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    in Cryptocurrency

    Solana Memecoin $IMARO Captures Turkish Market and Announces the listing on Coinstore, Aiming for Global Sensation

    In a remarkable showcase of growth and community engagement, the newly launched memecoin $IMARO, announced by Metin Redjepi, the coin’s founder and a prominent figure in the Turkish blockchain industry, has quickly garnered attention in the market. Originating from a viral social media moment during Turkey’s local elections, $IMARO has achieved notable success, embodying the cultural resonance and innovative technology of Turkish developers. Coinstore announced the listing plan today.Metin Redjepi comments, “Turkish communities, who are loved by all crypto companies, have our own culture, including meme culture. I want to make sure people know about the person behind the project and break the rug-and-pull stigma of Turkish crypto projects.”Following the elections, a humorous interaction involving a fictional candidate named “Ekrem İmaro” became a sensation, inspiring the creation of the memecoin. This cultural phenomenon has since evolved into a significant digital asset, reflecting the potential for memecoins to capture the imagination of both financial and social communities.A Swift Ascent to SuccessLaunched on March 31, $IMARO’s value skyrocketed, reaching a trading level of $0.0029 per coin all-time-high on April 2nd (9:30 am) and pushing its total market capitalization beyond $3 million. This rapid ascent highlights the cryptocurrency’s strong market acceptance and the vibrant community rallying around its potential.A Call to the Turkish Crypto Community$IMARO is not just a testament to the tech savvy of its creators but also serves as a rallying cry for the Turkish crypto community to embrace and support homegrown projects. Redjepi’s vision extends beyond $IMARO, aiming to spark a movement that breaks down prejudices and unites developers, investors, and enthusiasts in a collaborative effort to elevate Turkey’s standing in the global crypto ecosystem. You can visit https://imaro.meme/ for more info.About $IMARO:$IMARO is a memecoin that blends humor, cultural significance, and blockchain technology to create a unique and engaging digital asset. Born from a viral moment in Turkey’s local elections, it aims to unite the crypto community and demonstrate the innovative spirit of Turkish developers.About Metin Redjepi and the Team Behind $IMARORedjepi, known for founding the world’s first blockchain-based live streaming platform DLive, along with his team, exemplifies innovation and leadership in the blockchain space. Their previous success with DLive, which attracted millions of users worldwide including top content creators, set the stage for the development and launch of $IMARO. Metin Redjepi also owns the web3 marketing agency Sharkgem.comContactCEOMeti [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    Byte Federal Launches Point of Sale System for Merchants seeking to accept Bitcoin

    Byte Federal, a leading company in the global financial technologies space, is proud to announce the official launch of its point of sale (POS) system, ByteConnect. This product launch marks a significant expansion of Byte Federal’s “fintech focused” services, showcasing a commitment to building a full suite of financial tools for economic freedom.The new merchant product suite includes a comprehensive API, a physical “handheld” POS device for retail locations, and a selection of digital e-commerce solutions. Byte Federal is excited to be a part of the next phase of bitcoin adoption. About ByteFederalByteFederal is dedicated to reshaping economic power through cryptocurrency, empowering people to build wealth with our innovative software. Our mission champions sound money, free from central control, fostering an environment where free trade and real capital growth thrive. Inspired by the progress of past eras and the potential of Bitcoin, we aim to enhance individual purchasing power and to promote a future, where economic freedom and innovation lead the way.We’re building a future where peer-to-peer financial services create a transparent, efficient economy, enabling personal prosperity and securing a brighter tomorrow.Empowering prosperity with sound money principles. Join us.ContactDirector of Product DevelopmentMichelle WeekleyByte [email protected] article was originally published on Chainwire More

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    in Economy

    EU launches 2 probes into China solar manufacturers

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The EU has launched two investigations into Chinese solar panel manufacturers that Brussels said have benefited from market-distorting subsidies.The probes reflect a hardening stance in Europe towards cheap Chinese imports, which the EU’s solar industry has blamed for the heavy losses and plant closures of several European solar panel manufacturers.“Solar panels have become strategically important for Europe,” said the EU’s internal market commissioner Thierry Breton on Wednesday. “The two new in-depth investigations on foreign subsidies in the solar panel sector aim to preserve Europe’s economic security and competitiveness by ensuring that companies in our single market are truly competitive and play fair.” The probe will focus on two consortiums bidding for the development of a solar park in Romania, part-financed by EU funds. One includes the German subsidiary of Longi Green Energy Technology, one of the world’s largest manufacturers of photovoltaic cells and solar panels. The other is made up of two European subsidiaries of the Chinese state-backed power company Shanghai Electric.The European Commission said that “there are sufficient indications that both have been granted foreign subsidies that distort the [EU’s] internal market”.Neither Longi nor Shanghai Electric immediately responded to a request for comment. Longi has previously warned that western countries should not cut out Chinese suppliers. It is only the second time that the EU has opened an investigation under a foreign subsidies law that came into force in July last year. One EU official said that it was a “new regulation that we are testing”.Under the rules, companies must notify Brussels of bids for public tenders when the estimated value of the contract is more than €250mn and when the company has received at least €4mn in subsidies from a country outside the EU in the preceding three years.The first investigation, launched in February, involves the Chinese train manufacturer CRRC, which bid for an electric train contract in Bulgaria.The China Chamber of Commerce to the EU said that it was “gravely concerned” that the new law had only targeted Chinese companies and that it was being used as a “tool of economic coercion to interfere with the reasonable and lawful economic operations of Chinese enterprises in the EU’s green and low-carbon transition market”.Chinese imports have helped to increase solar power capacity rapidly in Germany and other European countries.But European solar panel manufacturers have recently been affected by a growing glut of Chinese photovoltaic cells, with thousands of panels waiting in warehouses, unable to be installed because of a lack of grid connections or a shortage of skilled labour.The surplus has been driven by a clean technology manufacturing boom in China, which has far outstripped domestic demand. Tough tariffs against Chinese imports in the US means that most excess panels are shipped to Europe.Xuyang Dong of Climate Energy Finance, an Australian think-tank, said that “China’s estimated wafer, cell and module capacity that will come online in 2024 is sufficient to meet annual global demand now through to 2032. This shows an immense domestic solar production oversupply, which has resulted in price slump in solar components”.EU solar panel manufacturers including France’s Systovi, Switzerland’s Meyer Burger and Norway’s REC Group have all shut plants in the past six months.Meyer Burger, Europe’s largest solar panel manufacturer, on Wednesday completed a SFr207mn ($227mn) rights issue aimed at shoring up its business after revealing a SFr384mn pre-tax loss for 2023 last month.Brussels has said it will commit to “assess all evidence of alleged unfair practices” and improve funding for solar panel manufacturers, according to a draft plan seen by the Financial Times and due to be signed by EU energy ministers and industry groups on April 15.Climate CapitalWhere climate change meets business, markets and politics. Explore the FT’s coverage here.Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here More

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    in Cryptocurrency

    Bitcoin price today: range-bound at $66k amid dollar pressure

    In the past 24 hours, the world’s largest cryptocurrency climbed 0.5% to $65,920.0 by 07:33 ET (11:33 GMT).A broader decline in risk appetite- marked by a sharp fall in global stock markets- also pressured Bitcoin, as investors pivoted into safe havens such as the dollar and gold.The greenback raced to a 4-½ month high this week, while gold prices notched record highs.Risk appetite- particularly in Asian markets- was also dented by a devastating earthquake in Taiwan, the impact of which remained unclear. But this kept Asian stocks trading negative, while the dollar stemmed a decline from recent peaks.A potential mass sale event also kept Bitcoin investors on edge, especially as the U.S. government was seen mobilizing part of the 30.1K Bitcoins ($2.1 billion) recovered from the Silk Road marketplace.Crypto influencer ZachXBT noted on social media platform X that an address associated with the U.S. government had moved $139 million of Bitcoin to a Coinbase (NASDAQ:COIN) deposit address.A move onto an exchange could herald a potential sale of the tokens on the open market, presenting some sell-side pressure on Bitcoin. Past crypto seizures by the U.S. government have usually resulted in the government auctioning off the seized tokens.Bitcoin’s strong price run-up this year- where the token hit a new record high was driven chiefly by the U.S. approval of spot exchange-traded funds.In March, these funds witnessed a significant surge in trading volume, reaching over $110 billion—tripling the trading volumes seen in January and February—as Bitcoin’s value reached new heights.BlackRock (NYSE:BLK)’s IBIT led the charge, accounting for nearly half of the month’s total trading volume, according to Bloomberg Intelligence analyst Eric Balchunas. Close behind, Grayscale’s GBTC captured 20% of the market share, with Fidelity’s FBTC contributing to 17%.“$IBIT won the volume race and is officially the $GLD of bitcoin,” said Balchunas, referring to the largest gold ETF, SPDR Gold Trust (P:GLD (NYSE:GLD)).“I can’t imagine April will be bigger but who knows,” he added.Following their approval by the Securities and Exchange Commission (SEC) in January, U.S. Bitcoin ETFs began trading on January 12. At the time, Bitcoin was priced around $45,000.The cryptocurrency’s price has since staged a strong rally, soaring to a new all-time high of $73,000 last month.But capital inflows into these ETFs were seen slowing in recent weeks, a trend that could potentially herald more weakness in Bitcoin prices.The prospect of higher-for-longer U.S. interest rates also presents more headwinds for Bitcoin, given that the token usually benefits from a high-liquidity, high-speculation environment.  More

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    in Economy

    First major central bank rate cut marks turning of the cycle in March

    LONDON (Reuters) – Switzerland kickstarted the rate cutting cycle among major central banks in March while the easing push re-accelerated across emerging economies. The Swiss National Bank became the first central bank overseeing one of the 10 most heavily traded currencies in the world to lower its key lending rate since November 2020. The move stood in sharp contrast to Japan, where policy makers ended eight years of negative interest rates and lifted their key benchmark for the first time in 17 years. The other seven G10 central banks holding meetings last month – the U.S. Federal Reserve, the European Central Bank as well as central banks in Canada, Australia, Sweden, Norway and the United Kingdom – kept benchmark lending rates unchanged. New Zealand had no rate setting meeting scheduled. “We’ve got a rate cut now in the G10, with the Swiss National Bank being the first out the gate,” said Guy Miller, chief market strategist at Zurich Insurance Group (OTC:ZFSVF). “So, we have got some evidence now to say that the central banks are acting as opposed to just talking – policy has indeed pivoted.”Money markets show traders see a high chance that the ECB and Fed will start cutting rates in June, according to LSEG data.In emerging economies – which have been ahead of developed market central banks in both the recent tightening and the easing cycle – the pace of rate cuts speeded up again. Five of the Reuters sample of 18 central banks in developing economies cut interest rates in March – matching the December tally which was the highest number in at least three years. Policy makers in Mexico embarked on their easing cycle as expected, while Brazil, the Czech Republic, Hungary and Colombia doubled down on their easing efforts. But it was outlier Turkey which stunned markets with an unexpected 500 basis point rate hike, citing a deteriorating inflation outlook and pledging to tighten even further if price pressures were to worsen significantly. Across the Reuters emerging markets sample, 12 central banks held rate setting meetings in March. The year-to-date tally of rate hikes across emerging markets stood at 750 bps – all of which were delivered by Turkey. This compares to 675 bps of cuts. More

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    in Cryptocurrency

    Crypto heists on pace for record year with half a billion stolen

    The trend reflects a growing problem within the crypto community, with each year seemingly worsening in terms of the frequency and scale of thefts. The three months through March 2024 has continued this concerning pattern, with nearly 50 crypto thefts recorded, amounting to nearly half a billion dollars lost.According to data from AltIndex.com, the start of 2024 has seen a surge in crypto criminal activity, with the value of stolen cryptocurrencies nearing $430 million. This escalation is alarming, particularly when the figures are placed in the context of previous years. The first three months of 2024 alone accounted for one-third of the total number of heists reported in the entirety of 2023, a year already notorious for its record number of crypto thefts. Moreover, the financial damage crypto users incurred in these initial months equals roughly one-third of the total losses they suffered throughout 2023.The bulk of the losses this year can be traced back to a single incident where the crypto gaming platform PlayDapp was compromised, leading to the theft of PLA tokens valued at $290 million at the time of the breach. This single event highlights the substantial impact that even one successful attack can have on the overall security and stability of the crypto market.The first quarter of 2024 has also shed light on the continuing vulnerability of Decentralized Finance (DeFi) protocols, which have been the primary targets for these cybercriminals. The data reveals that 60% of all crypto heists during this period targeted DeFi platforms, with a total of 28 reported incidents. These statistics highlight how appealing DeFi platforms are to scammers, largely due to the exploitable flaws in smart contract codes that allow thieves to siphon off funds. January alone saw 12 attacks on DeFi protocols, followed by eight attacks in each of the subsequent months, February and March.  More

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    in Cryptocurrency

    Ault Alliance subsidiary hits $82 million Bitcoin run rate

    The company’s CEO, William B. Horne, highlighted the recent installation of the first Antbox mining container at a Montana site, which is part of a strategic move to take advantage of lower power costs and to repurpose the Michigan facility for artificial intelligence data center development.Ault Alliance has cautioned that the Bitcoin mining projections are subject to market volatility, mining difficulty fluctuations, and other operational factors. The company also acknowledged the upcoming Bitcoin halving event, which will reduce the block reward for miners, stating that it does not predict Bitcoin’s price changes but is prepared to adjust its mining operations as necessary.The press release also provided an overview of Ault Alliance’s business ventures, which include operating a data center, offering colocation and hosting services, and engaging in various industries such as artificial intelligence, defense/aerospace, and medical/biopharma, among others. The company extends credit through a licensed lending subsidiary and is headquartered in Las Vegas, Nevada.This news report is based on a press release statement.As Ault Alliance, Inc. (NYSE American: AULT) continues to expand its Bitcoin mining operations and diversify its business ventures, potential investors may find the following insights from InvestingPro valuable for their decision-making process. Ault Alliance’s current market capitalization stands at a modest $0.98 million USD. This relatively small market cap could indicate a higher risk profile, which is consistent with the company’s significant debt burden and the challenges it may face in making interest payments on that debt, as highlighted in the InvestingPro Tips.The company’s stock has been experiencing high price volatility, with a price decrease of 19.68% over the last month and a staggering 95.05% drop over the last six months. Additionally, Ault Alliance is trading near its 52-week low, with its price at just 0.04% of the 52-week high. This level of volatility and the recent price performance could be of particular interest to investors looking for potential turnaround plays or those with a higher tolerance for risk.Despite these challenges, it’s noteworthy that Ault Alliance’s net income is expected to grow this year, according to one of the InvestingPro Tips. Revenue has also seen a significant uptick, with a 75.93% growth in the last twelve months as of Q3 2023. This could signal underlying business strengths or successful strategic initiatives that may not be fully reflected in the stock price.For those considering a deeper analysis of Ault Alliance, InvestingPro offers additional insights and metrics, including a total of 19 InvestingPro Tips for the company. Interested investors may benefit from the comprehensive data and analysis available on InvestingPro, and can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    in Cryptocurrency

    Ault Alliance’s Sentinum Mined 105 Bitcoin in March 2024

    William B. Horne, Chief Executive Officer of Ault Alliance, stated, “Sentinum has recently installed the first Antbox mining container at one of its Montana sites. Over the coming weeks and months, Sentinum will slowly move and install miners at its Montana facility to take advantage of the low power cost and make space for the build out of its Michigan facility into an artificial intelligence data center. We continue to be pleased with the progress that Sentinum is making and are excited for the future opportunities presented to us for the Michigan facility.”Ault Alliance notes that all estimates and other projections are subject to the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations. The Company also notes the upcoming halving of Bitcoin and with that, the halving of the block reward for miners. The Company makes no prediction on the price of Bitcoin prior to or after the upcoming halving but is prepared to adjust its mining operations accordingly.For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. More