Connect with us
  • tg

Cryptocurrency

Binance Coin (BNB) Recovers With Exchange Share, Shiba Inu (SHIB) and KangaMoon (KANG) Plan Market Expansion

letizo News

Published

on

Two months after Binance faced the biggest settlement in crypto history, the exchange’s market share has begun to recover. Along with this impressive trend, the price of Binance Coin (BNB), one of the top altcoins, has also been on a recovery path.

In other exciting news, Shiba Inu (SHIB) has unveiled plans to expand its Shibarium network. In addition, KangaMoon (KANG) has seen a surge in interest as it pushes to transform the meme coin space. Continue reading to learn more about these exciting developments.

Binance Coin (BNB) Recovers As Exchange Share Rises

In November 2023, Binance paid $4 billion in settlement to U.S. regulators for breaching financial laws. As a result, Binance’s exchange market share plunged to about 37%. This also resulted in the price of Binance Coin (BNB) dropping in value.

Two months down the line, the market share of the exchange has increased back to 49%, according to Kaiko. The increasing market share appears to be happening as the price of Binance Coin increased.

BNB has also managed to increase above the $300 level. If the bullish trends continue, Binance Coin could look to rally above $320 and $350 in the coming weeks.

Shiba Inu (SHIB) To Expand Shibarium Market Reach

The Shiba Inu (SHIB) community welcomed the layer 2 network, Shibarium, in mid-2023. Although the network has recorded significant milestones, the team behind the memecoin has outlined plans to expand its reach.

LucieSHIB, one of the team members, has announced that the project aims to onboard thousands of projects to the network. She also noted that the team is working towards securing more partnerships. These efforts are aimed at making SHIB one of the top memecoins once again.

KangaMoon (KANG) Sets Out To Transform the Meme Coin Space

While Binance Coin builds momentum, KangaMoon (KANG) has captured the attention of the crypto market with its unique community-driven approach. KangaMoon has integrated an exciting social-fi platform into its ecosystem as it aspired to take on memecoins like Shiba Inu and Dogecoin.

These projects are driven by community support and activity. However, KangaMoon is allowing these memecoin enthusiasts to monetize their participation. The more a user engages in the KangaMoon ecosystem, the greater their rewards are promised to be.

KangaMoon also spots an improved tokenomics model over SHIB, DOGE, and PEPE. While Dogecoin has an infinite supply and Shiba Inu has more than 589 trillion, only 1 billion KANG tokens will ever exist. The team has created a deflationary strategy, which allows KANG to gain value over time, a feature that many other meme coins lack.

The team has also announced that it will add other projects as its community grows. These include blockchain games, NFT collections, a marketplace, and a metaverse platform.

To discover more about the Kangamoon (KANG) presale, check the links below:

Website: https://Kangamoon.com/

Join Kangamoon Telegram Community: https://t.me/Kangamoonofficial

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

letizo News

Published

on

The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Cryptocurrency

BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

letizo News

Published

on

BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Cryptocurrency

3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

letizo News

Published

on

Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved