• Solana (SOL) has skyrocketed over 125% since the start of 2023.
• SOL trading volume climbed about 65%.
• The blockchain witnessed technical glitches on February 25 after an hour of update.
Solana (SOL) Price Skyrockets Over 125%
Solana (SOL) is back on track to its winning ways with significant price surges. The “Ethereum Killer” (tagged by themself) has soared over 125% since the start of 2023 and is currently trading between the $22 and $23 price mark, which climbed about 2.5% in the last 24 hours and more than 11% over the previous week.
Solana Indicates Buy Signal
The Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystems are expanding, and SOL has contributed to its current growth boom. At the time of writing, Solana (SOL) traded at $22.72 with a 24-hour trading volume of $1,12 billion, which rose more than 65%. And SOL has a market cap of $8.6 billion, hikes around 2% in the last 24 hours. Also, Solana price increased by 10% in the last 14 days, as per CoinGecko data. The daily RSI gained momentum after breaking out from its bearish divergence trend line and indicates a “Buy Signal.”
Recent Technical Glitches
In the aftermath of the FTX collapse, Solana dives into the dip of the $9 price level. Also, the blockchain witnessed technical glitches on February 25th after an hour of update; however this did not have any long term effect on their prices or performance metrics.
Bull Market Trend
Solana’s protocol has one of the most diverse ecosystems, and now it enters a bull market trend with all other top-performing altcoins; if it breaks through resistance levels then it could reach up to next resistance level at $37.
Overall Solana can be seen as riding strong in light of recent tech problems; its value continues to rise steadily with no signs that it will slow down anytime soon!
• Bitcoin (BTC) surged 8% to hover above $22K and Ethereum (ETH) jumped to $1.6k in the last 24h, driven by a cascade of bank failures and recovery of Circle’s USDC cash reserves.
• Shiba Inu (SHIB) established itself as the top trending cryptocurrency with its Shibarium Beta launch on Sunday.
• The global crypto market cap spiked over 6% in a day, which was suppressed by the bullish rally exhibited by Bitcoin and other altcoins.
Bitcoin & Ethereum Rally
Bitcoin (BTC) surged 8% to hover above $22K after setting its 2-month-low, i.e, $19.6k, in the past week. BTC Price Chart exhibited its maximum spike of over 9% from the previous day, in a specific 24h frame – from $20,586 to $22,630 – as per CMC. At the time of writing, BTC traded at $22,135 with a 24h price change of over 7.8%. Similarly, Ethereum (ETH) also registered its surprising rally to a range above $1,500. ETH Price Chart recorded its maximum spike of over 10% from the previous day. As per CoinMarketCap, ETH surged from $1,474 to $1,629 in a specific 24h frame and it traded at $1,584 with a 24h price change of 7.58%.
Factors Behind Rally
The global crypto market cap spiked over 6% in a day due to several factors like Fed’s intervention in bank failures such as Silvergate Bank , Silicon Valley Bank and Signature Bank and Binance converting BUSD to BTC and ETH . The sudden de-pegging of Circle-issued USDC is also an aftermath of Silicon Valley Bank fall but it was recovered when US federal government refused SVIB’s bailout and initiated fund recovery process .
Shiba Inu Impact
With the Shibarium Beta – Puppynet – launch on Sunday Shiba Inu (SHIB) established itself as one of the top trending cryptocurrencies but it did not exhibit notable price surge subsequently after that event . SHIB Price Chart recorded its maximum spike around 5 %from previous day however it didn’t make any major impact on market cap .
Global Crypto Market Cap Spike
The gloomy period witnessed by macroeconomy due to bank failures was suppressed by bullish rally exhibited by Bitcoin and other altcoins resulting into global crypto market cap spike over 6 %in last 24 hours . This is mainly because investors were optimistic about recovery process triggered by US federal government refusal for SVIB’s bailout process .
Conclusion h2 >
As seen above , Bitcoin & Ethereum both have exhibited significant price surge since last week despite macroeconomic downturn caused due various bank failures . Moreover , Shiba Inu – one among top trending cryptocurrencies – launched their Shibarium Beta project causing minor fluctuation but no noticeable increase in overall crypto market cap . Finally , Global Crypto Market Cap has spiked significantly due increased optimism among investors about fund recovery process initiated by US federal government refusal for SVIB’s bailout process .
• Metagame Industries and Mysten Labs have partnered to build Abyss World, a web3-based action role-playing video game.
• The game will leverage Sui Network’s blockchain infrastructure to provide players with a next-generation gaming experience.
• Abyss World is set to launch its open beta version in Q3 2023, with early holders of its NFTs able to participate in game content and reap rewards.
Mysten Labs, a web3 infrastructure company and initial developer of the Sui Layer 1 blockchain, has announced that it has partnered with Metagame Industries, an interconnected web3 gaming ecosystem. Through this partnership, Metagame Industries will build Abyss World, a web3-based action role-playing video game, on Sui.
Features of Abyss World
Abyss World combines Metagame Industries’ expertise in creating exciting and interactive games with Sui’s high-performing, secure, and gaming-focused technology to create a unique gaming experience that will seamlessly bridge and unite web2 and web3 users. Backed by AMD, Microsoft, and IGN, Abyss World is primed to be the first AAA-level action role-playing open-world game in web3.
Plans for Launch
Metagame Industries has announced plans to expand its team, further develop its game product, and increase marketing efforts ahead of the launch of Abyss World’s open beta version in Q3 2023. Early holders of Abyss World’s NFTs will have the opportunity to participate in a wealth of game content and reap exciting rewards.
About Mysten Labs & Metagame Industries
Mysten Labs is a team of leading distributed systems experts whose founders were previously at Google Brain Robotics Research Lab and Stanford AI Lab while Metagame Industries is an interconnected web3 gaming ecosystem backed by AMD, Microsoft & IGN. Both companies are working together to bring next generation games & experiences to their communities using Sui protocols & technologies.
Goal Of Partnership
The partnership between Mysten Labs & Metagame industries aims to bring high quality games for both Web 2 & Web 3 gamers at scale through leveraging Sui’s holistic blockchain infrastructure which provides players with an immersive & valuable gaming experience like no other before it!
• FTX declared bankruptcy in the fall of 2020 after not having enough reserves to cover client withdrawals.
• Emin Gün Sirer, CEO and founder of Ava Labs, believes that the damage done by Sam Bankman-Fried’s actions is immeasurable as they have pushed the industry back.
• Sam Bankman-Fried was arrested and charged with fraud and money laundering for suspected misappropriation of billions of dollars in client funds.
Collapse of FTX
Last autumn, FTX declared bankruptcy since it did not have sufficient reserves of client funds to satisfy withdrawals, damaging the credibility and trustworthiness of the young crypto industry.
Ava Labs CEO Criticizes Former FTX CEO SBF
Emin Gün Sirer, CEO and founder of Ava Labs, has seen digital assets blossom from nothing into its current state. He also claims to have made significant efforts to promote blockchain education by informing lawmakers and holding seminars. The collapse of FTX last autumn was a bad omen for the crypto sector according to Sirer who believes that all the hard work building goodwill over many years has been usurped by SBF’s “boy genius act”.
Charges Against SBF
Sam Bankman-Fried rose to prominence when digital asset values plummeted last summer but later faced a public perception shift against him when his firm collapsed in November 2020. He was subsequently arrested and slapped with several charges for suspected misappropriation of billions of dollars in client funds including fraud and money laundering which he pled not guilty too last week.
Damaging Effect on Crypto Industry
Sirer said he is kept up by the prospect of how far Bankman-Fried pushed the industry back, how this might be extremely awful for anyone linked with crypto due to changing regulatory circles and how much damage has been done that is immeasurable.
The fall of FTX caused a huge pushback in the crypto industry that damaged its credibility and trustworthiness, according to Ava Labs CEO Emin Gun Sirer who criticized former FTX CEO SBF for his actions leading up to it. Sam Bankman-Fried was subsequently charged with fraud and money laundering for misappropriation of billions which has raised concerns about those linked with cryptocurrency due to changing regulations .
• Ukraine has announced that it will be launching its digital hryvnia currency by the end of 2023, which is earlier than the initial proposed date of 2024.
• The government has chosen the Stellar Development Foundation as a partner for this pilot phase.
• Mykhailo Fedorov, the minister in charge of Ukraine’s digital transformation, has said that he is pushing for an expedited timeline on creating this electronic hryvnia (e-hryvnia).
Ukraine Prepones Pilot Launch of Digital Hryvnia To 2023
Ukraine’s Ministry of Digital Transformation and the National Bank of Ukraine (NBU) have decided to move up the launch date of their digital hryvnia currency from 2024 to 2023. Mykhailo Fedorov, the minister in charge of Ukraine’s digital transformation, has said that he plans to speed up the process of creating an electronic version of their national currency.
Partnering with Stellar Development Foundation
In January 2021, The Stellar Development Foundation was selected as a partner by the ministry to assist in developing their virtual assets ecosystem and support their Central Bank Digital Currency (CBDC). In addition, Tascombank conducted pilot testing on the Stellar network in January 2021.
Strategy 2025 Proposal
The NBU presented a “draft e-hryvnia concept” to stakeholders such as cryptocurrency sector companies, banking institutions and other financial institutions in November 2022. This proposal is part of their Strategy 2025 plan and includes a CBDC implementation proposal.
Mykhailo Fedorov sent a letter to NBU urging them to hasten creation on an electronic version of hyrvnias. A pilot programme for this digital hyrvnias is due to be launched by NBU in 2024 according to existing Ukrainian law.
Benefits Of E-Hyrvnias
Adopting e-hrvyia would bring several benefits including greater efficiency and cost savings due to streamlined processes and lower transaction fees. It could also help increase transparency by providing access to information about transactions made with digital currencies which could lead to better auditing practices for businesses operating within Ukraine. Lastly, it could potentially make it easier for people without bank accounts or access traditional banking services through mobile wallets powered by blockchain technology.
It looks like Ukraine is taking steps towards becoming one of the first countries with its own national cryptocurrency backed by its central bank. While there are still many details yet to be worked out before we can see any real progress being made on this initiative, it shows great promise and potential for a future where more countries adopt similar solutions for their own economies!
• Binance, a cryptocurrency exchange, announced on February 10th that it will be using zk-SNARKs as part of its proof-of-reserves verification system.
• This new technology should greatly increase the safety and openness of the verification procedure while keeping sensitive information private.
• Binance CEO Changpeng Zhao believes this upgrade will provide users with increased privacy and security.
Binance Introduces zk-SNARKs
Binance, a cryptocurrency exchange, stated on February 10 that it will be using zk-SNARKs as part of its proof-of-reserves verification system. This cutting-edge technology should greatly increase the safety and openness of the verification procedure while keeping sensitive information private.
Why Proof Of Reserve Verification Is Important
Proof-of-reserve verification became an important part of the cryptocurrency market after the FTX collapsed in 2022. It is used to prove that exchanges have the assets they claim to have. Binance was an early adopter of this system but has recently upgraded to incorporate zk-SNARKs for even greater security and transparency.
Increased Security And Privacy
Binance CEO Changpeng Zhao believes this upgrade will provide users with increased privacy and security: “This is an important step forward in PoR technology…anyone in the industry can take advantage of our open source PoR system so that we can provide all users with the assurance they need to feel SAFU.”
Other Exchanges Adopt Proof Of Reserve Verification
In order to boost transparency after FTX’s collapse, other major exchanges including Crypto.com, Bybit, and OKX introduced a Merkle tree based proof of reserve mechanism as well. However, some still question the reliability of these systems and refuse to accept them at face value.
The use of zk-SNARKs by Binance provides users with increased privacy and security when verifying reserves held by exchanges like itself. Other exchanges are also taking similar steps towards increasing transparency but many still criticize their verifications systems’ reliability since FTX’s collapse two years ago.
• WisdomTree’s crypto holdings decreased by 60% in Q4 of 2022.
• The drop in value was due to the bear market in Bitcoin and other cryptocurrencies.
• Despite a rise in quarterly income, WisdomTree reported a net loss of $28.3 million.
WisdomTree’s Crypto Holdings Drop Over 60%
The prolonged bear market in Bitcoin and other cryptocurrencies led to a dramatic decrease in the value of WisdomTree’s digital asset holdings in the fourth quarter of 2022. As of December 31, 2022, the total value of the cryptocurrency funds managed by WisdomTree was $136 million – down from $163 million at the beginning of the quarter, representing a depreciation of $23 million.
Redemptions and Withdrawals
Redemptions and withdrawals from the funds totaled only $4 million throughout this period. Furthermore, several of WisdomTree’s funds are dedicated to blockchain technology, allowing investors to gain exposure to digital assets via established financial mechanisms.
Net Losses for Ninth Straight Quarter
Despite a rise in quarterly income to $73.31 million, there was a net loss of $28.3 million for the period. For nine consecutive quarters, net inflows exceeded outflows totaling $5.3 billion. Additionally, WisdomTree’s crypto portfolios dropped by another $235 million in Q2 of 2022 – accounting for most if its total losses year-over-year..
WisdomTree received approval from the SEC during December 2020 to add nine blockchain-enabled ETFs onto its platform however, attempts to create a Bitcoin spot exchange-traded fund were rejected repeatedly by securities regulators..
Overall, despite being able to increase their quarterly income substantially compared with previous periods; Wisdom Tree still reported significant losses due largely to their cryptocurrency portfolio dropping significantly over 62% year over year – leading them into net losses for nine consecutive quarters .
• Brazil’s Sao Paulo has adopted a new law recognizing blockchain technology as a tool for government operations.
• The law acknowledges the potential of blockchain to improve data accessibility and openness.
• The law’s author, Maria De Carli, defended the broad terminology used to describe blockchain technology in the text.
Brazil’s Sao Paulo has recently adopted a new municipal data and transparency law that recognizes blockchain technology as a tool that may be utilized to facilitate government operations. This is an important step towards the recognition of blockchain technology as a tool that may be used by governments to improve data accessibility and openness.
The legislation acknowledges the potential of blockchain to improve data accessibility and openness. This technology is a distributed digital ledger that cannot be altered and can be used to record transactions and keep tabs on assets. The law does not specify how this technology should be used, which has sparked some debate among experts.
The document’s author, Maria De Carli, defended the broad terminology used to describe blockchain technology in the text. De Carli was quoted by local outlets as saying that specific technological applications should not be spelled out in legislation, but rather addressed with the municipal law. De Carli also highlighted how blockchain technology provides a public view of each transaction, which may be used to help in the identification of corruption and to ensure compliance for public servers.
In addition, there are parallel efforts underway to promote the use of blockchain technology in various industries and governments. The Brazilian Development Bank established the Brazilian Blockchain network in May. This network is a key component of cryptocurrency and is being used to create an environment of trust and transparency when it comes to digital assets.
The adoption of blockchain technology in government operations is a major step forward in terms of data accessibility and openness. It is also a sign that governments are beginning to recognize the potential of this technology and are finding ways to incorporate it into their operations. It will be interesting to see how this technology is utilized in the future and how it will impact the way governments operate.
• 3HOUSE, a leading Web3 investment community, recently introduced the “Campfire” initiative – a comprehensive deep dive into Web3 investment principles.
• The Campfire initiative is designed to help investors gain a deeper understanding of the industry and make more informed investment decisions.
• The 3HOUSE platform is available as a web app and users are limited to one unique account.
The 3HOUSE Web3 Investment Community recently announced its new initiative to provide comprehensive “deep dives” into the Web3 industry – the “Campfire” initiative. With this new program, 3HOUSE aims to bring investors closer to the core principles of Web3 investments and provide them with the necessary information to make more informed decisions.
The Campfire initiative is a fortnightly focus direction brought about by the 3HOUSE development team in collaboration with the community. Every two weeks, the team takes a closer look at important and relevant issues within the crypto industry, aiming to better understand the complexities of the Web3 space. In a sense, Campfire is the community’s way of getting to the heart of the matter together in order to make better investment decisions and to stay ahead of the curve in this ever-evolving industry.
Dylan O’Hanrahan, Head of Business Development at 3HOUSE, expressed his enthusiasm for this new initiative. He said: “We understand the importance of having a deep understanding of investment principles and access to high-quality information when making critical investment decisions, particularly in the Web3 space. That’s why we’re excited to introduce the Campfire initiative, which aims to build the most comprehensive place for Web3 investment-related content online through community-generated insights.”
To access the 3HOUSE platform, users simply need to connect a wallet and burn one of the project’s native ERC20 governance tokens. Each user is limited to one account with a unique username, with the focus being on ensuring that each feature adds value and contributes to a better user experience.
The 3HOUSE Web3 Investment Community is leading the way in providing comprehensive and reliable information to help investors make more informed decisions within the Web3 space. With the Campfire initiative, 3HOUSE hopes to bring investors closer to the core principles of Web3 investments, and to empower them with the necessary information to make wise investments.
• Tencent, a Chinese multinational and entertainment company, is challenging ByteDance’s dominance in the short video platform with its own TikTok.
• Tencent has created a team of content creators to launch its own version of TikTok, which is already available in the Chinese market.
• Tencent is promoting its app’s short-video platform through events such as live-streamed concerts featuring the Backstreet Boys, Westlife, and Taiwan’s Jay Chou.
Tencent Holdings, a Chinese multinational and entertainment company, is making a push to challenge ByteDance’s dominance in the short video platform market with its own version of TikTok. The tech giant has created a team of content creators to launch its own TikTok, which is already available in the Chinese market.
To further promote its app’s short-video platform, Tencent has hosted online concerts featuring the likes of the Backstreet Boys, Westlife, and Taiwan’s Jay Chou. Last year’s summer concert featured the Backstreet Boys performing on a stage in Pennsylvania, and with 44 million views across different locations tuning in to be entertained, the event was undoubtedly a success.
In addition to the online concerts, Tencent is also connecting its products with Channels in order to help creators stream their content. This is a great way for Tencent to gain more users and challenge ByteDance’s dominance in the short video platform market.
Tencent is also investing in content creators in order to make its version of TikTok more attractive. The company has been offering financial support to content creators and has also been creating more partnerships with major musicians, actors, and other celebrities in order to promote its version of TikTok.
Tencent is hoping that its efforts to challenge ByteDance’s dominance in the short video platform market will pay off. With its own version of TikTok, the company is hoping to gain more users and eventually become the leading brand in the market. Only time will tell if Tencent’s efforts will be successful.