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Crypto
SOL
Pyth Network(PYTH)

$0.51

1.03%

Market Cap
765.02m
 

1.03%

Volume (24h)
101.08m
 

-40.56%

Released on 20 Nov 2023
Cryptoglobe
Cryptoglobe
Robinhood Sees Surge in Equities and Crypto Trading Market Share in 2023
10 days ago
CoinDesk
CoinDesk
followers

OpenAI CEO Sam Altman’s Worldcoin {{WLD}} token hit record highs on Thursday alongside a broader rally in artificial intelligence (AI)-related tokens. AI cryptocurrencies initially jumped in price Wednesday evening after chipmaker Nvidia (NVDA) beat lofty fourth-quarter earnings and first quarter guidance expectations and the move has gained strength since. Taking the lead in terms of gains is Worldcoin’s WLD, which is up 40% on the day and almost 170% over the past 7 days. The token touched a new all-time high of $8.85 earlier and was trading at $8.54 at press time. Worldcoin was co-created by OpenAI founder Sam Altman and thus often associated with AI-related projects. SingularityNET {{AGIX}}, a decentralized AI marketplace, saw its token climb 43%. FetchAI {{FET}} was up 18%. Other tokens associated with AI moving on Thursday included the Graph’s {{GRT}} which was up 17% and Render’s {{RNDR}}, jumping 23%. According to Strahinja Savic, head of data and analytics at FRNT Financial, there’s a number of reasons behind the recent AI-related token pump. “The launch of [OpenAI's] Sora [and] Nvidia’s impressive sales forecast are fuelling broader optimism surrounding AI that is spilling over into crypto," said Savic in an interview with CoinDesk. "We’ve seen this in crypto in the past, where metaverse-related tokens rallied when Facebook changed its name to Meta.” Savic posed the question of how effective exposure is to artificial intelligence via these AI-themed tokens as most don’t actually have a direct connection to the adoption being driven by OpenAI or Google’s Gemini. Gemini is Google’s family of AI models, similar to OpenAI’s ChatGPT. “The use of blockchain tech for the purposes of AI remains unclear and at this point is highly experimental," continued Savic. "Having said that, buying AI-themed cryptocurrencies is more exposure to niche blockchain-based AI derivatives, rather than exposure to the mass adoption that has received so much attention recently." Savic also noted that there’s a possibility that the demand for AI tokens is coming from investors in areas that don’t have access to U.S. equities. “It is conceivable that for an investor not able to buy stocks like NVDA, AI-themed tokens may be the next best thing,” he added. Worldapp, which is Worldcoin’s first wallet built for the project, surpassed 1 million daily users earlier this week, according to the company.

3 days ago
CoinDesk
CoinDesk
followers

Nvidia's fourth-quarter earnings could trigger a broader correction for equities and crypto if it fails to live up to the hype. AI-related tokens such as OCEAN and FET may also trade off Nvidia's earnings and outlook for the sector. The bitcoin {{BTC}} and the broader crypto rally could come to a halt if Nvidia's {{NVDA}} fourth quarter earnings fail to live up to the lofty Wall Street expectations, Singapore-based QCP Capital said in a recent note. "A key event today that could trigger a wider correction is Nvidia earnings which will be released after the US close," QCP wrote in a note. "As a major part of the S&P500 Index, Nvidia's performance could set the tone for US equities in the near-term." Nvidia, the GPU giant that designs chips necessary for the AI revolution, is set to report its earnings on Wednesday after the market closes in the U.S. The chip-maker's stock is up nearly 220% over the last year. The market will be sharply focusing on the potential for the stock to sustain the face-melting rally. In fact, the rally has been so hot that Goldman even called it "the most important stock on planet earth" as options traders are betting on a move in either direction of 11%. "Nvidia is currently trading at 90x P/E and Q4 earnings expectations have been adjusted higher recently," QCP said. For comparison, Amazon.com (AMZN) currently trades at 52.4x and Tesla (TSLA) at 57.7x price-to-earning (P/E) ratio, according to FactSet data. With such a high valuation, the margin of error is very slim. "At these valuation multiples and high expectations on earnings, any disappointment could see a sell-off. That would certainly put a drag on U.S. equities and crypto prices as well," QCP continued. Another crypto sub-sector that could see a volatile trading session from Nvidia's earnings is the artificial intelligence (AI) -related tokens such as Ocean Protocol’s OCEAN and Fetch.AI’s FET. Given the influence the chip maker has on the sentiment of the AI industry, crypto traders will be keeping an eye on assessing Nvidia's outlook on the sector and trade accordingly. Read more: AI Tokens Rally as OpenAI’s Sora Brings Renewed Hope to the Sector Analysts also stress how much of Nvidia's growth relies on the server industry at the core of the AI revolution. Data from IDC shows that the global PC market is facing short-term challenges, with 2023 shipment volume expected to decline by 13.8% after a 16.6% drop in 2022, marking two consecutive years of double-digit declines. However, IDC forecasts a rebound starting in 2024, driven by factors such as a commercial PC refresh cycle, AI integration, and recovery of the consumer installed base, leading to a projected growth of 3.4% in 2024 and a compound annual growth rate of 3.1% from 2023 through 2027. Meanwhile, Taiwan-based Digitimes Research recently wrote that the computing sector's growth will plateau due to saturated PC and notebook demand, but emerging data centers are key to the future of chip companies like Nvidia, boosting server shipments and HPC chip demand. Nvidia's stock is down 7% in the last week and is currently trading around $680. The majority of the Wall Street analysts have a buy rating on the stock with an average 12-month price target of around $751, according to FactSet data. Bitcoin is trading at $51,200, down 0.4% in the last 24 hours, according to CoinDesk Indicies data, while the CoinDesk 20 Index (CD20), which measures the performance of the largest 20 digital assets, is down 1.9%. Read more: Bitcoin Options Trader Takes $20M Bet to Hedge Against Prices Dropping to $47K

4 days ago
Cointelegraph
Cointelegraph
followers

Bitcoin (BTC) threatened a breakdown from its trading range at the Feb. 21 Wall Street open as resistance stayed firmly in place. BTC/USD 1-hour chart. Source: TradingView ETFs no silver bullet for Bitcoin bull market Data from Cointelegraph Markets Pro and TradingView showed ongoing retests of the lowest BTC price levels in a week. After hitting new 26-month highs of $53,000, Bitcoin saw immediate sell-side pressure — even even familiar sources of support, such as anticipation of buyer interest in the spot exchange-traded funds (ETFs), failed to lift the mood. Responding, popular trader Crypto Chase highlighted Bitcoin getting to grips with the so-called fair value gap (FVG) on daily timeframes, as viewed from Fibonacci retracement levels. “Looks ugly, but I've seen Bitcoin recover from worse,” part of accompanying commentary on X (formerly Twitter) read. $BTC4th test of Daily FVG. Looks ugly, but I've seen Bitcoin recover from worse. I'm flat here.Plans:-Daily close above 52.3K = focus longs.-Daily close through FVG = focus shorts.-If retrace is offered, buy dip starting at low 47K (46K~ possible too, but I'll frontload). pic.twitter.com/PEeNYSdDL0 — Crypto Chase (@Crypto_Chase) February 21, 2024 Summarizing his latest video update, Keith Alan, co-founder of trading resource Material Indicators, stressed that even ETF inflows could not be relied upon as a foolproof way of buoying the market. “Midway through the week we are seeing the BTC W candle slip into red territory,” he wrote. “There is certainly plenty of time for it to recover, and the massive amount of BTC ETF inflows should help mitigate some of the downside, but the fact that we are seeing this pullback despite the ETF demand indicates 2 things: 1. Even in the ETF era of Bitcoin, ‘Up Only’ isn't a thing. 2. BTC Whales are selling into the ETF demand.” Commenting on the status quo, however, popular trader Daan Crypto Trades called for calm. “Usually sentiment follows price. If sentiment precedes price without it actually following through, it's often a reason to pay attention,” he wrote in part of a recent X update. “There's something to say for both directions here but I do feel like the bearish sentiment is getting a bit ahead of itself as we've just been ranging for the last week or so without a clear break. Just wait for confirmation towards either side.” One of those days where it's good to remember the part of the cycle we're in.Lower timeframes look like dog poop, higher timeframes look primed for new all-time highs.Don't get shaken out.#Bitcoin pic.twitter.com/O2qxAT6alB — Jelle (@CryptoJelleNL) February 21, 2024 Fellow trader Jelle, known for his optimism on the market as it stands, had a similar angle. Nvidia earnings may spark "frothy week" Continuing, trading firm QCP Capital attributed BTC price weakness in part to high funding rates. Related: Open interest echoes $69K BTC price — 5 things to know in Bitcoin this week “Funding at these levels is typically difficult to sustain which means there could be a pullback in price after such a strong move higher,” it wrote in its latest market update sent to Telegram channel subscribers on the day. “We have already started to see some selling pressure earlier in Asia afternoon (BTC 50,630 low, ETH 2,880 low).” Bitcoin funding rates (screenshot). Source: CoinGlass QCP noted an upcoming source of potential volatility for risk assets in the form of earnings from tech giant Nvidia, these due after the U.S. close. “NVDA is currently trading at 90x P/E and Q4 earnings expectations have been adjusted higher recently,” it explained. “At these valuation multiples and high expectations on earnings, any disappointment could see a sell-off. That would certainly put a drag on US equities and crypto prices as well.” Nvidia (NVDA) 1-week chart. Source: TradingView Daan Crypto Trades likewise assigned significance to the earnings report. “If they beat bigly and price just goes up hard we can prepare for some volatile & frothy next week or two throughout most markets I think,” part of his own X forecast read. “Would prefer to see it cool off a bit so the markets don't get overheated too quickly.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

4 days ago
Cryptopolitan
Cryptopolitan
followers

Settle in, guys. I’m afraid I’ve got some terrible news. Our central banks, those institutions that keep the global economy on a somewhat even keel, are now showing signs that they’re about to throw us all into an apocalypse. Gone are the days when global trends were the main drivers behind price outlooks. Now, it seems domestic drivers are in the driver’s seat, and they have no idea what they’re doing. Once upon a time, New Zealand led the way with its innovative approach to inflation targeting back in the early ’90s, and it looks like they’re about to break ranks again. With whispers of interest rate hikes as early as the end of February, the Land of the Long White Cloud could be signaling the end of monetary policy uniformity as we know it. Diverging Paths Across the globe, the story is much the same, with each central bank facing its unique set of challenges. The United States is wrestling with stubborn inflation and a labor market that’s surprisingly robust, leading traders to second-guess the Federal Reserve’s stance on easing up anytime soon. Meanwhile, the euro area, having narrowly dodged a recession, is seeing price pressures ease more quickly than anticipated, prompting calls for earlier rate cuts. The Swiss are betting on interest rate cuts next month, and the UK is stuck between a rock and a hard place with both a sputtering economy and high inflation. The International Monetary Fund (IMF) isn’t painting a rosy picture either, with its forecasts pointing to a diverging global economy: a brighter outlook for the US, gloomier for the euro zone, and downright dismal for the UK. As if to add salt to the wound, JPMorgan strategists are advising clients to hedge their bets by favoring US equities and the dollar, given the stark growth divide between the US and Europe. Down under, the Reserve Bank of Australia (RBA) and its Canadian counterpart are expected to maintain a more hawkish stance compared to their global peers. The plot thickens in Japan, an economy long haunted by deflation, which is now poised for its first interest rate hike since 2007. Fast forward a year, and traders are betting on lower benchmark rates in the US and Europe but a different story in Australia and Japan. A Tangled Web The central banks are walking a tightrope, trying to balance the risks of acting too hastily against the dangers of waiting too long. The European Central Bank (ECB) is particularly wary of making a U-turn that could signal they’ve underestimated inflation once again. This is not made any easier by the shifting drivers of inflation, with services and wages now playing a more significant role than manufacturing. In New Zealand, unexpected jumps in underlying inflation, despite a slowdown in tradable prices, have caught policymakers off guard. This scenario demonstrates a broader trend towards more localized, idiosyncratic monetary policies, moving away from the coordinated approach we’ve seen in recent years. The IMF’s recent updates offer a glimmer of hope, projecting a slight uptick in global growth for 2024, thanks in part to easing inflation and advancements in artificial intelligence (AI). However, the agency’s chief economist, Pierre-Olivier Gourinchas, cautions against complacency, citing ongoing geopolitical tensions and the potential for disruptions to global trade. The World Economic Forum’s Chief Economists Outlook echoes this sentiment, with a majority expecting global economic conditions to either weaken or remain unchanged over the next year. Despite some positive developments, the outlook is marred by continued financial tightness, geopolitical rifts, and the looming threat of geoeconomic fragmentation. The central banks’ next moves could either steer us towards stable growth or plunge us into economic turmoil. With so much at stake, the world watches and waits, hoping for the former but bracing for the latter.

6 days ago
ENSIGN TRADING
ENSIGN TRADING
followers

UK and Japan slips into a recession today with last 6 months earnings of 2023 coming in negative, this will have impacts beyond their borders and this is why the current pumps in the markets are only timely pump which is an indicator of a last major exit from the markets of equities, commoditities, basically high risk assets, money will be flowing out soon from here. Thus, taking profits as we go up is important! NO one and I say NO ONE can tell anyone exactly the top tip point, we were able to identify the exact bottom but it's not necessary to have the exact top. we will stick to the TA and 52k -55k BTC is our 25% target at least profit zone to encash. Same goes for stock market. The current run up is only in the anticipation of monetary easing with rate cut, this is a timely pump into market based on the future money printing being relaxed, it's not new money but existing money entering creating the current bubble. The actual effects of the economies slowing down will come soon around US election time, that is the time for which we have to prepare. #Write2Earn #BTC

10 days ago
Crypto
Market Cap
N/A
 

Volume (24h)
92.27k
 

861.18%

Released on 22 Dec 2020
Digital Crypto
Digital Crypto
followers

Is It Possible to Become a Millionaire with Shiba Inus?Shiba Inu (SHIB 1.49%) has produced several millionaires in the past. In 2021, the well-known meme token had an approximate 45,000,000% increase. As Shiba Inu’s value surged, an increasing number of investors gravitated into this cryptocurrency, hoping to become wealthy as well.Let’s start by discussing Shiba Inu’s recent, remarkable rise to fame. In August 2020, a mystery inventor going by the name Ryoshi launched Shiba Inu.According to its whitepaper, the token was created as an “experiment in decentralized spontaneous community building.” And it’s been really successful in those senses. Devoted supporters, known as the Shib Army, have backed Shiba Inu on social media and think the coin has the potential to revolutionize the cryptocurrency industry.You may be wondering now what makes Shiba Inu different from the multitude of other cryptocurrencies available. That’s not much, to answer. And that is the main issue with Shiba Inus. Essentially, the cryptocurrency is an Ethereum-based payment token. In order to create passive income, investors can also stake their holdings.Therefore, in comparison to blockchains that provide a multitude of applications, such as the development of decentralized apps (dApps) and non-fungible tokens (NFTs), Shiba Inu doesn’t seem all that intriguing.But there’s more positive news on the way. With the upcoming introduction of Shibarium, a layer-2 solution, Shiba Inu plans to liberate the coin from some of the constraints it now suffers on Ethereum. Shibarium is expected to enable consumers to create chain-specific NFTs and produce Shiba Inu more quickly and affordably. Additionally, Shibarium will increase Shiba Inu’s visibility in the metaverse and gaming apps.Over the past year, Shiba Inu has repeatedly postponed the release. However, some people claim that the Shibarium beta might go live as early as next week. A possible launch may provide Shiba Inu with an immediate boost.Let’s discuss how investing in Shiba Inus can increase your chances of becoming a billionaire. Indeed, Shiba Inu ought to be a more valuable asset now that Shibarium has been launched than it was during its 2021 boom. However, that does not imply that Shiba Inu will even approach to duplicate such gains.In 2021, the market for cryptocurrencies surged beyond US$3 trillion as a result of investor interest in this promising emerging industry. Investors may view cryptocurrency participants more critically in the future and in the present. The cryptocurrency that wins will probably stick out from the competition.Regarding Shiba Inu in particular, the cryptocurrency has two issues: the previously noted problem of restricted usage and an even more serious one that might prevent it from making substantial progress. That is an enormous amount of tokens. Efforts to burn coins could not even be sufficient to make a dent in the about 549 trillion supply.Of said, Shiba Inu, which is now selling at a penny on the dollar, may yet increase in value to give investors who purchase a sizable share in the token a respectable return. However, I don’t think a possible gain would endure, and I advise against buying a sizable investment in a hazardous asset like Shiba Inus.Shiba Inus isn’t the greatest option for a “make-me-a-millionaire” portfolio because of all of this. Investing in a selection of reliable equities and potent cryptocurrencies that stand out from the crowd is a superior strategy. Not even this will ensure millions. However, it ought to put you on the correct path for long-term, substantial gains. #Write2Earn #BTC #TrendingTopic #Shiba #ShibaInuUpdate $BTC $SHIB

11 days ago
koinmilyoner
koinmilyoner
followers

💰Bitcoin Price Drops Below $49,000 After Hot US CPI Data Blows Fed Rate Cut Bets—What Next? Adobe/Luisa Bitcoin Price ChartAfter the publication of hotter-than-expected US Consumer Price Index (CPI) data for January, Bitcoin (BTC) fell below $49,000, a near $1,500 drop from its two-year highs over $50,400 earlier in the session. Bitcoin was trading at $48,500 on major cryptocurrency markets, down roughly 3%. TradingView Bitcoin (BTC) Price Chart In January, the headline CPI grew 0.3% MoM, above predictions of 0.2%. Core CPI rose to 0.4% MoM from 0.3% in December, above estimates of 0.3%. The unexpected spike in inflationary pressures means Fed officials should be careful about reducing rates. The data naturally prompted macro investors to reduce rate cuts. Money markets currently indicate a less than 40% possibility of cuts in May, according to the CME FedWatch Tool. This is down from almost 60% one day before. Market opinion is that rate reduction begin in H1 2024. Money markets now expect cutbacks by June at over 80%, down from 90% one day before. Bitcoin Price Falls as Traders Reduce Rate Cut Bets Interest rates may stay higher as the Fed reduces rates more cautiously due to hot prices. On Tuesday, US government bond yields and the US Dollar Index (DXY) rose after US inflation data. The 10-year yield rose 10 bps to 4.3%, while the DXY reached more than two-month highs over 104.75. Rising US rates are hurting interest-rate-sensitive assets including US stocks, gold, and crypto. The S&P 500 fell almost 1% on Tuesday, returning below 5,000. Gold fell 1.4% and fell below $2,000 for the first time in two months. As said, Bitcoin is also under pressure. Rises in risk-free assets like US government bonds lower the motivation to keep riskier assets like equities and Bitcoin or non-yielding assets like Gold. #Write2Earn #BTC #cpi #TrendingTopic

12 days ago
Crypto Daily™
Crypto Daily™
followers

Pyth Network has taken the blockchain world by storm, rapidly emerging as the go-to platform for all manner of decentralized application’s real-time data needs. It now supplies on- and off-chain data to dApps across more than 50 blockchains, transforming the way they interact with the world.  Oracles are going to play a vital role in the future of blockchain. As Web3 becomes more prevalent, dApps will need a way to obtain accurate information about what’s happening in the real world. Without oracles, blockchains have no way to understand what happens outside of their own, closed networks. Oracles free blockchains from their confines, enabling them to access data from other chains and even traditional databases.  The earliest blockchain oracles helped to transform the world of dApps, giving them new capabilities by scraping data from various data sources. Now, Pyth Network is ushering in a new era of more capable oracles that are faster and more accurate than ever before.  Unlike other oracles, which can only refresh their data feeds every few minutes, or sometimes even hours, Pyth relies on the blazing-fast Solana to refresh its data feeds every few hundred milliseconds.  Top Protocols Using Pyth For the Web3 developer community, there are few things more valuable than having access to real-time data, and that explains why Pyth has risen from virtually nowhere to one of the most popular oracles in all of crypto. According to DeFiLlama, Pyth is now the second-ranked oracle, securing 48% of all oracle-powered decentralized exchange (DEX) trading volume in the world.   Blockchain developers are becoming increasingly reliant on Pyth to bring them up-to-the-second information on what’s happening in the world, so let's take a look at some of the top projects utilizing its services and the impact it has on them.  Pyth went cross-chain 8 months agoToday, Pyth secures 48% of all DEX trading pic.twitter.com/7a4sjW3Axq — Pyth Network 🔮 (@PythNetwork) August 7, 2023 1. Synthetix on Optimism Synthetix is a decentralized liquidity layer that was originally deployed on Ethereum before switching to the Optimism blockchain. It acts as a liquidity backend for some of the most popular and best-known DeFi protocols on both chains, enabling stakers to provide liquidity and collateralize a suite of synthetic assets and earn rewards for doing so.  The liquidity provided by Synthetix is used to underwrite the trading of synthetic assets and perpetual futures based on oracle prices, and eliminates the need for a traditional orderbook or counterparties. Due to this, its liquidity is composable and fungible access markets, and slippage is all but eliminated too.  Synthetix integrated with Pyth’s oracles following the launch of its Perps V2 upgrade in December 2022, enabling it to tap into Pyth data to power its ETH-Perps market. Since then, Synthetix Perps has grown to support more than 80 different digital assets and reach more than $40 billion in trading volume. Synthetix on Optimism is one of the most successful users of Pyth’s low-latency price feeds, and it has adopted the network as its primary off-chain data source.  2. LayerBank on Manta/Scroll/Linea LayerBank is an EVM-compatible lending protocol built on the Linea blockchain. It provides a decentralized market that gives users complete control over their funds, with competitive interest rates that benefit both lenders and borrowers. Individuals can contribute digital assets to LayerBank, borrow funds and earn $LAB tokens as rewards.  LayerBank’s price feeds are fully derived from Pyth’s oracles, and its reliability has powered the project’s rapid expansion to additional networks including Manta and Scroll. 3. MarginFi on Solana MarginFi is an over-collateralized lending and borrowing protocol built on Solana. With it, users can deposit various digital assets as collateral in order to borrow other assets against those deposits.  With a current total value locked of more than $18 million, MarginFi supports borrowing and lending for 12 assets, including $wSOL, $mSOL, $UXD, $JitoSOL, $USDC, $stSOL, $USDT, $ETH, $wBTC, $BONK, $HNT and $bSOL. The protocol uses Pyth’s data fees indirectly via integrated trading protocols. According to Pyth, this enables MarginFi to ensure its price feeds are always up to date. In addition, Pyth’s confidence intervals enable MarginFi to design robust mechanisms that protect its users from third-party asset and exchange issues. It uses Pyth to track the price of supported asset types, and also to access additional data points that support its lending and risk management architecture.  4. Drift on Solana An open-source DEX based on Solana, Drift Protocol is designed to enable transparent and non-custodial digital asset trading. The platform’s aim is to merge the friendly user-experience of CEX platforms with the unparalleled autonomy and transparency of DEXs to provide traders with the best of both worlds. It’s an appealing combination that has allowed Drift to become the largest perpetuals trading DEX on Solana, processing more than $11 billion in trading volume since its launch.  One of the reasons for Drift’s success is the diversity of markets it offers, which is due to its reliance on Pyth’s price feeds. It provides access to 15 markets across assets such as BTC, ETH, SOL, BONK, HNT and others. Recently, Drift added new perpetual markets for ARB and SUI on the very first day those chains launched their mainnets, underscoring the ability of Pyth to add new data sources as soon as they become available.  When Pyth launched its JITO/SOL price feed, Drift reciprocated and added a corresponding market to its platform in the same day, enabling JITO to be used as collateral. Drift also takes advantage of Pyth’s confidence interval functionality to respond to extreme market volatility and protect its users.  5. Kamino on Solana Kamino Finance is a DeFi protocol that’s designed to make it as easy as possible for users to earn passive income from their crypto savings by providing liquidity. It describes itself as a first-of-its-kind DeFi application that unifies the concepts of lending, liquidity and leverage into a single product. It incorporates a wide range of financial applications, including borrowing, debt issuance, liquidity provision, beta-phase multiply, leveraged transactions and more, and best of all it presents them in a way that’s supposedly easy for novices to understand.  Kamino says it relies on a number of oracle data feeds, but the primary one is Pyth, which provides it with up-to-the-second data on prices for mainnet tokens including $USDC, $USDT, $SOL and $stSOL.  6. Navi on Sui Navi is a liquidity protocol at its core and it claims to act as the beating heart of Sui’s growing DeFi ecosystem. It provides a multifaceted approach that empowers users to seamlessly borrow and lend a wide range of digital assets, providing enhanced liquidity and efficiency to benefit Sui’s entire ecosystem.  One thing that sets Navi apart from similar protocols is the way it draws inspiration from Aave, one of the best-known DeFi protocols on Ethereum. Aave’s influence is woven into the fabric of its design, and users of that platform will feel right at home both in the sense of its user-interface and the functionality it offers. However, Navi is also a forward-thinking protocol that positions itself as an early adopter of new trends and technological advancements.  As such, it’s little wonder that Navi has turned to Pyth for its low-latency price feeds, allowing it to efficiently and accurately reflect the true value of digital assets. Thanks to Pyth’s incredible accuracy, Navi is uniquely positioned to enforce platform security mechanisms such as timely liquidations and protect its users.  7. Thala on Aptos Thala is a DeFi protocol that’s native to the Aptos blockchain, and its platform revolves around three main products, namely Thala Swap, Thala LSD and Move Dollar. The protocol currently boasts more than $100 million in total value locked, and is uniquely both a user of Pyth’s data feeds and a data supplier.  Pyth welcomed Thala as a data provider in January 2024, saying that the partnership enables Thala to contribute to its DEX market data for multiple digital assets. It’s a key partnership for Pyth that enables it to support price feeds for a number of tokens built on Aptos, including $THL and $MOD, which is Thala’s overcollateralized stablecoin.  8. Mars on Osmosis/Neutron Mars is a non-custodial, open-source, community-governed and algorithmic credit protocol for the future that offers a fully-automated on-chain credit facility anyone can access. It was originally built on the ill-fated Terra blockchain, and was seen as extremely novel for its use of interest rates that are priced algorithmically based on utilization rate, allowing for greater responsiveness and capital efficiency.  Following the collapse of Terra, Mars migrated to the Cosmos mainnet before launching on Osmosis, and later, Neutron. It has launched a unique feature called Farm Vaults that enables liquidity providers to increase their rewards.  The Martian Council, which is the DAO in charge of Mars’ community governance, selected Pyth as its main data oracle for its price feeds in June 2023. It said at the time that it chose Pyth because it stands out for its capacity to use multiple price sources to provide more accurate data, increasing its robustness against price manipulation attacks. Mars said the integration of Pyth’s data provides it with a golden opportunity to refine and strengthen its oracle mechanisms and ensure more accurate and reliable asset pricing.  9. Helix on Injective The final protocol on our list is Helix, which is a platform for unlimited trading of cross-chain crypto assets and perpetual markets with industry-leading rebates. Helix aims to revolutionize Injective’s DeFi ecosystem with a completely redesigned DEX experience, more advanced order types and superior reward tracking functionality.  Helix built its protocol on the Injective blockchain due to its ability to support digital assets from across the Ethereum, Cosmos, EVMOS and Moonbeam ecosystems. It supports an extensive range of bridge assets and crypto wallets to enable a simplified and seamless trading experience.  Helix makes use of more than 200 price feeds supplied by Pyth, covering digital assets, equities, commodities and foreign exchange pairs. By integrating with Pyth and its low-latency data feeds, Helix is able to efficiently calculate the hourly funding rate of its derivatives markets. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.  

12 days ago
ZyCrypto
ZyCrypto
followers

In a groundbreaking report titled ‘Big Ideas 2024,’ ARK Invest has unveiled a compelling prediction that could heavily impact the crypto market. According to their analysis, allocating over 19% of global assets, amounting to a staggering $250 trillion, to Bitcoin could potentially send its price skyrocketing to an unprecedented $2.3 million. A Bold Prediction ARK Invest’s report explores various scenarios, projecting Bitcoin’s potential price movements based on different levels of global asset allocation. A conservative estimate of a 1% allocation suggests that Bitcoin’s price could hit $120,000. Scaling up the allocation to 4.8% over five years could see the BTC rallying to $550,000. However, the most staggering scenario shows an allocation of 19.4%, pushing Bitcoin’s price to the remarkable $2.3 million mark. Bitcoin’s Historical Outperformance The report not only provides a glimpse into the potential future of Bitcoin but also highlights the BTC’s historical outperformance of traditional asset classes. With an impressive compound annual growth rate (CAGR) of 44%, Bitcoin has significantly outpaced the average CAGR of 5.7% for gold, equities, and real estate. This data reinforces the attractiveness of Bitcoin as a long-term investment option. Resilience Amid Volatility Despite Bitcoin’s well-documented volatility, ARK Invest’s research acknowledges the resilience of Bitcoin investments over time. Investors who have adopted a long-term horizon of at least five years have consistently profited, regardless of the short-term market fluctuations. Key Catalysts for 2024 The report doesn’t just stop at price predictions; it also identifies four key catalysts that could significantly influence Bitcoin’s trajectory in 2024. These catalysts include the potential launch of spot Bitcoin exchange-traded funds (ETFs), Bitcoin halving events, continued institutional adoption, and regulatory developments. Past data suggests that Bitcoin halving events have historically triggered bull markets, hinting at a potentially significant impact on the BTC’s value in the upcoming halving. ARK Invest’s comprehensive report provides valuable insights into potential future scenarios for Bitcoin’s price. It also shows the growing crypto interest in the broader financial space. The idea of a $2.3 million Bitcoin is not just a speculative notion; it represents a bold vision that, if realized, could solidify Bitcoin’s position as a powerful force in the financial markets.

14 days ago
Crypto
ETH,LUNC,BNB
Mirror Protocol(MIR)

$0.02

-4.40%

Market Cap
1.47m
 

-4.40%

Volume (24h)
207.78k
 

0.47%

Released on 04 Dec 2020
Crypto Web3 Today
Crypto Web3 Today
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Solana-Based PYTH Token Soars 10% Following Pyth Network's Phase 2 Airdrop. In an extraordinary turn of events, Solana- based Pyth Network (PYTH) token has recorded a significant uptick of 10.09% over the last 24 hours, elevating its price to $0.5344. This surge is not just a fleeting gain; over the past 30 days, PYTH has seen an impressive 109.29% increase, underscoring growing investor confidence and market interest in this digital asset. The 24-hour trading volume for PYTH has also experienced a substantial boost of 127.60%, reaching a whopping $177,602,231. Consequently, the market capitalization of the PYTH token has ascended by 8.99%, situating it at $800,129,299 and ranking it as the 82nd largest cryptocurrency in the market in terms of market capitalization. Strategic PYTH airdrop announcement. This remarkable market performance is closely tied to the recent announcement from Pyth Network, a pioneering provider of price oracles in the decentralized finance (DeFi) space. The network has rolled out the second phase of its retroactive airdrop, marking a significant milestone in its roadmap. This phase is dedicated to distributing 100 million PYTH tokens, valued at nearly $50 million at the current exchange rate, to over 160 DeFi applications that have integrated Pyth Network's real-time market data into their operations. Pyth Network's strategic initiative aims to reinforce its position as the leading first-party oracle network by rewarding and incentivizing a wide array of Web3 applications. The beneficiaries of this generous airdrop span a diverse spectrum of use cases, from decentralized exchanges and lending protocols to analytics platforms, thereby ensuring broad-based support for the network's ecosystem. The Pyth Network distinguishes itself by offering high-fidelity, low-latency price feeds across a multitude of asset classes, including cryptocurrencies, equities and others.

16 days ago
Cryptopolitan
Cryptopolitan
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Today’s financial headlines are ablaze as Bitcoin’s value surges past the $45,000 mark, a feat not seen since the early days of January, right after the introduction of spot Exchange-Traded Funds (ETFs). This leap marks a significant rebound, showcasing a more than 5.36% increase within a mere 24-hour window, landing at a four-week high of $45,522. The financial universe watches in awe as the cryptocurrency titan defies expectations, charting a course through turbulent waters with the grace of a digital behemoth reborn. Whale Movements and Miner Maneuvers At the heart of Bitcoin’s current ascendancy are the strategic plays of Bitcoin whales and the calculated decisions of miners. The recent analysis from Bitfinex sheds light on a month of headwinds for Bitcoin, primarily due to miner reserve outflows. Miners, the backbone of the Bitcoin network, have been caught in a dilemma, choosing between selling their holdings or leveraging them for capital in anticipation of the upcoming halving event, expected to significantly dent their revenue streams. Yet, the tides are turning. Reports from CryptoQuant highlight a decrease in selling pressure as miners clutch onto their reserves, bracing against dwindling Bitcoin network fees. Concurrently, an uptick in whale activity has been observed. Glassnode’s data reveals a 3.6% increase in the number of Bitcoin wallets holding over 1,000 BTC, from 1,992 on January 19 to 2,064 by February 6. This resurgence in whale accumulation, coupled with a spike in daily active addresses—jumping from 760,450 on January 21 to over 907,040 by February 7—signals a bullish optimism surrounding Bitcoin as the halving event draws near. The Stock Market Tango In an intriguing dance of numbers, the U.S. stock market’s recent performance has mirrored Bitcoin’s upward trajectory. Since mid-October, Wall Street has shown a robust appetite for risk assets, with Bitcoin riding the wave of this newfound fervor. The S&P 500 soared to a record high, and the Dow Jones Industrial Average flirted with its peak, underscoring a hearty endorsement of speculative assets like cryptocurrencies. The Nasdaq, not to be outdone, also reached new heights, bolstering the positive correlation between U.S. equities and Bitcoin. This alignment comes as the market recalibrates its interest rate expectations, following a hawkish stance by the U.S. Federal Open Market Committee. The clear message? Risk is back on the table, and investors are hungry for a piece of the action. This whirlwind of activity in the stock markets has set the stage for Bitcoin’s current rally, intertwining the fates of traditional and digital assets in a financial ballet that has both spectators and participants on the edge of their seats. A Surge in Short Liquidations Bitcoin’s ascent past the $45,000 threshold has triggered a cascade of short liquidations, catching leveraged traders off guard. The past 24 hours have seen a staggering $115 million in short positions unwound, a testament to the volatile nature of cryptocurrency markets. CoinGlass’s data further highlights this phenomenon, with short liquidations for Bitcoin totaling $22.7 million for the day, a figure that balloons in tandem with Bitcoin’s price surge. Behind this dramatic rise is a confluence of factors—from the strategic accumulations by Bitcoin’s whales to the positive momentum in the U.S. stock markets, and not least, the anticipatory buzz around the Bitcoin halving event. Each element plays its part in the unfolding drama that is Bitcoin’s latest price movement.

16 days ago
Cointelegraph
Cointelegraph
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Bitcoin (BTC) took aim at January highs on Feb. 9 as bulls beat out overhead resistance. BTC/USD 1-day ch Analysis sees continued bid for Bitcoin, stocks Data from Cointelegraph Markets Pro and TradingView captured a fresh BTC price uptick to $46,365 on Bitstamp. Up over 2% since the daily close, BTC/USD dealt with increasing sell-side liquidity as it returned to levels not seen since the launch of the United States spot Bitcoin exchange-traded funds (ETFs). These formed a key argument supporting BTC price upside, with net inflows for nine consecutive days and outflows from the Grayscale Bitcoin Trust (GBTC) staying lower. Today's #Bitcoin Sent to out by $GBTC/Grayscale comes out to be ~3.7K $BTC or ~$170M worth. Slight decrease from yesterday. Yesterday's ETF net flows saw a relatively big +$146M increase. That makes 9 consecutive positive days of net inflows. https://t.co/dFhcIm6odP pic.twitter.com/5ygX3s8avN — Daan Crypto Trades (@DaanCrypto) February 8, 2024 Bitcoin’s move also came in tandem with a historic one for U.S. stocks. The S&P 500 hit 5,000 points on the day — the first trip to the significant psychological level ever. “Since the October 27th low, the S&P 500 is now up ~900 points,” trading resource The Kobeissi Letter wrote in part of a reaction on X (formerly Twitter). “This means that the S&P 500 has added nearly $8.5 TRILLION in market cap in just over 3 months. Truly a historic run for stocks.” S&P 500 1-week chart. Source: TradingView In its latest market update on Feb. 8, trading firm QCP Capital suggested that the uptrend on both stocks and crypto could well continue to play out. “It is likely that any dip in equities will continue to be bought as underallocated investors chase returns,” it reasoned. “On the back of this bullish sentiment, BTC and ETH are likely to follow, coupled with the BTC halving and ETH spot ETF narratives.” BTC price range top on horizon Looking to the immediate future, Keith Alan, co-founder of trading platform Material Indicators, noted the need to avoid wicks below the 50-day simple moving average, currently at just over $43,000. Related: Bitcoin futures data hints at BTC price rally extending beyond $45K “BTCUSD 40K horizontal support held on a weekly closing basis,” popular trader Aksel Kibar wrote in his own analysis of higher timeframes. “Trend channel is intact. Upper boundary acts as resistance around 48-49K.” BTC/USD annotated chart. Source: Aksel Kibar/X Kibar touched on the still-persisting BTC price range now in place for more than 150 days, with January’s post-ETF highs as its ceiling. As Cointelegraph reported, various theories have recently emerged as to how this may fall into April’s block subsidy halving. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

17 days ago

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