[PRESS RELEASE – Dubai, United Arab Emirates, May 10th, 2024]

Bybit, one of the world’s top three crypto exchanges by volume, has once again underscored its dedication to transparency and trustworthiness by releasing its proof-of-reserves audit, which includes 40 cryptocurrencies, the most comprehensive in the sector.

The cryptos covered and all backed over 100% are: BTC, ETH, USDT, USDC, AGI, AGLA, APEX, APT, ATOM, AVAX, BEAM, BLUR, COMP, CRV, DAI, DOGE, DOT, DYDX, EOS, FET, FTM, GALA, IMX, LDO, LINK, LTC, MANA, MATIC, MNT, OP, PEPE, RNDR, SAND, SHIB, SHRAP, SOL, SUSHI, UNI, WLD, and XRP.

The reserve ratios for major cryptos are as follows: BTC: 116%, ETH: 106%, SOL: 111%, USDT: 107%, and USDC: 129%.

These holdings showcase Bybit’s commitment to maintaining a secure and transparent trading environment. This milestone not only cements Bybit’s position at the forefront of the industry but also exceeds the auditing efforts of its closest competitors.

Bybit has consistently received high marks for its operational integrity, including a perfect Trust Score of 10/10 from CoinGecko and an ‘AA’ ranking in the CCData Crypto Exchange Benchmark Report, affirming its adherence to industry best practices.

To ensure the safety and accessibility of its client’s assets, Bybit utilizes a sophisticated wallet architecture consisting of cold, warm, and hot wallets. This system is designed to maximize security while providing the liquidity necessary for efficient user transactions.

“Our ongoing effort to verify our reserves reflects our core philosophy of fostering trust through tangible proof,” said Ben Zhou, Co-founder and CEO of Bybit. “For us, the assurance of our users’ investments and the transparency of our operations are paramount.”

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading 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.

TL;DR

• Analysts predict that Cardano’s ADA, currently priced at around $0.46, could replicate its 2021 surge, with an optimistic target set at $7.80.
• Additional bullish forecasts suggest the asset might reach short-term levels around $1.70 and possibly climb to a “parabolic” peak of $10, indicating strong confidence in its growth potential.

Where Is ADA Headed?

Cardano’s native cryptocurrency has flashed green in the past few days, currently trading at approximately $0.46 (per CoinGecko’s data). One analyst who noted the recent progress is the X user, JAVON MARKS. 

The trader believes that ADA‘s current state might be mimicking that of 2021. Back then, the asset’s value retraced substantially before skyrocketing to an all-time high of almost $3.

The analyst predicted that the scenario may repeat at a larger scale in the near future, setting a target of $7.80 or a whopping 1,500% increase.

Such a price explosion would require ADA’s market capitalization to reach a staggering $260 billion. Currently, the market cap stands at around $16 billion, making the forecast highly optimistic, to say the least.

Another crypto analyst who envisioned a bright future for Cardano’s token is Trend River. He claimed that bears have tried their best to push the price down but eventually “will get tired,” which may result in a bull run.

Previous Predictions

The X user Ali Martinez is also among those who chipped in. Nearly a month ago, he suggested that ADA’s price was “exactly where it should be,” envisioning a surge towards $1.70. Recall that back then, the asset was in a much better position, trading at over $0.55.

Earlier this year, the analyst argued that ADA seemed ready to mirror its previous bull cycle, which could lead to a “parabolic” peak of $10.

Those curious to explore additional price forecasts, feel free to take a look at our dedicated video below:

The Bitcoin kimchi premium in South Korea has plummeted significantly amid a broader market decline, signifying weakened enthusiasm among digital asset investors in the country.

According to data from CryptoQuant, the Bitcoin kimchi premium slumped to 1.5% on Friday during the afternoon trading session in Asia.

Bitcoin Kimchi Premium Slumps

For the uninitiated, the kimchi premium is an indicator of the difference between Bitcoin’s valuation on South Korean exchanges and global crypto trading platforms. The term also refers to a South Korean dish.

Bitcoin’s (BTC) price on South Korean exchanges differs from that of global platforms because of capital control policies prohibiting foreign investors from trading on local platforms. Likewise, the policies have banned local investors from engaging in arbitrage trades. These prohibitions have led to a limited crypto supply in South Korea, causing wide price gaps due to high demand.

The kimchi premium has become one of the key indicators of monitoring changes in the crypto space and investor sentiment. A high premium signifies bullish investor sentiment compared to the international market, while a lower figure is a sign of bearish sentiment and plummeting buying pressure.

With the premium currently at 1.54%, the interest of South Korean investors in Bitcoin has declined. This lack of enthusiasm is also seen in the top local exchanges witnessing reduced trading volumes, according to data from CoinMarketCap.

A Positive Sign?

The last time the Bitcoin kimchi premium hovered around its current level was in mid-February when BTC was worth around $48,200. By the first week of March, the index had soared to a 27-month high of 10.32%. It rose in the following weeks, hitting 11.44% when BTC recorded a new all-time high.

However, the premium has steadily declined since BTC fell from its all-time high and settled below $70,000. Since April, there has been a bloodbath in the crypto market, and the index has not been exempted. BTC has slumped below $60,000, touching $56,700 before rebounding. At the time of writing, the asset was trading at $63,000, up 3.2% in the past 24 hours.

Nevertheless, the current kimchi premium level may be a positive sign for the crypto market, as it signals there is enough room for a rally, and a major BTC recovery could be witnessed soon.