Crypto: Safe Recovery Hub Revolutionizes Crypto Recovery, Bitcoin Stays Above $43,000, and More December 08 2023 - 11:56AM IH Market News
Bitcoin rises moderately with surprising improvement in the US job market The latest data from the United States job market showed a notable improvement, with the unemployment rate falling to 3.7%, surpassing expectations of around 3.9%. Furthermore, there was a significant increase in non-farm payrolls, reaching 199,000, exceeding the forecast of 180,000. These indicators reflect a strengthening of the job market, an encouraging sign for the health of the American economy. Amid this optimistic economic scenario, Bitcoin (COIN:BTCUSD) recorded a moderate increase of 1.4%, reaching $43,903. Fernando Pereira, an analyst at Bitget, offered his perspective on the technical analysis, noting that “in the very short term, especially on the hourly chart, there is a triangle formation at the top that broke down in BTC. This setup suggests that Bitcoin may retreat to the $42,000.00 range still this week”.
Strategic expansion of Starknet: Token launch for growth and adoption The Starknet Foundation (COIN:STRKUSD) announced a growth strategy, planning to distribute 1.8 billion STRK tokens for various initiatives. This plan, announced on December 8th, follows the confirmation of an airdrop of STRK tokens. Half of the tokens will be allocated to reward the current and future community, while the other half will serve to offer transaction fee discounts. A specific committee will oversee this distribution. Additionally, 50 million tokens will be used to foster activities in decentralized finance (DeFi) on Starknet, an Ethereum layer-2 network that utilizes a zero-knowledge roll-up scalability solution.
Explosive success of JTO Token after launch on major exchanges The JTO token of Jito, a liquid staking project on Solana, saw an impressive 80% increase in its value after being listed on renowned exchanges such as Coinbase (NASDAQ:COIN) and Binance. Reaching a peak of $3 and stabilizing at $2.90, JTO achieved a market capitalization of $333 million. This growth follows a generous airdrop of 90 million JTO to early users, encouraging participation in Solana’s DeFi ecosystem. Dan Smith of Blockworks praised the airdrop strategy for its ability to attract new users to cryptocurrency. Jito, built on Solana, offers users rewards for staking with JitoSOL tokens, having already attracted about 75,000 users and locked assets worth $455 million.
Confirmation of token launch by LayerZero after speculation LayerZero, a blockchain interoperability protocol, officially announced the launch of a native token, after months of intense speculation. The framework for a token had been present since the beginning, as indicated in its code. The project, valuing clarity in communication with the community, plans to launch the token in the first half of 2024, likely through an airdrop to reward early users. The company behind LayerZero recently raised $120 million, valuing itself at $3 billion.
Binance cancels license application in Abu Dhabi focusing on global goals Binance abandoned its application for an investment management license in Abu Dhabi, considering it irrelevant to its global goals. The exchange is still seeking a license for digital asset custody, but emphasized that the withdrawal does not affect its core operations. CEO Richard Teng clarified that Dubai is Binance’s hub in the Middle East, regardless of the recent $4.3 billion fine in the US. Furthermore, former Binance CEO Chanpeng Zhao is prohibited by a federal judge in Seattle from returning to the United Arab Emirates until his sentencing in the US in February, due to flight risks.
Imminent extradition of Do Kwon to the US after capture in Montenegro Do Kwon, founder of Terraform Labs, is close to being extradited to the US, as reported by the Wall Street Journal. Arrested in Montenegro, he faces fraud charges in the US and South Korea. The extradition decision, already approved by a Montenegrin court, now depends on Justice Minister Andrej Milovic, with the likelihood of extradition to the US being high.
Launch of Safe Recovery Hub: New cryptocurrency recovery options with Safe and Partners Safe, a provider of smart wallet infrastructure, is collaborating with Sygnum Bank and CoinCover in the UK to launch the “Safe Recovery Hub,” an innovative cryptocurrency recovery service. This service ranges from self-custody to social recovery, allowing users to optimize recovery methods according to their needs. Users maintain full control, with the option to appoint trusted recoverers. This initiative aims to solve the problem of lost keys, improving digital asset management.
Block introduces Bitkey, a self-custodial Bitcoin wallet available globally Block (NYSE:SQ), co-founded by Jack Dorsey, launched the self-custodial Bitcoin wallet Bitkey in over 95 countries. Bitkey offers users the ability to control, manage, and store their Bitcoins securely, off exchanges. Designed to be an easy and secure self-custody solution, Bitkey features a three-key security system, with two needed for transactions and security actions. Bitkey, priced at $150, is compatible with Coinbase (NASDAQ:COIN) and Cash App, facilitating the transfer of Bitcoin (COIN:BTCUSD).
Phoenix Group and WhatsMiner sign major cryptocurrency mining deal The Phoenix Group, a prominent Bitcoin miner in the United Arab Emirates, signed a $380 million contract with WhatsMiner for the acquisition of hydraulic cooling mining equipment. This deal, made soon after the company’s debut on the Abu Dhabi Stock Exchange, includes hydro-cooled miners for high-performance data centers. With an initial purchase of $136 million and an additional option of $246 million, Phoenix positions itself as a leader in efficient and environmentally responsible mining in the Middle East.
El Salvador launches freedom visa program focusing on cryptocurrency investments El Salvador introduced an innovative visa program, “Embracing El Salvador’s Freedom Visa,” with a budget of $1 million. This program, limited to 1,000 participants annually, aims to attract investors to residency and citizenship through a minimum investment of $1 million in Bitcoin or USDT. Approved applicants can also obtain a Salvadoran passport and citizenship. According to Deputy Foreign Minister Adriana Mira, this initiative is a unique opportunity to contribute to the country’s future. The Ministry of Foreign Affairs anticipates that the program could generate up to $1 billion per year, in partnership with stablecoin company Tether (COIN:USDTUSD). This program is considerably more expensive than similar initiatives in the Caribbean, as indicated by Henley & Partners.
Binance announces listing of BONK following Coinbase success
Following the success of the listing on Coinbase (NASDAQ:COIN), Binance has announced that it will list the BONK meme coin (COIN:BONKUST) in its seed tag section. The price of BONK has increased by more than 20.83% in the last 24 hours and 1,037% in the last 30 days. Users can start depositing the coin on Binance, and withdrawals will open on December 16th.
Crypto: BONK Fuels Saga Phone Sales, SafeMoon Files for Bankruptcy, and More December 15 2023 - 12:41PM IH Market News
Bitcoin is just below $42,000 after reaching 20-month highs, with optimistic forecasts for 2024 After hitting its highest levels in the last 20 months the previous week, Bitcoin (COIN:BTCUSD) appears to have established a trading range between $42,000 and just over $43,000 during this week. The cryptocurrency is currently trading at around $41,860, showing a 2.7% decline in the last 24 hours. With enthusiasm for the BTC ETF already priced into asset prices and no expectation of approval by the SEC until the new year, the cryptocurrency market signals a likely sideways trend for the rest of 2023. Analyst Fernando Pereira from Bitget notes a possible minor correction but remains optimistic, making projections for Bitcoin in 2024: “The Fed’s projections for interest rates in 2024 have further excited a market that was already quite optimistic about news related to Bitcoin ETFs. We may be facing a slight correction, which is perfectly natural in a market that has appreciated by more than 150% in the year, but this does not hinder future projections. We believe the scenario is favorable for Bitcoin to reach price levels close to $50,000.00 in the first quarter of 2024 and to end the year breaking historical highs”.
SEC re-evaluates spot Bitcoin ETF applications after recent court decisions SEC Chairman Gary Gensler has revealed a new approach to spot Bitcoin ETF applications following recent court decisions. The SEC is reevaluating its previous stance of denying these applications. Gensler stated that between eight and a dozen filings are under review, and the SEC is following the process impartially. The agency has also met with Bitcoin ETF issuers and postponed a decision on Ethereum ETF applications.
Valkyrie Investments updates registration for bitcoin fund with custody and risk details Valkyrie Investments has updated its registration for the Valkyrie Bitcoin Fund, providing details on custody, valuation, investments, and risks. Private keys are now held offline with Coinbase (NASDAQ:COIN), and the fund awaits regulatory approval to trade on Nasdaq under the ticker “BRRR.” The SEC still needs to make a decision on the fund, which, if approved, will allow investors to access Bitcoin through publicly traded shares.
Rise in SOL price drives demand for FTX bankruptcy claims The recent increase in the value of Solana (COIN:SOLUSD), currently trading at $76, is creating a growing demand for bankruptcy claims against FTX, according to distressed crypto-trading experts. FTX, led by Sam Bankman-Fried, which experienced bankruptcy last year, holds a significant amount of 55.8 million SOL tokens. These holdings, valued at $1.16 billion, have the potential to provide a 100% recovery, leading to fierce competition in the distressed market.
BONK frenzy boosts Solana phone sales and triggers token rush The Saga phone, a Solana phone that recently faced sales issues, is now in high demand, thanks to the BONK token (COIN:BONKUST), the canine equivalent of Solana’s Dogecoin (COIN:DOGEUSD). Arbitrage traders are eagerly seeking the release of 30 million BONK tokens, available to all Saga phone owners. With this cost-benefit, Saga’s sales have dramatically increased, depleting stocks before the new year.
Binance announces listing of BONK following Coinbase success Following the success of the listing on Coinbase (NASDAQ:COIN), Binance has announced that it will list the BONK meme coin (COIN:BONKUST) in its seed tag section. The price of BONK has increased by more than 20.83% in the last 24 hours and 1,037% in the last 30 days. Users can start depositing the coin on Binance, and withdrawals will open on December 16th.
Growing use of cryptocurrency for income and financial security, reveals Binance survey On Friday, Binance shared the results of a survey that investigated how users are using cryptocurrency. The survey, involving more than 1,000 participants, revealed that 45% of users primarily use cryptocurrencies to earn extra income, 19% to save money, and 9% as protection against inflation. Additionally, 36% of respondents associated their cryptocurrency savings with the pursuit of financial independence and security. The survey highlighted the advantages of cryptocurrency over traditional financial systems, such as lower fees and transaction speed. Users also reported benefits such as increased investment value and faster and more accessible international transactions.
Namada’s incentivized testnet offers token rewards for testers Layer 1 privacy-focused blockchain Namada has launched its incentivized testnet called “Namada Protected Expedition.” This testnet campaign is a multiplayer RPG designed to test the privacy protocol before the mainnet launch in 2024. Participants, including validators and users, will compete in an “asteroid mining race” to test the network’s consensus algorithm (CometBFT) and Sybil resistance. Those who succeed will be rewarded with 3% of the total token supply, which is 30 million tokens. The testnet begins on January 15th and lasts until the end of the month.
SHIB listed on Japanese exchange Coincheck as Shibarium network reaches 100 million transactions Japanese cryptocurrency exchange Coincheck has announced that it will add Shiba Inu (COIN:SHIBUSD) to its trading platform and integrate it as a payment currency in its NFT marketplace. SHIB is expanding in the Japanese market and has gained prominence due to its growth and utility in NFTs and DeFi. Additionally, the layer 2 Shibarium network has reached over 100 million transactions, which is positive for the SHIB price as more tokens are burned with increased network activity.
SafeMoon files for bankruptcy DeFi project SafeMoon (COIN:SFMUST) has filed for Chapter 7 bankruptcy, indicating between 50-99 creditors and assets of $10,000,001 to $50 million, with an estimated liability between $100,001 and $500,000. The project has faced controversies, SEC accusations, leader detentions, and an exploitation of its liquidity pool, contributing to its downfall.
Ledger warns users about compromise in ConnectKit Library Ledger has issued a warning for users to avoid interacting with dApps due to a compromise in the ConnectKit Library. A malicious version was identified and removed from the backend. Ledger devices and Ledger Live apps were not affected. The compromised library was injected with malicious code that affected dApps using versions 1.14 and higher of ConnectKit. Projects like RevokeCash and Kyber Network have confirmed the incident.
$100 million investment from cyber.Fund boosts the cyber economy Cyber.Fund, known for its support of Ethereum, has allocated $100 million for projects that combine blockchain, artificial intelligence (AI), and the Internet of Things (IoT) to promote the “cyber economy.” This economy is an interconnected automated framework where blockchain, AI, and IoT converge. This comes as AI tokens gain strength in cryptocurrencies, generating bullish predictions. The company aims to lead this transformation by investing in projects at this intersection. The combination of AI and blockchain also offers opportunities to address social issues such as decentralized data markets, token-based incentive mechanisms, and increased transparency in AI.
$1 billion Venom Ventures venture fund faces inactivity and uncertainty Venom Ventures, which announced plans to invest $1 billion in web3 early in the year, appears to have made little progress so far. Although it announced initial investments in Nümi Metaverse and Everscale blockchain, no new deals have been revealed since January. Venom Ventures has also not disclosed information about its portfolio on its website, and its affiliate, blockchain Venom, has not yet launched its mainnet.
Sotheby’s BitcoinShrooms art auction raises nearly $451,000 Sotheby’s New York successfully held its first BitcoinShrooms-based art auction as part of the Shroomtoshi Bitcoin Ordinals Project. Three pixelated pieces inspired by Super Mario were auctioned, surpassing initial estimates. The S Mushroom sold for $241,300, the Sovereign Individual for $107,950, and the BIP39 seed for $101,600, totaling $450,850. The works pay tribute to the 13 years of Bitcoin (COIN: BTCUSD) and represent 90s-style art.
Hong Kong companies make first payments for commodities with China’s Digital Yuan Hong Kong-based companies conducted the first cross-border commodity payments using China’s digital yuan as part of the Bank of China’s “Enterprise Digital RMB Cross-border Transaction” pilot. This milestone represents progress in B2B payments, with an importer making a payment in e-CNY for a shipment of iron ore. The Bank of China in Hong Kong is expanding its CBDC services to support more corporate clients interested in cross-border settlements using digital yuan. Companies in Singapore and Taiwan are also exploring use cases for e-CNY.
Bank of Korea Governor urges CBDC issuance The governor of the South Korean central bank, Lee Chang-yong, highlights the urgency of taking action regarding central bank digital currencies (CBDCs), stating that they can no longer be delayed. Although the Bank of Korea has not yet decided to issue a CBDC, Lee Chang-yong emphasized that, with the growth of stablecoins, the development of a CBDC can no longer be postponed, as the financial system may face stability challenges.
Babylon startup seeks to connect Bitcoin to proof-of-stake networks Startup Babylon, led by a Stanford professor and a former Dolby engineer, aims to enable users to stake Bitcoin (COIN:BTCUSD) to validate nodes on various proof-of-stake networks, including Ethereum (COIN:ETHUSD), Solana (COIN:SOLUSD), and Polygon (COIN:MATICUSD). The company raised $18 million in a funding round co-led by Polychain Capital and Hack VC. Babylon has found an alternative solution that relies on Bitcoin’s “time locking” mechanism to enable staking without smart contracts. This innovation could significantly reduce security costs for proof-of-stake blockchains.
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