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Bitcoin Lending Platform Liquidium Secures $1.25 Million In Funding

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The pioneering Bitcoin lending platform Liquidium has raised $1.25 million in a pre-seed funding round to further develop its innovative solutions that allow the use of non-fungible tokens called Ordinals as collateral for loans denominated in Bitcoin.

The successful funding round highlights the increasing mainstream traction and demand for crypto-native financial services that expand Bitcoin’s usefulness beyond payments. With backing from leading crypto venture funds like Bitcoin Frontier Fund and Sora Ventures, Liquidium aims to establish itself as the leading fair and accessible on-chain lending market on Bitcoin.

Collateralizing Rare Digital Art for Bitcoin Lending

Liquidium utilizes technical protocols like Partially Signed Bitcoin Transactions and Discreet Log Contracts that allow the use of Ordinals – Bitcoin’s version of NFTs – as loan collateral while avoiding the need for smart contracts. Since the Ordinals represent ownership of rare digital art and other collectibles, this unlocks their latent financial utility.

By enabling lending against these illiquid assets, Liquidium creates earning opportunities for lenders while allowing borrowers to access liquidity without selling their cherished NFT possessions. Since its launch in July 2022, Liquidium has already facilitated over 300 loans worth upwards of $870,000 in volume.

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Source: Liquidium

Having established an impressive track record in closed beta, Liquidium has now opened access to everyone by shifting to open beta. The platform is working on expanding support to fungible tokens on Bitcoin as additional collateral options.

“Bitcoin opened an era of fair, non-custodial, accessible transactions. Until recently it was limited to basic payments. At Liquidium, we took this vision further and created the leading fair, non-custodial, and accessible lending market on Bitcoin, the most secure blockchain in existence,” said Robin Obermaier, CEO and Co-Founder.

Validation Of Liquidium’s Vision

The successful funding round validates Liquidium’s potential to bring innovation to Bitcoin lending markets. With backing from savvy crypto investors, Liquidium is strategically positioned to increase the adoption of Ordinals and expand Bitcoin’s utility.

“I truly appreciate the opportunity Liquidium has provided me. I wouldn’t have the collection I have today without this platform,” said Borrower of Liquidium, who acquired Ordinals with the help of Liquidium.

As Liquidium executes on its vision with continued product development, it could reshape how lending and borrowing work in the Bitcoin ecosystem – bringing maturity and diversity similar to traditional finance.

Related Reading | Coinbase Seems to Be the 1st Ever Bitcoin Lending Acquirer From Goldman Sachs

Dogecoin Breaks Through Resistance, Eyes $0.14 With Strong $0.095 Support

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Popular analyst Ali has reported that Dogecoin (DOGE) has effectively surpassed significant resistance levels. The digital currency, known for its Shiba Inu-inspired logo, seems poised for an upward trajectory, with strong support at $0.095.

Analyst Ali shared, citing the resilience of the $0.095 support level. The support is bolstered by a substantial influx of activity, with a whopping 63,280 addresses collectively purchasing 3.2 billion DOGE. This surge in buying pressure has provided a solid foundation for Dogecoin to build upon.

The market sentiment appears optimistic, fueled by the impressive show of support at the $0.095 level. If this trend persists and the support remains steadfast, analysts believe that Dogecoin could set its sights on the $0.14 mark soon.

Current Dogecoin Performance & Market Trends

The journey of DOGE’s price has been marked by notable volatility in recent days. Between November 28 and December 6, the meme-inspired cryptocurrency witnessed a remarkable 35.7% surge, reaching the $0.1041 level. Coincidentally, December 6 marked Dogecoin’s birthday, commemorating the day in 2013 when the cryptocurrency was introduced to the market as a playful parody of Bitcoin. 

DOGE 1M graph coinmarketcap 1
Source: CoinMarketcap

Following the local high, DOGE experienced a swift 10.5% decline within a day, only to rebound with a 5.5% increase in the subsequent 24 hours. As of the latest data, DOGE is currently trading at $0.09432, reflecting a 5.86% gain in the past 24 hours and an impressive 22.02% increase over the week.

Adding to the intrigue of Dogecoin’s recent movements, blockchain tracking service Whale Alert reported a substantial transaction involving nearly 65 million DOGE deposited into Coinbase, one of the largest U.S.-based cryptocurrency exchanges. This transaction coincided with a significant overnight surge in the DOGE price. According to Whale Alert, a staggering 64,746,017 DOGE, equivalent to 6,127,419 USD, was transferred from an unknown wallet to Coinbase.

The interplay between market dynamics and notable transactions on major exchanges may hold clues to Dogecoin’s future price movements. With increasing attention and support from both individual investors and major addresses, Dogecoin appears to be gearing up for an eventful journey ahead. Nevertheless, as Dogecoin aims for the $0.14 target, the coming days will determine whether the current positive momentum can be sustained. 

Related Reading | Chainlink’s Long Game: Funding Rate Skews Positive, Price Aims for $20

FCSA Demands Local Crypto Presence, Risking Overseas Exodus

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The Financial Sector Conduct Authority (FSCA) of South Africa is reportedly planning to require cryptocurrency firms with foreign headquarters to establish a local branch in the country. This is part of the regulator’s efforts to improve oversight and accountability of the crypto industry, which has seen significant growth in recent years.

South Africa’s Surging Crypto Adoption

According to the FSCA’s recent Crypto Asset Market Study, South Africa has one of the highest concentrations of cryptocurrency users and service providers in Africa. The country ranked 30th globally in crypto adoption in 2021 per data from Chainalysis, demonstrating the scale of digital asset use amongst South Africans.

For the 10% of entities that have an off-shore head office, consideration will need to be given to the requirements relating to having a local branch. This is important because it, amongst other things, creates a physical presence that would allow the FSCA to have appropriate oversight over and ensure accountability of the institution conducting activities in South Africa, the regulator commented in the market study.

The majority of crypto firms in South Africa target retail investors rather than institutional ones. Crypto exchanges comprise the most common type of digital asset service provider, highlighting the primarily retail-driven nature of the market. Over 60% of digital asset holdings are in unbacked cryptos like Bitcoin and Ethereum versus 26% in stablecoins. This signals greater risk tolerance among local investors.

The growth of digital assets in South Africa has been rapid, taking both regulators and adopters by surprise. Establishing local operations will enable tighter oversight over coding standards, security safeguards, and business practices – helping ensure consumer protections keep pace.

Regulator Seeks To Balance Innovation And Risk Management

The FSCA acknowledged the breakneck pace of digital asset innovation in South Africa. Its mandate includes fostering innovation while managing risks unique to the crypto market. Updating regulatory frameworks to enable growth without compromising checks and balances sits at the heart of this balance.

Localized operations can aid this balancing act by allowing supervision attuned to South African realities. Foreign-headquartered companies may struggle to adapt global compliance models to regional nuances as crypto adoption spreads. A domestic branch helps translate international best practices more responsively to the local environment.

Licensing regime and enforcement actions aim to solidify oversight. As of November 30, 2023, South Africa’s FSCA received 128 crypto service provider license applications. Firms operating sans license face shutdowns and aggressive enforcement by year’s end. The FSCA warns it will levy fines and even imprisonment for unlicensed digital asset providers after the deadline.

While stringent, these actions exemplify the regulator’s commitment to honoring license applicants’ investments in compliance while compelling laggards to follow suit. Accompanying guidance advises all industry players and consumers to exercise caution around digital asset risks like fraud and scams until oversight fully matures.

South Africa’s FSCA straddles the line between enabling innovation and administering prudent regulation amidst a crypto boom by embedding local operations and enforcing licensing. The impacts of this balancing act will become clearer as oversight measures get rolled out industry-wide.

Related Reading | XRP Briefly Overtakes Binance Coin In Market Cap Amid Regulatory Resilience

Shytoshi Kusama, Shiba Inu’s Lead, Confirms $1 Million SHIB And BONE Burn

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Shytoshi Kusama, the lead developer of Shiba Inu, has recently provided insights into the ongoing speculations regarding the imminent burn of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) tokens in the upcoming Shibarium-powered burn. In response to community queries,Shytoshi Kusama addressed and clarified the team’s position on the burn, highlighting a dedicated emphasis on the incineration of SHIB tokens.

The clarification follows a noteworthy development in the Shibarium Layer-2 scaling solution, which recently underwent a significant hard fork. This enhancement introduced a multi-token burn model, paving the way for anticipated reductions in the supply of various crypto tokens associated with the Shiba Inu ecosystem.

Shytoshi Kusama Clarifies Team’s Stance On Token Burn Post Hard Fork

Shytoshi Kusama’s response came in the wake of mounting curiosity within the community regarding the potential burn of both SHIB and BONE tokens post the hard fork.Shytoshi Kusama unequivocally stated, “No. Burn Shib. Period,” confirming the team’s intention to exclusively burn SHIB tokens.

The accumulation of BONE tokens designated for SHIB burn on Shibarium has now surpassed 1.35 million BONE, valued at over $1.2 million. The community eagerly anticipates a substantial SHIB burn, anticipating a positive impact on the overall token ecosystem by reducing circulating supply and potentially influencing token prices.

On December 4, the Shiba Inu team executed a burn of 8.24 billion SHIB tokens, valued at $75,000, as part of the Shibarium burn. Developers, including Kaal Dhairya, have indicated plans to enhance burn capacity through a new mechanism.

Forecasts suggest that the Shiba Inu burn mechanism, set to incinerate trillions of tokens, could propel the SHIB price to reach $0.01. Noteworthy gains were observed in SHIB, BONE, and LEASE tokens this week, attributed to significant burns and ongoing developments.

Over the past 24 hours, the SHIB price experienced a 2% increase, currently trading at $0.0000102. During this period, the 24-hour low and high were recorded at $0.0000099 and $0.0000104, respectively. Conversely, BONE and LEASH tokens saw declines, trading at $0.89 and $348, as the SHIB team remains focused solely on burning SHIB tokens.

Bitcoin Potential To Reach $45,600 Amidst Its Current Bull Flag Formation

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In a recent update from cryptocurrency platform Changelly, analysts are predicting a positive outlook for Bitcoin, forecasting a 3.95% increase in its value to reach $45,624 by December 10. Changelly’s technical indicators highlight a bullish market sentiment, with an 82% confidence in Bitcoin’s upward trajectory.

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Bitcoin Potential To Reach $45,600 Amidst Its Current Bull Flag Formation 6

The Fear & Greed Index also reveals a score of 72, indicating a prevailing sense of greed among investors. Examining the past 30 days, Bitcoin has experienced 16 green days out of 30, with a notable 5.52% price volatility.

As of the latest available data, BTC’s current price stands at $43,950, accompanied by a 24-hour trading volume of $28.70 billion. The market capitalization is reported at $863.20 billion, contributing to a market dominance of 51.35%. Notably, BTC has seen a 2.04% price increase within the last 24 hours.

BTC 1D graph coinmarketcap 1
Soure: CoinMarketcap

Over the past week, Bitcoin has demonstrated a positive trend, marking a 13.58% increase. This momentum has been consistent over the last month, with a significant 23.06% rise in Bitcoin’s price.

Crypto experts, taking into account the price fluctuations observed at the beginning of 2023, anticipate an average Bitcoin rate of $54,221 in December 2023. The projected minimum and maximum prices are expected to be $44,072 and $64,370, respectively.

Bitcoin Booms: Navigating Peaks & Pitfalls

Further insights come from crypto analyst Cryptocon, who shared thoughts via a X post, emphasizing the substantial influx of money into BTC. According to Cryptocon, this surge in investment is unprecedented since the last cycle top, occurring only five times in history.

As the Money Flow Index reaches a value of 91.57, suggesting a robust market, Cryptocon believes that historical trends indicate further potential for upward movement. Pointing to the .618 cycle retrace of weekly cycle candle bodies, Cryptocon anticipates a likely inbound range of 47-48k.

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Bitcoin Potential To Reach $45,600 Amidst Its Current Bull Flag Formation 7

However, caution is advised as Cryptocon notes that, historically, upward movements are often followed by corrections. Post-surge, an area of interest for potential retracement lies between 31-32k, a level that will be further clarified with long-term data analysis.

The cryptocurrency market, particularly Bitcoin, is experiencing heightened activity, with positive indicators and expert predictions pointing towards a potential surge in value. Investors are advised to monitor the market closely and consider potential corrections after the anticipated rise.

Related Reading |  Bitcoin Traders On Edge After “Bull Trap” Rumours 

XRP Briefly Overtakes Binance Coin In Market Cap Amid Regulatory Resilience

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In a dynamic twist of events today, XRP, the controversial digital token associated with Ripple, made a fleeting surge, briefly outstripping Binance Coin (BNB) in terms of market capitalization. Recent data revealed that XRP’s market cap reached approximately $36.09 billion, trailing closely behind BNB’s $36.13 billion.

Despite being overshadowed by industry giants such as Bitcoin (BTC) and Ethereum (ETH), XRP has demonstrated remarkable resilience and adaptability. The token is poised to regain its fourth spot on CoinMarketCap. This increased clarity has provided a sense of stability to the token’s value and has allowed it to maintain a strong position in the market. Ripple coin’s ability to remain competitive in the ever-evolving cryptocurrency landscape is a testament to its enduring appeal and ability to adapt to changing market conditions.

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The value of XRP is trading at $0.6917, marking a notable 7.80% surge in price over the last 24 hours and a commendable 12.60% increase in the past week.

Source: TradingView

Legal Standing Propels XRP

Ripple’s chief legal officer, Stuart Alderoty, emphasized Ripple coin unique status within the United States. This distinct standing stems from its classification as a non-security following a significant court ruling. This legal differentiation places XRP in a distinctive position among the myriad digital tokens and could contribute to its market performance.

Amid its dominant position in the cryptocurrency market, Binance, the driving force behind the BNB token, faces regulatory obstacles affecting its market positioning. This has resulted in a favorable opportunity for competing cryptocurrencies, such as XRP, to emerge and gain ground. The challenges faced by Binance serve as a reminder of the importance of regulatory compliance in the cryptocurrency industry. It highlights the need for companies to remain vigilant and responsive to evolving regulatory requirements to maintain their competitive edge in the market.

Following Changpeng Zhao’s departure due to charges levied by the U.S. Department of Justice, uncertainties loomed over BNB’s ability to retain its prominent status. Nevertheless, CZ recently emphasized BNB’s alleged decentralization, asserting that the token does not require a CEO, despite his resignation, to reassure its position in the market.

XRP Hits Target, Gears Up For $1 As Analyst Forecasts Key Levels

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In a pivotal move, renowned crypto analyst Dark Defender shared his insights in a recent X post, stating that XRP surged to $0.6649, meeting a previously set target. Although some market participants were initially skeptical, this achievement indicates a positive shift in sentiment within the XRP community.

Dismissing doubts about XRP reaching a $1 valuation as amusing, the analyst highlighted the achievement of surpassing the $0.6649 target, a level initially subject to mockery. Emphasizing the significance of daily closing above this mark, Dark Defender indicated its potential to establish a new support level, signifying a positive trend for the coin.

XRP has experienced a notable surge, trading at $0.6843, representing a 6.21% increase over the past 24 hours. Additionally, the cryptocurrency has generated a trading volume of $1,824,453,780. Having established $0.6649 as a support level, it is now targeting the next set of resistance levels.

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Source: TradingView

Analyst Maps Key Resistance And Support Levels For XRP

The Analyst outlined the primary resistance benchmarks, identifying $0.7544 as a crucial level, followed by $0.8369 and $0.8888, representing Wave 3 of an ongoing 5-wave structure. Breaking past $0.8888 could pave the way for XRP to reach $1.0507, although the analyst cautioned investors to remain vigilant, as these levels might impede the cryptocurrency’s upward trajectory.

On the downside, the analyst underscored essential support levels for the coin to withstand downward pressures. Currently positioned at $0.6649, failure to hold this mark might lead to testing the $0.6044 support, seen as the final line of defense before reaching the $0.60 threshold. Further decline could push XRP to $0.5286, which is critical for maintaining the current positive momentum and reducing potential selling pressure.

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Source: Chart by Dark Defender

As per Dark Defender, the fate of XRP’s trajectory hinges on market demand and broader trends in the cryptocurrency landscape. The analyst urged investors to monitor these levels closely, emphasizing their significance in determining Ripple coin future movement.

As the value of XRP continues to rise, investors are keeping a close watch on the cryptocurrency’s performance to see how it handles the resistance and support levels outlined by Dark Defender in the days ahead. Of particular interest is whether or not coin will break the $1 threshold, which would be a significant milestone for the cryptocurrency. As with any investment, it’s important to monitor market trends and stay informed about any developments that could impact the value of XRP.

Bitcoin ETF Countdown: A Game-Changer for Crypto & Traditional Finance Integration

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Bitcoin takes center stage as anticipation mounts for the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF). This significant development could pave the way for traditional financial channels to enter the digital asset space. As highlighted in a recent report by IntoTheBlock, the excitement, and speculation surrounding this prospect have captured the attention of both traditional finance behemoths and crypto enthusiasts alike.

Bitcoin ETF Speculation Soars

Meanwhile, companies like Grayscale have been at the forefront of the push for a Bitcoin ETF, but the approval process has proven to be lengthy and arduous. Despite pioneering efforts, applications from various crypto sector entities, including Grayscale, are still pending approval.

As the final deadline for pending applications looms, the anticipation and interest in the crypto community are reaching new heights. The Securities and Exchange Commission (SEC) holds the authority to extend the decision-making process up to three times before issuing a final decision. Ark Invest is scheduled to reach its deadline on January 10th, 2024, marking a crucial moment in the unfolding saga.

image 34
Source: IntoTheBlock

A significant development that has fueled optimism in the market was the simultaneous listing of nine Ethereum futures ETFs on October 2, signaling a potential shift in the SEC’s approach. Speculation suggests that the SEC might opt for a comprehensive approval strategy rather than addressing each application individually, avoiding any appearance of favoritism.

Reflecting on the recent past, the bear market of early 2022 led to Grayscale’s Bitcoin Trust (GBTC) trading at a considerable discount relative to its BTC holdings. The downfall of Genesis, a branch of Digital Currency Group and the owner of Grayscale, exacerbated the discount, reaching a record high of nearly 50% by the end of 2022.

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Source: IntoTheBlock

However, the landscape shifted in the summer of 2023 with BlackRock’s application for a Bitcoin ETF. With an impressive track record of 575 approvals out of 576 ETF applications and nearly $10 trillion in assets under management, BlackRock injected optimism into the market, reducing GBTC’s discount. Grayscale’s legal victory against the SEC for denying its transition to an ETF further solidified the changing dynamics in the industry.

The market response was evident in the 320% surge in GBTC’s price throughout 2023, outpacing BTC’s 165% increase during the same period. This divergence in price changes and the disparities between GBTC and BTC highlighted differences in volatility and investor sentiment.

Bitcoin’s ETF Volatility Analysis

At the peak of the price divergence, the correlation between GBTC and Bitcoin reached -0.27, indicating that GBTC was trading almost inversely to Bitcoin. Over the last two years, GBTC’s volatility soared to 103%, surpassing Bitcoin’s highest peak volatility at 61%.

image 34 3
Source: IntoTheBlock

Analyzing the trend of approved Bitcoin futures ETFs, such as BTF and BITO, reveals consistently higher 30-day volatility compared to BTC. This heightened volatility can be attributed to the monthly rollover of contracts, where futures ETFs buy Bitcoin at a premium, leading to increased performance disparities.

The report suggests that a potential spot ETF could be a more advantageous product. With the ability to redeem funds, a spot ETF would likely offer more accurate tracking and reduced volatility compared to futures ETFs.

While the concept of a Bitcoin spot ETF has been a long-standing topic of conversation, recent events point to a shifting landscape and a growing convergence between traditional finance and the cryptocurrency market. The evolving dynamics underscore the increasing recognition of cryptocurrencies as a significant asset class, marking a pivotal moment in the industry’s trajectory.

Related Reading |  SEC Bolsters Case Against Binance With $4.3 Billion Settlement: Report

SEC Bolsters Case Against Binance With $4.3 Billion Settlement: Report

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In a recent development, renowned crypto journalist Colin Wu, through Wu Blockchain X post, has brought to light the U.S. Securities and Exchange Commission’s (SEC) utilization of Binance Holdings Ltd.’s substantial $4.3 billion settlement with the Justice Department and other US authorities. The SEC perceives this settlement as fortification for its legal battle against the world’s largest cryptocurrency exchange.

According to a recent report,  the SEC asserted on Friday that the federal court in Washington, D.C., overseeing the case, should consider the acknowledgments made by Binance and its former CEO, Changpeng Zhao, in the settlement reached on November 21st.

Changpeng Zhao and Binance have sought the court’s dismissal of the lawsuit. Filed in June, the SEC’s lawsuit accuses Binance and Zhao of mishandling customer funds, providing deceptive information to investors and regulators, and breaching regulations.

Moreover, the SEC rebuffed Binance’s plea, arguing that it lacked legal substance. The regulatory body is challenging Binance’s attempt to dismiss the case, contending that the exchange’s defense hinges on misconstrued interpretations of the law.

SEC Highlights Threat Posed By Binance’s Legal Stance

SEC has emphasized the criticality of well-established legal precedents that underpin the effective operation of the nation’s laws. The SEC has argued that the stance adopted by Binance proposes a rigid framework that runs counter to the existing legal structure. This stance could create conflicts, undermining the legal system’s effectiveness.

Following former Binance CEO Changpeng Zhao’s admission of guilt, U.S. District Judge Richard Jones ruled on December 7, 2023, that CZ must remain within the United States until sentencing, according to a court filing.

The judge has prohibited Changpeng Zhao from returning to his United Arab Emirates residence until the conclusion of sentencing for a felony crime in the U.S. Under the plea agreement, Zhao, who stepped down as Binance’s CEO, potentially faces a maximum sentence of 10 years in prison but is expected to receive a sentence not exceeding 18 months.

Additionally, he consented to a $50 million fine. This ruling on Thursday overturned a prior decision by a U.S. magistrate judge that had previously allowed Zhao to return to the United Arab Emirates. Using Binance’s colossal settlement as leverage in their legal battle signifies a crucial step forward in pursuing regulatory compliance within the cryptocurrency industry.

North Korea’s Crypto Heist Funds Nuclear Threat, Allies Warn

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The White House announced on Friday night that top national security officials from the U.S., South Korea, and Japan met in Seoul to discuss the challenges posed by North Korea’s nuclear and missile programs, as well as its cyberattacks on the cryptocurrency industry.

U.S., South Korean, and Japanese National Security Advisors discussed trilateral initiatives, including consulting on regional crises, cooperation on ballistic missile defense, and efforts to counter North Korea’s use of cryptocurrency to fund weapons of mass destruction programs.

The statement also said that the three officials discussed North Korea’s ties with Russia, which have been growing amid the tensions between Pyongyang and Washington.

North Korea’s Crypto Heists Under Scrutiny

North Korea has been accused of stealing billions of dollars worth of cryptocurrency from various projects and platforms in the past few years, using sophisticated hacking techniques and tools. The U.S. government has attributed some of these cyberattacks to the Lazarus Group, a notorious hacking group linked to the North Korean regime.

Last year, the Lazarus Group allegedly stole over $600 million from Ronin Bridge, a blockchain network that connects the popular online game Axie Infinity to the Ethereum network.

The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) has imposed sanctions on several entities and individuals that it claims have helped North Korea launder the stolen cryptocurrency.

Last week, OFAC added two crypto addresses associated with the Sinbad mixer, which mixes cryptocurrency transactions to hide their origins and destinations. Law enforcement agencies also seized Sinbad’s website from several countries.

OFAC has also blacklisted various wallet addresses and individuals from the global financial system, alleging that they have supported North Korea’s efforts to use the stolen digital assets to finance its WMD programs.

One of the most notable targets of OFAC’s sanctions was Tornado Cash, a privacy tool that allows users to anonymize their Ethereum transactions. OFAC claimed that more than $100 million in stolen cryptocurrency had passed through the service.

Related Reading | Bitcoin Traders On Edge After “Bull Trap” Rumours