Casey

The staking application uses BlackRock BUIDL funds as collateral for Frax USD

Casey4 months ago4 months ago03 mins

$549 million of assets under management are underwritten by BlackRock’s USD Institutional Digital Liquidity Fund, according to RWA.XYZ data. Securitize, the brokerage firm that represents the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), has filed a Frax staking application to add BUIDL as an additional backer for the Frax USD stablecoin. With these enhancements, using BUIDL as a secured reserve asset can provide deeper yield paths, liquidity and exchange options, as well as reduce the risk of collateralization from BlackRock, the world’s largest asset manager. The proposal must go through a public vote before BUIDL can invest in US government bonds that can be added as a reserve asset for the proposed Frax USD stablecoin. Real-world assets (RWAs) have been identified as increasingly popular as a backed asset and reserve for stablecoins due to their high liquidity, fast settlement, and ability to provide significant profit opportunities for their holders. BUIDL is targeting the cryptocurrency market Ethena Labs (the developer behind Ethena, responsible for the US dollar-denominated USDe) announced the development of a BUIDL-backed stablecoin in September 2024. The BUIDL-backed stablecoin called USDtb is a separate product of USDe Ethena. USDtb went live on December 16 and raised nearly $65 million in total value (TVL) on its first day of trading. Unlike USDe, which relies on a difficult delta-neutral trading strategy to issue stablecoins, USDtb is backed by short-term US government bonds that hold BUIDL tokens at a 1:1 ratio to the US dollar. Oct. In 2024, BlackRock began promoting BUIDL as a collateral for cryptocurrency exchanges. The asset manager is said to have talked to Binance, OKEx, and Deribit about including the token as a collateral on their platforms. Using BUIDL as a crypto derivatives exchange would challenge the dominance of existing stablecoin providers like Tether and Circle, which currently operate digital asset exchange reserves.

Trump names former football player Beau Hines as chairman of cryptocurrency committee

Casey4 months ago4 months ago04 mins

Bo Hines will serve on the President’s Commission on Cryptocurrencies, under the leadership of Donald Trump’s crypto and artificial intelligence mogul David Sacks, to “promote innovation and advancement of digital assets.” Donald Trump has named former college football player Bo Hines as the executive director of the new administration’s “Cryptocurrency Council.” The US president-elect posted on his Twitter account on December 22 that Bo Hines — an unsuccessful Republican candidate for the US House of Representatives in 2022 — will serve as the executive director of the President’s Digital Asset Advisory Council. Trump added that the new advisory group, dubbed the “Cryptocurrency Council,” will be led by his cryptocurrency advisor and artificial intelligence mogul David Sacks. “In his new role, Beau will work with David to drive innovation and growth in the digital assets space and ensure that industry leaders have the resources they need to succeed,” Trump wrote. In 2022, Hines ran as the Republican candidate for the North Carolina House seat, but narrowly lost to Democratic opponent Willie Nicol. Hines and other Republican candidates have received funding from the super PAC American Dream Federal Action and other pro-cryptocurrency PACs. Former FTX CEO Ryan Salame, who was sentenced to seven years in prison for crimes including illegal political contributions, reportedly donated $13.4 million to Republican candidates, including Hynes. Trump names former GP a16z as senior intelligence advisorTrump also announced the appointment of former Andreessen Horowitz (a16z) partner Sriram Krishnan as senior intelligence policy advisor to the new committee. “I am honored to serve our country and work with David Sacks to ensure America’s continued leadership in artificial intelligence,” Krishnan wrote in an X response to his nomination. The post reflects Trump’s continued support for the crypto industry. During his presidential campaign, he promised to make the United States the “world’s cryptocurrency capital,” which led him to raise millions of dollars in funding from crypto industry executives. He has appointed other pro-cryptocurrency advocates, including billionaire Elon Musk, as senior advisers. On December 4, Trump nominated Paul Atkins, a pro-cryptocurrency businessman and former commissioner of the Securities and Exchange Commission, to serve as chairman of the agency, which industry executives hope will weaken regulatory oversight of the cryptocurrency industry.

Best Wallet Raises $5 Million in New Crypto Presale, Experts Predict 10x Potential

Casey4 months ago4 months ago011 mins

Best Wallet ($BEST) token presale continues to attract strong investor interest after surpassing $5 million. Although it has only been a few weeks since fundraising began, the project’s advanced features seem to have been enough to convince Web 3 enthusiasts to participate and stand to reap huge profits once the token is listed. Despite the recent sell-off the crypto market experienced following the Fed’s aggressive comments this week, that hasn’t stopped investors from pushing the $BEST presale to new highs. Crypto-friendly policies supported by Donald Trump continue to be a good reason to invest in the blockchain space. Best Wallet is introducing innovative tools for investors, including a screener that helps identify the most promising Web 3 projects at an early stage. Additionally, the development team’s roadmap includes the launch of a decentralized exchange (DEX) and debit card services, which will allow users to seamlessly spend cryptocurrencies. Best Wallet’s native token, $BEST, is currently available at a presale discount of just $0.02327. This latest batch is only available for 27 hours. The price will increase when it expires. Stablecoins and DeFi outlook is bright in 2025 Stablecoins have been gaining attention this year as cryptocurrency adoption continues to grow around the world. The market capitalization of these digital assets is expected to grow by 48% in 2024, reaching a record high of $193 billion as of December 1. Meanwhile, more than $27 trillion in transactions have been processed in stablecoins since the beginning of the year, a threefold increase compared to the same period last year, according to Coinbase Market Outlook data. The sector shows no signs of slowing down, and analysts believe these figures could increase by another $5 trillion in 2025. Moreover, the DeFi sector is poised to re-emerge as a powerful force within the cryptocurrency industry after a difficult few years in which investors questioned the safety of most protocols. Total value locked (TVL) across multiple blockchains has reached $131 billion, a level not seen in the past two years, while current trends suggest that this value will surpass the record $178 billion it reached in 2021 by next year. However, meme coins are currently considered the most promising sector, as they have risen to the top of the cryptocurrency rankings by market capitalization in a relatively short time. Nine of the sector’s most valuable assets have already surpassed $1 billion, and many more have reached nine figures this year following the post-election rallies. Investor interest in these “internet jokes” (as some call them) is clear, calling into question fundamental ideas of how assets are valued. Community growth, a sense of belonging, and virality are some of the factors that have contributed to the recent rise in meme coin valuations. A secure Web3 wallet to store your valuable digital assets in a new crypto era Cryptocurrency is entering a new era, and investors need a secure wallet to store their digital assets. Prices are rising fast and once worthless tokens are no longer so valuable. Best Wallet stands out from the competition by offering superior transaction execution capabilities. This crypto storage solution is integrated with over 200 decentralized exchanges (DEXs) and over 20 cross-chain bridges to provide the best available prices for each token. For years, users have struggled to convert fiat currency into digital assets, but that’s no longer a problem as Best Wallet is making the transition easier through partnerships with top-tier payment processors such as Alchemy Pay and MoonPay. This ensures support for local wallets and financial institutions that process payments seamlessly and quickly. Additionally, the wallet currently supports over 100 fiat currencies, including USD, EUR, and GBP, and allows users to deposit funds into the wallet directly from their bank accounts. While these features are appealing, there is one tool in particular that may intrigue early investors and users. It is called “Upcoming Tokens” and its main purpose is to help investors identify new projects that offer promising benefits using advanced screeners. Best Wallet allows users to get their hands on these presale assets at bargain prices, putting them in a good position to potentially make big profits if they become popular. A notable success story of how the Upcoming Tokens feature is used is Pepe Unchained ($PEPE), a meme coin that sold for just $0.00992 in its presale. Investors who managed to invest at this rock bottom increased their investment by 591% immediately after it was listed on the three major centralized exchanges. Catslap ($SLAP) is another good example of the power of this tool. This meme coin saw a notable price increase of 3,091% immediately after the end of its presale. As it turns out, meme coins aren’t the only upcoming tokens that can be identified. Promising infrastructure tokens such as Solaxy ($SOLX), a layer-2 Solana project, were also spotted by the screener. The project is still in the presale stage and has raised over $3 million in just three days. According to this crypto analyst, $BEST token has 10x potential $BEST token opens the door to experience the best that Best Wallet currently has to offer. The user base has grown by 50% month-on-month, meaning that the demand for the token is being met. Meanwhile, other segments of the ecosystem, such as decentralized exchanges and the upcoming Best Card, will also attract demand for $BEST. Buying the token in the presale will allow investors to reap huge rewards. Crypto Gains, a popular crypto influencer, predicts that the value of the token could see a 10x return once the entire ecosystem is fully up and running. Best Wallet: Token Presale! It’s like investing in Meta Mask if you have coins. Easily 10x? – YouTube For Crypto Gains, the wallet can be considered an upgrade from MetaMask in many ways due to its sophisticated features. This could potentially lead to even better returns when the native token $BEST is listed on CEX. Investor appetite for this new project seems insatiable, as evidenced by its ability to easily surpass the $5 million…

Social Sentiment for Bitcoin Drops to 1-Year Low, Suggesting Bitcoin Breakout

Casey4 months ago4 months ago03 mins

Based on historical chart patterns, Bitcoin may see another week of consolidation before crossing $100,000. Social sentiment for Bitcoin has bottomed out in 2024, which could signal an imminent recovery for the world’s largest cryptocurrency above $100,000. Bitcoin ticker BTC has fallen $96,420 and is currently more than 10% below its all-time high of more than $108,300 set on Dec. 17. It was trading above $97,150 as of 12:38 UTC, according to Cointelegraph data. After a 10% consolidation, social media sentiment regarding Bitcoin has fallen to its lowest point in 2024, with the average ratio of positive to negative Bitcoin-related comments at 4:5. However, this decline in sentiment among retail investors could be a sign that a Bitcoin breakout is imminent, market intelligence platform Santiment wrote in a December 22 X post. “Vocabulary traders are now showing strong FUD, which is good news for outliers who know the market is moving in the opposite direction to retail investors’ expectations.” Other crypto analysts also expect Bitcoin’s correction below $100,000 to end. On December 20, Bitcoin’s daily chart showed three consecutive red candlesticks for the first time since the first week of November, which coincidentally preceded Donald Trump’s victory in the US election. Bitcoin fractals suggest bullish momentum, but BTC’s downtrend will continue for another week Bitcoin could be poised for a recovery by the end of 2024 based on price fractal patterns used in crypto trading to identify key support and resistance levels based on historical data, as well as potential trend reversals. Based on fractals appearing on the daily chart, Bitcoin could rise to over $100,000 in the short term, analyst Elja Boom wrote in an X-post on December 20th. However, Bitcoin’s correction could be extended for another week based on historical data, cryptocurrency analyst Rekt Capital wrote in an X-post on December 21st: “In 2017, weeks 7, 8 and 9 were also corrections. In 2021, weeks 6 and 8 were corrections. Bitcoin is currently in week 7 and slowly moving into week 8.” Nevertheless, Bitcoin’s price movement shows signs of optimism heading into 2025. According to cryptocurrency services provider Matrixport, improving macroeconomic conditions and easing of global monetary policies could push the Bitcoin price above $160,000 by the end of next year.

BTC price rises to $99,500 in hours after record outflows from Bitcoin ETF

Casey4 months ago4 months ago04 mins

BTC price volatility is returning to six-digit levels due to Coinbase-led Bitcoin buying. Bitcoin BTC is down $96,495 as of Dec. 21, approaching $100,000 after a “monster” BTC price surge led to a sudden uptrend. BTC price suddenly recovers from weekend Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD, up $7,000 in 24 hours. Some relief finally arrived at the start of the weekend after a drop to a December low of $92,000 led to liquidation of leveraged long positions. Bitstamp hit a high of $99,500, and the lack of institutional trading seemed almost meaningless as bulls tried to reclaim six-figure amounts. The bounce came as buyers returned to Coinbase, the largest U.S. exchange, which had previously sparked selling pressure. Popular trader Exitpump summarized in a post on X that “Coinbase is buying heavily off the lows,” and compared it to Binance’s buying. His colleague Superbro noted that the 50-day SMA (simple moving average) was acting as clean support for BTC/USD. Trading account Dr. Magic further explained the “fake” breakdown signal on Bitcoin’s Relative Strength Index (RSI). According to the RSI post, “There’s a reason I’m obsessed with this RSI scam breakdown I’ve been posting for a while because it was happening on every major leg up to the first local high,” he told his followers, using a chart showing the correlation of highest prices. The signal was substantiated. At the time of writing, the daily RSI is at 52 and is holding above the important midpoint of 50. As reported by Cointelegraph, the RSI typically stays above the “overbought” 70 level for extended periods in Bitcoin bull markets. Too little, too late for Bitcoin ETF Bitcoin’s return to nearly $100,000 seemed bittersweet for investors in the US spot Bitcoin ETF. According to data from UK-based investment firm Far Side Investors and other sources, ETFs recorded net outflows of nearly $300 million as of Dec. 20. The largest of these ETFs, iShares Bitcoin Trust (IBIT), recorded a record high of $72.7 million in net outflows. On an hourly basis, he looked for possible breakout signals in the form of an inverse head-and-shoulders structure, a classic pattern that indicates short-term and long-term lows.

Why is XRP price up today?

Casey4 months ago4 months ago04 mins

Today’s XRP rally is unlikely to last long as the reversal pattern suggests that a 20%+ correction is in the offing. Ripple Donates $5 Million in XRP for Trump Inauguration The price of XRP has surged more than 20% in the last 24 hours, reaching $2.36 on December 21. The price increase came after cryptocurrency exchanges Coinbase and Kraken donated $1 million to Trump’s inauguration committee. Fox Business was the first to report, with a report suggesting that Ripple could be offering $5 billion in XRP to a single project. Last week, the New York Times quoted Ripple CEO Brad Garlinghouse as saying something similar. Coinbase, Kraken, and Ripple are all battling the U.S. Securities and Exchange Commission (SEC) in separate lawsuits. Trump’s re-election could raise the prospect of a friendly SEC under candidate Paul Atkins, who is known for his pro-crypto stance. XRP holders may see this as a way to resolve Ripple’s legal dispute with the SEC, which has led to the recent price spike. XRP Technicals Show More Uptrends Ahead Today’s XRP price rally coincides with a key technical support level. First, XRP’s relative strength index (RSI) briefly dipped into the oversold zone below 30 on the 4-hour chart. Second, XRP found support near the 200-4-hour moving average (200-4-hour EMA; blue wave) near $2.00. This support is connected to a horizontal support area (marked in red), which is a previous area of strength accumulation. However, looking at the daily chart, the XRP price appears to have formed a descending triangle pattern, which is confirmed by the decline in the trend line and the support at the horizontal line. A descending triangle that occurs during an uptrend is called a reversal pattern. In technical analysis, this pattern is defined when the price breaks below the support of the horizontal line and falls to the highest high of the triangle. Applying the same principle to the XRP/USD chart, the December low is placed near $1.77, a 22.50% decline from current price levels. This price level is in line with the 50-day moving average (red wave). However, a break above the upper line of the triangle could cancel the bearish pattern, sending XRP price to $2.90 (December high).

303 crypto hacks to steal $2.2 billion in 2024: Chainalysis reports

Casey4 months ago4 months ago04 mins

The 2024 Chainalysis cryptocrime report showed that North Korean hackers were responsible for more than 60% of stolen cryptocurrency. Hackers stole $2.2 billion in 2024 Crypto hacking remains a serious problem for the crypto ecosystem. A Chainalies report said that 303 hacking incidents occurred in 2024, resulting in $2.2 billion lost by hackers. This follows an alarming trend in 2018, 2021, 2022, and 2023, when at least $1.5 billion worth of cryptocurrency was stolen. 2024 will be the fifth time this milestone has been reached. The amount of cryptocurrency stolen in 2024 increased by 21.07% year-on-year, with 303 hacker attacks compared to 282 in 2023. Interestingly, most hacker attacks occurred between January and July 2024, with $58 billion stolen in one incident. In recent years, decentralized finance (DeFi) platforms have been the primary target of cryptocurrency hacks, as founders tend to favor rapid expansion over security. However, 2024 saw a systemic shift, with centralized platforms being targeted significantly. The most notable hacks of centralized platforms include DMM Bitcoin, where $305 million was lost, and WazirX, where hackers stole $234.9 million. The shift in strategy by hackers from DeFi to centralized services highlights the importance of protecting hacker-friendly mechanisms such as private keys. In 2024, private key compromises accounted for 43.8% of all cryptocurrency thefts. Because centralized exchanges manage large amounts of user funds, the impact of an attempted private key breach can be devastating, as demonstrated by the $305 million DMM Bitcoin hack, which occurred due to private key mismanagement and potentially resulted in the permanent suspension of stock exchange operations. To obscure the trail of transactions and make them more difficult to track, hackers often launder stolen assets through decentralized exchanges (Dexe), mining services, or mixing/bridging services. North Korean hackers are notorious for their sophisticated and relentless tactics, often using social engineering and sophisticated malware to steal millions of dollars. This is evident from the fact that North Korean hackers stole $1.34 billion across 47 incidents in 2024, up 102.88% from the $660.5 million stolen across 20 incidents in 2023. The total amount of funds stolen by North Korean hackers represents 20% of all incidents and 61% of the total amount stolen annually. The rise in cryptocurrency thefts in 2024 highlights how the sector must adapt to a changing and more complex threat environment. In addition to the increased resilience required to protect crypto assets, data sharing programs, real-time security solutions, advanced tracking tools, and targeted training can help stakeholders quickly identify and eliminate hackers and prevent major losses.

Tai Mo Shan’s Jump Crypto Subsidiary Settles with SEC for $123 Million

Casey4 months ago4 months ago03 mins

The collapse of the Terra ecosystem has finally led to the closure of Terraform Labs following a settlement with the SEC. Tai Mo Shan’s Jump Crypto agreed to a $123 million settlement with the U.S. Securities and Exchange Commission (SEC) on December 20 for misleading investors ahead of the launch of its algorithmic stablecoin TerraUSD (UST). Tai Mo Shan signed an agreement with Terraform to buy Terra LUNA LUNA shares for $0.004375, according to the SECIn 2021, Tai Mo Shan bought nearly $20 million in UST, a significant price to maintain a 1:1 peg of the algorithmic stablecoin to the U.S. dollar. SEC Chairman Gary Gensler had this to say about the UST collapse: “The impact was felt across the cryptocurrency market, ultimately costing many savings accounts. Despite the label, cryptocurrency market participants are expected to adhere to appropriate safety regulations and not mislead the public.” The collapse of TerraUSD in May 2022 sent shockwaves through the cryptocurrency community and had a major impact on stablecoin regulations, such as the Lummis-Gillibrand Stablecoin Act of 2024, which banned algorithmic stablecoins. TerraUSD collapses TerraUSD, an algorithmic stablecoin that is pegged to the US dollar through software and digital asset additions, collapsed in May 2022. The algorithmic stablecoin began its decline on May 8, 2022, when a whale deposited $285 million to UST. This caused UST to lose its 1:1 USD peg and trade at a spot price of $0.98. On May 10, 2022, TerraUSD fell to $0.67, leading to a number of sell-offs among long-term traders, further fueling fear, uncertainty, and investor skepticism. During the UST default, the algorithmic stablecoin’s market cap was larger than the underlying LUNA reserves that served as UST collateral. This indicated that the algorithmic stablecoin was not backed by sufficient underlying reserves – UST prices collapsed as investors panicked and sold their UST. Due to the collapse of UST and the subsequent recession, US authorities investigated Terraform Labs and its founder, Do Kwon, ultimately resulting in a lawsuit and a large settlement of $4.4 billion.

Bitcoin correction “almost complete” as realized losses rise above weekly average

Casey4 months ago4 months ago04 mins

Bitcoin traders’ realized losses have likely peaked, which could signal a bottom for the current BTC price decline. Bitcoin’s BTC ticks fell to $96,685 on the daily chart, marking the first time since the first week of November that it had three consecutive red candlesticks. This week happened to be the period before Donald Trump’s US election victory. Another similarity to the last time three or more red candlesticks were observed on the daily chart is that Bitcoin retested the 50-day EMA level. BTC price has fallen more than 15% from its all-time high, with one analyst saying the biggest drop may be over for the largest cryptocurrency. Bitcoin correction “almost complete,” analyst says Bitcoin price dipped below $93,000 in December. On the 20th, independent crypto trader Captain Fibick said that BTC’s correction is nearing the end. In a post on X, the trader highlighted that BTC’s current decline is due to a significant bearish divergence between BTC price and the Relative Strength Index (RSI) from last month. Typically, such a divergence is followed by an 8% to 10% drop, which is considered a “healthy reset.” The trader expected the price to bounce back from the $94,000 area. On the contrary, anonymous crypto trader Cold Blooded Shiller predicted a sharper drop in Bitcoin based on the same divergence pattern. The trader compared BTC’s current price action to January 2024 and said that if the outcome is similar, BTC’s decline could drop to $85,000. Meanwhile, futures market analyst Byzantine General highlighted the constant selling by spot holders. The analyst said: “Spot is really selling at a premium at the moment because it’s so heavily sold and decoupled from the derivatives market.” In fact, CryptoQuant analyst Maartunn said this is the most significant selling activity on Coinbase since Bitcoin was listed at $66,000. The selling pressure is “relentless” as Coinbase’s premium falls to a quarterly low. Bitcoin’s real losses hit $28.9 million As selling pressure grows hour by hour, realized losses also peaked above the weekly average. Bitcoin on-chain analyst Axel Adler Jr. highlighted that realized BTC losses over the past five days have reached $28.9 million, 320% higher than the weekly average in 2024. It has only surpassed 28 million 10 times this year. Analysis of the mid-term Bitcoin chart reveals a bearish structural break (BOS). However, if Bitcoin continues to close the daily candle above $95,000, the reversal will obviously be invalidated. As can be seen from the chart, the 4-hour candle dropped to $92,777 before quickly recovering above $95,000. It would be ideal for Bitcoin to see a daily candle above $95,000 to invalidate the bearish sentiment.

Crypto × AI: Top AI Cryptocurrencies to Watch in 2024, According to MEXC

Casey4 months ago4 months ago09 mins

The intersection of cryptocurrency and artificial intelligence is no longer a distant dream but already a reality. Projects such as $GOAT, $ACT, and $AI16Z have launched AI agent tokens, marking groundbreaking progress in the integration of cryptocurrency and AI. Top venture capital firms such as Y Combinator and a16z have recognized the huge potential of this integration and predict that it will see significant growth by 2025. What are AI agents in cryptocurrency? AI agents are intelligent autonomous systems that can perceive, learn, and make decisions. In the dynamic cryptocurrency world, AI agents have emerged as key catalysts for market innovation and efficiency. These intelligent agents go far beyond just algorithmic tools to provide comprehensive and accurate market insights and decision support to investors, financial institutions, and blockchain projects. Here’s how AI agents are changing the cryptocurrency landscape: Smarter Trading and Market Prediction : AI agents can analyze market data in real time to identify trends, optimize and implement trading strategies, and predict cryptocurrency price fluctuations. Fraud detection and security: These systems can monitor blockchain transactions to detect and prevent anomalous activity, improving the overall security of the network and protecting investor assets. Simplified blockchain usage: AI agents simplify wallet management, transaction approvals, and interaction with smart contracts, making blockchain easier to use. AI agents as KOLs: AI agents can act as KOLs, interacting with a global audience 24/7 and providing insights based on verified data. Best AI Agent Crypto Projects to Watch on MEXC The AI agent ecosystem is evolving rapidly, and MEXC was the platform for the early release of numerous AI agent tokens. Below is a list of standout projects launched on MEXC. AI Agent Meme Tokens: ACT: Listed on October 24th and has achieved an impressive 3,078% rise since listing, bringing its market cap to over $500 million. AI Prophecy is a decentralized research laboratory focused on multi-human, multi-AI dynamics. Its core mission is to democratize AI knowledge and make it easily accessible to everyone. GOAT: Listed on October 13th and reached a peak of 3,805% growth, becoming one of the most followed tokens in its category. It was created by the semi-autonomous AI Truth Terminal, incorporating a Bitcoin investment from A16z Venture Capital. The name “GOAT” reflects the connection to the goat, a symbol of resilience, courage, and freedom. FARTCOIN: Explosive gains, reaching 11,757% shortly after launch. Humorous token designed to combine entertainment and blockchain to appeal to a wide range of meme enthusiasts. AVAAI: Listed on November 16th, rose to a peak of 377% after MEXC’s launch. AI AGENT FRAMEWORK TOKENS: AI16Z: listed on December 13th, grew 43% after listing. ELIZA: listed on November 19th, grew an astounding 387%. ZEREBRO: listed on November 17th, grew an astounding 540% after listing. ARC: listed on December 11th, peaked at 1,590%. A PLATFORM FOR CREATING AND ISSUING AI AGENTS: Crypto: listed on May 15th, peaked at 4,867% with a market cap of $2.94 billion. Virtuals Protocol is dedicated to supporting democratic AI-powered games, acting as a library of game AI and a marketplace connecting AI contributors and game developers. CLANKER: Listed on November 27th and achieved a 180% increase since listing. GRIFAIN: Listed on December 10th and reached a peak of 758%. VVAIFU: Listed on November 18th and achieved a 380% increase since listing. Why trade AI agent tokens on MEXC? The AI agent sector is growing rapidly and MEXC is empowering traders to capitalize on this trend through early listing, wide token access and trader-friendly terms. This makes MEXC the platform of choice. Benefits for Early Starters MEXC pioneered the listing of AI agent concept tokens, giving traders early access to innovative projects before they are available on other platforms. Notable early listings such as ACT, GOAT, FARTCOIN, and VIRTUAL give users a head start in this emerging market, unlocking high growth opportunities from the get-go. Diverse and Trendy Listings With a listing of over 3,600 tokens and frequent daily additions, MEXC offers unparalleled access to trending tokens in the market, ensuring traders stay ahead of evolving market opportunities. Competitive Trading Conditions MEXC offers a seamless, cost-effective trading experience backed by extremely low fees and robust liquidity. Spot trading fees are just 0.05% for makers and takers.Maker futures trading fees are as low as 0%.With a trading depth of over $100 million, liquidity ensures smooth, reliable trading even during times of high demand. The convergence of cryptocurrency and artificial intelligence is driving transformative change in digital finance, and AI agent tokens are at the forefront of this evolution. By being the first to list the AI AGENT token, MEXC will give traders exclusive early access to innovative projects, helping them stay ahead of the curve in this dynamic and fast-growing market. As the AI agent ecosystem continues to grow, integrating AI technology into blockchain applications will likely redefine the market, and platforms like MEXC will be key drivers of this transformation. Risk Warning: The cryptocurrency information provided in this article is for market analysis purposes only and does not represent the official views or investment advice of MEXC. Due to the volatility of the cryptocurrency market, investors are advised to carefully evaluate market fluctuations, project fundamentals, and potential risks. Please consider financial risks before making any trading decisions.

Crypto Biz: Coinbase vs. BiT Global – Over $1 Billion wBTC Dispute

Casey4 months ago4 months ago08 mins

This week, Crypto Biz covers Coinbase’s controversial delisting of wBTC, Deutsche Bank Blockchain, USDT in Europe, repaying FTX creditors, BVNK’s US launch, and more. Coinbase’s decision to delist wrapped Bitcoin (wBTC) has sparked major controversy and prompted a $1 billion lawsuit from BiT Global Digital Limited, the co-manager of wBTC’s reserves. In November, Coinbase announced plans to delist wBTC from its platform, citing violations of undisclosed listing standards. The decision was criticized by BiT Global Digital Limited, a Hong Kong-based cryptocurrency exchange that has partnered with BitGo to store wBTC’s Bitcoin reserves since August. BiT Global argued that with this move, Coinbase wanted to promote its competing product, Coinbase Wrapped BTC (cbBTC), which was launched on September 12 and has since become one of the most popular Bitcoin wrappers with total sales of approximately US$1.4 billion. Following the delisting, BiT Global filed a lawsuit against Coinbase on December 13, seeking more than $1 billion in damages. The lawsuit accuses Coinbase of anti-competitive conduct, including attempting to monopolize the wrapped Bitcoin market under the Sherman Act, engaging in predatory conduct aimed at undermining wBTC’s market position, and making false statements implying that wBTC did not meet listing criteria. Coinbase’s general counsel Paul Grewal defended the company’s actions a few days later, saying that assets that do not meet the listing criteria will be delisted. The latest development in the case emerged on December 17 after Coinbase filed a response to a lawsuit highlighting the risks associated with cryptocurrency entrepreneur Justin Sun, including allegations of financial misconduct and regulatory investigations. The exchange’s response supported the assumption that there were no technical reasons for the token delisting. In X, users were reminded that Coinbase itself was under numerous investigations. On December 18, a federal judge sided with Coinbase and refused to issue an injunction to block the token delisting. Judge Araceli Martínez-Holguín said BiT Global’s legal team had not demonstrated “immediate and irreparable harm” in their arguments. But the decision appears to be just the beginning of a new legal battle. This week on Crypto Biz, we also cover Deutsche Bank’s blockchain, USDT trading in Europe, repaying FTX creditors, and BVNK’s US expansion. Deutsche Bank builds L2 blockchain on Ethereum Germany’s largest financial institution, Deutsche Bank, is reportedly developing its own Layer 2 (L2) blockchain on Ethereum using ZKsync technology to address compliance challenges associated with the use of public blockchains in regulated finance. According to Bloomberg, the L2 solution, part of Project Dama 2, is designed to improve transaction efficiency, ensure regulatory protections and integrate directly with Ethereum. Project Dama 2 is an initiative of the Monetary Authority of Singapore’s Project Guardian, which brings together 24 financial institutions to explore tokenizing blockchain-based assets. Tether USDT trading continues across Europe despite Coinbase delisting European cryptocurrency exchanges continue to support Tether’s USDt stablecoin after Coinbase announced it would delist it for European customers to comply with upcoming regulatory requirements. Major exchanges including Binance, Crypto.com and Kraken have maintained trading support for Tether’s USDt-USDT ticker at a drop of $0.9988 after Coinbase delisted the stablecoin in December. 13. Other platforms such as KuCoin, MEXC, and Bitget also offer stablecoins to European users, but the full implementation of the Crypto Asset Market Regulation (MiCA) is looming on December 30th. Coinbase has designated USDT as a MiCA-restricted stablecoin, but European authorities have not made a clear statement on whether USDT should be considered non-compliant with local laws. Kraken and BitGo will help distribute first FTX payments in 2025 Representative debtors in the bankruptcy case of the insolvent cryptocurrency exchange FTX announced that a restructuring plan that will allow them to repay customers will come into effect in January. 3. In a Dec. 16 announcement, FTX said it had established a timeline for the initial distribution of funds to the exchange’s users, more than two years after the company filed for Chapter 11 bankruptcy protection. According to FTX Debtors, the first group of creditors can expect repayment within 60 days starting Jan. 3, 2025, subject to certain conditions. The debtors said cryptocurrency companies BitGo and Kraken will help distribute the repayments to FTX users. Other groups of customers expecting repayments will be announced “in due course,” the exchange said. BVNK Raises $50M to Expand into U.S. Stablecoin Market Stablecoin infrastructure company BVNK has completed a $50 million Series B funding round led by Haun Ventures and plans to expand into the U.S. The new capital will be used to expand BVNK’s operations to San Francisco and New York City, according to a Dec. 17 announcement. London-based BVNK is currently valued at around $750 million. The company’s U.S. branch will develop local banking infrastructure and work on obtaining an operating license to serve local businesses. Participants in the round included Coinbase Ventures, Scribble Ventures, DRW VC, and existing investors Avenir and Tiger Global.

No Indexing Throttling Slows DApp Speed – Pangea CEO

Casey4 months ago4 months ago03 mins

Users typically abandon applications that don’t respond within 3 seconds. Web3 applications can take up to 20 seconds to load. Decentralized applications (DApps), also known as Web3 applications, tend to be slower than Web2 applications because they have to organize blockchain data from multiple sources. Maxim Legge, CEO of Pangea, a decentralized data indexing solution, told Cointelegraph that data indexing solves the speed bottleneck for Web3 applications. Legge said that data from RPC nodes, smart contracts, and other blockchain infrastructure on high-throughput chains can reach hundreds of terabytes. Indexing is the process of organizing this raw blockchain data so that it can be effectively retrieved later. The CEO told Cointelegraph: “This isn’t something developers should worry about. This is a real infrastructure problem. We can solve it once and for all. It doesn’t need to be solved by each DApp developer individually.” Unfortunately, Legge said, many Web3 developers are forced to develop in-house indexing solutions that are inefficient, overly complex and time-consuming to develop. Throughput will be significantly increased The higher the throughput of a blockchain (measured in transactions per second (TPS)), the more on-chain data it generates that needs to be indexed by DApps that interact with that chain. In October, Ethereum co-founder Vitalik Buterin outlined a goal to scale Ethereum’s base layer and its layer-2 scaling solutions to handle a total of more than 100,000 transactions per second. Among the goals outlined by Buterin in the Ethereum roadmap was improving interoperability between Ethereum and its many layer-2 networks. StarkWare CEO Ben Sasson told Cointelegraph at the DevCon 2024 conference that Ethereum layer-2 scaling solution Starknet will quadruple TPS within three months, matching the throughput of the Solana network. Layer-2 solution ZKsync is also aiming for higher throughput as part of its goal. According to the project’s roadmap, developers hope to increase ZKsync’s throughput to 10,000 TPS by 2025 and reduce transaction fees to as low as $0.0001. Solana’s non-voting throughput currently ranges from 800 to 1,050 TPS. Solana’s high throughput and monolithic design features have attracted the attention of developers, making it a top ecosystem for development in 2024.