Cryptocurrency
The head of Binance commented on the participation in the deal. Twitter buy by Elon Musk
The head of the cryptocurrency exchange commented on the situation with buying Twitter stock of billionaire Ilon Musk, revealing the factors that influenced the participation of Binance in the deal. He told about it in an interview with Squawk Box.
He said Binance is eager to include cryptocurrency in the platform as new Twitter owner Ilon Musk pursues his dream of transforming it into a free speech channel.
“We want to make sure that cryptocurrency has a place at the table when it comes to free speech,” Zhao said.
He mentioned the importance of Twitter in the cryptocurrency space, calling the social network a global platform for free speech. The Binance CEO also acknowledged his dependence on Twitter as he uses the platform to connect with the rest of the cryptocurrency community.
“Twitter is a tool that I use very actively personally,” CZ said.
He promised that Binance will work together with Twitter as Musk looks to introduce the Web3 platform.
“We want to help solve these pressing problems, which include membership fees, etc., that can easily be solved around the world using cryptocurrencies as a means of payment,” Zhao added.
Twitter bought by Elon Musk cost him $44 billion, while a spokesperson for cryptocurrency exchange Binance confirmed that “the initial commitment remains the same,” and noted the possibility of expanding the partnership. At issue is a May pledge by the exchange to invest $500 million in a takeover of Twitter as part of a strategy to integrate news sites and social networks into the web3 ecosystem.
Zhao also tweeted that his company “transferred $500 million to Musk two days ago.” Sources also reported that Binance, along with venture capital fund Sequoia Capital, want to fund Ilon Musk’s deal to buy Twitter. A source close to Sequoia Capital noted that the company is still willing to invest $800 million.
Previously, we reported that Elon Musk is buying Twitter, which caused a wave of fraudulent TWIT tokens.
Cryptocurrency
These Alts Dumped the Most as Total Crypto Market Cap Lost $100B in a Day (Market Watch)
Bitcoin’s price movements over the past several days were quite promising as the asset had recovered from last week’s crash and stood above $66,000 and even $67,000 before the landscape changed for the worse once again today.
The altcoins, though, are in an even worse state, with numerous massive price declines across almost all charts.
BTC Slides Below $64K
CryptoPotato reported the adverse price movements last week that were propelled by the escalating tension between Iran and Israel. This culminated in a price drop to under $59,500 on Friday, hours before the fourth halving.
However, when Iran tried to calm the situation, bitcoin went on the offensive and jumped by over five grand in hours. It faced the completion of the halving at around $65,000 and kept climbing gradually over the next few days to just under $67,000.
The latest failed attempt to overcome that level was yesterday. However, the bears were quick to intercept the move and pushed the cryptocurrency south hard.
In a matter of hours, the asset fell by more than $3,000 and kept dropping to a multi-day low of $63,500 (on Bitstamp). Its current price tag is not much higher amid the growing ETF outflows, and its market cap has declined to $1.260 trillion on CG. Its dominance over the alts has remained at the same level of 50.7%.
Alts Turn Red
The landscape around the altcoins is even worse today. Aside from BNB, TRX, and LEO, who have been spared by the crash, the rest of the larger-cap alts are deep in the red. ETH is down by 4% and trades inches above $3,100. Similar losses are evident from XRP, LINK, LTC, and NEAR.
More painful declines come from the likes of Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).
The total crypto market cap has dumped by around $100 billion in a day and is under $2.5 trillion on CG now.
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Cryptocurrency charts by TradingView.
Cryptocurrency
It’s Not Looking Good for Bitcoin HODLers, Warns Peter Schiff as BTC Correction Continues
The popular bitcoin perma-bear Peter Schiff has carried out another verbal attack on X during the most recent price correction that drove the asset to a multi-day low of around $63,000.
Schiff, known for his support and admiration for gold, believes BTC’s price could plummet even more if it breaks below $60,000.
Not Looking Good?
Although the fourth halving took place less than a week ago, an event typically related to the start of another bull run, many crypto experts, including Arthur Hayes, warned that the largest crypto asset could retrace ahead, during, and shortly after the block reward reduction.
This has indeed been the case so far, as bitcoin dumped hard last week amid the geopolitical issues between Iran and Israel, recovered some ground after the halving but started losing value in the past 24 hours again.
The latest decline drove BTC south by approximately four grand, from almost $67,000 to around $63,000 as of now. Such corrections are usually used by bitcoin critics, such as Peter Schiff, to (perhaps) exaggerate the current market conditions and issue big warnings for HODLers.
In his latest attempt to spread FUD, Schiff said new investors who are not used to the volatile nature of bitcoin, could be “in for a rude awakening.” He also pointed out the $60,000 level as the most important psychological line BTC has to maintain to prevent further declines.
It’s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it’s a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. pic.twitter.com/Dw6mJXXi3r
— Peter Schiff (@PeterSchiff) April 24, 2024
What About Gold?
As mentioned above, Schiff is a well-known gold bug and recently also commented on the yellow metal’s correction. The safe-haven asset went from an all-time high of $2,425/oz to under $2,300 in the span of a few weeks.
However, it managed to bounce off and is currently trading above $2,320. Consequently, Schiff believes the worst for gold is over as he sees $2,300 as the new support level that won’t be broken soon. Moreover, he predicted that the precious metal would go above $2,400 shortly and forecasted another BTC correction.
The pullback in #gold is likely over. $2,300 looks like the new $2,000. There is resistance above $2,400, but I don’t expect it to last long. In contrast, the #Bitcoin pullback is likely just getting started. There is support at $60,000, but I don’t expect it to hold up.
— Peter Schiff (@PeterSchiff) April 24, 2024
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Cryptocurrency
Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support
[PRESS RELEASE – Zug, SWITZERLAND, April 25th, 2024]
Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.
Onramps from fiat to crypto have historically been one of the biggest pain points with regard to DeFi accessibility. Thanks to the tireless builders who identified this issue early on, and have been working with regulators, credit card issuers and other payment infrastructure providers, the high barriers to crypto entry are about to be a thing of the past.
In November of last year, Velocity Labs began talks with Ramp, the leading onramp infrastructure provider for web3. The objective was simple: maximize Asset Hub’s accessibility, and to get it to its full potential.
Asset Hub is a system parachain considered the “home base” of assets in the Polkadot blockspace ecosystem. It enables the creation, management, and use of assets in the Polkadot network. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, allowing for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is crucial for the emission of tokens similar to ERC-20 (the Ethereum standard powering DeFi on that chain) and the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many constraints, particularly around UX and DevEx. Recognizing the potential of Asset Hub and its importance, Velocity has been working tirelessly to address these limitations.
Ramp is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience in converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
About Velocity Labs
Velocity Labs is a DeFi and infrastructure development company founded with the objective of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. A team formed by Polkadot veterans and DeFi experts, Velocity Labs is committed to building critical market infrastructure and tooling to unlock Polkadot’s full potential.
More information on velocitylabs.org
Velocity Labs actively searching for builders to join us in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you think this is you, please get in touch with us through this form.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
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