Cryptocurrency Archives - Page 162 of 166

Bitcoin’s abrupt decline is pulling down crypto stocks such as Coinbase — and even Tesla

Written by Stephanie Bedard-Chateauneuf on March 19, 2024. Posted in Cryptocurrency.

Bitcoin’s recent plunge has had a ripple effect, dragging down major crypto-related stocks, including Tesla and Coinbase. The cryptocurrency saw a sharp 7% decline in its price, tumbling from $73,000 to around $63,000 in just under a week. This downward trend was exacerbated by a record daily outflow of $642.5 million from Grayscale’s spot Bitcoin ETF, GBTC, on Monday.

MicroStrategy, a software company known for its Bitcoin maximalist stance, also took a hit, experiencing a nearly 7.5% loss and trading at $1,384 at the time of writing. The company recently completed another convertible note offering to boost its Bitcoin holdings, selling $604 million in notes to purchase 9,000 bitcoin. This move is part of MicroStrategy’s aggressive Bitcoin buying strategy, with the company now owning 214,246 bitcoin, which represents 1% of the total Bitcoin supply.

Tesla, another prominent player in the crypto space, saw its stock price plummet by 60% from its all-time high, currently trading at $171 with a 1.2% decrease in a day. The stock’s volatility was fueled by an interview in which Tesla CEO Elon Musk was questioned about his alleged drug use, following a story published by The Wall Street Journal. Despite the decline, Tesla holds over 10,500 bitcoin, valued at $336 million.

Coinbase, the largest publicly traded crypto exchange, also faced a 3% decline, trading at $230 at the time of writing. The drop in its price is directly linked to Bitcoin’s sharp decline.

Other stocks in the crypto space experienced similar declines. Square, led by Jack Dorsey, saw a nearly 2% drop, hovering around $80. Robinhood, a crypto-friendly company, witnessed a 5% decline in its shares, which fell to $17. Riot Platforms, a crypto mining company, suffered a more than 2% loss, dropping to $11.

Despite the recent downturn, experts remain optimistic about Bitcoin’s future, believing that it will soon recover and reach new heights.

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Crypto Advocates Support Coinbase’s Call for SEC Rulemaking

Written by Faith Yakubu on March 19, 2024. Posted in Cryptocurrency.

Several crypto organizations and lobbying groups have thrown their weight behind Coinbase’s efforts to prompt the Securities and Exchange Commission (SEC) to establish clear regulations for the cryptocurrency industry. In amicus briefs filed on Monday in the Court of Appeals for the Third Circuit, these groups highlighted the SEC’s lack of clarity in regulating crypto and argued that existing securities laws are ill-suited for the digital asset landscape.

Among the proponents are the U.S. Chamber of Commerce and the Crypto Council for Innovation, who emphasized the necessity for the SEC to intervene and draft comprehensive rules tailored to the crypto sector. They voiced concerns that without regulatory clarity, more businesses might opt to relocate due to the uncertain regulatory environment in the United States.

This development stems from a protracted dispute between Coinbase and the SEC regarding the need for specific regulatory frameworks for crypto. Coinbase initially requested formal rulemaking from the SEC in July 2022 and subsequently sued the agency in April 2023 to compel a response to its petition. However, the SEC rejected the call for new rules, with Chair Gary Gensler asserting that existing regulations already encompass crypto activities. In response, Coinbase sought relief from the appeals court to compel the SEC to initiate rulemaking for the crypto industry.

Meanwhile, the SEC has been pursuing enforcement actions against numerous crypto firms, including Coinbase, for allegedly operating as unregistered exchanges.

In their amicus briefs, the Crypto Council for Innovation criticized the SEC’s enforcement approach as arbitrary and lacking stakeholder input. They highlighted the challenges faced by industry participants in deciphering the SEC’s stance based on public statements and judicial rulings.

Similarly, the U.S. Chamber of Commerce expressed concern over the economic repercussions of regulatory ambiguity on investors and the digital asset economy. They criticized the SEC’s reluctance to adapt regulations to accommodate the evolving crypto landscape.

Paradigm, a crypto investment firm, argued in its brief that the SEC’s traditional regulatory framework for securities is incompatible with crypto, given its decentralized nature. They highlighted the inadequacy of issuer-centric disclosures mandated by the SEC for crypto projects, emphasizing the decentralized nature of crypto networks.

Overall, these amicus briefs underscore the pressing need for regulatory clarity in the crypto space and advocate for the SEC to take proactive steps in drafting tailored rules for the industry.

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Crypto Market Turmoil: Altcoins Plunge as Bitcoin Dips Below $63k

Written by Faith Yakubu on March 19, 2024. Posted in Cryptocurrency.

In a tumultuous turn of events, the cryptocurrency market saw a significant correction as Bitcoin (BTC) plummeted below the $67,000 mark, hitting a low of $62,460. At present, bullish sentiment is waning, with bears eyeing the $62,000 support level, potentially pushing Bitcoin below the $60,000 threshold.

Altcoins bore the brunt of the downturn, experiencing declines ranging from 20% to 40% from recent highs. Investors scrambled to secure profits amidst the market turbulence, awaiting a stabilization period.

Data from Coinglass reveals that long positions suffered the most during this pullback. The relentless ascent of Bitcoin over the past few weeks led many traders to believe in a one-way trajectory, only to be met with a significant correction.

Monday witnessed negative flows into spot Bitcoin exchange-traded funds (ETFs) for the first time since March 1, primarily due to a staggering $642.5 million outflow from Grayscale’s GBTC, marking its largest single-day outflow on record.

According to Farside data, GBTC has witnessed total outflows surpassing $12.4 billion, while BlackRocks IBIT recorded inflows reaching $12.96 billion. Combined, these ETFs have seen a net flow of $12 billion, currently holding 836.6k BTC valued at approximately $53.1 billion.

Despite skepticism from some quarters regarding the current bull cycle’s longevity, the looming halving, still over 30 days away, suggests otherwise. Historical trends indicate that peak cycles typically occur six to nine months post-halving.

While ETF inflows have been notable, many investment advisors have yet to advocate for Bitcoin allocations to their clients. Grant Engelbart, Vice President and Investment Strategist for Carson Group, notes that only a few advisors have allocated to Bitcoin ETFs, with an average allocation of 3.5%.

Analysts anticipate the halving to serve as the next significant catalyst for Bitcoin and the broader crypto market, foreseeing sideways price movements until then.

Henry Robinson, Co-founder and Head of Crypto at Decimal Digital Currency emphasizes Bitcoin’s evolving role as a vital institutional asset, driven by substantial weekly net inflows into new Bitcoin ETFs. He predicts further price surges in 2024, attributing them to reduced monthly BTC supply post-halving.

Robinson views the recent correction as an opportunity for leveraged traders to reassess their positions, cautioning against overconfidence amid bullish sentiments. He underscores the growing sophistication and liquidity in the BTC market, thanks to ETFs, which are also educating traditional asset managers about Bitcoin’s potential.

As the market navigates through accumulation phases and price adjustments, Rekt Capital, a market analyst, advises newcomers to brace themselves for the volatility inherent in cryptocurrency bull markets.

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“Solid Projects We Would Love to Work With”: Bybit Affirms its Open and Collaborative Approach in Livestream Event with Solana Ecosystem to Unveil Ecosystem Growth and Prioritize User Value in Web3

Written by CryptoCurrencyNews on March 19, 2024. Posted in Cryptocurrency.

DUBAI, UAE, March 19, 2024 /PRNewswire/ — Bybit, one the world’s top three crypto exchanges by trading volume, and Solana, one of the fastest-growing ecosystems in the blockchain sphere, joined forces for an electrifying livestream discussion with other dApps. The event showcased the remarkable growth of the Solana ecosystem and unveiled exciting plans for the future, with a focus on delivering values to the blockchain ecosystem.

During the livestream, Ben Zhou, co-founder and CEO of Bybit emphasized the importance of partnerships with solid projects, resilience and vision, reflecting Bybit’s strategic approach to collaboration within the cryptocurrency ecosystem. “We’re drawn to projects with a proven track record and a solid foundation,” Zhou said. “Solana really surprised me in how it developed and how resilient it is, and now that the community is super strong, all these new projects are building onto it.”

Lily Liu, president of the Solana Foundation, spoke about the unique capabilities Solana brings to the table. “Solana stands apart with its ability to execute transactions in a blink of an eye and at minimal cost enabling what was once thought impossible,” Liu said. “This paves the way for innovative applications previously beyond reach.”

Bybit’s commitment to nurturing a robust and innovative crypto ecosystem is underscored by its focus on Web3 initiatives like Solana Fiesta, with planned hackathons, conferences, and collaborative efforts hosted at Bybit’s Dubai Crypto Ark Space designed to expand crypto adoption and spur innovation.

Marius George Ciubotariu, a core contributor to Kamino Finance, a leading decentralized finance (DeFi) protocol on Solana, welcomed the opportunity to offer Bybit users an airdrop of the new Kamino ($KMNO) token, as part of Bybit x Solana‘s Airdrop Arcade. “This is the moment when many will discover Solana for what it is: a seamless, straightforward blockchain experience akin to using the web without cumbersome interfaces or wallets,” he said.

Joe Takayama, YouTube influencer, pointed out the innovative projects on Solana, many of which will be listed on Bybit. “A lot of the coins on Solana are not just tokens. They’re building and investing in the Solana ecosystem. The tools and products they build will appeal to the mass market.”

Bybit’s alliance with Solana is a pivotal step toward creating a more accessible, efficient, and innovative digital asset landscape. Emily Bao, Web3 evangelist from Bybit Web3, summed up the venture, “Our goal is to collaborate with the best in the blockchain world, and Solana is one of our top choices with its innovation and efficiency.”

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over one million wallet users, over 10 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Flash News: OKX DEX Launches ZK Token Trading Campaign with a 9,000 ZK Token Prize Pool

Written by CryptoCurrencyNews on March 19, 2024. Posted in Cryptocurrency.

SINGAPORE, March 19, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 19, 2024.

OKX DEX Launches ZK Token Trading Campaign with a 9,000 ZK Token Prize Pool

OKX today launched a new trading campaign on its DEX aggregator, giving eligible users who trade Polyhedra Network‘s ZK tokens the opportunity to claim a share of a 9,000 ZK token prize pool. The campaign begins on March 19 at 6:00 PM (UTC+8) and ends on April 9 at 6:00 PM (UTC+8).

Users must trade ZK tokens worth more than US$100 on OKX DEX to be eligible for the campaign’s rewards. Further details on how to participate in the campaign can be found here.

Polyhedra Network offers cross-chain solutions for both Layer 1s and Layer 2s through the use of zkBridge. This utilizes zero-knowledge proof to securely verify state transitions between chains without the need for trust. zkBridge technology not only ensures robust security without external assumptions, but also lowers the costs of on-chain verification.

Note: Not all products are available in all regions. OKX reserves the right to determine and amend the rules of the campaign at any time without further notice, including but not limited to canceling, extending, or terminating this campaign, modifying the eligibility conditions for users participating in the campaign, and adjusting the campaign and reward rules. For the campaign’s full terms and conditions, click here.

For more information, please visit the OKX Support Center.

For further information, please contact:
Media@okx.com

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
DEX: A multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and more than 20 blockchains supported.
NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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SOURCE OKX

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