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The competition has notably intensified in recent months for the 2024 U.S. presidential election, as indicated by the prediction market platform Polymarket. Just two months ago, former President Donald Trump was ahead with a 52% lead, while incumbent Joe Biden was at 33%. Current figures from Polymarket still place Trump in the lead, albeit by […]
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Presidential Election Betting Surges as Odds Tighten on Polymarket
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Analyst Projects 400% Price Increase
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VeChain (VET), a blockchain platform aiming to revolutionize supply chain management, has become a hot topic in the cryptocurrency world. A recent surge in VET’s price, coupled with technical breakthroughs, has ignited a wave of optimism among investors and analysts.
VeChain Shatters Resistance Levels, Bullish Flag Signals New Highs
The good news for VeChain started with a decisive break above a multi-year downtrend line. This technical indicator, closely watched by analysts, suggests a potential shift in long-term market sentiment. Additionally, VET decisively surpassed a key horizontal resistance level, adding fuel to the bullish fire.
At the time of writing, VET was trading at $0.04, down 3.1% in the last 24 hour, but managed to sustain a 17% gain the last week, data from Coingecko shows.
Following this breakout, VeChain entered a consolidation phase, a period of sideways trading often seen after a significant price increase. However, this pause proved to be temporary. VET recently emerged from a bullish flag formation, a technical pattern known for preceding substantial price increases. Analysts are interpreting this breakout as a sign that VeChain is poised for another leg up.
400% Surge Anticipated: Will VeChain Live Up To The Hype?
Capitalizing on the bullish sentiment, crypto analysts have made some bold predictions. World of Charts, a prominent analyst group, is forecasting a staggering 400% increase in VET’s value in the coming weeks.
Recently #Vet Breaks Multiple Resistances Multi-year Descending Trendline+ Horizontal Resistance Accumulation Area & Retested Perfectly Also Now Breaking Bullish Flag Too Still Expecting 400% Profit In Coming Weeks In #VeChai https://t.co/NamieY9HrX pic.twitter.com/UhbFjRRCyT
— World Of Charts (@WorldOfCharts1) April 11, 2024
X user Clifton Fx also provided a positive outlook. A 25% surge to $0.06 is in the cards in the next days, the expert said, pointing to VET’s “bullish flag” on the daily period.
$VET (Update)
Bullish Flag Formation in Daily Timeframe…
In Case of Upside Breakout Expecting Bullish Wave📈#VETUSDT #VET #Crypto pic.twitter.com/ZH9YqUNfjf
— Clifton Fx (@clifton_ideas) April 11, 2024
However, the cryptocurrency market is notorious for its volatility, and unforeseen events can trigger rapid price swings. While the technical indicators and analyst forecasts paint a rosy picture for VeChain, there’s no guarantee that the predicted surge will materialize.
VET market cap currently at $3.5 billion. Chart: TradingView.com
Beyond The Hype: VeChain’s Real-World Potential
VeChain’s appeal goes beyond the recent technical triumphs and the allure of potential windfalls. Unlike many cryptocurrencies focused solely on speculation, VeChain offers a tangible solution to real-world problems. Its blockchain platform tackles inefficiencies and lack of transparency in supply chains, a multi-trillion dollar industry ripe for disruption.
VET weekly price action. Source: CoingeckoVeChain’s technology allows businesses to track products throughout the entire supply chain process, ensuring authenticity, quality, and efficient logistics. This not only benefits businesses but also empowers consumers with greater transparency about the products they purchase.
VeChain’s recent surge and optimistic forecasts present an attractive opportunity for investors. However, the inherent volatility of the cryptocurrency market cannot be overstated.
Featured image from Binance Academy, 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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Global Blockchain Show and Global AI Show Premier in Dubai | by BitMedia Buzz | Apr, 2024
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Our PR partner, yourPRstrategist, is a proud PR partner of the Global Blockchain Show and is pleased to giveaway 10 standard tickets to our community. Check out their Twitter for more details!
For those who wish to purchase a ticket, our PR partner, yourPRstrategist is happy to offer our community a 15% discount code: ‘PRstrategist’
Dubai, April 12, 2024 — VAP Group is pleased to announce the inaugural edition of the Global AI Show and the Global Blockchain Show, scheduled to take place on April 16 and 17, 2024, at the Grand Hyatt, Dubai.
The Global AI Show is a power stage hosting international and regional thought leaders in the artificial intelligence and the machine learning space, while the Global Blockchain Show will bring together experts from the Web3 ecosystem to share their insights and discuss future opportunities in the rapidly evolving industry.
A wide range of themes will be discussed at both conferences in two days. At the Global AI Show, attendees will get a glimpse into an AI-powered future with keynote speeches on sectors such as healthcare, finance, retail, oil and gas unlocking new possibilities with the help of AI. The evolution of the digital ecosystem, data protection, blockchain in finance, gaming, the metaverse, and NFTs are some of the topics that will be discussed at the Global Blockchain Show.
Jamie Metzl, a technology and healthcare futurist, will be navigating the implications of the AI, genetics, and biotechnology revolutions. Attendees can get their copies of Hacking Darwin: Genetic Engineering and the Future of Humanity signed and also get exclusive insights from Metzl’s new book — Superconvergence: How the Genetics, Biotech, and AI Revolutions Will Transform our Lives, Work, and World.
Dr. Divya Chander, a neuroscientist and medical futurist, will take us on a journey from brain reading to brain writing to closed-loop brain machine interface systems through her headliner at the Global AI Show. Another prominent speaker at the Global AI Show is H.E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security at United Arab Emirates Government, who will present a keynote on a future with AI.
The Global Blockchain Show will showcase the dynamic landscape of blockchain technology. Among the distinguished speakers, H.E. Justin Sun, the visionary Founder of TRON and Member of the HTX Global advisory board, will take center stage. Renowned for his groundbreaking contributions to the blockchain space, Justin Sun will grace the event with his profound insights and forward-thinking vision. Additionally, Global Blockchain Show will feature a fireside chat with Lennix Lai, Chief Commercial Officer of OKX, who will encompass the yin and yang of crypto trading. Dominic Williams, Founder & Chief Scientist of DFINITY Foundation, will discuss the decentralized cloud vision of the DFINITY blockchain.
Furthermore, the Global AI Show and the Global Blockchain Show are thrilled to have the world’s first AI humanoid robot Sophia as their Official Ambassador. Sophia is a prime example of the wonders of artificial intelligence and robotics, converging technology with humanity. Her presence at the two events seeks to inspire attendees on the limitless possibilities of AI and web3 technologies.
The Global AI Show and the Global Blockchain Show will feature a start-up village where start-ups and scale-ups will have the chance to power pitch their innovative ideas, technology and creations to investors, venture capitalists and big tech. A VAP Accelerator will be launched to serve as an incubator for ambitious start-ups. Meanwhile, a community stage at the Global Blockchain Show and the Global AI Show will be set up to focus on fostering inclusivity, collaboration, and engagement within the blockchain and AI community.
An official awards ceremony will take place on April 17 at the Grand Hyatt, Dubai. The Global AI Awards and the Global Blockchain Awards seek to recognise excellence and innovation, and pay tribute to the trailblazers, innovators and guardians who tirelessly push the boundaries of possibility in the field of AI and blockchain technology.
The Global AI Show and the Global Blockchain Show will finish with an afterparty at the luxurious White Beach at Atlantis, The Palm. Hosted by VAP Group, the afterparty provides a unique platform for industry experts and enthusiasts to mingle, exchange ideas, build valuable connections, explore potential collaborations, and unwind in a relaxed atmosphere.
About VAP Group
VAP Group, an industry leader with over a decade of expertise in Web3 and Blockchain solutions, continues to revolutionize the landscape of digital innovation. Established in 2013, VAP Group has consistently delivered premium services including public relations, advertising, recruitment, content development, media, and management. Led by Mr. Vishal Parmar, the Founder and Chief Executive Officer, VAP Group stands at the forefront of innovation, shaping the future of blockchain technology. Under his mentorship, the company has focused on pioneering strategies in PR marketing, influencer marketing, bounty campaigns, conferences, and campaigns, setting new benchmarks in the industry. What truly sets VAP Group apart is its dedication to creativity, uniqueness, and holistic solutions. By adopting an innovative and forward-thinking approach, VAP Group has distinguished itself as a beacon of innovation amidst the competitive landscape of blockchain consultancy.
VAP Group is the organiser of Global Blockchain Show and Global AI Show, extraordinary platforms poised to redefine the landscape of blockchain and AI technology respectively, offering dynamic gatherings where the brightest minds converge to unlock the potential of these transformative technologies.
For media inquiries, exclusive interviews, or press passes, please reach out to: media@globalaishow.com or media@globalblockchain.com
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$41 Million Crypto Investment Scheme Collapses in Australia
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In Australia, a massive cryptocurrency investment scheme involving approximately US$41 million and over 450 investors has collapsed. The country’s financial market regulator successfully obtained a court order to appoint receivers for the digital currency assets held by a group of three crypto mining companies, collectively known as NGS Companies, and their sole directors.
The court order, issued on Wednesday, was part of the civil proceedings initiated by the Australian Securities and Investments Commission (ASIC) against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, along with their respective sole directors Brett Mendham, Ryan Brown, and Mark Ten Caten.
Additionally, the court has restricted Mendham from traveling outside Australia.
NGS Companies offered investment packages supported by their cryptocurrency mining activities. These packages guaranteed fixed-rate returns as high as 16 percent annually, according to the company’s website, with a minimum fixed return promised at 6 percent.
The regulator highlighted that the schemes particularly encouraged investors to transfer funds from regulated superannuation funds to self-managed super funds (SMSFs), which were then converted into cryptocurrency. The promotional material on the company’s website, including “testimonials” and “stories,” seemed to specifically target elderly investors.
“Member stories” on NSG Crypto website
Regulator Gets Wary
ASIC’s action was prompted by concerns that the invested funds in these cryptocurrency schemes were at risk of dissipation. Notably, none of the three implicated companies possessed the necessary financial services licenses to operate legally in Australia. ASIC is now holding them accountable for illegally marketing crypto mining-backed investment products.
“Australians who choose to self-manage their superannuation should carefully consider the risks before using their SMSF to invest in crypto-related investment products such as blockchain mining,” advised Joe Longo, the Chair of ASIC. “These proceedings should also serve as a warning to the crypto industry that ASIC will continue to scrutinize products to ensure compliance with regulatory obligations and to protect consumers.”
Earlier this year, the Australian regulator dismantled similar crypto-backed schemes that promised astronomical profits and banned a director of a crypto fund for dishonest operations.
In Australia, a massive cryptocurrency investment scheme involving approximately US$41 million and over 450 investors has collapsed. The country’s financial market regulator successfully obtained a court order to appoint receivers for the digital currency assets held by a group of three crypto mining companies, collectively known as NGS Companies, and their sole directors.
The court order, issued on Wednesday, was part of the civil proceedings initiated by the Australian Securities and Investments Commission (ASIC) against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, along with their respective sole directors Brett Mendham, Ryan Brown, and Mark Ten Caten.
Additionally, the court has restricted Mendham from traveling outside Australia.
NGS Companies offered investment packages supported by their cryptocurrency mining activities. These packages guaranteed fixed-rate returns as high as 16 percent annually, according to the company’s website, with a minimum fixed return promised at 6 percent.
The regulator highlighted that the schemes particularly encouraged investors to transfer funds from regulated superannuation funds to self-managed super funds (SMSFs), which were then converted into cryptocurrency. The promotional material on the company’s website, including “testimonials” and “stories,” seemed to specifically target elderly investors.
“Member stories” on NSG Crypto website
Regulator Gets Wary
ASIC’s action was prompted by concerns that the invested funds in these cryptocurrency schemes were at risk of dissipation. Notably, none of the three implicated companies possessed the necessary financial services licenses to operate legally in Australia. ASIC is now holding them accountable for illegally marketing crypto mining-backed investment products.
“Australians who choose to self-manage their superannuation should carefully consider the risks before using their SMSF to invest in crypto-related investment products such as blockchain mining,” advised Joe Longo, the Chair of ASIC. “These proceedings should also serve as a warning to the crypto industry that ASIC will continue to scrutinize products to ensure compliance with regulatory obligations and to protect consumers.”
Earlier this year, the Australian regulator dismantled similar crypto-backed schemes that promised astronomical profits and banned a director of a crypto fund for dishonest operations.
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Sam Bankman-Fried Appeals Conviction Only 2 Weeks after Sentencing
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Sam Bankman-Fried, the Founder and former CEO of the collapsed FTX, has challenged his conviction and sentencing for conspiracy and fraud by filing an appeal in court yesterday (Thursday). The appeal was filed just hours before the deadline.
Earlier, the judge had ordered Bankman-Fried to be remanded to a low or medium-security prison in Northern California. This facility is near his parents’ house, and the judge cited concerns for his security at a maximum-security prison due to his autism. Interestingly, during his trial and while awaiting sentencing, Bankman-Fried had requested to be kept in the notorious Manhattan Detention Center. Previously, he was an inmate at the Metropolitan Detention Center in Brooklyn.
The appeal came two weeks after a US court sentenced him to 25 years in prison, along with three years of supervised release. He is also required to forfeit $11 billion.
Billionaire to Convict
Bankman-Fried was once regarded as the messiah of the cryptocurrency world, known for his altruistic vision, signature T-shirt, and shorts outfit. He became one of the youngest self-made billionaires through his FTX empire, which collapsed overnight following the discovery of his dubious business practices.
After a high-profile trial, Bankman-Fried was convicted last November on multiple charges, including wire fraud and conspiracy to commit wire fraud and money laundering. Although the total maximum prison time for all the convictions could amount to 115 years, the prosecutors were seeking 40 to 50 years. Bankman-Fried’s legal team requested six-and-a-half years, but the court ultimately sentenced him to 25 years.
During the trial, several close associates of Bankman-Fried testified against him. They all pleaded guilty to their roles in the shady operations at FTX and are now awaiting sentencing.
Sam Bankman-Fried, the Founder and former CEO of the collapsed FTX, has challenged his conviction and sentencing for conspiracy and fraud by filing an appeal in court yesterday (Thursday). The appeal was filed just hours before the deadline.
Earlier, the judge had ordered Bankman-Fried to be remanded to a low or medium-security prison in Northern California. This facility is near his parents’ house, and the judge cited concerns for his security at a maximum-security prison due to his autism. Interestingly, during his trial and while awaiting sentencing, Bankman-Fried had requested to be kept in the notorious Manhattan Detention Center. Previously, he was an inmate at the Metropolitan Detention Center in Brooklyn.
The appeal came two weeks after a US court sentenced him to 25 years in prison, along with three years of supervised release. He is also required to forfeit $11 billion.
Billionaire to Convict
Bankman-Fried was once regarded as the messiah of the cryptocurrency world, known for his altruistic vision, signature T-shirt, and shorts outfit. He became one of the youngest self-made billionaires through his FTX empire, which collapsed overnight following the discovery of his dubious business practices.
After a high-profile trial, Bankman-Fried was convicted last November on multiple charges, including wire fraud and conspiracy to commit wire fraud and money laundering. Although the total maximum prison time for all the convictions could amount to 115 years, the prosecutors were seeking 40 to 50 years. Bankman-Fried’s legal team requested six-and-a-half years, but the court ultimately sentenced him to 25 years.
During the trial, several close associates of Bankman-Fried testified against him. They all pleaded guilty to their roles in the shady operations at FTX and are now awaiting sentencing.
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Costco Gold Business Booming: Estimations Put Monthly Sales Close to $200 Million
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According to Wells Fargo estimations, U.S.-based retailer Costco runs a $200 million gold business monthly. Consumer trust in the organization and its aggressive pricing have made Costco’s one-ounce bars of 24-karat gold a popular choice for investors, who take advantage of 2% over market spot prices. Costco Might Be Selling $200 Million in Gold Every […]
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Cryfi Releases V1 of Blockchain-Verified Signal Trading App on Telegram, with Founder Pass NFT Sale to Launch May 3 | by BitMedia Buzz | Apr, 2024
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Providing Proof-of-Signal, Cryfi’s trading signal platform features blockchain-verified signals and a leaderboard of top signal providers. Offering the perfect combination of control and automation, Cryfi users will be able to easily copy and adjust signals and then automatically implement these signals on CEXs and DEXs via API integration.
SINGAPORE, April 11, 2024 — Cryfi, a blockchain-verified trading signal platform, has released its Alpha version as a Telegram Mini App that goes beyond basic copy-trading to make it easier to not only share but adjust and implement trading signals. Cryfi’s Founder Pass NFT collection that grants users numerous perks on the platform will also be made available for early Cryfi supporters on May 3rd. The full-featured web-app launches later this year with the world’s first blockchain-verified trading signals and leaderboard.
“We’re developing Cryfi’s on-chain verification to bring trust and transparency to crypto trading and remove the scam-traders that the space has become famous for,” said Cryfi founder and CEO Yura Mizin. “As we enter crypto’s next bull run, more and more people are keen to start trading. There is no better way to learn how than to follow and listen to the best traders on the market today. However, since it’s currently impossible to verify someone’s trading skills, too many people end up following fakers who claim to be pros.”
Cryfi addresses these problems and more.Providing Proof-of-Signal, Cryfi’s trading signal platform features blockchain-verified signals and a leaderboard of top signal providers. Offering the perfect combination of control and automation, Cryfi users will be able to easily copy and adjust signals and then automatically implement these signals on CEXs and DEXs via API integration.
Trading channel subscriptions, member management and promotions will be automatically handled for signal providers, so they can focus on trading and building their reputations. Meanwhile, traders can learn all the best trading strategies together via trading courses and a closed discussion group with top-performing signal providers on the platform.
“Cryfi will be like a passport — a blockchain-verified certificate that showcases your trading capabilities. In addition, Cryfi will offer plenty of other features to help traders and signal providers trade more quickly and efficiently.”
Available now, Cryfi’s Alpha version is a Telegram Mini App that allows signal providers more efficiently share their signals in their own existing communities, with automatic integration with Binance via API. The full-featured web-app platform is scheduled for launch in Q3 2024, with Cryfi’s $CRFY token scheduled to launch in early 2025. The whitelist for their Founder Pass NFTs is already open, with an official Cryfi Galxe campaign ongoing until May 3rd with USD 6,000 worth of NFTs to give away. Stay tuned to their social media channels for the launchpad reveals.
Founder Pass NFTs Available May 3: Numerous Perks for Early Supporters
The Founder Pass is a limited edition collection of 430 utility NFTs that give early supporters many distinct benefits on the Cryfi platform — such as a membership in a closed group with pro traders and lifetime subscriptions to trading courses and Cryfi Pro, which will allow traders to copy and adjust signals and technical analysis on the live chart. There are two tiers of NFTs: the Shark Pass, which caters to novice traders, and the Whale Pass, which grants additional perks such as profit sharing, larger discounts and forever access to signal channels to Cryfi’s top ambassadors. Both tiers have plenty of other perks, too. See the official Cryfi Medium blog for more information about all the benefits of owning a Cryfi Founder Pass NFT.
Founder Pass NFT Details
- Shark Pass: $300 each, 404 NFTs in total
- Whale Pass: $3000 each, 26 NFTs in total
To earn a spot on the Founder Pass whitelist prior to the NFT launch, supporters should visit the Galxe campaign page linked below and complete the social tasks listed there. The top 50 participants will earn a guaranteed chance to purchase Founder Pass NFTs. All participants will also receive a free Early Supporter badge and be entered into raffles, with prizes coming from a pool of NFTs worth USD 6,000.
Participate in the Galxe campaign here: https://app.galxe.com/quest/Cryfi/GCFddtTagR
Top Partners to Bring Further Value to the Cryfi Platform
Cryfi is also forging a number of important partnerships that will bring new features to the platform. One key partner is Analog, a company which is developing a suite of multi-chain protocols. Analog’s interoperability technology will help Cryfi query other blockchains to seamlessly compare signal prices with real prices, and trade signals across chains without having to deal with smart contracts.
“One of our visions is to help move traders from Web2 to Web3. While most people are familiar with the big names in the crypto space — Bitcoin, Binance, Ethereum and so forth — a lot of traders are not actually Web3 users. We want to change that,” Mizin said. “Lucky for us, Analog has all the tools we need to achieve this.”
Other partnerships will add new capabilities to the Cryfi platform post-launch. Copin will bring their on-chain traders to Cryfi as signal providers, Yoki Finance will bring crypto payments for channel subscriptions, and the quant trading platform Crypto Arsenal will onboard Cryfi’s signal providers as additional analytics sources. Further big features coming up include copytrading, algorithm trading, trading bots and AI bots.
Cryfi’s team of experts boasts more than 50 years experience in product development, 30 years in blockchain, and 10 years in trading combined. Team members have worked with a number of leading brands, including Equifax, HTX and other fintech leaders in the Web2 and Web3 spaces.
See how Cryfi works in this video:
Cryfi is More Than Just Another Trading Platform — It’s a Trading Community
By providing a fair and transparent social space where traders and signal providers can share ideas, Cryfi is building a real community of people with similar goals. Anyone can submit trading signals on Cryfi — their blockchain-verified track record will speak for itself on Cryfi’s leaderboard. This removes a huge barrier of entry for new signal providers, while ensuring Cryfi is represented by some of the best traders on the market.
Supporters who join early will enjoy the benefit of utilizing the first blockchain-verified trading signals on the market, giving them increased trust in the validity of their trading strategies that most other trading communities cannot offer. Founder Pass NFT holders will also be the first to try out all new features Cryfi adds to its platform, giving them a distinct advantage when compared to members who join the platform later on.
About Cryfi
Launched in 2024, Cryfi is a crypto trading app that connects traders with blockchain-verified signal providers. The newly released MVP is available as a Telegram Mini App that allows for easy creation and implementation of trading signals. A future version is being developed that will include a mobile app, signal channel subscriptions, a leaderboard for top-performing signal providers, API integration with more centralized exchanges and DEXs, a trading school, and more.
Official Channels
Cryfi Website: https://cryfi.app/
Cryfi Twitter: https://twitter.com/Cryfi_app_
Cryfi Medium Blog: https://medium.com/@cryfi_app
Cryfi Telegram (Announcements): https://t.me/+GggbNqo8GLcwNTVi
Cryfi Telegram (Chat): https://t.me/cryfi_official
Cryfi V1 (MVP): https://t.me/CryfiBot
Cryfi LinkedIn: https://www.linkedin.com/company/cryfi/
Cryfi Whitepaper: https://cryfi.gitbook.io/cryfi
Cryfi Video: https://www.youtube.com/watch?v=6Q3gpqiqVp0
Cryfi Whitelist Galxe Campaign: https://app.galxe.com/quest/Cryfi/GCFddtTagR
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Bitget’s Crypto Trading Volume Surges over 100% in Q1 2024
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Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. The
report highlighted a 100% increase in both spot and futures trading volumes
compared to previous quarters, along with a significant rise in the value of
its platform native token, BGB.According
to the report, Bitget’s futures trading volume reached approximately $1.4
trillion, an escalation of 146% from the previous quarter. The exchange witnessed the
highest increase in derivatives market share, with a growth of 2.4% in March
alone. The spot trading volume also saw a substantial uplift of 113%, surpassing
$60 billion in Q1 2024.According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.
In March, spot volumes for the largest cryptocurrency exchanges grew 119%
compared to the previous year and over 100% compared to February.Bitget’s
user base has expanded significantly, now serving over 25 million users
across 100+ countries and regions.“This
year, Bitget is doubling down on its commitment to enhance our spot market
offerings,” Gracy Chen, the Managing Director of Bitget, commented. “We aim not
only to bolster our market position but also to contribute tremendously to the
broader crypto ecosystem, supporting startups with high potential to
grow.”Thanks @CryptoSlate for featuring us.
🏆 Proud to become the world’s largest #crypto copy trading platform!
🌍 With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.
Explore our latest achievements 👇
— Bitget (@bitgetglobal) April 11, 2024
Bitget Bets on Its Crypto
TokenThe
platform’s native token, BGB, had a really good run last quarter, breaking its
all-time high and surpassing the $1 mark in February. Since the beginning of
2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishing
itself as a top performer among centralized exchange tokens.Currently,
it is one of the 70 largest cryptocurrencies, with a market capitalization of
over $1.8 billion and a daily trading volume of $81 million. Binance exchange’s BNB token has a market capitalization of $89 billion.Bitget’s listing
strategy led to the introduction of 186 new tokens in the first quarter,
expanding its offerings to over 750 tokens and 820 spot trading pairs. Several
tokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surging
over 3000%.According
to the latest exchange report, more people are trading
cryptocurrencies in Europe. In Germany alone, the number of traders has
escalated 69% over the year.In the meantime,
Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its global
expansion.Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. The
report highlighted a 100% increase in both spot and futures trading volumes
compared to previous quarters, along with a significant rise in the value of
its platform native token, BGB.According
to the report, Bitget’s futures trading volume reached approximately $1.4
trillion, an escalation of 146% from the previous quarter. The exchange witnessed the
highest increase in derivatives market share, with a growth of 2.4% in March
alone. The spot trading volume also saw a substantial uplift of 113%, surpassing
$60 billion in Q1 2024.According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.
In March, spot volumes for the largest cryptocurrency exchanges grew 119%
compared to the previous year and over 100% compared to February.Bitget’s
user base has expanded significantly, now serving over 25 million users
across 100+ countries and regions.“This
year, Bitget is doubling down on its commitment to enhance our spot market
offerings,” Gracy Chen, the Managing Director of Bitget, commented. “We aim not
only to bolster our market position but also to contribute tremendously to the
broader crypto ecosystem, supporting startups with high potential to
grow.”Thanks @CryptoSlate for featuring us.
🏆 Proud to become the world’s largest #crypto copy trading platform!
🌍 With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.
Explore our latest achievements 👇
— Bitget (@bitgetglobal) April 11, 2024
Bitget Bets on Its Crypto
TokenThe
platform’s native token, BGB, had a really good run last quarter, breaking its
all-time high and surpassing the $1 mark in February. Since the beginning of
2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishing
itself as a top performer among centralized exchange tokens.Currently,
it is one of the 70 largest cryptocurrencies, with a market capitalization of
over $1.8 billion and a daily trading volume of $81 million. Binance exchange’s BNB token has a market capitalization of $89 billion.Bitget’s listing
strategy led to the introduction of 186 new tokens in the first quarter,
expanding its offerings to over 750 tokens and 820 spot trading pairs. Several
tokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surging
over 3000%.According
to the latest exchange report, more people are trading
cryptocurrencies in Europe. In Germany alone, the number of traders has
escalated 69% over the year.In the meantime,
Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its global
expansion.
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Restaking Takes Center Stage In Ethereum (ETH) Staking Landscape
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In recent months, the Ethereum staking landscape has witnessed significant transformations, prompting a shift in investor preferences and reshaping the sector’s dynamics.
According to on-chain data researcher and strategist at 21Shares, Tom Wan, key metrics indicate a notable change in the approach towards Ethereum staking, with restaking gaining prominence as a preferred method.
Ethereum Restaking Landscape
Wan’s observations, shared on the social media platform X (formerly Twitter), highlight a steady increase in ETH staking deposits from restaking, rising from 10% to 60% since 2024.
Restaking can be accomplished in two primary ways: through ETH natively restaked or by utilizing a liquid staking token (LST). By staking their ETH, users secure additional applications known as Actively Validated Services (AVS), which yield additional staking rewards.
A significant player in the staking landscape is EigenLayer, which has emerged as the second-largest decentralized finance (DeFi) protocol on the Ethereum network.
EigenLayer has achieved a significant milestone with the release of EigenDA, its data availability Actively Validated Service (AVS), on the mainnet.
According to a research report by Kairos, this launch marks the beginning of a new era in restaking, where liquid restaking tokens (LRTs) will become the dominant way for restakers to do business.
Currently, 73% of all deposits on EigenLayer are made through liquid restaking tokens. The report highlights that the growth rate of LRT deposits has been significant, increasing by over 13,800% in less than four months, from approximately $71.74 million on December 1, 2023, to $10 billion on April 9, 2024, demonstrating the growing confidence in EigenLayer’s approach to restaking and contributing to the shifting tides in Ethereum’s staking landscape.
According to Wan, the rise of liquid restaking protocols has also contributed to a decline in the dominance of Lido (LDO), a staking service solution for Solana (SOL), Ethereum, and Terra (LUNC).
On the other hand, Etherfi has emerged as the second-largest stETH withdrawer, with 108,000 stETH withdrawn through the first quarter of 2024. This trend exemplifies the increasing popularity of liquid restaking protocols, allowing stakers to withdraw and actively utilize their staked assets while still earning rewards.
Ether.fi Set To Surpass Binance In ETH Staking
Data provided by Wan also shows a decline in the dominance of centralized exchanges (CEXs) in ETH staking. Since 2024, CEXs have seen their share of staking decline from 29.7% to 25.8%, a significant drop of 3.7%.
As a result, the decentralized staking provider Kiln Finance has surpassed Binance and become the third-largest entity in terms of ETH staking. With Ether.fi poised to follow suit, it is expected to surpass Binance’s position shortly, according to the researcher.
In short, these developments signify a paradigm shift in the Ethereum staking landscape, with re-staking methodologies gaining traction and decentralized protocols like EigenLayer and Ether.fi challenging the dominance of established players.
The 1-D chart shows ETH’s price volatility for the past few days. Source: ETHUSD on TradingView.com As of this writing, ETH’s price stands at $3,500. It has been exhibiting a sideways trading pattern over the past 24 hours, remaining relatively stable compared to yesterday.
Featured image from Shutterstock, chart from TradingView.com
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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Anticipation Builds as Bitcoin Stands Less Than 1,400 Blocks From Monumental Halving
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According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching $73,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
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