Cryptocurrency
BTCC Exchange Launches World Trading Competition with Record-breaking 10M USDT in Prize Pools
[PRESS RELEASE – Vilnius, Lithuania, May 6th, 2024]
BTCC Exchange, the world’s longest-serving cryptocurrency platform, announces the BTCC World Trading Competition (BWTC) 2024 kickoff, featuring an unprecedented prize pool of 10 million USDT. This global competition, organized into three main categories, invites participants worldwide, underlining BTCC’s commitment to inclusivity and diversity in cryptocurrency trading.
The competition’s categories—individual trading, copy trading, and referral competition—are designed to accommodate traders of all skill levels and preferences. The individual trading competition, already open for registration, features a significant shared prize pool of 1.4 million USDT, offering participants the chance to earn up to 26,700 USDT monthly.
As in the copy trading competition segment, participants are divided into two groups: lead traders and copy traders. Lead traders compete for a 50,000 USDT prize pool based on their lead trading performance, while copy traders vie for 30,000 USDT, with rankings determined by their copy trading volume.
In addition to the typical trading formats above, BTCC stands out by including a referral competition. This encourages existing users to introduce new traders to the platform, with a prize pool of 65,000 USDT awarded monthly based on the referred traders’ volume and the number of new users brought in.
Alex, Head of Operations at BTCC, shared his excitement about the launch: “Our competitions reflect our dedication to inclusivity. We offer diverse contests ranging from solo trading to copy trading, and reward those who expand our community through referrals.”
The BWTC 2024 will introduce more categories of trading competitions, providing users with exciting opportunities to win from the extensive prize pools.
This year, BTCC continues to demonstrate its dedication to making crypto trading more accessible through various rewarding campaigns. Their recent Bitcoin halving campaign celebrated the platform’s observation of its fourth Bitcoin halving since its inception, distributing significant rewards to participants.
Now entering its 13th year, BTCC remains focused on expanding its campaign offerings to attract both novice and seasoned traders, maintaining its prominence in the crypto exchange industry.
About BTCC
Established in 2011, BTCC is one of the world’s most established cryptocurrency exchanges. Its mission is to make cryptocurrency trading accessible and reliable for everyone, continually adapting and innovating to meet traders’ needs across the globe.
Website: https://www.btcc.com
Twitter: https://twitter.com/BTCCexchange
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Cryptocurrency
Stellar (XLM) Shoots Up by 33% Daily, Bitcoin (BTC) Maintains $90K (Market Watch)
Bitcoin’s price dropped below $90,000 during the night but managed to bounce off and reclaim that coveted level.
Several larger-cap altcoins have charted impressive gains over the past day, such as SOL and XRP, while DOGE and SHIB are in the greed.
BTC Reclaims $90K
The business week started on a very positive note for the primary cryptocurrency as it jumped from $80,000 to $85,000 on Monday and up to $88,000 on Tuesday. After a brief correction, the asset went on the offensive once again on Wednesday and skyrocketed to a peak of almost $94,000.
This meant that bitcoin had added over $25,000 in value since the US elections. At this time, though, reports started to emerge that it had reached its local peak. In the next few days, BTC indeed began to retrace and slipped to under $87,000 on Friday morning.
Nevertheless, the cryptocurrency stopped the price drops and started to regain traction in the following days. As such, it jumped to over $91,000 on Saturday but was stopped at $91,500. It slipped below $90,000 during the night but has recovered some of the losses and now sits above that line.
This means that its market cap has dropped to under $1.8 trillion, and its dominance over the alts has taken a hit and is down to 56.2% on CG.
XLM Explodes
Many altcoins have outperformed BTC over the past day, which is seen by the declining bitcoin dominance. Ripple is the most notable example from the top 10 alts, having surged by 11% on a daily scale and rising above $1. SOL, TON, and AVAX are the other impressive gainers from the bunch.
In contrast, Dogecoin and Shiba Inu have retraced by 5% and 4%, respectively. The biggest gains from the top 100 alts come from Mantra (42%), Stellar (33%), Quant (29%), BONK (25%), ETC (15%), ATOM (15%), and others.
The total crypto market cap has remained at essentially the same spot as yesterday at just under $3.2 trillion on CG.
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Cryptocurrency
AI Firm Genius Group Adopts Bitcoin as Primary Treasury Reserve Asset
Genius Group Limited has announced a new “Bitcoin-first” strategy, making the cryptocurrency its primary treasury reserve asset.
The move follows a recent restructuring of Genius Group’s Board of Directors to include blockchain and Web3 experts.
“Bitcoin-First” Strategy
According to a November 12 press release, the AI-driven education and business acceleration firm plans to allocate at least 90% of its current and future reserves to Bitcoin. Using its $150 million ATM, the company intends to make an initial long-term investment of $120 million in Bitcoin, equivalent to approximately 1,380 BTC at current market rates.
“We believe with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy, for the benefit of our shareholders,” said the press release.
The announcement follows a challenging period for Genius Group, marked by a significant drop in its share price, which fell to under $0.60 amid a public battle against alleged market manipulation.
CEO Roger Hamilton stated that the ongoing litigation against the alleged manipulators is expected to result in damages potentially exceeding $250 million. He highlighted that adopting transparent, decentralized blockchain technology could help realign the company’s market value with its underlying assets, including $43 million in total assets and $23 million in revenue reported in 2023.
Shares of the Singapore-based company surged by as much as 50% in premarket trading on Monday, though they retracted much of the gains later in the day. However, Google Finance data shows they are still up by more than 61% over the past five days at $0.95 per share.
More Crypto-Centred Initiatives
Genius Group also plans to introduce Bitcoin as a global payment option on its EdTech platform. Furthermore, the company will launch the “Web3 Wealth Renaissance” education series, empowering students to deepen their understanding of Bitcoin, cryptocurrency, and blockchain with AI-driven learning tools.
Hamilton also pointed out that, as an AI-driven educational firm, it is uniquely positioned to lead students and investors into a future that bridges traditional finance and decentralized economies.
Genius Group’s move to adopt BTC as a reserve asset places it among a growing group of public companies following a path set by MicroStrategy, which adopted the policy in 2020 as a hedge against inflation. Bitcoin Treasuries data shows that the Virginia-based firm currently holds 279,420 BTC.
More recently, companies like medical device maker Semler Scientific and Tokyo-based investment manager Metaplanet have also committed to Bitcoin reserves, each holding over 1,000 BTC.
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Cryptocurrency
Bitcoin Still Not Overvalued, Could Hit $100K Amid Strong Demand: CryptoQuant
Despite bitcoin’s (BTC) remarkable ascent to $93,400 over the last few days, analysts at the market analytics platform CryptoQuant say the cryptocurrency is still not overvalued and that the $100,000 region could be its next victim.
According to a weekly report, the Trader On-chain realized max band suggests that BTC could crush the $100,000 target in the coming weeks as demand grows and stablecoin liquidity keeps rising by millions daily. BTC reached this max band in March when it rallied past $70,000 for the first time.
BTC to Crush $100K Next
One metric that shows BTC is not overvalued is the Market Value to Realized Value (MVRV) ratio. This indicator is still outside the overvalued territory despite bitcoin’s 30% rally since Donald Trump won the United States presidential election.
CryptoQuant’s prediction that BTC could smash $100,000 next is substantiated by surging demand growth. Bitcoin Apparent demand is currently expanding, indicating that new investors are invading the market.
Although apparent demand has been positive since early October, BTC demand from U.S. investors returned in early November after the presidential election. This is seen in the Coinbase Bitcoin price premium, which turned positive again after Trump’s victory.
Miners Are Beginning to Sell
As apparent demand continues expanding, the market cap of stablecoins is growing, and the cryptocurrencies are increasingly finding their way into exchanges. CryptoQuant has also maintained that the market can only see a sustained BTC rally if liquidity starts to improve, and that is the state of the market.
The market cap of Tether (USDT) has increased by $5 billion in the last two months, with over $3.2 billion tokens flowing into crypto exchanges since the U.S. presidential election on November 5. CryptoQuant analysts say this is the largest daily net flow of USDT into exchanges since November 2021
While rising stablecoin liquidity increases the possibility of higher crypto prices, analysts note that the market could witness minor selling pressure as large miners look to realize some profits. So far, miners with a balance of 100 to 1,000 BTC have reduced their holdings by at least 2,000 BTC, so the amount of assets sold is still small; however, CryptoQuant says it is crucial to keep monitoring these market participants as supply could spike soon.
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