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Cryptocurrency

Saakuru Labs Empowers Prabowo-Gibran Presidential Campaign with Blockchain and NFT Technologies

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[PRESS RELEASE – Jakarta, Indonesia, February 6th, 2024]

In an unprecedented move, Saakuru Labs (formerly known as AAG), leading innovators in the Web3 infrastructure sector, has teamed up with Relawan Konco Kulo Gibran, as an appointed tech partner by Prabowo-Gibran presidential campaign in Indonesia for the election campaign, slated to happen on February 14th, 2024. This collaboration marks the first-ever use of Blockchain and NFT-based gamified Presidential Election Campaign globally, with the youngest-ever vice-presidential candidate in Indonesian history, aimed at engaging Generation Z and showcasing Indonesia’s pioneering role in applying cutting-edge technology.

Saakuru App, TomoOne gamification platform, and gas-fee-less Saakuru Blockchain will be used to introduce “Konco Kulo Gibran: THE DUO”, symbolizing the two candidates running together, a user-friendly gamified education platform designed to capture the attention of Indonesia’s younger generation (a demographic that constitutes over 50% of the population and is estimated at 140M people). The initiative is a part of the Prabowo-Gibran’s “HILIRISASI DIGITAL” (Digital Downstreaming) program, ensuring active participation in advanced technology applications, and offering children in Indonesia unparalleled access to learn and build careers in global technology sectors.

Prabowo and Gibran, strong proponents of Web3, seized the opportunity to adopt the NFT gating concept by employing the “Konco Kulo Gibran: THE DUO”. Their aim was twofold: to educate the public about this innovative approach and to employ it as a key to unlock access to EdTech platforms. This initiative is designed to enhance English proficiency in Indonesia, foster an understanding of Web3 technology, and demonstrate how AI can create a distinctive and effective learning experience.

“Through our collaboration with Web3 infrastructure leader, Saakuru Labs, we eagerly anticipate the ‘Konco Kulo Gibran: THE DUO’ game ecosystem. This initiative is key to reaching Indonesia’s younger generation, exposing them to high-tech, and engaging them in opportunities that harness their potential. Our partnership with Saakuru Labs is a clear demonstration of our commitment to integrating innovative technologies for a brighter, more technologically adept Indonesia, offering enhanced global work opportunities and a forward-looking perspective.”

  • Prabowo & Gibran, Presidential Candidates, Indonesia

“Saakuru Labs is immensely proud to be selected by Prabowo & Gibran for this significant collaboration. It’s an honor to participate in this pivotal initiative, aimed at bridging the gap between Indonesia’s younger generation and the world of cutting-edge technology. We are committed to leveraging our expertise in blockchain and interactive platforms like the ‘Konco Kulo Gibran: THE DUO’ game ecosystem to inspire, educate, and open up new opportunities for the youth. This partnership symbolizes our dedication to fostering a tech-savvy future generation, fully equipped to thrive in the rapidly evolving digital landscape.”

  • Nelly Sutjiadi, Chairwoman & Co-Founder, Saakuru Labs

Saakuru Labs is supported by world-class EdTech partners such as Crypto Run, SingSing, Eng Breaking by GOGA, BitDegree, and ERM LABS.

The Konco Kulo Gibran x Saakuru Labs x Prabowo-Gibran presidential campaign partnership underlines a commitment to empower Indonesians through the Saakuru Labs Platform, contributing to Indonesia’s “Golden Indonesia 2045 Vision.” It symbolises a stride towards engaging the nation’s youth in the digital revolution, reinforcing Indonesia’s emerging leadership in global technology.

About Saakuru Labs (formerly AAG)

Saakuru Labs is a Web3 enterprise software company and the operator of the gas-fee-less Saakuru Blockchain, a layer-2 solution on Oasys. At Saakuru Labs, we provide critical pieces of Web3 infrastructure to ease access, increase security, and allow users and companies to generate income from the Web3 economy. Our innovative solution such as seedless Saakuru Wallet SDK seamlessly integrates your products with popular blockchains, offering an effortless transition with as little as one day.

To learn more about Saakuru Labs, AAG, and our expansive ecosystem, please join our Social Media Channels.

Contact

Co-Founder & CEO
Jack Vinijtrongjit
jack@saakuru.com

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Cryptocurrency

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

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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
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Cryptocurrency

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

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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.

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Cryptocurrency

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

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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
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