News

This company raises $17 Million to expand crypto restaking services

June 19, 2024 1 min read

Renzo, a platform for trading liquid derivatives built on the EigenLayer protocol, has successfully raised $17 million in a two-stage financing round. The fundraising was primarily driven by Galaxy Ventures and Brevan Howard Digital Nova. The funds will bolster Renzo’s restaking services, namely by including ERC-20 tokens. Renzo is a platform on the EigenLayer protocol that functions as a liquid derivative. It acts as an interface to EigenLayer and ensures

Analysts are concerned about Robinhood’s heavy reliance on Dogecoin trading

June 19, 2024 1 min read

Robinhood, a renowned platform in the crypto industry, has become well-known for its inclusion of meme coins such as Dogecoin. Nevertheless, analysts are expressing concern because to the substantial amount of Dogecoin that it possesses. Beth Kindig, a researcher at IO Fund, emphasized the significant proportion of Dogecoin held on Robinhood, accounting for 62% of its overall crypto transaction volume. The concentration has had an impact on trading volumes, reflecting

Polkadot (DOT) approves a $65 million fund for developing the JAM architecture

June 18, 2024 1 min read

Polkadot has allocated a $65 million fund for the development of the Join-Accumulate Machine (JAM) architecture, with the goal of enhancing blockchain scalability and flexibility. The fund, comprising a reward pool of 10 million DOT tokens, aims to improve data management and network interoperability inside the DOT network. JAM tackles performance challenges arising from sharding, a process that decreases coherency and poses difficulties in constructing metasystems across particular chains. The

Crypto investments saw $600 million in outflows last week

June 18, 2024 2 mins read

The price potential of Bitcoin is limited as investor risk appetite falls. Last week, digital asset investment products saw outflows amounting to $600 million, reaching levels that were last observed on March 22. Analysts attribute this to the unusually assertive position taken by the Federal Open Market Committee (FOMC). The increase in withdrawals occurred after the FOMC meeting, with Bitcoin alone representing $621 million. Ethereum and Ripple, two popular altcoins,

Over $700 million of long positions liquidated in the last 24h as the crypto market dipped

June 18, 2024 1 min read

Over the course of the last 24 hours, the crypto market has undergone a huge correction, with Bitcoin falling to its lowest position in more than a month in the process. A wave of liquidations was initiated due to unexpected decline, which resulted in the loss of long positions worth more than $700 million that were held by bullish traders. The value of the most prominent crypto, Bitcoin (BTC), experienced

Crypto Whales Buy $2,450,000,000 in Ethereum

June 18, 2024 1 min read

Crypto analyst Ali Martinez has reported that wealthy investors are amassing billions of dollars in Ethereum (ETH) due to its bullish signal on its daily chart. Over the past three weeks, Ethereum whales have purchased over 700,000 ETH, totaling around $2.45 billion. Martinez suggests that the Tom DeMark (TD) Sequential indicator, which identifies probable points of reversal for an asset, indicates a bounce for Ethereum. The TD Sequential has issued

Tether (USDT) to launch a Gold-backed stablecoin with overcollateralized reserves

June 17, 2024 1 min read

Tether, the most valuable stablecoin in terms of market capitalization, is introducing a new digital asset that will be referred to as aUSDT. This asset will be backed by over-collateralized Tether Gold (XAUT). The Alloy by Tether service includes a new category of tethered assets, and this is the first product that comes from that offering. Using stabilization measures such as over-collateralization with liquid assets and liquidity pools in secondary

Binance CEO says Bitcoin will soar past $80,000 before the year’s end

June 17, 2024 1 min read

Binance CEO Richard Teng has recently made forecasts on the crypto market, forecasting that the value of Bitcoin will surpass $80,000 by the end of this year. He has the belief that 2025 will surpass 2024 as a more favorable year for Bitcoin and other digital assets, primarily due to the enhancement of macroeconomic circumstances. Teng is of the opinion that the endorsement of Bitcoin’s exchange-traded funds (ETF) earlier this

Is altcoins season over or just starting?

June 17, 2024 1 min read

Altcoins are currently undergoing a substantial decline in the cryptocurrency market, while Bitcoin is maintaining a reasonably steady position. Although Bitcoin is currently trading below $66K, altcoins have experienced significant declines, completely eliminating the profits gained during the March rise. The prevailing market sentiment is pessimistic, as the demand for an upcoming cryptocurrency season is diminishing. The bearish trend can be attributed to two main factors: a 5% decline in

Notcoin (NOT) drops by over 15% drop in price

June 17, 2024 1 min read

Since the conclusion of the most recent airdrop claim period on Sunday, the crypto known as Notcoin (NOT) has experienced a huge decrease of 18.3%, falling from $0.02071 to $0.0175. As of the time this article was written, the price of Notcoin is $0.01804, and its total market capitalization is $1.85 billion. The trade volume of Notcoin has decreased by more than twenty percent during the course of the past

BONK meme coin drops 40%, hitting monthly low as investor sentiment turns bearish

June 17, 2024 1 min read

A lack of faith in the future of BONK, a meme coin, has been indicated by the fact that its price has dropped by over 40% this month. The change in emotion is reflected in the financing rate, which reveals an increase in short positions, which gives the impression that negative expectations are present. Contrarian investors believe that this negativity presents an opportunity, as they believe that increased fear and

Ripple Labs fights a $2B US SEC fine, arguing for a reduced penalty by citing the Terraform case

June 17, 2024 1 min read

Ripple Labs Inc. is now engaged in a legal dispute with the US SEC over a proposed fine of $2 billion. The company is contending that the appropriate penalty should be lower, about $10 million. The company cites Terraform Labs’ $4.5 billion settlement as a point of reference, contending that the SEC’s penalty encompassed a substantial monetary fine and a prohibition on co-founder Kwon Do-hyung from assuming certain corporate positions.