TronWeekly

Crypto World News

You are here: Home / Archives for Mishal Ali

Mishal Ali

Cardano Breaks Free: 11% Surge & Whales Accumulate 1.03B ADA In 5 Months

by

Cardano is creating a stir in the world of cryptocurrency lately, with a recent tweet by Santiment indicating that the seventh-largest crypto by market cap is displaying signs of decoupling. 

This news has attracted the attention of both investors and analysts. In the last 24 hours alone, Cardano has witnessed an impressive surge of 11%, driven by the news of its decoupling, as well as the growing interest in cryptocurrencies as a whole.

Decoupling refers to the situation in which an asset starts to move independently of the broader market, implying that Cardano may be establishing its own unique trends and patterns rather than just following the trend of other cryptocurrencies, making it a significant development.

This decoupling has been further evidenced by the recent accumulation of Cardano by investors holding 10,000 or more ADA. According to Santiment’s report, these large holders have collectively accumulated 1.03 billion ADA coins in the past five months alone. This represents an increase of 3.3% in their overall holdings.

The fact that large investors are continuing to accumulate Cardano despite its recent gains suggests that they see the potential for even further growth in the future. This is undoubtedly good news for Cardano supporters and investors, who have been eagerly awaiting news of the coin’s progress.

Cardano Price Review

The Cardano cryptocurrency, ADA, has experienced a tumultuous year with varying price movements and market volatility. The launch of its Vasil upgrade was eagerly anticipated by investors, leading to increased volatility in the past few months.

The coin’s price rose in early June 2022 as the upgrade was expected at the end of that month but fell in mid-July due to bugs identified during testing. The price then spiked three times in late July but failed to sustain lasting gains above the $0.50 level. 

On 18 September 2022, Charles Hoskinson, the founder of Cardano, announced that the Vasil upgrade had begun, which boosted investor sentiment. However, the coin’s price did not perform as expected, and it dropped to a low of $0.331 on 21 October. Despite the launch of the DJED algorithmic stablecoin on the Cardano blockchain, the market crashed yet again, leaving ADA at a low of $0.2973 on 21 November.

The year ended on a disappointing note, with ADA closing at $0.2465, marking an annual loss of over 80%. However, a market recovery in early 2023 saw the coin’s price go up, reaching its best price of $0.4192 on 16 February, before falling again due to the collapse of the Silvergate bank.

ADA 3M graph coinmarketcap
Source: CoinMarketcap

Currently, ADA is trading at around $0.38, indicating a somewhat positive market sentiment. Nevertheless, investors remain cautious in their Cardano price predictions due to the volatile nature of the cryptocurrency market.

However, according to the price prediction of the coin by DigitalCoin Price:

The 200-day SMA will drop soon, and the price will hit $0.36 by the end of December. By December 2023, 2024, Cardano’s short-term 50-Day SMA shows a $0.36.

Related Reading | Ethereum’s Shapella Upgrade Set To Revolutionize Network Operations On April 12th

Williams Racing Accelerates With Kraken: A Crypto & Web3 Partnership On The Fast Lane

by

Williams Racing and Kraken, one of the world’s largest digital asset platforms, have announced a major global partnership ahead of this weekend’s Australian Grand Prix in Melbourne. 

According to the press release, Kraken will become Williams Racing’s first-ever Official Crypto and Web3 Partner, with the cryptocurrency platform’s branding set to feature on the FW45 halo and rear wing, driver race suits, and team caps for the remainder of the 2023 FIA Formula One World Championship season.

Several Formula 1 team canceled their crypto sponsorship deals due to industry challenges towards the end of 2022. Mercedes F1 ended their $27 million partnership with FTX exchange in November, Ferrari parted ways with Velas after a long-standing arrangement in January, and Alfa Romeo terminated their partnership with Vauld after issues with the crypto lender. 

Kraken: Showcasing Digital Collectibles & Promoting Crypto Education

James Bower, Commercial Director at Williams Racing, expressed his pride in the partnership and noted the shared values of innovation, integrity, and commitment to providing excellent experiences for fans and clients that both companies possess. 

He added that the partnership would enable Williams Racing to offer its fans cutting-edge crypto and Web3 experiences while also providing Kraken with access to new institutional clients and businesses through its network and events.

The collaboration was praised by Kraken’s Chief Marketing Officer, Mayur Gupta, who sees it as a chance to connect with enthusiasts and cryptocurrency holders in innovative ways within one of the world’s rapidly expanding sports.

Gupta said:

Kraken’s partnership with Williams Racing shows what is possible when you combine a great mission with excellence, innovation, and breakthrough performance. These are both iconic brands that have stood the test of time. We’re excited to engage with both Kraken’s and Williams Racing’s global communities, showcasing the power and life-changing impact of crypto and Web3.

Kraken will also showcase customer-owned digital collectibles artwork from leading third-party NFT projects at select Grands Prix and collaborate with Williams Racing on the design of limited-edition caps for select Grands Prix.

By prioritizing the involvement of fans and the community in its activities, Kraken intends to take part in certain fan zone initiatives organized by Williams Racing during the season. The company will establish temporary, on-site encounters in various cities featured on the schedule. 

Additionally, the exchange plans to create educational and interactive content and events that focus on the importance and purpose of crypto and Web3, with the aim of captivating and informing fans, as per the press release.

Kraken, established in 2011, has 10 million clients worldwide, trading 200+ crypto assets and six fiat currencies. Its secure access, funding options, and products are well-known. However, partnering with Williams Racing will help Kraken expand its reach and raise awareness of the transformative potential of crypto and Web3.

Related Reading | Ethereum Supply Hits Lowest In 8 Years, Only 10% Remains

FTX Founder’s New Bail Agreement & Latest Bribery Charge: A Complicated Legal Saga

by

The founder of FTX, Sam Bankman-Fried, has reportedly reached a new bail agreement with United States prosecutors following concerns raised by the judge overseeing his case about the possibility of him being sent to jail while awaiting trial, according to a report.

The proposed new bail conditions would allow Bankman-Fried to remain at his parents’ home in Palo Alto, California, but would restrict his use of certain electronic devices and apps. 

Under the new conditions, he would be provided with a new phone and laptop with limited functionality and monitoring software to prevent tampering. Bankman-Fried would be prohibited from using other electronic communication devices and messaging applications.

In addition, Bankman-Fried’s parents have agreed to restrict his access to their devices and have signed affidavits promising not to bring prohibited electronic devices into the home. If there is any reasonable suspicion of a violation, Bankman-Fried must submit his devices for a search.

The proposed bail agreement is still subject to approval by U.S. District Judge Lewis Kaplan. Bankman-Fried’s lawyers have argued that the new restrictions are unnecessary and that he is not a flight risk or a danger to the community.

SBF Faces New Bribery Charge In FTX Scandal

Bankman-Fried, facing criminal charges of stealing billions of dollars in FTX customer funds and making large illegal political donations, has pleaded not guilty to eight counts and has not yet been arraigned on four more. His trial is set for October 2.

However, in addition to this, according to the latest update, the U.S. government has accused FTX’s Bankman-Fried of paying a $40 million bribe to Chinese officials to regain access to trading accounts linked to Alameda Research, FTX’s sister company had been frozen by Chinese law enforcement. 

The bribe, sent in cryptocurrency, was allegedly directed by Bankman-Fried after months of failed attempts to unfreeze the accounts, during which he had hired attorneys to lobby on the company’s behalf and tried to use the personal identifying information of several individuals to circumvent the freeze orders.

The latest bribery charge has been added to the 12 counts already faced by Bankman-Fried, which include securities fraud and conspiracy to commit bank fraud. 

The collapse of FTX last year was preceded by a wave of withdrawal demands from customers. A former head of engineering at FTX, Nishad Singh, reached a plea deal with prosecutors last month. He joined former Alameda boss Caroline Ellison and FTX co-founder Gary Wang in agreeing to help the government build its case against Bankman-Fried.

Related Reading | Cardano (ADA) and Uniswap (UNI) Join Collateral Network (COLT) for Massive Growth Projection From Experts

MicroStrategy’s Bitcoin Buying Spree Continues: Acquires 6,455 BTC For $150M

by

MicroStrategy, a leading business intelligence firm, disclosed on March 27th, 2023, that it had acquired about 6,455 Bitcoins for roughly $150.0 million in cash, according to the SEC filing.

The acquisition was made between February 16th and March 23rd this year at an average price of approximately $23,238 per BTC, including fees and expenses.

As of March 23rd, MicroStrategy and its subsidiaries owned nearly 138,955 BTC, the total purchase cost was approximately $4.14 billion, and the average price per Bitcoin, including all fees and expenses, was around $29,817. 

This recent acquisition of Bitcoin is in line with MicroStrategy’s ongoing investment strategy, which focuses on using cryptocurrency to store value.

MicroStrategy’s investment in Bitcoin has been a subject of conversation in the financial sector for a while. The company made this move to safeguard against inflation by investing in digital assets. Michael Saylor, the CEO of MicroStrategy, has expressed his opinion that Bitcoin is a better asset to store value than conventional options like gold.

MicroStrategy revealed that, apart from acquiring bitcoins, it has also sold a total of 1,348,855 shares of its Class A common stock. The sale was carried out following a sales agreement with Cowen and Company, LLC, and BTIG, LLC, who acted as sales agents.

This sales agreement empowers the company to issue and sell shares of its Class A common stock, amounting to a total offering price of up to $500.0 million, periodically through the agents.

MacroStrategy Repays $205M Loan With Bitcoin Collateral

Between January 1st and March 24th, MicroStrategy issued and sold an aggregate of 1,348,855 shares under the sales agreement for aggregate net proceeds to MicroStrategy, fewer sales commissions and expenses, of approximately $339.4 million. 

The net proceeds were used to fund MacroStrategy LLC’s prepayment of a $205.0 million term loan issued by Silvergate Bank.

MacroStrategy is a wholly-owned subsidiary of MicroStrategy and had collateralized the loan with certain bitcoin owned by the company and a $5.0 million cash reserve account held by MacroStrategy at Silvergate. 

MacroStrategy voluntarily prepaid Silvergate approximately $161.0 million on March 24th, 2023, in full repayment, satisfaction, and discharge of the loan and all other obligations under the credit agreement.

After receiving the full payment, Silvergate terminated the credit agreement and released its security interest in all of MacroStrategy’s assets that were being used as collateral, which included Bitcoin.

The prepayment was fully funded using proceeds from the sale of shares under the sales agreement and the $5.0 million in the cash reserve account held by MacroStrategy at Silvergate.

Related Reading | Nvidia’s CTO Skeptical Of Crypto’s Value, Believes AI Is The Future

OKX Expands Global Presence: Establishes Hong Kong Entity & Targets Turkish Market

by

OKX, the world’s second-largest crypto exchange, has announced the establishment of a Hong Kong entity to offer virtual asset services in the region. 

According to the press release, the company also intends to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance in compliance with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to take effect on 1 June 2023.

OKX has spent over a year preparing for anticipated regulatory requirements and meeting organizational, product, security, and compliance standards. According to Lennix Lai, the Managing Director of Global Institutional at OKX, regulation, and licensing are crucial to the success of the crypto and Web3 sectors. 

The company sees immense potential in Hong Kong and plans to invest in talent and collaborate with regulators to build the local ecosystem.

Bing Zhao, OKX General Counsel, added that the company is committed to working with the SFC throughout the application process and will exceed the robust standards expected of virtual asset service providers under the regulatory regime.

Hong Kong has become a hub for the crypto industry in recent years, making it an increasingly important location for innovative firms, entrepreneurs, and top talent. The company will sponsor two industry conferences in Hong Kong, the WOW Summit and the Hong Kong Web3 Festival. It will participate in keynote and panel discussions to outline its growth plans.

OKX launches Turkish Lira Deposits & Withdrawals

Along with this addition to its developments, the company has recently expanded its offerings by launching Turkish Lira (TRY) deposits and withdrawals on Android, iOS, and the web. 

The move is part of OKX’s strategy to deepen its focus on the fast-growing Turkish market and provide more worldwide options for users wishing to trade cryptocurrencies with TRY.

According to Haider Rafique, Chief Marketing Officer at OKX, the company’s goal is to become the leading crypto platform in Turkey. He added that the company is listening to the community about their needs and investing in the market to give the Turkish community a platform to explore, experiment, and dream up the future with OKX and other crypto companies.

To further its presence in Turkey, the company has announced its name sponsorship of Istanbul Fintech Week, which will be held on 13-14 April. OKX’s Global Government Relations Officer, Tim Byun, will deliver a keynote at the event.

Related Reading | Binance CEO Addresses Few Key Points On The CFTC Complaint

Bitcoin Bounces Back: Digital Asset Inflows Reach Record High Since 2022

by

Investors are once again showing interest in digital assets, with Bitcoin leading the way as it saw inflows of $128 million. It marks a significant turnaround following six weeks of outflows that totaled $408 million, making it the largest inflow since July 2022.

image 84

According to a recent CoinShares Blog post, some investors are starting to view Bitcoin as a safe haven for the first time, while others remain cautious as short-Bitcoin also saw inflows of $31 million. Despite this, Bitcoin remains the investment product with the most inflows this year so far.

The inflows, which came relatively late compared to the broader crypto market, are believed to be due to increasing fears amongst investors for stability in the traditional finance sector. The inflows came from many countries, including the US, Germany, and Canada, with inflows of $69 million, $58 million, and $26 million, respectively.

image 85

Solana, Polygon, and XRP were among the altcoins that received inflows totaling $4.8 million, $1.9 million, and $1.2 million, respectively. In contrast, Ethereum experienced outflows of $5.2 million for the third consecutive week, likely due to investor concerns regarding the upcoming Shanghai upgrade scheduled for April 12th.

Despite Ethereum’s recent performance, the inflows into other altcoins indicate a general improvement in sentiment within the asset class. However, investors are seeking to diversify their portfolios and capitalize on potential gains in the digital asset space.

Growing Bitcoin Ownership In Emerging Markets

Bitcoin ownership is growing rapidly and is not just a Western phenomenon, according to a recent report by CoinShares. The study reviewed 22 publicly available research studies on Bitcoin ownership and adoption, revealing that ownership is concentrated in emerging and frontier markets. 

The data shows that an estimated 260 million people globally owned Bitcoin in 2022, with a compound annual adoption growth rate of 146% between 2016 and 2022 and 23% between 2018 and 2022. 

image 82

Most Bitcoin owners are under 45 years old and use it as a store of value or for speculation. The report also notes that ownership is likely higher than reported, with market cycles playing a role in adoption.

A typical Bitcoin owner is usually male and under 45, with Germany showing the highest gender skew of 68-32%. However, there is a trend towards greater diversity in both male-female distribution and age brackets in the US and Canada. 

image 83

The researchers suggest standardizing surveys across populations and time could provide better source material for ongoing ownership research. The demographic data available is fragmented and suffers from a lack of metrics standardization and sampling bias.

Related Reading | Coinbase L2 Network Eyes Inflation-Pegged Stablecoins

Binance’s New Blockchain Hub In Georgia: Web3 Education & Job Opportunities 

by

Binance, one of the world’s largest crypto exchanges, has opened a new regional hub in Georgia. The move is part of the exchange’s efforts to attract top talent to the blockchain sector, facilitate educational initiatives related to digital finance, and further develop Georgia’s crypto industry.

The exchange’s Georgia team currently comprises 25 people, but with the launch of the regional hub, the exchange expects to add dozens more jobs by the end of 2023. The company also plans to step up its efforts to strengthen blockchain education and accelerate the adoption of crypto in the region.

The arrival of Binance’s new regional hub comes after months of productive cooperation with local public and private sector organizations and a series of community events. 

Binance Partnerships To Advance Web3 Initiatives

Earlier this year, it announced partnerships with crypto payment gateway CityPay and GITA and launched its Charity initiative to support women-focused Web3 education and a BNB Chain hackathon.

The partnership with GITA will support the exchange’s large-scale educational and community initiatives designed to accelerate the development of the digital asset industry in Georgia.

The exchange has also signed agreements with several top educational institutions in Georgia, including the Georgian Business and Technology University (BTU), Alte University, Kutaisi International University, Georgian American University (GAU), and Caucasus University.

Under these agreements, the exchange and Binance Academy will provide educational materials and organizational support to help partner institutions up their game in blockchain education.

Vladimir Smerkis, Binance’s regional director, considers Georgia one of the region’s most innovative countries, with huge potential and interest in developing digital assets in the country. 

Binance’s Georgia general manager Giorgi Chagelishvili said:

The opening of the hub in Georgia is a logical continuation of the dialogue that we started with the government last year. Thanks to the hub, we will strengthen the development of the recruiting program in the country, as well as make an even greater focus on the regional presence of Binance.”

Nevertheless, the opening of its brand-new blockchain hub in Georgia is set to strengthen the development of the recruiting program and focus on the regional presence of Binance, accelerating the adoption of crypto in the region.

Related Reading | Coinbase L2 Network Eyes Inflation-Pegged Stablecoins

Mike Novogratz Calls For Truce In Bitcoin Vs. Ethereum Rivalry: Making Love, Not War

by

A former hedge fund manager, Mike Novogratz, recently took to Twitter to call for a truce between the Bitcoin and Ethereum communities. It comes after Engaged value investor Mike Alfred tweeted a reminder that fundamentals should trump everything else, including short-term fads and opinions from children.

Novogratz stated in his tweet that he doesn’t understand why so many crypto advocates prefer an either/or proposition. He believes that both Bitcoin and Ethereum have huge communities that believe in their future and are willing to store a bunch of their wealth in them. He called for everyone to “make love, not war.”

However, other community members were quick to weigh in on Novogratz’s tweet. One said that much of their rivalry is a trojan horse-esque narrative battle to slow adoption and mock the idea of what digital scarcity can do for society. They suggested that dividing and conquering would be a better strategy for a central bank than banning Bitcoin outright.

Another community member responded by accusing Novogratz of being involved in the premise of Ethereum and suggesting that Bitcoiners will finish what they started. Others compared the BTC/ETH rivalry to the heated discussions of which gaming console is the best.

Even though there are varying viewpoints, many individuals involved in the cryptocurrency community acknowledge Bitcoin and Ethereum as prominent players in the industry. Some assert that BTC is a more dependable store of value, whereas Ethereum is regarded as the internet’s currency. 

Meanwhile, others remain optimistic about the progress and development occurring on the Ethereum network. Regardless of which stance one takes in this ongoing debate, it is evident that the Bitcoin versus Ethereum competition will persist. 

Bitcoin For Financial Inclusion In Africa

Meanwhile, Jack Dorsey, CEO of Block, an American multinational technology conglomerate, and other top executives attended the first Africa Bitcoin Conference in Accra to discuss the potential of BTC as an alternative to the continent’s financial system, according to a report.

While many have dismissed BTC as a complex toy or a vehicle for criminals, proponents argue that it can provide a lifeline for the unbanked in countries where national currencies are unstable, access to banks is limited, and cross-border payments are expensive. 

Companies like Paxful and TBD at Block believe that Bitcoin’s decentralized nature could eliminate intermediaries, allowing people to send digital payments directly to one another.

Related Reading | Coinbase L2 Network Eyes Inflation-Pegged Stablecoins

Shiba Inu Releases Documentation For Shibarium Beta: A Low-Cost Blockchain Solution

by

Shiba Inu developers have made public documentation for Shibarium beta, a blockchain layer-2 solution for the Shiba ecosystem. The objective is to provide a cost-effective blockchain solution for the Shiba ecosystem, and it is expected to reduce transaction fees for those involved in the Shiba Inu experiment. 

Shibarium was first proposed by Ryoshi, the creator of Shiba Inu, who believed that a community must have a low-cost blockchain solution for true decentralization. He stated that Shibarium’s transaction fees would be minimal or zero, enabling seconds for less than pennies turnaround time for transactions.

Shibarium’s layer-2 solution is designed to provide people, developers, and businesses with faster transaction speed and lower fees than blockchains. 

It also serves as a foundation for developing decentralized applications (DApps), including Shib – The Metaverse (Shib.io), Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.

Benefits Of Using Shiba Inu’s Shibarium

One of the main benefits of using Shibarium is security, as it is a highly secure and tamper-proof platform that can store and transmit sensitive data. To secure the blockchain, a proof-of-stake algorithm requires users to stake their BONE tokens from the Shiba Inu Ecosystem to participate in the network. 

This method ensures that validators have a stake in the blockchain’s success, thereby bolstering its security. Moreover, a network of nodes also provides the safety of the blockchain by validating transactions and keeping the blockchain updated.

Another advantage of Shibarium is that it is a transparent platform that allows users to track all transactions and activities. It is also a faster and more efficient platform that processes transactions quickly and easily. In addition, people and businesses can save money on transaction fees by using Shibarium, making it a cost-effective platform.

Shibarium’s PoS (Proof-of-Stake) chain utilizes side chains to process transactions, resulting in unparalleled transaction speed and cost efficiency. PoS also guarantees asset security by employing the reliable Plasma bridge framework and a decentralized network of PoS validators. 

The platform is fully EVM compatible, allowing smart contracts to be deployed directly on it, and it is easy to transfer tokens between Shibarium and Ethereum.

Nevertheless, Shibarium is designed to be compatible with major ERC standards, ensuring seamless integration. It has been built to scale and adjust to the requirements of any organization, product, platform, project, community, or token. 

The platform maintains the security features of Ethereum while substantially enhancing the blockchain’s speed, making it an exciting development for the Shiba Inu community.

Related Reading | Binance Spot Trading Halts: Swift Response & Transparent Updates Eases Customer Concerns

SushiSwap Faces A Double Whammy: SEC Subpoena & Market Cap Drop

by

SushiSwap, the 142nd largest crypto asset by market cap, has been served with a subpoena by the U.S. Securities and Exchange Commission (SEC), according to a recent tweet from Santiment. This has caused some fear, uncertainty, and doubt (FUD) toward cryptocurrency, and its market cap has dropped as a result.

SUSHI Protocol Usage Struggles

Santiment’s latest insight report has covered the recent dormant movement, capitulation, and $SUSHI whale behavior, among other factors. The report shows that SUSHI’s total value locked (TVL) has dropped by 93% since mid-November 2021, which coincided with the FTX saga period and is now sitting at $581.47 million USD TVL.

image 78
Source: defillama

While the falling price of crypto assets may affect TVL, it is also likely that people are using less of SUSHI and moving away from it. On the other hand, Uniswap’s TVL has dropped by 63% since mid-November 2021 and is now at $3.71 billion. According to Dappradar, its protocol usage has struggled for the past year.

image 79
Source: Dappradar

Looking at the number of unique active wallets (UAW) interacting with a dApp’s smart contracts, there have been occasional spikes. But overall, there has been little real growth as protocol usage, on average, remains pretty low. Meanwhile, on Uniswap, UAW has been increasing for the past year, indicating a healthy protocol.

After examining the SUSHI token movement, the report notes that long-term holders have been exiting their positions. The report shows that there have been notable movements since the start of the year, particularly in terms of Dormant Circulation (365), which shows the number of tokens that haven’t moved for at least 365 days.

Moreover, the recent spike in Dormant Circulation (365) coincides with a drop in SUSHI’s supply on exchanges, suggesting that long-term holders decided to exit their positions. Twitter user Lookonchain identified the fund Goldentree, which had previously invested $5.2 million in SUSHI in October 2022, as one of the investors exiting their position.

image 80
Source: Sanbase

Nevertheless, SUSHI’s market cap has been hit hard by the SEC subpoena and the recent movement by long-term holders. It remains to be seen how the cryptocurrency will fare in the coming weeks, but it’s clear that the protocol is facing some tough times. 

Related Reading | Binance Spot Trading Halts: Swift Response & Transparent Updates Eases Customer Concerns