[PRESS RELEASE – Zurich, Switzerland, February 8th, 2024]
CoinMarketCap’s incubation thrusts Galaxis into the spotlight, merging unmatched crypto intelligence, broad market reach, and a massive global user base to prime Galaxis for an impactful launch.
In an innovative leap forward, CMC (Coin Market Cap) has announced the incubation of Galaxis.xyz, a frontrunner in the domain of blockchain-powered membership technology. This move propels Galaxis into the limelight, spotlighting its exceptional capacity to energize community-driven projects and revolutionize the digital collectibles market with its pioneering decentralized no-code membership platform.
Already esteemed within the Web3 sector, Galaxis is celebrated for its notable collaborations with figures such as Mike Tyson and Steve Aoki, as well as partnerships with major entities including the NBA. These collaborations have solidified Galaxis’s reputation as a formidable force, adept at transforming the core of decentralized communities and redefining norms for digital interaction and ownership.
Rush Luton, CEO of CoinMarketCap said: “We’re thrilled to welcome Galaxis to CMC Labs. At CoinMarketCap, we are on a mission to accelerate the crypto revolution and Galaxis’ no-code platform does just that, making it easier than ever to create highly engaged Web3 communities. We have huge ambitions for what we can build together”
Through the incubation of Galaxis, CoinMarketCap extends far more than just strategic support; it opens the door to its vast market insights, unparalleled expertise, and a global audience unparalleled in the crypto space. This alliance is set to dramatically boost Galaxis’s growth trajectory, with an eagerly awaited project launch at the end of this year’s first quarter. The partnership has already triggered an increase in Galaxis Engines sales, indicative of the community’s strong belief in Galaxis’s vision.
“With the support from CMC, Galaxis is poised to redefine what it means to be a part of a decentralized community. Our platform’s innovative approach to NFT membership cards is just the beginning. We’re not just creating digital collectibles; we’re building gateways to new forms of interaction and community engagement,” says Andras Kristof, CEO of Galaxis.
With support from CMC, Galaxis aims to broaden its market influence, maximizing the incubation grant to enhance its presence and impact within the Web3 ecosystem. This collaboration transcends a mere investment; it embodies a mutual dedication to advancing the frontiers of digital collectibility and community interaction, heralding a novel phase of decentralized innovation.
As the Web3 landscape evolves, the alliance between CMC and Galaxis marks a defining moment in the push towards a more interconnected, decentralized, and innovative digital world. Armed with state-of-the-art technology, strategic alliances, and the backing of CMC’s incubation program, Galaxis is not merely participating in the digital collectibles field—it is reimagining the potentialities within the Web3 sphere.
For more information and updates follow to the Galaxis official Twitter.
Galaxis is a groundbreaking platform designed to empower creators and brands in the ever-evolving Web3 ecosystem. Leveraging the latest in blockchain technology, Galaxis provides a suite of tools and services to create, manage, and sell dynamic NFTs (Non-Fungible Tokens) with utility. These advanced NFTs go beyond traditional digital collectibles by offering real-world benefits and interactive features, allowing creators to engage with their communities in meaningful ways. From customizable smart contracts to integrated marketplaces, Galaxis is at the forefront of the NFT revolution, offering a decentralized and secure environment for creators to unleash their potential and for collectors to discover unique digital assets.
BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations
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.
BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States
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.
3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K
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.
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.
Despite Bitcoin’s incredible price movement, current data indicates a quiet retail front💤
➖While there was a boost in new addresses, this was likely related to active market participants engaging with Ordinals. New addresses have dropped since and remain relatively stable. The… pic.twitter.com/uS1Gxd3Rg2
— IntoTheBlock (@intotheblock) February 28, 2024
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.
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