Cryptocurrency

Kadena, the world’s only scalable Proof of Work blockchain, announces a partnership with Lurk Lab to build out a Zero-Knowledge tech stack on the Kadena blockchain that will pave the way for provably secure cross-chain messaging. Kadena and Lurk Lab are developing a robust ZK roadmap that includes a ZK bridge between Ethereum and Kadena. In total, there are two milestones that are expected to be accomplished in the second half of 2024, and a third milestone that will be completed later. Given Lurk’s comprehensive and unique approach, John Wiegley, Kadena’s Chief Technology Officer, is excited about the robust capabilities being developed for ZKs on Kadena by Lurk Lab. Kadena offers the industry’s only Proof of Work Layer 1 blockchain that is infinitely scalable, secure, and decentralized. Its infrastructure-grade performance and impenetrable network empower users to develop high-value systems using Kadena’s security-focused smart contract language, Pact. Founded in 2017 by Stuart Popejoy and Will Martino, who previously created J.P. Morgan’s first blockchain and led the SEC’s Crypto Steering Committee, Kadena aims to drive widespread blockchain adoption by providing a Web3 platform for solving real-world problems for businesses. Explore more about Kadena at https://www.kadena.io.About Lurk LabLurk Lab builds tools that make provable computing fast, safe and easy. By combining zero-knowledge cryptography, formal verification and distributed consensus technologies, Lurk enables software to be as reliable and as powerful as mathematics without sacrificing performance.ContactKadena PressKadenapress@kadena.ioThis article was originally published on Chainwire More

Stage, with it’s $STAGE token that is set to launch soon on the BNB Chain, launches a platform where music fans directly influence the rise of new stars and get rewarded for it. This platform combines talent, technology and tokens to create a dynamic music ecosystem.Stage is where artists and fans alike actively participate in shaping the future of music. On Stage, artists upload their video performances and compete in exciting rounds to rise to stardom. Fans play a crucial role by voting for their favorite artists, potentially earning exclusive rewards, and engaging with unique Real World Asset (RWA) Badges. The innovative business model ensures that artists receive 60% of the proceeds from votes cast for them, alongside 10% royalties on RWA Badges. Fans, on the other hand, are rewarded with Stage Badges for their support, making every interaction on the platform mutually beneficial.The mission at Stage is straightforward: to empower music fans and artists, ensuring that everyone gets a piece of the action. The vision is to build a thriving community where every interaction enriches both fans’ and artists’ journeys.Backed by top-tier crypto entities such as the Solana Foundation and key industry figures, including the CEO of Kraken US, Stage has additional support from RR2 Capital, Moonrock Ventures, and Cogitent (among others).The powerhouse team behind Stage includes André Cruz, CEO and Co-Founder, a musician and e-commerce expert with three successful exits; Geoffrey Doyen, CTO and Co-Founder, who brings extensive AI experience from working with Fortune 500 companies; and Francisco Quartin de Macedo, COO and Co-Founder, who previously led a trading desk at blockchain.com.Stage has also attracted high-profile ambassadors, including celebrities with millions of followers who will help amplify the mission. Among them is Jerry Heil, who ranked Ukraine as Eurovision 3rd Place. Their influence helps Stage reach a global audience and attract top-tier talent to the platform.By integrating Web 3.0 principles, Stage aims that both artists and fans are fairly compensated and deeply engaged. The platform’s unique approach includes:Users can stay updated with Stage’s journey by following on Twitter and joining the Telegram community, to be the first to know about the latest updates and exclusive rewards.ContactCTO & Co-FounderGeoffrey DoyenStage Token Inc.info@stage.communityThis article was originally published on Chainwire More

More progress towards a spot Ether exchange-traded fund also did little to shore up sentiment towards cryptocurrency markets. Bitcoin fell 1% in the past 24 hours to $67,017.0 by 08:51 ET (12:51 GMT). The token had fallen as far as $66,000 on Thursday, as the dollar rebounded sharply from one-month lows.The token was also headed for weekly losses, as increased fears of high interest rates largely offset improved capital flows into crypto investment products.Meanwhile, the largest public corporate holder of Bitcoin, MicroStrategy Incorporated (NASDAQ:MSTR) plans to buy more BTC, by issuing $500 million bonds also failed to spur much price action.The world’s biggest cryptocurrency was trading down 3.3% over the past seven days, as angst over high for longer U.S. interest rates dented the outlook for crypto. While weaker-than-expected U.S. inflation data had initially dented the dollar, Bitcoin took little support from this trend after the Fed said it only saw the possibility of one interest rate cut this year, compared to prior forecasts for three cuts.This saw traders price out a bulk of expectations for multiple rate cuts, which weighed in particular on speculative assets such as crypto. High rates bode poorly for crypto, given that they limit overall liquidity conditions, and also deter bets on risk-heavy, speculative assets. The dollar benefited from this trade, rebounding from a one-month lowBroader cryptocurrency prices moved in a flat-to-low range as concerns over high interest rates largely offset some positive developments towards a spot Ether ETF. Ether rose 0.6% to $3,513.70 and was one of the few altcoins trading positive. Securities and Exchange Commission Chair Gary Gensler said in a testimony before the Senate that he expected spot Ether ETFs to be fully approved by the regulator by summer. The token rose as much as 1% but swiftly culled most gains in late trade on Thursday.Other altcoins largely fell. Cardano, XRP and Solana shed between 1% and 2% each.Among memecoins, DOGE/USD slipped 0.8% while Investing.com Shiba Inu Index climbed 0.9%.Bitcoin ETFs witnessed net outflows of more than $226 million on Thursday, marking the third consecutive day of withdrawals this week, reminiscent of the outflows at the end of April.Fidelity’s FBTC experienced the largest outflow, with $106 million withdrawn, according to preliminary data from SoSoValue. Grayscale’s GBTC saw $62 million in outflows, while Ark Invest’s ARKB had $53 million taken out.Only BlackRock’s IBIT recorded a net inflow, gaining $18 million. ETFs from Valkyrie, Franklin Templeton, Hashdex, and WisdomTree showed no inflow or outflow activity.Wednesday was the only day this week with a net inflow for these U.S.-listed products, adding $100 million. Over the three days, the total net outflows reached $564 million, nearly half the $1.2 billion withdrawn over six days at the end of April. More

Over the last 18 months, Bitcoin’s hashrate has been on an uptrend, which is representative of good security on the network; however, data shows that the trend was breached, indicating that some miners are throwing in the towel or, rather, quitting mining altogether.Miner capitulation manifests itself through a visible decline in the hashrate, which gauges the processing power dedicated to the mining of Bitcoin.The chart from CryptoQuant shows a decline in the true hashrate of the network. Otherwise constantly rising, the true hashrate is seeing a decline. From the lower band of the hashrate, we can effectively say that the computational power is on the decline, a deviation from the increase we had seen in the last one and a half years.This could be due to the increasing cost of operations and lowered profitability for miners, with the halving that did not kick in, in terms of price performance. As the price of Bitcoin continues moving down, it becomes complicated for mining operations to remain profitable in their activities. Obviously, it led to some of the miners switching off their rigs completely, while others reduced their mining activities. A decline in the hashrate generally leads to a period of readjustment for Bitcoin. Capitulation by miners makes mining difficulty adjust to an easier track for the remaining miners to mine blocks. This adjustment can lend itself to efficiency and even lowering of the costs for active miners.Major price action has, in the past, appeared after hashrate drops. Miners’ capitulation may currently reduce selling pressure. With declining selling pressure, the price of an asset can stabilize and even rise if demand now outweighs supply.This article was originally published on U.Today More

This purchase brings Riot’s ownership to 57.62 million shares of Bitfarms, equating to roughly 14% of the company. Bitfarms shares surged 16% in Toronto on Friday. The move marks the latest step in Riot’s ongoing attempt at a hostile takeover of Bitfarms.Last month, the Bitcoin miner made an offer to acquire Bitfarms for around $950 million. However, Bitfarms has taken defensive measures against the takeover. Riot CEO Jason Les criticized the move. “Instead of engaging with us privately and in good faith, Bitfarms has responded by implementing an off-market Poison Pill with a trigger well below the customary 20% threshold,” Les said in a statement.Earlier this week, Bitfarms adopted a “poison pill” strategy designed to prevent a takeover, a strategy aimed at making the company less appealing.According to Reuters, under Bitfarms’ plan, if an entity acquires more than 15% of Bitfarms’ stake between June 20 and September 10, the company will issue new shares, thereby diluting the entity’s ownership. After September 10, this threshold will be adjusted to 20% if certain conditions for a takeover attempt are met.Riot Platforms plans to call for a special meeting of Bitfarms shareholders, where they intend to propose several independent directors to join Bitfarms’ board.Bitfarms announced on Friday its expansion into the United States with the establishment of a new site in Sharon, Pennsylvania. The firm plans to develop up to 120 megawatts (MW) of power capacity in this new location, it said in a statement. More

The analysis comes as Bitcoin has struggled to hold onto its previous highs, falling 3.86% this week to around $66,000. The cryptocurrency has not hit a new high in 91 days, contributing to bearish sentiment among market participants.Despite the short-term bearish outlook, Brandt also identifies a potential for growth. His chart includes a note about a “pump,” a term he has used before to describe the rebound phase in Bitcoin’s price cycles. Earlier this year, when Bitcoin was trading at $42,300, Brandt highlighted the pattern of a “Hump with a Slump then a Pump and a Dump,” noting that such movements are common in bull runs.According to Brandt, this pattern separates inexperienced traders, who buy during the “pump” phase only to sell at a loss during the “dump,” from seasoned investors who understand the cyclical nature of crypto. He believes these patterns are essential to maintaining a healthy bullish trend.Currently, Brandt sees a similar scenario, where Bitcoin could experience a significant dump, followed by a strong pump starting around the $60,000 level.This article was originally published on U.Today More

Meanwhile, the value of “Notcoin” has surged by up to 16% in the past few hours after the trading pair was listed.At the time of writing, the token has risen by 10% in the last 24 hours, trading at $0.018. It is among the biggest gainers today, with its market value increasing to $1.84 billion.The small cryptocurrency also saw a 65% increase in its 24-hour trading volume, reaching $1.26 billion. However, the token is trading 37% below its all-time high of $0.0289, which was reached on June 2.The new surge in “Notcoin” comes as the global cryptocurrency market returns to the green, with the total market cap now around $2.46 trillion.Meanwhile, Bitcoin has also seen a slight increase over the past 24 hours, now hovering around $67,814. Ethereum, the second-largest cryptocurrency by market cap, is trading at around $3,500. More

MultiBank.io, the cryptocurrency division of the renowned TradFi broker MultiBank Group, is set to revolutionize the financial landscape with the launch of Real-World Assets (RWAs).This innovative initiative simplifies the integration between cryptocurrency and traditional markets, eliminating the need for complex transactions. Soon, users will be able to effortlessly navigate between cryptocurrencies and traditional assets like stocks, indices, and commodities within the secure and user-friendly MultiBank.io platform.Expand Your Investment Horizons:Imagine a world where crypto and traditional markets work together. MultiBank.io’s soon-to-be-announced RWAs are the key, unlocking a truly unified investment landscape!Invest beyond crypto. Invest in your future. Sign up with MultiBank.io today and unlock a world of boundless investment possibilities!ABOUT MULTIBANK.IOMultiBank.io, a leading cryptocurrency exchange under MultiBank Group, offers a user-friendly platform for instant, secure trading including Bitcoin and Ethereum, crypto derivatives, and soon Real-World Assets. For more information, visit https://multibank.ioABOUT MULTIBANK GROUPFounded in California, USA, in 2005, MultiBank Group has grown to command a daily trading volume exceeding $12.1 billion, serving over 1 million customers. MultiBank Group has matured into one of the largest online financial derivatives providers globally, offering an array of brokerage services and asset management solutions. The group’s award-winning trading platforms offer up to 500:1 leverage on a diverse range of products, including Forex, Metals, Shares, Commodities, Indices, and Digital Assets. For more information, visit https://multibankfx.com Ready to break down the barriers? Visit https://multibank.io/ and create your free account today!ContactFaouz Rejebfaouz.rejeb@multibank.ioThis article was originally published on Chainwire More