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Bitcoin Halvings: The 3,230% Surge & The Evolving Narrative

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Bitcoin halvings are one of the most anticipated events in the crypto world. Recent research by CoinGecko gives insights into Bitcoin’s historical performances after every halving. The findings show a stunning trend that, on average, Bitcoin has seen unbelievable gains of 3,230% within one year after halving. But behind it all is a more intricate story, overshadowed by diminishing returns and changing market dynamics.

Studying price activity around prior halves offers useful information. In less than 12 months from November 2012, when the first halving took place, BTC price jumped from around $12 to as high as $1,075. Similarly, the second halving in July 2016 made it climb from just about $650 to as much as $2,560 during the same period. Again, there was another great hike that happened during the recent halving of May 2020, when BTC increased from about $8,727 to an astonishing $55,847 within one year.

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Impact on Bitcoin’s Trajectory

However, now that the Bitcoin environment has changed. The effect of this on a more mature and complex market for BTC is due to institutional investors coming in, regulatory changes taking place as well as macroeconomic conditions prevailing. Therefore, the narrative about halving-driven price increases is no longer as straightforward as before.

One factor contributing to Bitcoin’s post-halving performance is its market cap dynamics. Over the course of every halving event, BTC market capitalization has seen fluctuations linked to various factors such as investor emotions, external market events and others. Although having an impact on investor sentiments and behaviors at times, Halvings are subject to wider-market forces.

To start with, BTC’s supply is finite, as reflected by the diminishing returns that come with each halving. The rate at which new supply enters the market has been going down since more than 93% of Bitcoins have already been mined. As such, the market becomes a better price setter for the cryptocurrency, thus slowing down price increases.

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Market outlook for Bitcoin’s fourth halving set to take place around April 2024 indicates that there are numerous factors which may influence its future path. This situation results from various factors such as introduction of Bitcoin ETFs, expected regulatory changes and ongoing macroeconomic trends that make it appear uncertain yet promising.

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Ethereum’s Q1 2024 Growth: Financial and Network Expansion Drive Momentum

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The first quarter of 2024 has seen big growth for Ethereum (ETH), one of the pioneer blockchain platforms, in terms of key financial metrics and network activity. The most recent study by Coin98 Analytics uncovers the strong performance of Ethereum in this period.

Regarding financial performance, ETH saw considerable gains in fees and revenue, with fees and revenue growing almost two-fold quarter over quarter and three times over than the previous quarter. This wave of funds reflects the strong financial base of ETH and its capability to produce huge amounts within the ecosystem.

At the same time, the network’s activity surged to unseen before volumes with over 107 million transactions executed on Ethereum’s system during Q1 2024. This increase in transaction volume demonstrates higher user activity and solidifies Ethereum’s position as the platform of choice for decentralized applications and transactions.

Ethereum’s Surging User Base And Ecosystem Expansion

In addition, during the first quarter, ETH saw a tremendous introduction of new users, where nearly 9.7 million new addresses were created within the system. The increase in new addresses indicates rising attention to Ethereum’s features and demonstrates its enlarging user pool.

However, the growth of Ethereum’s ecosystem stretched far beyond the transaction volume and user adoption. There was a significant growth of the TVL (Total Value Locked) in the ETH network, which increased by more than 1.8 times during the quarter-on-quarter. In this period also, the production of over 4.8 million NFTs indicates the vibrant NFT market on ETH and its dominance as a leading platform for the production and trading of digital assets.

With ETH’s price falling by 2.30% to $3,310.30, its trading volume increased by 15.37% to $20.75 billion during the last 24 hours though the value decreased a little. However, this is just a temporary setback as the overall market capitalization of Ethereum is still substantial at $397.47 billion as the digital currency takes the position of the second largest digital currency by market cap.

However, the future development path of ETH looks encouraging as it keeps innovating and growing its ecosystem. Financials and activities of the platform in the first quarter of 2024 confirm its resilience and place in the blockchain industry.

Ethereum, as it continues to evolve, is positioned to power more innovation and adoption in decentralized finance (DeFi), non-fungible tokens (NFTs), and other sectors, making it a flagship of the digital economy.

Shiba Inu’s Supreme Soar as No.1 on WazirX

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Shiba Inu (SHIB), a notable meme coin and Dogecoin contender, has firmly established its presence in India, despite regulatory challenges in the crypto sphere. SHIB has emerged as the leading cryptocurrency traded on WazirX, a prominent Indian exchange. The SHIB team expressed gratitude for this achievement, attributing it to the steadfast support of the SHIBArmy.

In a recent announcement, the SHIB team highlighted the community’s role in propelling SHIB to the forefront of Indian crypto trading. They acknowledged WazirX’s acknowledgment of SHIB surpassing Bitcoin in March, stating,

“SHIB was one of the hottest coins on @WazirXIndia!”

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With Bitcoin trailing behind, other meme coins like Pepe Coin (PEPE) and Floki Inu (FLOKI) have also entered the scene. This milestone underscores SHIB’s resilience amid regulatory uncertainties and signifies the growing prominence of meme coins in India’s crypto landscape. Additionally, SHIB’s success on WazirX reflects the emerging dominance of local exchanges amidst regulatory restrictions on foreign platforms.

Shiba Inu Army’s Support Catapults Bone ShibaSwap to Victory

The Shiba Inu community has been buzzing with excitement as the official Shiba Inu Twitter account recently made a momentous shoutout to its dedicated followers. Shibarium gas token Bone ShibaSwap (BONE) clinching the coveted title of “#1 people’s choice” nomination on MarketCoinpedia. This milestone underscores the unwavering support of the Shiba Inu army, propelling BONE to the forefront of recognition.

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In parallel, the SHIB burns have surged exponentially, marking a staggering 2,355% spike within the past 24 hours. Over 110 million SHIB tokens were incinerated in a series of six burn transactions, with the largest burning over 105 million tokens. This surge is indicative of the community’s fervent commitment to token sustainability and value enhancement.

March witnessed a remarkable feat as well, with the disposal of a jaw-dropping 15.6 billion SHIB tokens, amplifying the monthly burn rate by 2,230%. The majority of these burns were orchestrated by the SHIB team, demonstrating proactive measures towards tokenomics stability.

The integration of Shibarium and the strategic utilization of BONE gas fees have fortified these burn initiatives, underscoring the community’s proactive stance towards token utility and longevity. As the Shiba Inu ecosystem continues to evolve, the collective efforts of its dedicated community ensure a resilient and thriving future for SHIB and its affiliated tokens.

Bitcoin’s Roller Coaster: A $2 Billion Government Move Shakes the Market

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The Bitcoin market suffered a steep fall, losing almost 10% of its value in just two days. From a high of $71,000, the value of the cryptocurrency hit a low of $64,000 which had not been seen in the past 20 days. This recent volatility has been associated with the moves by the US government, which initiated a test transaction with a large amount of Bitcoin.

Famous crypto analyst Altcoin Daily revealed that the government has started transferring 30,000 Bitcoin that was seized from Silk Road to the popular cryptocurrency exchange, Coinbase. This action has created a lot of anxiety among the investors and traders given that the present market value of the assets in question is around $2 billion. Even though the first transfer amounted to just $69, the experts theorize that this could be the beginning of a larger liquidation that shall be conducted by the US Marshals, who are responsible for disposing of confiscated assets.

Bitcoin’s Resilience And Altcoin Surge

In a recent YouTube video, the analyst tries to calm people down by pointing out how small the sell-off is compared to Bitcoin’s whole market capitalization. They contend that a $2 billion infusion is neither here nor there, proposing that the market’s response may be more psychological than rational.

Additionally, the narrative of other altcoins such as Cardano has been one of staying strong and growing with statistics such as transaction volume and developer activity exceeding historical records. This contradicts the negative perception that the cryptocurrency ecosystem is on the wane, rather than portraying a lively and growing community.

The conversation also turned to meme coins and the greater fool theory as a reflection on the speculative character of present investments and the pursuit of fast profits in a market flooded with liquidity. Even with such challenges, the argument for cryptocurrencies that is advocated for by the likes of Joe Kernan still stands for other reasons which are the technology itself and the potential of the cryptocurrencies to be utilized in the real world.

While the market passes through this stormy period, most observers agree that the future of cryptocurrencies is quite promising, wherein the adoption rate continues to grow and the potential user base is expected to be 1 billion by the end of 2025. Although creating short-term uncertainty, this event might eventually enhance the market by removing weak hands and laying the ground for sturdier growth in days to come.

Goldman’s Crypto War: Defiance Against Wall Street Trends

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In the ever-evolving landscape of finance, the word “crypto” has become a polarizing topic, especially among Wall Street’s titans. While some have embraced it with open arms, Goldman Sachs stands as a bastion of skepticism, refusing to budge from its negative stance.

Despite competitors like BlackRock and Fidelity doubling down on crypto, Goldman Sachs, under the guidance of Sharmin Mossavar-Rahmani, remains steadfast. Mossavar-Rahmani, the chief investment officer of the bank’s Wealth Management unit, has long been known for her skepticism toward Bitcoin and other digital assets. In a recent interview with the Wall Street Journal, she reiterated Goldman’s position, stating firmly,

“We do not think it is an investment asset class. We’re not believers in crypto.”

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Mossavar-Rahmani, Chief Investment Officer (CIE), Goldman Sachs

One of the primary reasons behind Goldman’s reluctance to embrace crypto lies in its inability to assign a tangible value. Mossavar-Rahmani questions, “If you cannot assign a value, then how can you be bullish or bearish?” This uncertainty fuels Goldman’s reservations, further solidifying its stance against the digital currency.

Moreover, Mossavar-Rahmani criticizes the digital asset industry’s purported democratization of finance, highlighting the irony of decision-making being concentrated in the hands of a select few. Despite the industry’s claims of inclusivity, control remains with a minority, undermining its purported ethos.

Goldman Sachs Holds Ground Against Crypto Craze

Goldman’s stance contrasts sharply with its peers’ actions. While J.P. Morgan Chase launched its blockchain platform in 2020, boasting a team of over 100, and Citigroup Inc. explores fund tokenization, Goldman Sachs remains on the sidelines, unwilling to participate in the crypto frenzy.

In a financial landscape where innovation often dictates success, Goldman’s steadfastness appears as both a testament to its conservative approach and a challenge to the status quo. As its competitors forge ahead into the crypto space, Goldman Sachs remains resolute, emphasizing caution over fervor.

While the allure of digital assets continues to captivate investors and institutions alike, Goldman Sachs’ stance serves as a reminder of the complexities and uncertainties inherent in this nascent asset class. Whether this skepticism will endure or yield to the tide of crypto remains to be seen. For now, Goldman Sachs stands firm, unwavering in its conviction against the crypto wave.

Soaring Spot Bitcoin ETF: $87M Daily Outflow Shocks Investors

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Bitcoin, the flagship cryptocurrency, has been at the forefront of attention lately, with recent movements in the market sparking both interest and concern among investors. The latest data from SoSoValue indicates significant fluctuations in the flow of funds across various BTC investment vehicles, notably impacting ARK Invest 21Shares’ ARKB fund.

On Tuesday, ARKB witnessed a substantial net outflow of $87.5 million, marking its highest since its inception. This figure eclipsed the outflows observed in Grayscale’s GBTC, which recorded $81.9 million on the same day. These outflows followed a trend, as just the day prior, ARKB experienced net outflows for the first time since its launch. Despite this, ARKB has managed to accumulate a cumulative net inflow of $2.2 billion to date, underscoring the volatility inherent in cryptocurrency markets.

In contrast, BlackRock’s IBIT recorded a notable net inflow of $150.5 million, signaling investor confidence in certain BTC investment avenues. Fidelity’s fund also saw positive activity, adding $44.8 million to its assets. Furthermore, spot ETFs from VanEck and Bitwise observed modest inflows ranging from three to five million dollars.

Spot Bitcoin Market Volatility

The dynamics in BTC-related investments coincided with a slight decline in BTC’s price on Tuesday, with the cryptocurrency trading at $65,881. This downturn persisted over the past week, with bitcoin experiencing a 6.6% drop in value. However, industry experts remain optimistic about BTC’s future trajectory, particularly with the upcoming BTC halving event anticipated later this month.

Historically, bitcoin halving events have been followed by bullish cycles, as noted by Justin d’Anethan of Keyrock. Mark Yusko, CEO of Morgan Creek Capital Management, echoed this sentiment, predicting a surge in interest and a potential rise in bitcoin’s value to $150,000 by year-end, driven by FOMO among investors.

Despite the fluctuations in the bitcoin market, broader cryptocurrency indices such as the GMCI 30 Index experienced a marginal decline of 1.2% in the last 24 hours. This suggests that while individual cryptocurrencies may face volatility, the overall market remains resilient.

As investors navigate the ever-changing landscape of cryptocurrency investments, events like bitcoin halving and market trends will continue to shape the narrative surrounding digital assets like bitcoin.

Restaking Unveils Ethereum’s Potential But Conceals New Risks: Coinbase Report

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In the heart of Ethereum’s bustling ecosystem, a revolutionary concept is taking root – restaking. This innovative approach, touted as the bedrock for a plethora of decentralized applications (DApps), promises to reshape the landscape of decentralized finance (DeFi). Yet, amidst the fervor, whispers of concealed risks are beginning to circulate.

Coinbase, one of the main players in cryptocurrencies, has also given a word of caution. A recent report from them reveals that although Ethereum’s proof-of-stake (PoS) system appears to possess an impressive economic security fund that exceeds $112 billion, integrating restaking may cause unknown risks like Pandora Box.

Leading this movement is EigenLayer: it is now Ethereum’s second-largest DeFi protocol by Total Value Locked with some $12.4 billion locked up at present. EigenLayer’s innovative restaking protocol provides validators with a way to secure the Ethereum network while earning extra compensation through actively verified services. It signifies a departure toward the “security-as-a-service” model alongside new income streams for validators.

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Hidden Risks In Ethereum’s Restaking Landscape

However, Ethereum has its own concerns regarding AVSs introduction as well as risks linked with restaking that remain obscured. The complexity of slashing penalties and seizure threats is very high which spoils the picture of staking rewards altogether.

The situation is further complicated by the rapid expansion in liquid restaking tokens (LRTs). Risk becomes less understandable when there are many protocols competing to dominate the LRT market. In view of this increased demand for stakes, the crypto community stands at a crossroads between attractive incentives on one hand and vague dangers associated with it on another.”

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Also, there is a negative outlook on the DeFi landscape due to LRT valuation risks. The danger of market fall and liquidations that come after them are imminent in this unpredictable world that questions the reliability of LRTs as collateral within DeFi ecosystem. Nonetheless, amid the maze of dangers, there is still some hope. In this uncertain environment, however, there are protocols that can make sense out of LRTs’ underlying principles and diminish risks using innovative mechanisms.

Related Reading | Deribit Secures Conditional VASP License from VARA, Relocates HQ to Dubai

Bitcoin: DOJ Moves $2.1B Silk Road BTC To Coinbase

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The U.S. Department of Justice [DOJ] transferred 30,174 bitcoins worth roughly $2.1 billion from the infamous Silk Road marketplace to a new wallet on Coinbase. On-chain data revealed that a test transaction of 0.001 Bitcoin was first sent to a Coinbase Prime address from a wallet associated with the DOJ. Subsequently, a larger transaction of 30,174 BTC, valued at around $2 billion at the time, was initiated at a new address.

The transaction was part of the holdings seized from James Zhong, a Georgia native, who had stolen over 50,000 BTC from the notorious darknet in 2012. He later pleaded guilty to wire fraud related to the illegal acquisition of tokens. The mastermind behind the illicit marketplace, Ross Ulbricht, received a life sentence for his involvement.

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Bitcoin: DOJ Moves $2.1B Silk Road BTC To Coinbase 10

Regarding the DOJ’s move, the US government still holds 209K bitcoins. The transfer nevertheless has sparked intense speculation in the community. Some members suggested that the coins associated with Silk Road might have already been sold, citing reports indicating a planned sale of over $130 million worth of bitcoin.

Silk Road Bitcoin Sale and Post-Trade Settlement

As per a report by the leading news outlet, on January 25, the US government planned to sell around $130 million worth of bitcoins linked to the Silk Road. This implies that the government intended to liquidate a portion of the seized bitcoins by selling them on the market.

Likely, the USG/Silk Road coins were already sold, and this is a post-trade settlement. Blockworks_ reported on Jan 25 that they were going to sell for $130 million. Today they moved ~2k BTC ($131m) to CB. To be clear, counter to what many have said, 30k BTC was not sent to coinbase. from ~31,799 BTC, 0.00010000 BTC (100k sats) was sent in a test tx to coinbase, then 1999.999 BTC was sent to coinbase. the remaining 29,799 remain unspent and are likely still sitting with the US gov

There was still confusion surrounding the transaction, with some claiming the entire 30,000 BTC was not transferred to Coinbase. According to Alex Thorn, there are still 29,799 BTC remaining unspent. These bitcoins are likely still under the control of the United States government and have not been included in the recent transfers to Coinbase.

Render (RNDR) Surges Despite Market Fluctuations: Analysts Eye $16-$18 Target

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Render (RNDR) has been on the rise, gaining attention amid volatility within the crypto market. Bitcoin went through a significant drop to below $65k whereas RNDR stayed strong throughout. Over the last year alone, RNDR has experienced an astonishing 664% increase, which shows its potential for growth and stability.

RNDR plummeted by almost 14%, over the last week. RNDR continues to attract interest and investments despite such temporary drawbacks. At the time of writing, the price of Render Tis at $9.82 with its 24-hour trading volume amounting to $545.03 million and its market capitalization being equal to $3.63 billion. Additionally, over the past day, RNDR has experienced a positive increase of 4.74%, thus showing continued investor confidence and potential for more growth.

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Source: CoinMarketcap

Matthew Hyland, a renowned cryptocurrency analyst, points out that RNDR is currently having to recapture prior support levels, which have converted them into resistance barriers. He also states that whenever the RNDR has managed to assert these positions before, it was followed by a huge bounce in price. For instance, during this period alone, tokens skyrocketed from $7 to $12.

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Hyland seems to suggest that if RNDR fails to repeat such a trend, then it will determine its short-term movement path. If it cannot reclaim these support-turned-resistance levels, he envisions a likely retest of sub-support levels. This analysis highlights how important it is for one-track RNDR’s ability to surpass resistances in order to extrapolate future price movement of the coin..

Render (RNDR) Target Price Range Reiterated at $16-$18

Additionally, another crypto analyst maintains their bullish stance on RNDR’s price action emphasizing that their outlook remains unchanged. They also reaffirm their target price range for RNDR at $16-$18 indicating continued confidence in the coin’s growth potential.

The analyst advises traders to consider the “buy box” as the optimal purchasing opportunity for RNDR, reaffirming their commitment to accumulating more tokens at a price of $9.5. They express a reluctance to wait for a minor price difference of 5-10%, emphasizing the potential for substantial gains in the next uptrend, estimated at 60-100%.

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The analyst reflects on missing chances by stating how he was among those who entered into RNDR at an early stage of $0.41 because of greed, stressing catching opportunities for huge profits. Their text implies belief in RNDR’s long-term prospects and suggests other people accept this initial investment stage regarding Render Token.

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GF Securities Launches First Tokenized Commercial Paper in Hong Kong

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GF Securities (Hong Kong), a re­nowned Chinese se­curities firm, achieved a re­markable milestone by issuing the­ inaugural short-term commercial paper (Comme­rcial Paper) tokenized se­curities under Hong Kong’s legal frame­work. ABT Tech, a locally incubated blockchain technology company, provided technical expertise.

Hong Kong, known as a world financial center, is now wholeheartedly embracing innovation to spearhead a new phase of digital real asset investment. From Web 3.0 to virtual assets and Real World Assets (RWA) tokenization, the city has made some positive steps forward.

This significant offe­ring heralds the introduction of tokenize­d securities, following the issuance­ of pivotal regulatory guidelines from the­ Hong Kong Securities and Futures Commission last Nove­mber. It signifies a transformative mile­stone in the region’s digital finance­ landscape.

The tokenized security is based on the Ethereum blockchain public network ecosystem and has numerous benefits, including better transactional security, transparency, and efficiency. Free from institutional constraints, investors can obtain all the information they need concerning tokens.

It is a paradigm shift that takes us away from the traditional intermediaries of the issue of tokenized securities and makes investment democratic. This move reduces the participation threshold significantly and expands the number of investors, creating favorable conditions for personalized product design.

Tokenized RWA Reform Investment Accessibility

However, the tokenized RWA represents just an initial step towards digitizing assets. Allowing tokens to be issued and traded, therefore, allows investors to own tangible physical assets on a public ledger in blockchains, which is able to reduce the investment thresholds and optimize asset liquidity.

Furthermore, The Hong Kong Securities and Futures Commission (SFC) has clarified that Security Token Offerings (STOs) and RWA investments can now be accessed by retail investors, which will attract a large influx of funds into the Hong Kong market.

The beginning of RWA and STO are projected to inject a new drive into the Hong Kong economy by improving asset liquidity and bettering operational efficiency. Even as these changes are still in their infancy, regulatory improvements and increased investor knowledge will steer traditional financial institutions.

Hong Kong’s Role in RWA Innovation

Looking ahead, Hong Kong has huge potential when it comes to RWA and STO innovation. Supported by a strong regulatory framework, the city is well-placed to drive the change towards Web3 in the industry. However, this momentum must be maintained through more breakthroughs and infrastructure improvements.

Despite the challenges posed by technological advancement and compliance issues, Hong Kong’s regulatory authorities have been open and supportive of RWA innovation. That means when retail investors are embraced, there will be more funds available for RWA innovation in Hong Kong.

Standing at the precipice of the digital economy era, Hong Kong’s embrace of the RWA revolution exemplifies its commitment to pioneering innovative development. With concerted efforts from all stakeholders, Hong Kong can capitalize on the opportunities presented by Web 3.0, leading the charge toward a thriving digital economy.

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