Cryptocurrency

Multiple media reports say that Bakkt has been working with a financial advisor to weigh several options, including a sale.Based in Georgia, Bakkt is owned by Intercontinental Exchange (NYSE:ICE), which also owns the NYSE and several smaller stock exchanges.Intercontinental Exchange launched Bakkt in 2018 and the company went public in 2021 via a special purpose acquisition company (SPAC).However, Bakkt’s stock has plunged 92% since its market debut and it has raised going concern risks in recent months, saying it might be unable to continue operations.A potential sale of Bakkt, which offers crypto trading and custody services, comes amid a wave of consolidation in the sector.In recent weeks, RobinhoodMarkets (NASDAQ: HOOD (NASDAQ:HOOD)) announced that it is acquiring crypto exchange Bitstamp. Crypto miner RiotPlatforms (NASDAQ: RIOT) has proposed taking over rival Bitfarms (NASDAQ: BITF).Bakkt most recently reported a first-quarter loss of $21 million U.S. on $855 million U.S. in revenue. Management has raised the possibility of bankruptcy filing in recent months.Bakkt stock has declined 45% over the past 12 months and currently trades at $18.70 U.S. per share.This content was originally published by Yolowire.com More

Adam Back, a key figure in the cryptocurrency space with ties to Bitcoin’s mysterious creator Satoshi Nakamoto, suggested that the current price suppression might be due to certain sellers urgently needing cash. These sellers, according to the programmer, are offloading their holdings, and once their limited supply is exhausted, the market could start to rise again. He indicated that data supports the presence of basis trading, where collateral is BTC rather than Bitcoin ETFs, and highlighted that buying activity is still occurring through CME futures, which points to latent demand.Mow supported Back’s analysis, noting the rise in short interest from new, less experienced traders who misinterpret the cash and carry trade. He argued that the significant shorting activity on futures is likely unsustainable and those involved could face massive liquidations soon, driving Bitcoin’s price upward. Mow likened the current suppressed state of the price to a compressed coil ready to spring, suggesting that it is poised for a dramatic increase.Furthermore, he emphasized that Bitcoin trading below $70,000 is an anomaly given its trajectory. He expressed confidence that not only would $1 million per Bitcoin eventually seem like a bargain, but the price would ultimately surge to $10 million, making it a pivotal investment for the future.This article was originally published on U.Today More

Polkadot’s leading DeFi project – Hydration, is thrilled to announce that it has been awarded 2 million DOT (equivalent to $14.4 million) tokens from the Polkadot treasury. The funds have been earmarked to bolster the liquidity and trading efficiency of Hydration’s single-sided liquidity provisioning platform Omnipool.The allocation of the DOT tokens is twofold. One million DOT will be spent over the course of one year to attract fresh liquidity to the Polkadot ecosystem, with initial rewards for Liquidity Providers (LPs) ranging above the 200% APY mark. Thanks to the single-sided LP design of the Hydration Omnopool, users will start receiving rewards after providing a single asset and joining an incentives farm, with various assets being incentivized including native stablecoins, DOT, BTC and several ecosystem coins.The remaining one million DOT will be injected directly into the Hydration Omnipool itself, with the goal of supporting the creation of a robust, accessible layer of native liquidity to benefit the broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730). The capital adds to an existing 690k+ dot (AND 560k+ vDOT) already LPed into the Hydration Omnipool.Hydration co-founder Jakub Gregus said, “This generous allocation from the Polkadot treasury marks a pivotal moment for Hydration. With this welcome injection of liquidity, we are able to significantly deepen our liquidity, which is vital not just for our growth but also for the continued health of the entire Polkadot ecosystem. “The Hydration Omnipool is designed to provide unparalleled efficiency and accessibility in trading crypto-assets, and this support from the Polkadot treasury is a testament to the potential impact of our forward-looking approach.”The funding provided for the Hydration Omnipool, provided in a decentralized and non-custodial manner, will remain under the control of the Polkadot Protocol and OpenGov.This strategic initiative is expected to drive significant advancements in how liquidity is provided and managed within the Polkadot ecosystem, setting a new standard for liquidity solutions in the shared blockchain network.About HydrationHydration is the main liquidity protocol on Polkadot. Its mission is to make DeFi efficient, simple, and unstoppable. To achieve this, Hydration unites swaps, lending and a stablecoin currency under the roof of a single, scalable appchain. Offering single-sided LPing, automated trades (DCA) and limit orders, Hydration provides the most efficient liquidity venue on Polkadot.ContactEcosystem LeadBen MIntergalactic Limitedsaas@hydradx.ioThis article was originally published on Chainwire More

PlayFi, an AI-powered data network and blockchain tailored for the gaming industry, has announced new engagements with four industry leaders aimed at strengething the gaming ecosystem through enhanced technology integrations. PlayFi, which sits at the intersection of gaming, web3, and AI, will be working alongside Aethir, MultiversX, Squid, and Matter Labs, furthering PlayFi’s commitment to advancing the gaming industry with cutting-edge blockchain solutions. Users can follow PlayFi on X or visit PlayFi.ai for continued updates.About PlayFiPlayFi is redefining gaming by integrating blockchain technology to enhance gameplay and community engagement. Through its cutting-edge PlayChain technology and AI-powered PlayBase network, PlayFi ensures a fast, secure, and scalable zkEVM blockchain solution, as well as optimal data processing and analysis tailored for the gaming industry. With a commitment to enhancing the gaming experience with web3, PlayFi is empowering developers, players, and studios across the globe to push the boundaries of innovation in an ever-evolving digital landscape and setting new standards in how games are played, developed, and monetized. For more information, users can visit playfi.ai.ContactSenior PR ManagerLeslie TermuhlenSerotoninleslie@serotonin.coThis article was originally published on Chainwire More

Solnarize a new meme coin on the Solana blockchain, has successfully raised over 200 SOL shortly after the commencement of its presale.The token follows the presale model popularized by previous tokens such as $SLERF, which experienced significant on-chain trading volume after its Initial Exchange Offering (IEO). Solnarize aims to build on this legacy, adopting a presale format without tiers or stages, distinguishing itself from most presales that typically feature incremental price hikes.The project adopts the novel approach of $SLERF, BOME, PUMP, and PUDU, running a presale without tiers or stages. This offers a distinct outlook from most presales.The Solnarize team hopes that this new form will captivate the attention of Solana degens and is optimistic about placing $SRIZE in an advantageous position for success.Participants can purchase the presale by sending SOL to the wallet address provided on the Solnarize website. Tokens will be airdropped to the participants’ wallets upon the conclusion of the presale. The current presale rate offers 325,000 $SRIZE tokens for every 1 SOL.Solar Defender Game: Key Driver for Community EngagementSolnarize is integrating meme culture with a sustainability mission through its Solar Defender game, which has generated notable interest within its community.Importance of $SRIZE in Solar DefenderThe $SRIZE token is essential to the Solar Defender ecosystem, serving multiple key roles:The presale offers an opportunity to acquire $SRIZE tokens at a preferential rate. The specifics are as follows:About SolnarizeSolnarize is a visionary meme coin project on the Solana blockchain that merges the fun of meme culture with the principles of sustainability through a play-to-earn gaming model. Leveraging Solana’s efficiency, Solnarize aims to offer an engaging and profitable experience while promoting environmental consciousness.Website: https://solnarize.com/X: https://x.com/SolnarizeSrizeTelegram: https://t.me/solnarizeMedium: https://medium.com/@solnarizeContactAndzo XemberziSolnarizeenquiries@solnarize.comThis article was originally published on Chainwire More

Solana VM — the world’s 1st EVM compatible L2 for Solana, has raised over $1M to lead the DeFi on Solana.Presale is offering users the chance to invest in $SVM, Solana’s VM native token, before the official token will be open for public trading.Solana VM raised over $1 million to launch a world’s first EVM compatible L2 for Solana. The team has allocated 15% of the total token supply for the presale, making it a temporary opportunity for those interested in the Solana VM project. It’s aims to bridge the gap between Solana blockchain and Ethereum dApps, that will allow $68 billion TVL worth of apps to build on Solana.$SVM Presale is Live: https://solanavm.xyz/?ref=svm:VbBthooI According to their Roadmap, the team plans to implement the following in Q3:What is Solana VM?Solana VM – the first EVM-compatible L2 for Solana – is the gateway to a fully compatible Ethereum environment on the Solana blockchain. Solana VM allows users to leverage the potential of Solidity- and Vyper-based dApps, taking advantage of Solana’s network benefitsSolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. Competitive Advantage:SolanaVM additions beyond speed and cost saving:By leveraging the power of Solana, SolanaVM has the potential to revolutionize the way we interact with apps in a decentralized world. Further updates can be tracked in their official Twitter: https://twitter.com/solanaVM Users can visit SolanaVM’s website — solanavm.xyz for more information About SolanaVM is a groundbreaking project founded by a team of dedicated developers passionate about the future of DeFi. Their vision is to bridge the gap between the established ecosystem of Ethereum and the power of Solana. By achieving this, SolanaVM aims to create a more efficient, accessible, and innovative landscape for DeFi.ContactMark WalshSolana VMcontact@solanavm.xyzThis article was originally published on Chainwire More

The world’s largest cryptocurrency had pushed as high as $72,000 last week, coming within spitting distance of record highs hit in March. But it then saw a heavy dose of profit-taking and weakness from Friday after the dollar rebounded.Bitcoin fell 0.3% over the past 24 hours to $69,446.5 by 08:51 ET (12:51 GMT).Bitcoin’s weekend decline came at the heels of a hotter-than-expected nonfarm payrolls reading, which saw traders largely rethink recent bets that the Federal Reserve will begin cutting rates in September.This notion boosted the dollar, which in turn weighed on broader crypto prices. The payrolls reading also put an upcoming Fed meeting in focus, with the central bank widely expected to keep rates steady at the conclusion of a two-day meeting on Wednesday.But the Fed’s outlook on rates will be closely watched.Before the Fed rate decision, consumer price index inflation data is also due on Wednesday. The reading is expected to show inflation remaining well above the Fed’s 2% annual target, giving the central bank little confidence to begin trimming rates.High-for-longer rates bode poorly for Bitcoin and broader cryptocurrencies, given that the sector usually benefits from increased liquidity and loose lending conditions.Broader crypto markets were also nursing steep losses from over the weekend, as fears of high rates weighed on the sector. They were also hit by profit-taking after some gains through May.World no.2 token Ether slipped by 0.6% to $3,680.27 on Monday after losing nearly 4% on Friday.XRP, SOL and ADA rose 0.7% and 0.1%, respectively, while Solana fell 1.5%. Among meme coins, Investing.com Shiba Inu Index and DOGE/USD slid 1.3% and 1.8%, respectively.Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week streak to over $4.3 billion, asset manager CoinShares said in a Monday report.Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion for the week, a 55% increase from the previous week. Bitcoin led the way with inflows of over $1.97 billion, while ether experienced its best week since March with nearly $70 million in inflows.The interest in spot bitcoin exchange-traded funds (ETFs) in the U.S. has picked up since mid-May after a sluggish April, which saw zero net inflows on some days and even outflows from major products like BlackRock (NYSE:BLK)’s IBIT. Since then, inflows have surged, making IBIT the largest bitcoin ETF, accumulating over $20 billion in assets since its January launch.“Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents,” said CoinShares’ note. “Positive price action saw total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.”Butterfill noted that the increased buying of ETH was likely in response to the unexpected SEC decision to allow spot ether ETFs.In the meantime, some traders anticipate that inflows into ETH products will continue in the coming months, with a potential rally expected toward the end of the year.“$5-10 billion of fresh capital could be channeled through ether products in the short to medium term,” digital asset manager Tyr Capital reportedly told CoinDesk. “This could fuel an end-of-year rally in ETH and its ecosystem to new record highs.”“A price target of $10,000 in 2024 is now a reasonable target especially when other supportive factors, like ETH now being deflationary, are taken into consideration,” it added. More

Jellyverse, a community-driven DeFi platform, has announced the launch of its Jellyverse ecosystem and their decentralized exchange (DEX) JellySwap, serving as Balancer’s official representative on the Sei blockchain. The platform includes its ‘JellySwap’ DEX, ‘JellyStake’ staking solution, and a synthetics protocol called ‘jAssets’.The platform integrates DeFi tools, and introduces DeFi 3.0 through jAssets, creating new ways of diversifying portfolios. New protocols include JellySwap, a Balancer friendly-fork, which will feature ‘WeightedPools’, supporting up to eight different tokens, and ‘composable stable pools’ enabling users to customize investment ratios with up to five tokens per pool. JellyStake staking protocol engages the community in governance, rewarding stakers with protocol revenues. jAssets, a synthetics protocol, allows for creation of tokens following price feeds of Real-world assets, ranging from stocks to commodities. To mark the creation of Jellyverse, the platform is holding its inaugural Pool (NASDAQ:POOL) Party event. The token offering event is leveraging a unique method for the community to get Jelly Tokens ($JLY). Starting on June 11th at 12pm UTC and lasting for 96 hours, or until tokens run out, members can buy JLY with SEI tokens, the SEI tokens are then pooled with additional JLY to create initial pool liquidity.Jellyverse is a comprehensive DeFi ecosystem, combining a decentralized exchange (DEX), staking, and synthetics protocol. Governed by its community through a decentralized autonomous organization (DAO), Jellyverse focuses on the next iteration of DeFi, commonly referred to as DeFi 3.0, aiming to create a sustainable, yield-oriented landscape that integrates protocols with real-world price feeds. The platform offers various utilities designed to meet a wide range of financial needs, all governed by its native token, JLY. ContactBen Rauchpress@jellylabs.orgThis article was originally published on Chainwire More