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Home > News
Published: 04/03/2024
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Author: Leexim
The Driving Forces Behind Bitcoin’s Resurgence to $64,000
Bitcoin (BTC) surges to $64,000, approaching its record high, propelled by its most significant weekly gain in history.
Azcnews
Table of Contents
Bitcoin (BTC) has successfully reclaimed a price level of $64,000, standing at a mere 8% below its historical peak. The foremost digital currency concluded its most favorable weekly candle to date, featuring an astonishing $11,404 gap between its opening and closing values on Bitstamp. This upward surge has captured the attention of both investors and analysts, prompting a more in-depth examination of the driving forces behind this bullish momentum.
At the core of Bitcoin’s recent ascent is the surging interest in Bitcoin exchange-traded funds (ETFs), with BlackRock’s iShares Bitcoin Trust (IBIT) leading the charge. The fund has broken records by swiftly accumulating assets under management (AUM), surpassing the $10 billion mark within an unprecedented seven weeks.
The supply shock
This achievement marks a significant milestone in the institutional adoption of cryptocurrency, showcasing a broader trend of growing demand for Bitcoin among institutional investors who seek exposure to the cryptocurrency market through conventional investment channels.
Entrepreneurial figure Anthony Scaramucci envisions a future where Bitcoin ETFs wield control over 10% of the Bitcoin supply, underscoring the transformative impact of institutional involvement. Additionally, the impending Bitcoin halving event plays a pivotal role in the cryptocurrency’s valuation model.
Although the event is months away, its anticipated impact is already influencing market dynamics. The current rally preceding the halving suggests that investors are proactively positioning themselves to capitalize on the expected price surge resulting from the reduced rate of new coin creation and the ensuing scarcity effect.
Signs of an overheating market
While the surge in Bitcoin’s price is cause for enthusiasm among many investors, there are emerging indications that the market may be approaching a state of overheating. A noteworthy indicator is the near-horizontal resistance confronting Bitcoin at present. As reported by 100eyes Crypto Scanner, Bitcoin faces resistance that could impede its upward trajectory.
Related: Bitcoin NFTs Stage Impressive Comeback, Dominating Weekly Sales
Another significant factor pointing to a potentially overheated market is the record-high open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME), reaching an unprecedented $8.66 billion, as reported by CoinGlass. These combined factors suggest a robust bullish sentiment around Bitcoin, but investors are advised to exercise vigilance in light of potential risks.
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.
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Home > News
Published: 04/03/2024
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Author: Kane
Shareholders of Bitfinex sue Wall Street Journal
A Bitfinex shareholder has filed a lawsuit against the Wall Street Journal for defamation against him and his company.
Azcnews Breaking (41)
Table of Contents
Christopher Harborne and AML Global Ltd. filed a lawsuit against Dow Jones & Company – the parent company of The Wall Street Journal (WSJ) – alleging defamation and publishing misinformation regarding Tether and Bitfinex.
Documents submitted to the Delaware court on February 28th revealed that WSJ published an article in March 2023 targeting efforts to maintain banking relationships with Tether and Bitfinex.
In the article, WSJ criticized Tether and Bitfinex for using forged documents and setting up shell companies to open bank accounts. However, they later removed portions related to Harborne and AML to avoid implying their involvement in Tether and Bitfinex’s fraudulent activities or money laundering.
WSJ exposed:
They opened new accounts using figurehead executives and tweaked company names. And some of those accounts facilitated illicit behavior.
Immediately after the article’s publication, Tether CEO and Bitfinex CTO Paolo Ardoino denied the claims, stating that WSJ was setting a narrative and providing misinformation.
On February 21, 2024, a week before the lawsuit was filed, a magazine editor added a note:
The previous version of this article included a section related to Christopher Harborne and AML Global, who registered accounts at Signature Bank. We removed any reference to them to avoid any implication that AML’s account-opening efforts were part of Tether, Bitfinex, or related companies’ efforts to deceive banks, or misrepresent information during the registration process.
As of now, the owner of a Thailand-based aviation fuel brokerage firm alleges counter to WSJ’s defamation, stating that it accused him of aiding Tether and Bitfinex’s illegal activities.
Related: Bitfinex Stops Providing Crypto Services to Customers in the UK
Bitfinex Shareholders Sue WSJ
While Harborne is merely a shareholder of Bitfinex and holds no managerial role in the company, the lawsuit clarifies. Harborne is simply a shareholder with a stake of about 12%, which is also the result of compensation plans for customers after the exchange hack in 2016.
The news agency contends that the lawsuit Christopher Harborne filed is filled with inaccurate and distorted information. Commenting on the lawsuit, a spokesperson for The Wall Street Journal stated that, after over 9 months of publishing the article, lawyers for Harborne and AML Global contacted them to dispute 5 paragraphs related to them. After consideration, the news agency decided to remove this portion from the article and add a clarification above.
FUD but No Impact on Tether
Despite the FUD (fear, uncertainty, and doubt), the stablecoin USDT from Tether, the giant, has shown impressive growth in 2023, reaching over $20 billion in market value while competitors struggle with concerns about the spillover effects from the US financial system.
Mc Of Tether, After Fud Bitfinex
MC Of Tether
The company garnered over $2.85 billion in net profit in Q4/2023, the highest figure to date. Of this, $1 billion came from holding US Treasury bonds and the remaining $1.85 billion from profits from Bitcoin and gold investments.
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.
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#Tether (USDT)
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Home > News
Published: 04/03/2024
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Author: Leexim
Locked Value in Defi Approaches the $100 Billion Milestone
The total value locked (TVL) in decentralized finance (Defi) protocols has not only surpassed the $80 billion mark but has also expanded by an additional $11.66 billion since then.
Azcnews (1)
In just five days, the decentralized finance (defi) sector has witnessed a remarkable surge, with the total value locked (TVL) soaring from $80 billion to an impressive $91 billion, edging closer to the elusive $100 billion milestone not seen since the era predating Terra’s stablecoin crisis.
The defi landscape’s growth is unmistakable, with the combined market value of defi tokens reaching an impressive $115.46 billion as of March 2024. This marks a noteworthy increase of $12.79 billion from the $102.66 billion recorded on February 24, 2024.
Recent performance highlights include avalanche (AVAX) surging by over 19%, while chainlink (LINK) witnessed an 11.5% ascent. The majority of defi tokens, including INJ, STX, GRT, and THETA, have experienced significant gains, propelling the sector forward.
Over 29 Protocols Exceed $1 Billion in Value Amid Defi Sector Expansion
The surge in TVL over the past week is spearheaded by Lido, the leading liquid staking protocol, commanding an impressive $33.849 billion in total value locked. This substantial figure is mainly attributed to the 9.84 million ethereum (ETH) it holds, positioning Lido as a dominant force in the defi space, representing 36.83% of the total defi TVL.
Top Defi Tokens By Market Capitalization
Top Defi Tokens By Market Capitalization
Aave follows closely with a TVL of $10.09 billion, constituting 10.98% of the overall defi TVL, while Eigenlayer and Maker boast TVLs of $9.81 billion and $9.24 billion, respectively. Justlend is not far behind with a TVL of $6.97 billion.
As of March 1, 2024, an impressive 29 defi protocols each hold over $1 billion in value, with Ethereum-based protocols leading the charge, contributing $52.47 billion or 60.03% to the current defi TVL. Tron’s TVL stands at $9.47 billion, and BNB commands $4.95 billion at the start of March.
Related: Blueberry DeFi Protocol Temporarily Pauses Lending
The decentralized exchange (dex) landscape is vibrant, featuring top platforms such as Uniswap v3, Jupiter, Orca, Pancakeswap, Uniswap v2, Curve, Thorchain, Raydium, and Quickswap. Each of these dex protocols boasts a 24-hour global trade volume ranging from $109 million to an impressive $1.3 billion, reflecting the dynamic and active nature of the defi ecosystem.
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.
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Avatar of Nuhu Abdullahi
Nuhu Abdullahi
04/03/2024 at 8:23 am
This is awesome developments, we’re together.
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Nikiema Youssouf
04/03/2024 at 8:56 am
youssoufn5@gmail.com
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Home > News
Published: 04/03/2024
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Author: Leexim
Bitcoin NFTs Stage Impressive Comeback, Dominating Weekly Sales
Bitcoin NFTs reached a new milestone with a record-breaking daily sales volume over the weekend, outshining Ethereum's performance for the entire week.
Azcnews
Bitcoin nonfungible tokens (NFT) sales have surged ahead of Ethereum in the past week, fueled by a sudden rise in Bitcoin Ordinals-based NFT collections, primarily led by the NodeMonkes collection.
In the span of seven days, Bitcoin NFT sales witnessed an impressive 80% week-over-week increase, totaling $168.5 million. Notably, three of the top five best-selling NFT collections during this period were Bitcoin Ordinals-based, overshadowing Ethereum’s $162 million in sales, as reported by CryptoSlam! data.
Introduced in January 2023, Ordinals has empowered users to create NFT-like assets by allowing them to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin. Among the sales, the Uncategorzied Ordinals (not affiliated with any collection) stood out, generating over $43 million in sales through more than 47,000 transactions.
Cryptoslam Data
Bitcoin led on sales over the week despite seeing half as many buyers compared to Ethereum. Source: CryptoSlam!
Following closely, the Bitcoin-based NodeMonkes collection achieved over $41 million in sales, marking an impressive 170% increase from the previous week. The Ordinals collection Natcats secured the fourth position for the week with sales exceeding $10 million.
NodeMonkes, a collection of 10,000 unique pixelated profile picture (PFP)-style Ordinals launched in December, asserts itself as the pioneer 10,000-strong collection on Bitcoin. Although other 10,000 count Ordinals collections existed earlier, the NodeMonkes team embedded their collection onto the blockchain in February 2023, merely a month after the Ordinals launch.
Related: Shiba Inu Group Sets Standards for New NFT Collection
On March 2, user “NFTstats” disclosed that NodeMonkes’ market capitalization surpassed $500 million, making it the third-largest PFP-style NFT collection across all blockchains, trailing only the Ethereum-based Bored Ape Yacht Club (BAYC).
The reasons behind NodeMonkes’ recent surge in attention remain unclear. Kevin Wu, the founder of NFT collection GRAYCRAFT, suggested in a February 22 post that NodeMonkes possesses “meaningful provenance” as the first PFP-style NFT collection on “the first chain ever.” This distinctive feature provides it with a “compelling narrative,” potentially attracting speculative investors.
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.
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