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Charles Hoskinson has criticized “all the dunking of Cardano,” and asserted that the protocol offers the “optimal route for scalability, governance, and innovation.” According to Hoskinson, the crypto industry’s problem is that it allows “carnival barkers [to] dominate the conversation.” Cardano FUD Charles Hoskinson, co-founder of Input Output Global Inc., has criticized “all the dunking […]
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Charles Hoskinson Criticizes Cardano ‘Dunking,’ Expresses Concern Over ‘Carnival Barkers’ Dominance
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Asian Firm HashKey Unveils Global Exchange Post Bermuda Licensing
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The HashKey Group, an Asian entity specializing in digital
asset services, has unveiled the HashKey Global exchange after securing a
license in Bermuda to provide regulated digital asset trading services. The
announcement was made today (Monday), marking a milestone for the firm
headquartered in Hong Kong, with operational presence in Singapore and Tokyo.With the unveiling of HashKey Global, the firm is poised to
expand its offerings, starting with spot trading services for 21 digital
assets. Among the featured assets are popular cryptocurrencies such as bitcoin, ether, Tether’s USDT, and Circle’s USDC. Additionally, the
exchange has revealed plans to introduce futures trading product services in
the coming weeks, further diversifying its portfolio and catering to the needs
of its clientele.“HashKey Group aims to establish one of the world’s largest
clusters of licensed exchanges within the next 5 years, surpassing all current
regulated exchanges,” said Livio Weng, COO of HashKey Group.The HashKey Group attained unicorn status earlier this year
following a fundraising round. The infusion of capital, which brought the
company “nearly” to its $100 million fundraising objective, bolstered
its position in the industry.Establishing HashKey Global in Bermuda’s Favorable
Regulatory LandscapeThe choice to set up HashKey Global in Bermuda highlights
the firm’s emphasis on operating within a regulated framework, with a
commitment to compliance with industry standards and the cultivation of trust
among investors and stakeholders. Bermuda’s favorable regulatory environment
has positioned it as an appealing jurisdiction for companies exploring
opportunities in the digital asset sector while maintaining adherence to
rigorous regulatory protocols.Earlier, HashKey
obtained all necessary licenses, making it the first Hong Kong firm to
offer crypto retail trading, as reported by Finance Magnates. This achievement
marks a notable milestone in legal regulations, as it updated Type 1 and Type 7
licenses issued by the Securities and Futures Commission, allowing it to
operate a virtual asset trading platform and provide automatic trading services
to both institutional and retail users.The HashKey Group, an Asian entity specializing in digital
asset services, has unveiled the HashKey Global exchange after securing a
license in Bermuda to provide regulated digital asset trading services. The
announcement was made today (Monday), marking a milestone for the firm
headquartered in Hong Kong, with operational presence in Singapore and Tokyo.With the unveiling of HashKey Global, the firm is poised to
expand its offerings, starting with spot trading services for 21 digital
assets. Among the featured assets are popular cryptocurrencies such as bitcoin, ether, Tether’s USDT, and Circle’s USDC. Additionally, the
exchange has revealed plans to introduce futures trading product services in
the coming weeks, further diversifying its portfolio and catering to the needs
of its clientele.“HashKey Group aims to establish one of the world’s largest
clusters of licensed exchanges within the next 5 years, surpassing all current
regulated exchanges,” said Livio Weng, COO of HashKey Group.The HashKey Group attained unicorn status earlier this year
following a fundraising round. The infusion of capital, which brought the
company “nearly” to its $100 million fundraising objective, bolstered
its position in the industry.Establishing HashKey Global in Bermuda’s Favorable
Regulatory LandscapeThe choice to set up HashKey Global in Bermuda highlights
the firm’s emphasis on operating within a regulated framework, with a
commitment to compliance with industry standards and the cultivation of trust
among investors and stakeholders. Bermuda’s favorable regulatory environment
has positioned it as an appealing jurisdiction for companies exploring
opportunities in the digital asset sector while maintaining adherence to
rigorous regulatory protocols.Earlier, HashKey
obtained all necessary licenses, making it the first Hong Kong firm to
offer crypto retail trading, as reported by Finance Magnates. This achievement
marks a notable milestone in legal regulations, as it updated Type 1 and Type 7
licenses issued by the Securities and Futures Commission, allowing it to
operate a virtual asset trading platform and provide automatic trading services
to both institutional and retail users.[ad_2]
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Commercial Bank of Dubai (CBD) joins Dubai FinTech Summit as a Strategic Banking Partner | by BitMedia Buzz | Apr, 2024
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Our PR partner, yourPRstrategist, is a proud media partner of the Dubai FinTech Summit, and we are pleased to extend their 10% discount to our community. Discount code: YPRS10
The collaboration reinforces Dubai FinTech Summit and CBD’s shared commitment to strengthen the global financial ecosystem through innovation and knowledge exchange. The partnership will open doors to new opportunities for growth and development of the fintech sector.
Dubai, U.A.E., April 8, 2024 — Commercial Bank of Dubai (CBD), one of the UAE’s leading national banks, has joined the Dubai FinTech Summit (DFS), organised by Dubai International Financial Centre (DIFC), the leading global financial centre in the MEASA region, as a Strategic Banking Partner, underscoring its dedication to supporting innovative and future thinking businesses on a global scale. The partnership agreement was signed in the presence of Arif Amiri, Chief Executive Officer and DIFC Authority, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, by Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub, and Ali Imran, Chief Operating Officer of Commercial Bank of Dubai.
Commercial Bank of Dubai was the first bank to establish a Digital Lab at the DIFC Innovation Hub. Over the years, the bank has been playing a pivotal role in the development of a dynamic and technology-driven financial ecosystem, paving the way for a smarter, more connected financial future. Through strategic programs and initiatives such as the Buy Now, Pay Later (BNPL) solution by Postpay, CBD has been actively engaged in enhancing the overall payments sector aimed at accelerating the growth of the FinTech industry.
“The Dubai FinTech Summit is creating a powerhouse of partnerships bringing together pioneers, thinkers and disruptors from around the globe who are shaping the future of finance. Our collaboration with Commercial Bank of Dubai is a testament to our shared dedication in cultivating an energetic and forward-thinking FinTech ecosystem. It not only amplifies Dubai’s stature as a premier hub for business but also paves the way for us to convert challenges into avenues of opportunity, as we continue to cultivate the most sophisticated, inclusive and tech-savvy financial community on the global stage,” said Arif Amiri, Chief Executive Officer at DIFC Authority
Dr. Bernd van Linder, Chief Executive Officer at Commercial Bank of Dubai, said, “Commercial Bank of Dubai is thrilled to be a part of the Dubai FinTech Summit 2024, a global platform that brings together the brightest minds in the industry to shape the future of finance. Our participation in this event aligns with our commitment to innovation and our vision to be at the forefront of the FinTech revolution. As a forward-thinking bank, we place our customers at the heart of our business, constantly striving to provide them with innovative solutions that meet their evolving needs. We are proud to have signed an MoU as Strategic Banking Partner with Dubai International Finance Centre as part of our sponsorship partnership. We look forward to engaging in insightful discussions and exploring new opportunities for growth and collaboration.”
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The Dubai FinTech Summit, scheduled for May 6–7, 2024, at Madinat Jumeirah, Dubai, will see an unprecedented gathering of over 8,000 decision-makers, over 300 thought leaders and over 200 exhibitors showcasing cutting-edge technologies.
Visitors can purchase tickets for the Dubai FinTech Summit 2024, with early bird prices ending soon.
About Dubai FinTech Summit
Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors, and policymakers, signaling increased appetite for growth opportunities in the region.
Dubai FinTech Summit signals a new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector. As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2% CAGR to USD 949 billion from 2022 to 2030. The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.
The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.
To register for the event, visit www.dubaifintechsummit.com.
For further enquiries, please contact:
Samia Ahmad
Assistant Manager, Marketing
DIFC Innovation Hub
+971529980096
E: samia.ahmad@difc.ae
Shadi Dawi
Director of PR & Strategic Partnerships
Trescon Global
+971 55 498 4989
shadi@tresconglobal.com
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Ancient Ethereum Whale With Over 12,000 ETH Creates Noise
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The Ethereum market is buzzing after a long-dormant “whale” – a major investor holding a vast amount of cryptocurrency – resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.
On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.
Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.
This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price – over $3,300 per ETH – signifies a massive profit for the early investor.
An #Ethereum #ICO participant returned after 1.12 years to deposit 1,069 $ETH ($3.56M) to #Kraken at $3,329 3 hours ago.
The whale received 12,566 $ETH at #Ethereum Genesis in Jul 2015, at an ICO price of ~$0.31,
And then distributed the $ETH across 12 wallets in 2017, of which… pic.twitter.com/Lid1hItGik
— Spot On Chain (@spotonchain) April 6, 2024
Ethereum Market Shows Signs Of Accumulation
While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion.
This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.
Ether market cap currently at $409 billion. Chart: TradingView.com
Dencun Upgrade Fuels Ethereum Network Activity
The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.
Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.
Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.
Market Uncertainty Remains
The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.
While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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8 Blockchain Giants Log $3.77 Billion in NFT Sales in Q1 2024
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Despite experiencing a downturn for four straight weeks, eight blockchain networks logged $3.77 billion in non-fungible token (NFT) sales in the first quarter of 2024. Leading the charge, Ethereum-centric NFTs accounted for $1.4 billion or 37% of the NFT sales during Q1 2024. The Dual Forces of Organic NFT Sales and Wash Volume Across Several […]
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Can Whales Drive ADA’s Resurrection From Recent Dump?
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The Cardano price has been facing a significant amount of bearish pressure over the past week, declining by more than 12%. This recent fall coincides with a broader crypto market downturn, with other major altcoins suffering huge losses over the past week.
Specifically, Cardano’s price decline has been largely linked to the recent sell-off of all ADA holdings by the Grayscale Digital Large Cap Fund (GDLC). On Thursday, April 4, the fund disclosed its decision to rebalance its portfolio by liquidating its Cardano assets (about 1.6% of the entire holdings).
Registering such a negative start to April after an underwhelming performance in March doesn’t do well to dispel the increasing concerns of investors. Moreover, the latest on-chain data suggests that the Cardano price might continue to succumb to the bearish pressure.
Analyst Predicts ADA Price Slump As Whale Activity Slows Down
Popular crypto pundit Ali Martinez has shared a post on X that Cardano whales have been making fewer moves in the market in recent days. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of ADA transactions worth more than $1 million.
Whales refer to entities or individuals that own significant amounts of a particular cryptocurrency (Cardano, in this case). They are often viewed as key players in the market, as their buying or selling activities can have a significant impact on the Cardano price, leading to speculation and potential market shifts.
According to Martinez, the on-chain data shows that there has been a noticeable dip in the activity of Cardano whales, suggesting a possible decline in significant ADA transactions. In an almost vertical move, the whale transaction count dropped from around 400 daily transactions at the beginning of last week to 200 daily transactions by Friday, April 5.
Chart showing ADA whale transaction count, whale holdings, and price | Source: Ali_charts/X
The crypto analyst mentioned that the recent downturn in whale activity could be a signal for “further price consolidation” or an imminent decline in the Cardano price. A loss of substantial buying activity from large investors can cause the cryptocurrency to succumb to bearish pressure, especially from small traders looking to take some profit.
Indeed, the Cardano token has made a positive start to the year, reaching a high of $0.8 in early March. However, the altcoin has been on a downward trend since hitting the 2024 peak – collapsing under the pressure of Bitcoin’s price decline.
Cardano Price At A Glance
As of this writing, the Cardano price stands at around $0.577, reflecting a 1% decline in the past 24 hours.
Cardano price hovers around $0.58 on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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India’s Digital Rupee Expands: Non-Banks to Offer Central Bank Digital Currency Wallets
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India’s central bank has announced that it will enable non-bank payment system operators to offer central bank digital currency (CBDC) wallets. Noting that “necessary changes will be made to the system to facilitate this,” the Reserve Bank of India (RBI) said the initiative is expected “to enhance access and expand choices available to users.” Non-Bank […]
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Hong Kong’s ZA Bank Targets Stablecoin Issuers
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Hong Kong’s virtual lender ZA Bank is embracing
digital finance by engaging potential stablecoin issuers to establish fiat
reserve accounts. This initiative marks a significant step towards integrating digital assets into the traditional banking sector in Hong Kong as the country explores listing crypto exchange-traded funds (ETFs) to enhance its presence in the sector.According to a report by Bloomberg, ZA Bank’s
Alternate Chief Executive, Devon Sin, disclosed in a recent interview about the
bank’s initiative to engage with existing and prospective stablecoin
issuers. Sin emphasized the versatility of stablecoins,
highlighting their potential applications in wholesale and retail markets,
tokenization , exchange trading settlements, and cross-border remittances.He expressed ZA Bank’s interest in exploring use cases for stablecoins with potential issuers under the supervision of the Hong Kong Monetary Authority. Hong Kong aims to position itself as a digital asset
hub. The city has taken significant strides in regulating the crypto sector,
licensing its first crypto trading platforms, and exploring the listing of
ETFs.Hong Kong’s ZA Bank is talking to potential stablecoin issuers about setting up accounts for the cash reserves that would back the tokens https://t.co/FDWyd3kr5s
— Bloomberg (@business) April 4, 2024
Additionally, the Hong Kong Monetary Authority is in
the process of formulating a regulatory framework for stablecoins, which
typically maintain a 1-1 peg to fiat currency and are backed by
cash and bond reserves. ZA Bank has reportedly facilitated over $1 billion in
transfers from more than 100 Web 3 clients.Hong Kong Regulates Stablecoin Issuers
Last year, Hong Kong introduced new regulations for
stablecoin issuers. The proposed rules, outlined in a consultation paper by the
Financial Services and the Treasury Bureau and the Hong Kong Monetary
Authority, marked a significant move towards ensuring stability and security
within the digital asset ecosystem, Finance Magnates reported.The consultation paper defined stablecoins as digital
assets pegged to one or more fiat currencies, aiming to maintain a stable
value. Under the proposed rules, stablecoin issuers actively marketing
their fiat-referenced stablecoins to users in Hong Kong must obtain a local
license.Notably, algorithmic stablecoins are not permitted in the region, a decision influenced by the collapse of the algorithmic stablecoin TerraUSD. To obtain a license in Hong Kong, stablecoin issuers must adhere to
stringent requirements.They must maintain a full reserve of assets backing the stablecoins, ensuring they are at least equal to the par value. These reserves
must be segregated, and securely stored, and regularly reported to regulators. Additionally, stablecoin issuers must establish a local presence by appointing key personnel, including a Chief Executive Officer and senior management team.Hong Kong’s virtual lender ZA Bank is embracing
digital finance by engaging potential stablecoin issuers to establish fiat
reserve accounts. This initiative marks a significant step towards integrating digital assets into the traditional banking sector in Hong Kong as the country explores listing crypto exchange-traded funds (ETFs) to enhance its presence in the sector.According to a report by Bloomberg, ZA Bank’s
Alternate Chief Executive, Devon Sin, disclosed in a recent interview about the
bank’s initiative to engage with existing and prospective stablecoin
issuers. Sin emphasized the versatility of stablecoins,
highlighting their potential applications in wholesale and retail markets,
tokenization , exchange trading settlements, and cross-border remittances.He expressed ZA Bank’s interest in exploring use cases for stablecoins with potential issuers under the supervision of the Hong Kong Monetary Authority. Hong Kong aims to position itself as a digital asset
hub. The city has taken significant strides in regulating the crypto sector,
licensing its first crypto trading platforms, and exploring the listing of
ETFs.Hong Kong’s ZA Bank is talking to potential stablecoin issuers about setting up accounts for the cash reserves that would back the tokens https://t.co/FDWyd3kr5s
— Bloomberg (@business) April 4, 2024
Additionally, the Hong Kong Monetary Authority is in
the process of formulating a regulatory framework for stablecoins, which
typically maintain a 1-1 peg to fiat currency and are backed by
cash and bond reserves. ZA Bank has reportedly facilitated over $1 billion in
transfers from more than 100 Web 3 clients.Hong Kong Regulates Stablecoin Issuers
Last year, Hong Kong introduced new regulations for
stablecoin issuers. The proposed rules, outlined in a consultation paper by the
Financial Services and the Treasury Bureau and the Hong Kong Monetary
Authority, marked a significant move towards ensuring stability and security
within the digital asset ecosystem, Finance Magnates reported.The consultation paper defined stablecoins as digital
assets pegged to one or more fiat currencies, aiming to maintain a stable
value. Under the proposed rules, stablecoin issuers actively marketing
their fiat-referenced stablecoins to users in Hong Kong must obtain a local
license.Notably, algorithmic stablecoins are not permitted in the region, a decision influenced by the collapse of the algorithmic stablecoin TerraUSD. To obtain a license in Hong Kong, stablecoin issuers must adhere to
stringent requirements.They must maintain a full reserve of assets backing the stablecoins, ensuring they are at least equal to the par value. These reserves
must be segregated, and securely stored, and regularly reported to regulators. Additionally, stablecoin issuers must establish a local presence by appointing key personnel, including a Chief Executive Officer and senior management team.
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Web3 Gaming Summit in Hong Kong by ABGA, ICC and aelf to Unveil the New Era of Web3 Gaming | by BitMedia Buzz | Apr, 2024
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Our PR partner, yourPRstrategist is a proud media partner of Web3 Gaming Summit HK, the official GameFi side event of the Hong Kong Web3 Festival.
HONG KONG, April 5, 2024 — The Web3 Gaming Summit in Hong Kong will take center stage in 3 days! Hosted by ABGA, co-hosted by ICC and aelf and supported by Web3Labs as a Hong Kong Web3 Festival 2024 Official GameFi side event on April 8, 2024 at 2pm in Hall 3FG of the Hong Kong Convention and Exhibition Center.
Hong Kong Web3 Festival 2024 is co-hosted by Wanxiang Blockchain Labs and HashKey Group, and organized by W3ME. It will bring together the world’s brightest minds, top Web3 projects and leading venture capitals presenting content-rich discussions and topics about Web3. Representatives from Hong Kong regulatory bodies will also join and share their insights into the latest digital asset regulations and policies. It can be said that this is the most anticipated large-scale Web3 event in Hong Kong this year.
The development of Web3 gaming, as one of the most attention-grabbing topics in the entire industry, often attracts a lot of attention from both inside and outside the industry. Web3 Gaming Summit in Hong Kong has invited seasoned experts representing leading institutions within the Web3 industry to bring five keynote speeches and three panel discussions to the venue. The topics cover various aspects of Web3 gaming, from game technology to business models, and industry trends.
The event is bringing the most cutting-edge insights into Web3 gaming development to the scene, leading all the attendees, including Web3 gaming industry investors, developers, and enthusiasts, to explore the infinite possibilities of Web3 gaming development and jointly plan the industry’s exciting blueprint. This is bound to be an unmissable journey of exploration into the future of Web3.
Event Details:
Event Name: Web3 Gaming Summit in Hong Kong
Time: April 8, 2024, 2pm-6pm（UTC+8）
Location: Hall 3FG, Hong Kong Convention and Exhibition Center
Event Agenda:
14:00–14:05 (UTC+8) Warm-up Speech
14:05–14:20 (UTC+8) Keynote Speech 1: Asia’s Advantages in Global Web3 Gaming Ecosystem-ABGA
14:20–14:35 (UTC+8) Keynote Speech 2: Esports Development in Web3 Gaming-Aura
14:35–14:50 (UTC+8) Keynote Speech 3: Elevating Web3 Gaming with aelf — aelf
14:50–15:20 (UTC+8) Panel Discussion 1: Does the Future of Web3 Gaming Require Supportive Ecosystems? — aelf, GaFin, Wizarre Stormfights, Project Schrodinger
15:20–15:55 (UTC+8) Keynote Speech 4: Empowering the Future of Web3 Gaming: The Inaugural Journey of ICC Camp — ICC Camp
15:55–16:40 (UTC+8) Panel Discussion 2: The Renaissance in Web3 Gaming — Sonic, Mirror World, Cellula, Cryptomeria Labs, Matr1x, TRALA LAB
16:40–17:25 (UTC+8) Panel Discussion 3: The Future of Web3 Gaming from the Perspective of Public Chains — DeThings, Solana, BNBChain, starkware, Klaytn
17:25–17:40 (UTC+8) Keynote Speech 5: Navigating GameFi with Deepcoin Labs: Opportunities of the Future — Deepcoin Labs
Anticipation mounts as the ICC Ceremony gears up for a magnificent on-site spectacle. The ceremony promises to unveil the dazzling array of 31 Web3 start-up gaming projects from ICC Camp S1, showcasing the limitless vitality and ingenuity of these start-up teams. Moreover, representatives from five start-up projects will take the stage, offering insights and reflections garnered during their stint at ICC Camp. Notably, Kevin Shao, the initiator of ICC Camp, Executive President of ABGA, and Co-founder of Bitrise Capital, will grace the occasion to introduce ICC Camp to attendees and officially declare the commencement of ICC Camp S2.
Application Link to ICC Camp S2: https://forms.gle/pY9Wbc8AgKtDBEdR6
Web3 Gaming Summit in Hong Kong will provide visitors with the most cutting-edge and advanced Web3 gaming gala. Investors, developers and enthusiasts in the Web3 gaming industry will all find plenty of inspiration and opportunities at the event. All are invited to join the Summit and explore the infinite future of Web3 gaming together to compose a brilliant star map of the Web3 gaming industry and usher in a new era of Web3 gaming development.
WGS HK Registration Link: https://lu.ma/hkweb3festival2024_ABGA
About ABGA
The Asia Blockchain Gaming Alliance (ABGA) is a non-profit blockchain gaming alliance initiated by leading institutions in the gaming industry to gather industry information, screen outstanding teams and companies, broaden investment horizons and promote the development of the blockchain gaming industry. Help Asian power quality projects and teams based in Asia, go to the world!
About ICC
IMAGINE CREATION COMBINATOR (ICC) provides high quality industry conference, event planning and organization services to practitioners in the WEB3 gaming space. Our events bring together key industry leaders and innovators, providing an important platform to discuss industry trends, connect resources and showcase innovations.
About aelf
aelf, a high-performance Layer 1 featuring multi-sidechain technology for unlimited scalability. aelf blockchain is designed to power the development of Web3 and support its continuous advancement into the future. Founded in 2017 with its global hub based in Singapore, aelf is one of the pioneers of the mainchain-sidechain architecture concept.
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Will This “Dry Powder” and Historical Trends Fuel A Price Boom?
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While Bitcoin has dipped from its recent highs of around $74,000, some analysts are urging investors to stay calm and even see this as a buying opportunity. So far, Bitcoin prices have remained under pressure, trickling lower in the past trading week.
Are There Similarities With The Bitcoin Bull Run Of 2020?
Though the downward momentum is slowing down, and there has been no confirmation of the April 2 dump, the failure of bulls to convincingly flow back and drive the coin above $71,000 remains a concern for some traders.
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView Even so, taking a bullish stand, one analyst on X compares the current formation with that of 2020. Pointing to the cyclic nature of prices and the inevitability of retracements from bottoms and peaks, the trader expects prices to bounce.
The trader said that in 2020, when Bitcoin prices fell, shaking out weak hands, the recovery sparked a bull run that forcefully saw the coin surge above previous all-time highs of $20,000. The analyst seems to allude to the retracement before the breakout as a catapult that eventually fed the “legendary” bull run, which saw Bitcoin float to as high as $70,000.
BTC historical performance | Source: Analyst on X Based on this comparison, the trader is adamant that it may, reading from history, be the best time to “sell” at around spot levels. Still, for now, buyers can consider doubling down until there is a clear trend definition and shake-off of the current bear formation. Currently, BTC has strong rejections in the $71,700 to $72,000 liquidation zone, marking last week’s highs.
Watch Out For The “Dry Powder”
Besides technical candlestick formation, another trader thinks buyers better HODL even with sellers in control.
In a post on X, the analyst said Tether Holdings, the issuer of USDT, and Circle, the issuer of USDC, recently minted billions. On April 2, Tether issued 1 billion USDT on Tron, while Circle issued 250 million USDC on Solana.
This development, the analyst said, means there is “plenty of dry powder.” Stablecoins like USDT and USDC offer stability in the crypto markets, providing a refuge for crypto holders whenever prices tumble.
Tether minting USDT on Tron | Source: Analyst on X However, they can also act as conduits of liquidity from the traditional market, providing an avenue for interested users to get exposure to top coins or even engage in activities such as decentralized finance (DeFi).
In the past, prices often edged higher when there were huge stablecoin mints.
Feature image from Canva, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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