including an antiwhale function and a max sell ratio.

Trades should tread with caution.

BVM ($BVM)

Another just-launched shitcoin called BVM ($BVM) has pumped up over 1000% in 24 hours, as per DEXTools.

That rally has seen it clinch a market cap of nearly $20 million.

The token has $5.5 million liquidity and close to 3,000 holders, not bad for a first day of trade.

But the token’s smart contract hasn’t finished being audited just yet, so traders should be careful.

Alternatives to Consider – Smog (SMOG)

Shitcoins are highly risky.

Most are either outright scams or, at the very least, pump-and-dump schemes designed to leave unsuspecting investors holding the bag.

A much better strategy is to look for more established meme coins that already have a presence but haven’t seen a massive pump just yet.

One such meme coin is a recently launched Solana coin called Smog (SMOG).

Its price has pumped nearly 8x since late February to reach a market cap of $270 million, as per DEXTools.

The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.

Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.

Even though its market cap remains modest, SMOG already boasts a strong community.

Indeed, as per birdeye.so, it already has over 60,000 holders.

Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.

SMOG could deliver at least 10x gains to investors, hence its rank in the best crypto meme coins to buy now.

Traders should note that they can clinch a 10% discount when buying SMOG directly through the project’s website.

They can also stake their tokens for a 42% APY.

Buy SMOG Here

The post Top Crypto Gainers Today on DEXTools – PEPES, WOLF, BVM appeared first on Cryptonews.

As Bitcoin (BTC) consolidates in the $68,000s as trading volumes drop off ahead of the weekend, meme coins are stealing the limelight as the bulls regain control, with traders hunting for the best crypto to buy today flocking to major names in the hope of making quick gains.

Bitcoin briefly surpassed $70,000 for the first time on Friday. Ether (ETH) momentarily hit $4,000 for the first time since December 2021.

The major cryptos were boosted by strong continued inflows into spot Bitcoin ETFs, and by macro tailwinds.

Fed Chair Powell’s comments earlier this week that the Fed is close to becoming confident enough on inflation to start cutting interest rates have weighed on the US dollar and US yields this week as traders upped bets on rate cuts starting in June.

Those bets were further supported by US data on Friday which showed the US unemployment rate rising unexpectedly to 3.9%.

But Bitcoin and Ether have both since pulled back from earlier session highs.

Traders have seemingly been opting to take profit on these coins in order to scale into riskier altcoins.

And meme coins appear to be at their top of their crypto shopping carts.

Here are some of the top performers on Friday that could be the best crypto to buy now.

Best Crypto to Buy Now

Floki (FLOKI)

FLOKI (FLOKI), the Shiba Inu meme coin that was created in honour of Elon Musk’s pet Shiba Inu dog, is leading the market on Friday.

As per CoinMarketCap, it’s the top-performing cryptocurrency in the top 100 by market cap, up 67% in 24 hours.

Its market cap is now back above $2.0 billion.

But with Dogecoin and Shiba Inu both valued above $20 billion, it could have a long way higher to run.

That’s why, despite having already pumped a long way, it could be the best crypto to buy today.

Pepe (PEPE)

Pepe is up 32% on Friday and has clinched a market cap of $3.8 billion, as per CoinMarketCap.

Its main selling point versus the other meme coins is that it isn’t a Shiba Inu dog.

Rather, it is themed after Pepe the frog, a legendary character of internet meme culture.

Pepe could become a rival to Dogecoin and Shiba Inu.

That suggests it could see gains of at least 5x, making it amongst the best crypto to buy today.

Dogwifhat (WIF)

Dogwifhat (WIF), the latest iteration of the Shiba Inu dog meme, featuring a dog wearing a hat, is up nearly 25% in 24 hours, as per CoinMarketCap.

The Solana-based meme coin’s market cap was last around $2.2 billion, slightly ahead of its predecessor Bonk (BONK)’s.

That means it remains very cheap compared to Dogecoin (DOGE) and Ethereum-based Shiba Inu (SHIB).

Just like as with Pepe and Floki, dogwifhat could have a lot further to run to the upside.

That’s why it’s a candidate for best crypto to buy today.

Alternatives to Consider – Smog (SMOG)

Meme coins like Floki, Pepe and Dogwifhat come with a lot of risk given their inherent lack of utility.

Moreover, all of the above-mentioned coins already have bloated multi-billion dollar market caps.

That reduces the potential for further upside.

Traders looking big returns (of 20x or more) are better off looking for meme coins that have a lower valuation.

If the meme coin also has a compelling use case and unique selling point, even better.

One such meme coin is a recently launched Solana coin called Smog (SMOG).

Its price has pumped nearly 8x since late February to reach a market cap of $270 million, as per DEXTools.

The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.

Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.

Even though its market cap remains modest, SMOG already boasts a strong community.

Indeed, as per birdeye.so, it already has over 60,000 holders.

Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.

SMOG could deliver at least 10x gains to investors, hence its rank in the best crypto meme coins to buy now.

Traders should note that they can clinch a 10% discount when buying SMOG directly through the project’s website.

They can also stake their tokens for a 42% APY.

Buy SMOG Here

The post Best Crypto to Buy Today March 8 – FLOKI, Pepe, dogwifhat appeared first on Cryptonews.