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Cryptocurrency

Why Bitcoin rose: what’s happening in the market and what investors forecast

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Why Bitcoin rose

The cryptocurrency market started another working week with growth. During the day, according to the resource CoinMarketCap, bitcoin rose by more than 9%.

Why Bitcoin rose

Bitcoin rose on the news of the U.S. launch of a government program aimed at providing local banks with access to liquidity to cover deposit obligations. The U.S. Federal Reserve has allocated $25 billion to help supervised organizations. The decision followed a string of bankruptcies in the banking sector, which, among others, affected cryptocurrency-friendly banks Signature Bank and Silicon Valley Bank.

Participants in the cryptocurrency community took the news as the launch of the “printing press,” which could mark the return of U.S. regulators to the policy of quantitative easing. The latter involves printing followed by the infusion of new dollars into the economy. The Fed’s decision will have a positive impact on the digital asset market.

Bitcoin vs. banks

Meanwhile, the media reported that the amount of unrealized losses of U.S. banks reached $620 billion. Some publications also publish lists of potential bankruptcies. The following banks stand out among the projected victims:

Members of the cryptocurrency community were quick to remind that bitcoin was the answer to the problems of the traditional financial market. Therefore, the difficulties faced by banks will contribute to developing the digital asset market.

For his part, Charles Edwards, founder of Capriole Investments, believes that the problems in the banking sector have once again made bitcoin the best tool for saving in times of financial market instability.

Changpeng Zhao noted that the closure of crypto-friendly banks could threaten stablecoins, digital assets whose value is tied to an underlying asset, such as the U.S. dollar. Issuers of such tokens typically hold the assets backing the cryptocurrency at banks. For example, one of the customers of the closed Signature Bank was Circle, the issuer of the second most capitalized USD Coin stable.

Proponents of the negative outlook, in turn, remind us of bitcoin’s correlation with the stock market. The Fed has made it clear to the market that the regulator plans to tighten monetary policy. The action could put pressure on the stock market, which crypto repeats.

We previously reported that businesses are not buying current versions of Metaverse.

Cryptocurrency

BloodLoop Levels Up: $4M Raise Fuels Blockchain Gaming Adoption

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[PRESS RELEASE – Lugano, Switzerland, March 27th, 2024]

7 Digital Labs, the Swiss gaming studio that owns and produces BloodLoop, announced today that it has raised $4 million in seed funding. The company, which has been in the industry for over three years, is producing a free-to-play hero shooter integrated into the web3 gaming world.

BloodLoop – the company’s first product – is poised to immediately establish itself at the forefront of the next-generation hero shooter market and has garnered immediate interest from the web3 gaming community, reaching more than 350,000 registered users in just two weeks who are eager to try out the game in the closed beta version that will be available in the coming months.

Well-known funds and companies, including the Avalanche Foundation, Merit Circle, and Citizen Capital, led the investment round to raise the funds needed to complete the game’s development and launch.

According to CEO & Co-founder Luca Menale, “The company aims to create gaming platforms that engage users in a fluid, next-generation gaming experience, allowing them to fully and seamlessly take advantage of all the benefits made available by blockchain technology”.

Building the next-generation Hero-Shooter

BloodLoop represents a bridge of interconnection between the world of traditional web2 and web3 games, allowing all lovers of the hero-shooter genre to continue to enjoy an immersive, exciting, and competitive experience without giving up the features of the biggest and most famous traditional games, and at the same time be able to benefit from the concepts of true ownership and buying and selling game assets between players, made possible and secure by Blockchain.

BloodLoop, a 5v5 third-person shooter, offers players a vivid virtual world to immerse themselves in bloodthirsty battles with their favorite hero, juggling several unique maps and game modes. At the end of each game, players extract materials and fragments – NFTs over which they have full control – that form the cornerstone of the game’s economy: at the Forge, materials can be combined to create unique, limited edition skins and artifacts that can be used in-game or resold to other players.

There is also a strong emphasis on competitive game modes, where players can compete against each other to climb weekly and monthly leaderboards and earn $BLS rewards.

The entire infrastructure is powered by an Avalanche Subnet, a game-specific blockchain within the Avalanche network, designed to make exchanges between users instantaneous and secure, eliminate in-game transaction fees, and generally reduce friction for players who are not native to the blockchain world.

Ed Chang, Head of Gaming at Ava Labs, said, “We have been watching and following the development of BloodLoop since the team behind the game took their first steps, and it is amazing to see the progress they have made over the past three years. We are very excited that the team has decided to entrust the game’s blockchain infrastructure to Avalanche’s network. Bloodloop is a game that has all the ingredients to become one of the best up-and-coming web3 hero shooters on the market. They have our full support, and we are thrilled to be among their investors”.

BloodLoop Links:

X (Formerly Twitter)

Telegram

Discord

Website

Play2Airdrop campaign

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Dogecoin Nears $0.20 Amid Increased Whale Activity: Can the DOGE Price Rally Even More?

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TL;DR

  • Dogecoin’s price soared over 35% in a week, outperforming major cryptocurrencies in trading volume.
  • The surge coincides with a substantial DOGE transfer initiated by a mysterious whale.

The cryptocurrency market has rebounded in the past week, with Dogecoin (DOGE) among the best performers. Its price has jumped by over 35% on a 7-day scale, reaching almost $0.20.

DOGE Price
DOGE Price, Source: CoinGecko

Additionally, DOGE surpassed several rivals on different fronts. For example, the trading volume generated by the biggest meme coin in the last 24 hours exceeded $3.6 billion. Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are trailing behind with $3.5 billion, $1.8 billion, and $1.7 billion, respectively.

Dogecoin’s resurgence coincides with increased activity from large investors. Whale Alert revealed the case of one mysterious person (or entity) who transferred over 1 billion DOGE (worth more than 180 million at current rates) to an unknown wallet. 

Numerous X users commenting on the post shared optimism that the move might be a precursor of a significant price pump. Others wondered who this mysterious whale could be, with some suggestions pointing out to Elon Musk.

Tesla’s CEO is an outspoken proponent of the meme coin and a HODLer. Earlier this month, he hinted that his EV giant might accept DOGE as a payment method “at some point.” He also promised to continue supporting the asset, adding “Dogecoin to the Moon.”

Some analysts have recently outlined optimistic price predictions for the token. DonAlt was among the biggest bulls, maintaining that “it isn’t too unlikely for Dogecoin to go to $1” based on how it is trading against Bitcoin.

DOGE is not the only meme coin to have performed quite well as of late. Shiba Inu (SHIB) is up 20% weekly, while the Solana-based dogwifhat (WIF) has soared by 42% for the same period.

Those willing to learn more about the different meme coins, their specifics, and related risks, feel free to check our dedicated video below:

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Cryptocurrency

These Bitcoin ETFs Among Top 30 Asset Funds Listed Globally

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Four Bitcoin exchange-traded funds (ETFs) have secured positions among the largest 30 asset funds within their first 50 days on the market, with BlackRock’s IBIT and Fidelity’s FBTC “in a league of their own,” as per insights from Bloomberg senior ETF analyst Eric Balchunas.

U.S. spot Bitcoin ETFs are seeing a resurgence in capital inflows, marking a reversal from a series of consecutive net outflows over the past week.

Four Bitcoin ETFs See Substantial Inflows

In a recent post on X, Balchunas pointed out that BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB managed to climb among the top 30 ETF assets globally within their first 50 days of trading.

The data indicates that even Bitwise’s BITB is presently ranked 18th in assets under management, exceeding the world’s largest SPDR Gold Shares (GLD) fund.

On March 26, Fidelity’s fund witnessed its largest daily inflow since March 13, worth $279.1 million, adding 4,000 BTC to its holdings. This marked the firm’s second consecutive day of inflows exceeding $260 million.

Meanwhile, BlackRock’s fund saw inflows of $162.2 million, which is lower than earlier in the month when daily inflows averaged over $300 million.

The Ark 21Shares Bitcoin ETF fund had its best day since March 12, with inflows totaling $73.6 million, while Bitwise’s BITB saw inflows amounting to $16.7 million.

Other funds, such as Invesco Galaxy, Franklin Templeton, and Valkyrie, also observed significant inflows exceeding $26 million each.

Grayscale Outflows Continue

Data from Farside Investors indicates that the ten approved spot Bitcoin ETFs collectively had a substantial net inflow of $418 million on March 26.

In contrast, Grayscale’s Bitcoin Trust (GBTC) remained in a state of negative flows, with daily outflows reaching $212 million. However, the net inflows from its competitors surpassed GBTC’s outflows.

Since transitioning to an ETF on January 11, Grayscale has seen significant outflows totaling 277,393 BTC, approximately $19.5 billion at current market prices.

On the other hand, Bitcoin has remained steady around the $70,000 mark amid news that the London Stock Exchange intends to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. The decision follows the exchange’s earlier announcement regarding accepting applications for crypto ETNs in the year’s second quarter.

In a recent report, crypto asset trading firm QCP Capital noted that asset managers increasingly allocate to Bitcoin for portfolio diversification. In addition, there has been a surge in requests for structured products like Accumulators and FCNs, indicating an increased appetite for diversifying investment portfolios with Bitcoin.

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