Cryptocurrency

The world’s largest cryptocurrency rose 0.6% in the past 24 hours to $66,531.0 by 08:34 ET (12:34 GMT), though still well below record highs hit in March.Bitcoin remained largely rangebound in recent sessions as mixed cues on U.S. interest rate cuts kept traders largely wary of making big bets. Anticipation of key U.S. nonfarm payrolls data due later in the week also deterred big trades.The token took little support from the weakness in the dollar, which tumbled from recent five-month highs after Federal Reserve Chair Jerome Powell offered middling cues on interest rates. While Powell said the bank still supported cutting interest rates eventually in 2024, he gave scant cues on the timing and scale of the cuts.Powell also said the Fed needed more confidence that inflation was moving back towards its 2% annual target.Beyond Powell, other members of the Fed’s rate-setting committee are also set to speak later this week. Other major cryptocurrencies clocked middling moves, as recent data showed a bulk of capital flows remained heavily biased towards Bitcoin. XRP fell to a one-month low in anticipation of more developments in the Ripple vs SEC case.World no.2 crypto Ethereum rose 1.2% to $3,347.82, ahead of an SEC decision on spot exchange-traded funds for the token, which is due in May.Fund flow data from digital asset manager CoinShares (ST:CS) showed this week that while capital inflows into digital assets resumed after a record-high outflow, a bulk of inflows remained largely biased towards Bitcoin.But CoinShares analysts also noted that while capital inflows picked up, ETF activity was slowing down. Daily trading turnover fell to $5.4 billion in the week to March 30, down 36% from a peak seen three weeks ago. The drop indicated that hype over the approval of Bitcoin ETFs was now cooling after initially sparking a sharp rally over the past two months.The approval of spot Bitcoin ETFs was a key driver of the token’s rally so far in 2024, helping it notch record highs of over $73,000 in March.At the close of the first quarter, leveraged funds, defined as hedge funds and commodity trading advisers by the Commodities Futures Trading Commission (CFTC), set a new record for bearish bets on bitcoin as its price rally neared peak levels.According to the latest CFTC data, these funds increased their net short positions in the Chicago Mercantile Exchange’s (CME) bitcoin futures to 16,102, the highest since these futures were introduced in 2017.Each CME bitcoin futures contract represents 5 BTC.This strategy involves selling futures contracts to anticipate or hedge against a potential decline in bitcoin’s price, often used by carry traders or arbitrageurs to capture price differences between futures and the spot market.”There is a massive demand from hedge funds to put on carry trades. Despite bitcoin’s -10% decline from the all-time high, the futures premium has remained in double digits, and hedge funds are taking advantage of these high rates,” Thielen told CoinDesk. More

The partnership expands KREA’s client base, which already counts industry giants like Nike (NYSE:NKE), Apple (NASDAQ:AAPL), FC Barcelona, Publicis Group, and Meta (NASDAQ:META), giving them access to computational capabilities for their AI initiatives.“In onboarding GPU providers and consumers, io.net is powering a two-sided network for compute. In addition to allowing AI-based startups to flourish, this arrangement ensures that idle computing power is used efficiently, allowing GPU owners such as crypto miners to maximize revenue. io.net ultimately aims to create a network of one million GPUs, allowing its clients to complete AI/ML computational tasks on demand,” the statement reads.KREA stands out in the generative art field, offering a platform that enables users to quickly and easily create AI-powered images and videos. This functionality is made possible through the incorporation of more than 2,500 machine learning models, meeting the needs of leading design agencies and international brands. The partnership aims to address the challenges KREA faces due to the global shortage of GPUs, essential for computing in AI operations. Specifically, io.net will supply KREA with NVIDIA (NASDAQ:NVDA) A100-80Gs GPUs, supported on Kubernetes, a framework commonly used by machine learning engineers. This arrangement is expected to boost KREA’s ability to process high-quality multimedia content to facilitate rapid scaling and meet the increasing demands of its network. The partnership also highlights io.net’s capability to deliver GPU compute resources at competitive rates. KREA will have access to NVIDIA A100-80GB clusters at a cost of $0.89 per hour, which is nearly 70% less than the average market rate of $3 per hour. This pricing strategy is said to keep AI platforms competitively positioned in the market by reducing operational costs.io.net has developed a decentralized network of over 300,000 GPU suppliers from 139 countries, forming the world’s largest Decentralized Physical Infrastructure Network (DePIN) focused on AI. This network provides cost-effective and scalable computing solutions to encourage the use of idle computing power and enable GPU owners to optimize their revenue. More

These factors “have been the tide that lifts all boats, and there is no question about that,” says Julius Baer, who questions whether the increase in trading would be supported by a solid foundation, mentioning that “unfortunately, a good chunk of the trading volume is generated from memecoins, whose upside has been merely parasitic.”Manuel Villegas, Julius Baer’s digital asset analyst, points out that Bitcoin’s gains are spreading to ” larger alternatives, and cascade down into the riskier and less-sound plays.”The expert laments that “as long as US dollar liquidity continues to increase, investors will continue looking at the rest of the blockchain ecosystem, with little discrimination on what has value and what does not.”(This story was translated from Portuguese) More

StakeLayer, a Pioneer in Bitcoin L2 Restaking solutions, has announced the pre-sale distribution of $STAKE, the native token powering their platform. This pre-sale marks a significant milestone in StakeLayer’s mission to unlock the potential of DeFi for Bitcoin users.$STAKE serves as the backbone of the StakeLayer ecosystem, enabling a diverse range of DeFi activities on the Bitcoin network. The pre-sale offers an opportunity for early adopters to invest in $STAKE before it opens for public trading at the Token Generation Event scheduled for Q2 2024Users can find more details about the Pre-sale here.StakeLayer introduces a revolutionary EigenLayer for Bitcoin. This new Layer 2 solution introduces Restaking for Bitcoin holders, poised to transform user interaction with Bitcoin. The Path To the FutureSimilar to the EigenLayer on Ethereum, StakeLayer utilizes a restaking mechanism for Bitcoin. This enables Bitcoin holders to potentially earn additional rewards on their holdings by participating in Proof-of-Stake activities on various applications built on Bitcoin’s Layer 2.$STAKE Tokenomics presented below, 20% is allocated for the Presale distribution.Potential Benefits of StakeLayerStakeLayer presents a novel approach to unlocking new functionalities for Bitcoin, introducing a revolutionary EigenLayer on Bitcoin. By introducing restaking on Bitcoin’s L2, it opens doors for increased capital efficiency, potential security benefits, and a wider range of applications built on the Bitcoin network.While the project is still in its early stages, StakeLayer’s unique features hold promise for the future of Bitcoin and its integration with the evolving DeFi landscape.ContactSam [email protected] article was originally published on Chainwire More

JYDS, the pioneering decentralized ecosystem built on the Solana blockchain, proudly introduces its latest innovation: JYDS Bank. As a transformative feature within the JYDS ecosystem, JYDS Bank is poised to revolutionize banking for the community of JunkYard Dogs Sol (JYDS), offering a suite of cutting-edge financial services tailored to the unique needs of its users.Empowering Financial Freedom Through JYDS BankJYDS Bank represents a bold step forward in the evolution of decentralized finance (DeFi), empowering users with unprecedented control over their financial assets and decisions. Anchored in the principles of decentralization and community empowerment, JYDS Bank is designed to provide users with seamless access to a wide range of banking services within the JYDS ecosystem.A Roadmap for Innovation and GrowthThe launch of JYDS Bank marks the beginning of an exciting journey towards a more inclusive and accessible financial future. The platform’s roadmap outlines a strategic approach to delivering innovative features and functionalities across multiple phases.With its commitment to innovation, decentralization, and community engagement, JYDS Bank represents a paradigm shift in the world of decentralized finance. Whether a user is a seasoned DeFi enthusiast or new to the world of blockchain technology, JYDS Bank offers something for everyone, providing a gateway to financial autonomy and empowerment.To learn more about JYDS Bank and join the revolution in decentralized finance, users can visit https://jyds.tech/ and become part of a community that’s shaping the future of banking on the Solana blockchain.About JunkYard Dogs SolJYDS is a decentralized ecosystem built on the Solana blockchain, empowering users with innovative solutions and cutting-edge technologies. With a commitment to decentralization and community empowerment, JYDS is pioneering the future of decentralized finance (DeFi), revolutionizing banking for the community of JunkYard Dogs Sol (JYDS).Website | Twitter | TelegramDisclaimer:The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.ContactNorman GlitzJYDS [email protected] article was originally published on Chainwire More

C3.io, the hybrid self-custodial cross-chain exchange, has launched on Solana. In celebration of this milestone, C3.io is offering an enticing reward to its users: 1,000,000 $PYTH tokens.c3.io is a next-generation self-custodial exchange, on a mission to transform the cryptocurrency market structure by offering a secure, transparent, and trustless platform for trading.Designed to realign the crypto industry with its foundational principles of openness and trustlessness, C3.io allows users to trade cryptocurrencies on a top-tier platform while maintaining full control over their funds, ensuring immunity to the insolvency risks that have plagued the industry in recent years.C3.io Receives 1M $PYTH RewardsIn a significant move to advance integration and trading precision, C3.io has been awarded a grant of 1,000,000 $PYTH tokens.Through this partnership, the platform demonstrates its commitment to providing a high-quality trading environment, while also offering users the opportunity to contribute to its evolution.How to Get the $PYTH RewardsUsers can receive $PYTH rewards by reclaiming a percentage of every trade done via C3.io. The first Tuesday of every month is our points redeeming week – when you can claim your C3 points and $PYTH rewards. You have one week to claim the points. In order to be notified when the next redeeming week is available, be sure to follow us on Twitter and join our Discord server.This promotion not only incentivizes trading activity on the exchange but also enhances the trading experience by providing additional value back to its users. To benefit from this rewards mechanism, users simply need to engage in trading activities on C3.io, and the $PYTH tokens will be credited to their accounts based on the eligible trade volumes they generate.$C3 Points Loyalty ProgramC3.io recently launched a loyalty program aimed at rewarding users for their engagement and participation on the platform. To receive a 25% boost in points, users are required to stake a minimum of 1,000 $PYTH tokens. This staking must be done exclusively on the staking platform available at staking.pyth.network. All wallets associated with the account that performs the staking will be eligible for the boost.These loyalty points will unlock exclusive benefits in the future, specifically designed to reward the platform’s early adopters.The key advantage here is that the earlier you join and participate, the more rewards you will receive.Unlocking Rewards on C3.io: A User’s GuideAbout C3.ioC3.io is a cutting-edge hybrid crypto exchange, designed to combine the speed and security of centralized platforms with the trust and transparency of decentralized systems. It aims to offer users a seamless trading experience, leveraging the best features of both worlds to provide a robust, efficient, and user-friendly platform for crypto transactions.s.ContactShahar [email protected] article was originally published on Chainwire More

The VGX Foundation, a Cayman Islands Foundation, has partnered with Genopets to integrate the VGX token as a reward in their popular move-to-earn NFT mobile game on Solana. The partnership introduces VGX as a reward token in the Genopets game, creating utility and rewards for using VGX within the Genopets ecosystem. VGX is a token that bridges multiple chains and is focused on bridging utility across GameFi and gaming ecosystems. Genopets launched in 2021 and is one of the largest games on Solana with more than 200k active players during their private beta. It’s a free-to-play mobile game where players summon digital pets (their “Genopet”), which evolve and grow as players move around and stay active in the real world. Each day players bank the steps they take in the real world to earn energy they can use to upgrade and customize their Genopet through stages of evolution. Now VGX can be awarded to players for the Energy they earn in the game.The partnership starts with a series of competitions for Genopets players to earn VGX from a $150,000 prize pool by banking their steps daily and competing on the Energy leaderboard. The leaderboard competition is open to new and existing Genopets players.Additionally, new players downloading Genopets can claim a special reward of rare food and toys for their Genopet by using referral code “VGX” when they sign up as a new user and bank their first steps during this campaign.To further expand the partnership, players who earn VGX will also be able to take their VGX to Gala Games and use it to purchase a season pass for Voyager: Ascension, which will unlock further rewards in future games.About the VGX FoundationThe VGX Foundation leads the evolution of decentralized gaming economies through its dynamic blockchain-based gaming token, VGX. Serving as an in-game currency and reward mechanism, VGX empowers diverse gaming communities. The VGX Foundation actively fosters growth by facilitating grants and partnerships for game developers and platforms, enabling the expansion of the token’s use case and nurturing a thriving VGX ecosystem.About GenopetsGenopets is a Free-to-Play, Move-to-Earn NFT mobile game that makes it fun and rewarding to live an active lifestyle. A Genopet is a digital pet whose evolution and growth are inextricably linked to your own. The steps you take everyday power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.ContactAccount DirectorJonathan DuranMelrose [email protected] article was originally published on Chainwire More

Multi-chain data protection Layer1 Namada has released its proposed mainnet launch roadmap. The proposal involves launching the network over five phases, a process that will be driven in a decentralized way by the Namada community via Namada’s on-chain governance system. The multi-phase roadmap was announced by Namada co-founder Adrian Brink at AtomSeoul on April 1.The first phase of the proposed launch process, “Block Party,” will introduce on-chain governance and enable proof of stake. Users will be able to access genesis balances of Namada’s native token, NAM, begin staking, and vote on governance proposals. Once sufficient governance participants have agreed to proceed to phase two, the next stage of Namada’s mainnet launch will commence.Phase two, “Staking Party,” will introduce staking rewards for delegators and validators. Public goods funding will also be enabled to support the growth of the Namada ecosystem, as well as fund public goods projects outside the ecosystem. Governance participants will again be required to reach consensus in order for phase three to begin.During phase three, “Shielding Party,” transfers and shielding of governance-enabled IBC assets will be enabled. Users can begin shielding tokens in Namada’s first-of-its-kind multi-asset shielded pool and familiarize themselves with the network’s data protection features. As before, a governance vote will determine when the next phase of the mainnet launch can begin.Phase four, “Shielding Rewards Party,” introduces shielding rewards for governance-enabled assets, the industry’s first system designed to reward users for protecting their data. During this stage, users can begin collecting rewards for shielding assets and helping to strengthen Namada’s data protection guarantees. Phase five, “NAM Party,” will enable NAM transfers. At this stage, all key network functionality will be live with the focus then turning to growing the unified shielded set.Namada co-founder, Christopher Goes, stated: “We’re excited to share our proposed phases for launching Namada mainnet with the community. We’d like to thank everyone who has been participating in the Shielded Expedition incentivized testnet and stress-testing the protocol – your support is invaluable – and we hope to move forward together with the next steps along the road to bring data protection to the multichain landscape.”As an independent layer-1, Namada serves a diverse range of blockchain networks, beginning with the Cosmos and Ethereum ecosystems. As the Namada ecosystem expands, its multi-asset shielding features will bring industry-leading data protection guarantees to any network and asset. This will not only support the creation of dapps that protect users’ personally identifiable information, but will also retrofit data protection to existing transparent blockchains and dapps.Namada is currently in its public testnet phase, during which validators are stress-testing the network. Once this is complete, a genesis block proposal will be published and discussed by the community before moving into the launch process. All key decisions are up to the Namada community and will be driven via the governance system built into Namada.About NamadaNamada is the shielded asset hub rewarding users to protect the multichain. Enabling full control over the sharing of personal data in on-chain activities, Namada uses advanced ZK cryptography to deliver unparalleled data protection to existing assets, applications, and blockchain networks. Namada introduces shielded cross-chain interactions and passive rewards for holding assets in and strengthening its shielded set.Learn more: https://namada.net/ContactZach [email protected] article was originally published on Chainwire More